AQST Stock — Aquestive Therapeutics Inc.: Cash, EV, Pipeline

What they do

Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. We are developing pharmaceutical products to deliver complex molecules through administrations that are alternatives to invasive and inconvenient standard of care therapies.

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.61

Market cap

$453.7M

Cash

$90.3M

Enterprise value

$418.4M

Balance sheet

Cash	$90.3M
Debt	$55.0M
Net cash	$35.3M
Enterprise value	$418.4M
Basic shares	125.7M shares
Fully diluted shares	139.9M shares
Fully diluted market cap	$505.0M
Cash per share	$0.72
Quarterly burn	$9.4M
Cash runway	10.4 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

125.5M

Pre-funded warrants

0.0M

Options

7.8M

RSUs

3.3M

Warrants

3.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.3M

FDSO

139.9M

Cap table as of 2026-06-30.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

Anaphylm

Stage not disclosed · Active Modality: sublingual film (epinephrine prodrug)

Aliases dibutepinephrine

Partnerships RTW Investments LP: revenue-share financing; payments begin on first US commercial sale of Anaphylm, capped at $187,500 by Dec 31, 2035 or $225,000 thereafter (amounts as stated in filing; unit scale not confirmed in excerpts).

Indications

Severe allergic reactions including anaphylaxis (Stage not disclosed)

Status note Lead candidate of the AdrenaVerse epinephrine prodrug platform (Anaphylm = dibutepinephrine sublingual film). Filing excerpts state no explicit clinical stage (EOP2 appears only as a defined term). Company expects to advance Anaphylm through clinical trials toward FDA approval and commercialization.

AQST-108

Stage not disclosed · Active

Target Adrenergic receptor

Indications

Severe allergic reactions including anaphylaxis (Stage not disclosed)

Status note Second candidate in the AdrenaVerse epinephrine prodrug platform; filing excerpts state no stage, indication detail, or timing beyond platform membership.

Libervant

Approved · Active

Indications

Epilepsy (ages 2-5) (Approved)

Status note Proprietary CNS product (diazepam buccal film); company was the exclusive manufacturer while Libervant had US market access through April 2025. Filing does not state a discontinuation.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	7,426,471	no change	0.26%	2026-08-14
DAFNA Capital	645,915	+277,500	0.51%	2026-08-14
ADAR1 Capital Management	0	-10,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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AQST — Aquestive Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

AQST — Aquestive Therapeutics Inc.