Aquestive Therapeutics Reports 66% Revenue Growth and Improved Net Loss in Latest Quarter

Aquestive Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2026. The company achieved total revenues of $14.4 million, a 66% increase from $8.7 million in the same period last year. This growth was primarily driven by a substantial rise in license and royalty revenue, which surged by 583% to $5.4 million, largely due to the recognition of royalty revenue from Zevra. Additionally, manufacture and supply revenue increased by 22% to $8.8 million, attributed mainly to higher sales of Suboxone, despite a decline in Ondif revenues.

In terms of expenses, Aquestive reported a total of $18.7 million, down from $28.1 million in the previous year, reflecting a 33% reduction. The decrease was primarily due to a significant drop in selling, general, and administrative expenses, which fell by 42% to $11 million, largely due to the absence of one-time costs associated with the Anaphylm PDUFA fee in the prior year. Research and development expenses also decreased by 22% to $4.2 million, driven by lower clinical trial costs related to the Anaphylm program.

The company reported a net loss of $8.1 million for the quarter, a notable improvement compared to a net loss of $22.9 million in the same period last year. This reduction in losses was attributed to the increased revenues and decreased expenses. The loss per share for the quarter was $0.07, compared to $0.24 in the prior year.

Operationally, Aquestive continues to focus on its product pipeline, particularly the Anaphylm™ (dibutepinephrine) sublingual film, which is under review by the FDA. The company received a Complete Response Letter (CRL) from the FDA in January 2026, citing concerns regarding the product's administration and labeling. In response, Aquestive has modified its packaging and plans to conduct additional studies to address the FDA's concerns. The company aims to resubmit its New Drug Application (NDA) in the third quarter of 2026.

Looking ahead, Aquestive's financial outlook remains cautious. The company had $110.7 million in cash and cash equivalents as of March 31, 2026, which it believes will support its operations for at least the next twelve months. However, it acknowledges the need for additional funding to support ongoing product development and commercialization efforts, particularly for Anaphylm and AQST-108. The company is exploring various financing options, including potential asset sales and outlicensing opportunities, to enhance its liquidity and support its strategic objectives.