Demand and volumemixed · 4 filings
“The decrease was primarily related to lower ATM proceeds of $16,601 due to lower volumes of Common Stock sold.”10-Q · May 13, 2026 ↗
Aquestive Therapeutics, Inc.
AQST
Market read
Aquestive Therapeutics, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
Company-3.3% todayVolume comparison unavailable
Market group0 of 16 activeAerospace & Defense · unavailable
Disclosed network0 of 7 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- AQST's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if AQST's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- AQST's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations319
Usable filing statements74
Verified relationships7
Evidence supporting the case
No qualifying supportive evidence was identified.
Evidence challenging the case
- Latest annual revenue changed -22.6% year over year.
- Operating margin changed -106.0 percentage points in the latest annual period.
- Net margin changed -111.4 percentage points in the latest annual period.
- Diluted shares increased 23.3% in the latest annual period.
Questions before a position
- EV/sales is 653% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
4.996m+24.6%12m+29.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$50.8M+10.9%$-1.85+13.2%
2022-12-31$47.7M-6.2%$-1.12+28.0%
2023-12-31$50.6M+6.1%$-0.13+25.7%
2024-12-31$57.6M+13.8%$-0.51+41.6%
2025-12-31$44.5M-22.6%$-0.78+23.3%
What management says matters
Persistent and emerging business drivers
Restructuring and cost reductionspositive · 2 filings
“R&D share-based compensation increased by $1,260, or 160%, which was primarily due to acceleration of compensation due to severance.”10-Q · Nov 5, 2025 ↗
Credit and interest ratesmixed · 1 filings
“A high degree of subjective auditor judgment was required to evaluate the Company’s forecasted cash flows used in its going concern analysis due to uncertainty in certain assumptions, specifically forecasted expenses.”10-K · Mar 4, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 12.0× · EV/sales 13.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
4.99-3.3% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for AQST. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for AQST. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind AQST
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
INDVIndivior Pharmaceuticals, Inc.customerMay 13, 2026 ▾
“Suboxone was launched by our licensee, Indivior, in 2010.”
ASRTAssertio Holdings IncpartnerMay 13, 2026 ▾
“On October 26, 2022, we entered into a License Agreement with Otter Pharmaceuticals, LLC, a subsidiary of Assertio Holdings, Inc., pursuant to which we granted an exclusive, worldwide license of its intellectual property for Sympazan to Assertio during the te…”
AMRXAmneal Pharmaceuticals, Inc.distributorMar 4, 2026 ▾
“Among these are needle device-based treatments that have been accepted as standard of care treatment for many years, including autoinjectors such as EpiPen ® marketed by Teva, and generics of EpiPen marketed by Viatris, Inc., Adrenaclick ® marketed by Amneal…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
AQST is currently a Follower in the organic co-movement group Aerospace & Defense. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for AQST; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.