$AQST

Aquestive Therapeutics, Inc.

CIK:0001398733|SEC Filings

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 13,819	$ 10,003	$ 28,265	$ 18,723
Costs and expenses:
Manufacture and supply	$ 4,017	$ 4,561	$ 7,486	$ 8,213
Cost, Product and Service [Extensible Enumeration]	Manufactured Product, Other [Member]	Manufactured Product, Other [Member]	Manufactured Product, Other [Member]	Manufactured Product, Other [Member]
Research and development	$ 3,962	$ 4,105	$ 8,166	$ 9,466
Selling, general and administrative	14,063	12,705	25,040	31,777
Total costs and expenses	22,042	21,371	40,692	49,456
Loss from operations	(8,223)	(11,368)	(12,427)	(30,733)
Other income/(expenses):
Loss on extinguishment of debt	(11,683)	0	(11,683)	0
Interest expense	(2,807)	(2,781)	(5,710)	(5,563)
Interest expense related to royalty obligations	(972)	(1,434)	(1,945)	(2,871)
Interest expense related to the sale of future revenue	(61)	(61)	(121)	(120)
Interest income and other income, net	882	2,096	965	2,809
Net loss before income taxes	(22,864)	(13,548)	(30,921)	(36,478)
Net loss	(22,864)	(13,548)	(30,921)	(36,478)
Comprehensive loss	$ (22,864)	$ (13,548)	$ (30,921)	$ (36,478)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.18)	$ (0.14)	$ (0.25)	$ (0.37)
Diluted (in dollars per share)	$ (0.18)	$ (0.14)	$ (0.25)	$ (0.37)
Weighted average common shares outstanding:
Basic (in shares)	124,994,165	99,326,701	123,808,666	97,422,458
Diluted (in shares)	124,994,165	99,326,701	123,808,666	97,422,458

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (30,921)	$ (36,478)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation, amortization, and impairment	249	279
Share-based compensation	5,213	3,471
Loss on extinguishment of debt	11,683	0
Issuance of warrants under the Purchase Agreement	916	0
Amortization of debt issuance costs and discounts	4,053	5,498
Other, net	49	(11)
Changes in operating assets and liabilities:
Trade and other receivables, net	8,437	(4,476)
Inventories	(1,190)	(2,081)
Prepaid expenses and other assets	1,796	3,104
Accounts payable	(21,400)	1,582
Accrued expenses and other liabilities	(2,587)	(2,176)
Deferred revenue	(545)	(26)
Net cash used for operating activities	(24,247)	(31,314)
Investing activities:
Capital expenditures	(264)	(242)
Net cash used for investing activities	(264)	(242)
Financing activities:
Proceeds from Common Stock issued under public equity offering-ATM, net	4,680	21,236
Proceeds from issuance of long-term debt under the Credit Agreement	54,337	0
Proceeds from issuance of warrants under the Credit Agreement	663	0
Proceeds from shares issued under employee stock purchase plan	70	50
Proceeds from exercise of stock options, net	27	7
Repayment of debt principal - 13.5% Notes	(45,000)	0
Debt exit fee paid - 13.5% Notes	2,000	0
Premium paid to retire debt - 13.5% Notes	(3,887)	0
Payments for financing costs	(3,470)	0
Payments for lease liabilities	(18)	(14)
Payments for royalty obligations	0	(11)
Payments for taxes on share-based compensation, net	(3,570)	(722)
Net cash provided by financing activities	1,832	20,546
Net decrease in cash and cash equivalents	(22,679)	(11,010)
Cash and cash equivalents:
Cash and cash equivalents at beginning of period	121,169	71,546
Cash and cash equivalents at end of period	98,490	60,536
Supplemental disclosures of cash flow information:
Cash payments for interest	2,269	3,050
Non-cash investing activities: capital expenditures in Accounts Payable	43	83
Non-cash financing activities: Term Loan Facility costs in Accounts Payable	$ 461	$ 0

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 98,490	$ 121,169
Trade and other receivables, net	9,326	17,763
Inventories	7,366	6,169
Prepaid expenses and other current assets	3,312	4,168
Total current assets	118,494	149,269
Property and equipment, net	3,960	3,893
Right-of-use assets, net	7,949	4,621
Other non-current assets	1,701	2,642
Total assets	132,104	160,425
Current liabilities:
Accounts payable	8,965	29,862
Accrued expenses	4,518	5,029
Lease liabilities, current	820	631
Deferred revenue, current	1,092	1,092
Liability related to the sale of future revenue, current	1,000	1,000
Royalty obligations, current	51	0
Debt, current	32	9,994
Total current liabilities	16,478	47,608
Debt, long-term, net	50,654	27,519
Royalty obligations, net	27,835	25,941
Liability related to the sale of future revenue, net	61,168	62,023
Lease liabilities	7,525	4,337
Deferred revenue, net of current portion	18,845	19,390
Other non-current liabilities	6,185	7,269
Total liabilities	188,690	194,087
Contingencies (Note 20)
Stockholders’ deficit:
Common Stock, $0.001 par value. Authorized $250,000,000 shares; 125,511,648 and 122,044,299 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	126	122
Additional paid-in capital	421,207	413,214
Accumulated deficit	(477,919)	(446,998)
Total stockholders’ deficit	(56,586)	(33,662)
Total liabilities and stockholders’ deficit	$ 132,104	$ 160,425