Aquestive Therapeutics Reports 38% Revenue Growth in Q2 2026, Despite Increased Net Loss

Aquestive Therapeutics, Inc. reported its financial results for the second quarter of 2026, revealing a total revenue of $13.8 million, a 38% increase from $10.0 million in the same period last year. For the first half of 2026, revenues reached $28.3 million, up 51% from $18.7 million in the first half of 2025. The growth was primarily driven by a 24% increase in manufacture and supply revenue, largely attributed to higher sales of Suboxone, and a significant 313% rise in license and royalty revenue, which included contributions from Zevra.

Despite the revenue growth, the company reported a net loss of $22.9 million for the second quarter, compared to a loss of $13.5 million in the prior year. The loss for the first half of 2026 was $30.9 million, down from $36.5 million in the same period of 2025. The increase in losses was influenced by a one-time loss on extinguishment of debt amounting to $11.7 million, incurred when the company repaid its 13.5% Notes using proceeds from a new Term Loan Facility. This facility, established in May 2026, provided $55 million in initial funding, with a total potential of $150 million.

Operationally, Aquestive has made significant strides in its product pipeline, particularly with Anaphylm™, an epinephrine prodrug aimed at treating severe allergic reactions. The company is preparing to resubmit its New Drug Application (NDA) to the FDA following a Complete Response Letter received in January 2026, which raised concerns about the product's human factors validation study. Recent modifications to the product's packaging and instructions have shown promising results in subsequent studies, and the company plans to include this data in its resubmission expected in the third quarter of 2026.

As of June 30, 2026, Aquestive had $98.5 million in cash and cash equivalents, a decrease from $121.2 million at the end of 2025. The company has indicated that its current cash position, along with potential asset sales and access to equity capital markets, should provide sufficient liquidity to fund operations for at least the next twelve months. However, the company continues to face challenges, including the need for FDA approval of Anaphylm and the ongoing impact of market conditions on its existing product lines, particularly Suboxone, which has seen increased competition from generics.

Looking ahead, Aquestive remains focused on advancing its product candidates, including AQST-108, while managing its expenses and exploring strategic opportunities for growth. The company acknowledges the uncertainty surrounding its ability to achieve profitability and the potential need for additional financing to support its operations and product development initiatives.