Aquestive Therapeutics, Inc.
aquestive.comWhat Do They Do?
Develops oral-film medicines and epinephrine treatments for patients, and manufactures licensed medicines for pharmaceutical companies.
10-K for FY2025, filed Mar 4, 2026Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and…View ↗
We are presently the worldwide leader in oral film drug delivery and manufacturing, having historically supplied the substantial majority…View ↗
Our AdrenaVerse™ platform contains a library of over twenty epinephrine prodrug product candidates intended to control absorption and…View ↗
How Do They Make Money?
Licensees order made-to-order medicines, and the company earns from those products after quality checks. It also earns license fees when rights transfer or over agreement terms, royalties on licensees’ sales, development payments tied to tasks or milestones, and sales of Libervant when it ships.
10-K for FY2025, filed Mar 4, 2026We manufacture based on receipt of purchase orders from our licensees, and our licensees have an obligation to accept these orders once…View ↗
We realize revenue from licenses of our intellectual property. For licenses that do not require further development or other ongoing…View ↗
Co-development and research fees are earned through performance of specific tasks, activities or completion of stages of development…View ↗
This net revenue is recognized when product is shipped and title passes to the customer, typically at time of delivery. At the time of…View ↗
Manufacture and supply revenue – this revenue is derived from products manufactured exclusively for specific customers according to their…View ↗
License and Royalty Revenue – license revenues are determined based on an assessment of whether the license is distinct from any other…View ↗
$44.5M
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10-K for FY2025, filed Mar 4, 2026
$44.5M ↗
Who Are Their Customers?
Pharmaceutical licensees place purchase orders for manufactured products, while other pharmaceutical companies contract for development work or licenses. Licensees generally handle commercialization themselves.
10-K for FY2025, filed Mar 4, 2026We manufacture based on receipt of purchase orders from our licensees, and our licensees have an obligation to accept these orders once…View ↗
We realize revenue from licenses of our intellectual property. For licenses that do not require further development or other ongoing…View ↗
Co-development and research fees are earned through performance of specific tasks, activities or completion of stages of development…View ↗
10-K for FY2025, filed Mar 4, 2026
Customers are considered major customers when net revenue exceeds 10% of total revenue for the period or outstanding receivable balances…View ↗
Do Revenues Turn Into Profits?
No. It lost $83.8M in FY2025.
10-K for FY2025, filed Mar 4, 2026
−$71.1MView ↗
10-K for FY2025, filed Mar 4, 2026
−$83.8MView ↗
10-K for FY2025, filed Mar 4, 2026
−$53MView ↗
How Are They Changing?
Shrinking. Revenue fell 12% in 4 years, from $50.8M in FY2021 to $44.5M in FY2025, about 3% a year.
Who Do They Compete With?
Competes with Teva, Viatris, Amneal Pharmaceuticals, Kaleo, U.S. Worldmeds, and ARS Pharmaceuticals
10-K for FY2025, filed Mar 4, 2026We expect that, if approved by the FDA, Anaphylm would compete with several existing products and other product candidates that target Type…View ↗
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