Aquestive Therapeutics (NASDAQ: AQST) is a specialty pharmaceutical company that develops and commercializes oral film drug formulations using its proprietary PharmFilm delivery technology. Revenue comes from a combination of product manufacture and supply, royalty obligations, and licensing arrangements, including a license and supply agreement with Haisco Pharmaceutical Group for Chinese markets. The company's commercial portfolio includes treatments in the central nervous system space, and its lead pipeline asset is Anaphylm, a sublingual film formulation of epinephrine designed as a non-injectable rescue treatment for anaphylaxis. Anaphylm reported positive topline data from the OASIS allergen challenge study in October 2024, meeting primary and secondary endpoints. The company also has exposure to the epilepsy market, where antiepileptic medications generated substantial U.S. sales as of 2022 per Symphony Health data. Aquestive carries 13.5% Senior Secured Notes and has an accumulated stockholders' deficit as of FY2025. The company is a smaller reporting company under SEC classification per the 10-K filed March 4, 2026.

Revenue model

Manufacture and supply revenue, licensing fees, and royalty arrangements. The Haisco Agreement covers license, development, and supply for Chinese markets. The company also receives proceeds from at-the-market equity offerings and warrant exercises.

Products and services

PharmFilm oral film drug delivery platform; Anaphylm (sublingual epinephrine film for anaphylaxis, pipeline as of filing date); CNS and epilepsy-related oral film products; supply arrangements tied to Indivior (formerly Reckitt Benckiser Pharmaceuticals) related to Suboxone film.

Customers and end markets

Healthcare providers and patients in the anaphylaxis and CNS/epilepsy markets. Licensing partner Haisco Pharmaceutical Group (China). Prior supply relationship with Indivior UK Limited. End markets include allergy/anaphylaxis rescue treatment and antiepileptic therapy.

Value-chain role

Drug developer and contract manufacturer of oral film formulations. Owns proprietary PharmFilm manufacturing technology and licenses or supplies finished product to pharmaceutical partners.

Geographic exposure

Primary operations in the United States. Licensing and supply agreement with Haisco Pharmaceutical Group covers Chinese markets.

Source: SEC 10-K, filed 2026-03-04

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