Aquestive Therapeutics Reports 50% Revenue Decline in Q2 2025, Net Loss of $36.5 Million

Aquestive Therapeutics, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenues of $10.0 million, a 50% decrease from $20.1 million in the same period last year. The company attributed this drop primarily to a 93% reduction in license and royalty revenue, which fell to $839,000 from $11.2 million, largely due to the one-time recognition of deferred revenues from terminated agreements with Haisco and MTPA. In contrast, manufacture and supply revenue increased by 18% to $9.6 million, driven by higher sales of Ondif, although this was offset by a decrease in Suboxone revenues.

For the first half of 2025, Aquestive's total revenues were $18.7 million, down 42% from $32.2 million in the prior year. The decline was again led by a substantial drop in license and royalty revenue, which decreased by 87% to $1.6 million. The company also reported a net loss of $36.5 million for the six months ended June 30, 2025, compared to a loss of $15.6 million in the same period of 2024. The increased loss was attributed to higher selling, general, and administrative expenses, which rose by 44% to $31.8 million, reflecting increased regulatory and commercial spending.

In terms of operational developments, Aquestive's employee headcount increased to support its ongoing product development and commercialization efforts. The company is advancing its product pipeline, particularly focusing on Anaphylm™, an epinephrine sublingual film, which has received FDA acceptance for its New Drug Application (NDA) with a target action date set for January 31, 2026. The company is also preparing for a potential product launch in the first quarter of 2026, contingent on FDA approval.

Looking ahead, Aquestive's management expressed cautious optimism regarding its liquidity position, with $60.5 million in cash and cash equivalents as of June 30, 2025. The company has access to equity capital markets through its At-The-Market (ATM) facility, which has generated approximately $81.8 million since its inception. However, the company anticipates continued operating losses and negative cash flows in the near term, necessitating additional funding to support its operations and product development initiatives. The company is actively exploring various funding options, including potential asset sales and product outlicensing, to ensure it can meet its financial obligations and continue its strategic objectives.