Aquestive Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $44.5M | $57.6M | $50.6M | $47.7M | $50.8M |
| Cost of revenue | $18.6M | $17.9M | $20.8M | $19.4M | — |
| Selling, general & administrative | $79.8M | $50.2M | $31.8M | $52.9M | $53.5M |
| Research and development | $17.2M | $20.3M | $13.1M | $17.5M | $17.0M |
| Operating expenses | — | — | — | $89.7M | $85.5M |
| Operating income | -$71.1M | -$30.8M | -$15.1M | -$42.1M | -$34.7M |
| Interest expense | $11.1M | $11.1M | $6.3M | $6.6M | $10.0M |
| Pretax income | -$83.8M | -$44.2M | -$7.6M | -$54.4M | -$70.5M |
| Income tax expense | $0 | -$14,000 | $245,000 | $0 | $0 |
| Net income | -$83.8M | -$44.1M | -$7.9M | -$54.4M | -$70.5M |
| Balance Sheet | |||||
| Current assets | $149.3M | $88.2M | $41.0M | $39.9M | $47.3M |
| Total assets | $160.4M | $101.4M | $57.4M | $57.1M | $62.0M |
| Current liabilities | $47.6M | $18.9M | $18.3M | $39.5M | $22.0M |
| Total liabilities | $194.1M | $161.6M | $163.9M | $175.6M | $144.1M |
| Stockholders' equity | -$33.7M | -$60.2M | -$106.5M | -$118.6M | -$82.1M |
| Cash Flow Statement | |||||
| Cash from operations | -$52.4M | -$35.8M | -$6.4M | -$9.8M | -$33.0M |
| Depreciation and amortization | $548,000 | $640,000 | $1.2M | $2.3M | $2.9M |
| Stock-based compensation | $7.6M | $7.1M | $2.7M | $4.4M | $6.8M |
| Capital expenditure | $562,000 | $159,000 | $995,000 | $1.0M | $913,000 |
| Free cash flow | -$53.0M | -$35.9M | -$7.4M | -$10.8M | -$33.9M |
| Impairments | $0 | $0 | $216,000 | $0 | — |
Shares outstanding 125.5M · Free float 91.7%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.