$AQST
Aquestive Therapeutics, Inc.

2020 Q2 Form 10-Q Financial Statement

#000114036120010724 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $21.68M $8.765M $12.64M
YoY Change 94.76% -30.67% -46.0%
Cost Of Revenue $3.539M $3.659M $3.506M
YoY Change -34.7% 4.36% -37.84%
Gross Profit $18.14M $5.106M $9.137M
YoY Change 217.67% -44.12% -48.61%
Gross Profit Margin 83.67% 58.25% 72.27%
Selling, General & Admin $13.89M $14.61M $17.91M
YoY Change -14.48% -18.4% 136.57%
% of Gross Profit 76.61% 286.19% 195.99%
Research & Development $3.847M $4.354M $4.303M
YoY Change -52.8% 1.19% -12.18%
% of Gross Profit 21.21% 85.27% 47.09%
Depreciation & Amortization $700.0K $714.0K $736.0K
YoY Change -1.55% -2.99% -22.53%
% of Gross Profit 3.86% 13.98% 8.06%
Operating Expenses $17.74M $22.63M $25.72M
YoY Change -40.5% -12.02% 42.04%
Operating Profit $395.0K -$13.86M -$13.07M
YoY Change -102.11% 6.02% 3910.43%
Interest Expense $2.747M $2.771M $1.926M
YoY Change 41.82% 43.87% -256.59%
% of Operating Profit 695.44%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.334M -$16.53M -$14.73M
YoY Change -88.6% 12.25% -459.17%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.334M -$16.53M -$14.73M
YoY Change -88.6% 12.25% -459.26%
Net Earnings / Revenue -10.77% -188.59% -116.48%
Basic Earnings Per Share -$0.07 -$0.49
Diluted Earnings Per Share -$0.07 -$0.49 -$590.1K
COMMON SHARES
Basic Shares Outstanding 33.58M 33.57M
Diluted Shares Outstanding 33.57M

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.42M $35.52M $39.93M
YoY Change 14.66% -11.04% 142.15%
Cash & Equivalents $25.42M $35.52M $39.93M
Short-Term Investments
Other Short-Term Assets $2.420M $2.940M $3.400M
YoY Change 15.24% -13.53% 431.25%
Inventory $3.173M $3.087M $5.140M
Prepaid Expenses
Receivables $12.89M $9.540M $7.490M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.91M $51.09M $55.96M
YoY Change 12.4% -8.71% 83.96%
LONG-TERM ASSETS
Property, Plant & Equipment $8.457M $9.059M $11.59M
YoY Change -22.65% -21.84% -9.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $289.0K $288.0K $240.0K
YoY Change 24.03% 20.0% -90.98%
Total Long-Term Assets $19.64M $13.40M $12.02M
YoY Change 73.1% 11.47% -23.24%
TOTAL ASSETS
Total Short-Term Assets $43.91M $51.09M $55.96M
Total Long-Term Assets $19.64M $13.40M $12.02M
Total Assets $63.55M $64.49M $67.98M
YoY Change 26.06% -5.14% 47.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.787M $10.28M $19.15M
YoY Change -56.14% -46.3% 74.25%
Accrued Expenses $5.070M $4.320M $2.750M
YoY Change 55.05% 57.09% 37.5%
Deferred Revenue $803.0K $663.0K
YoY Change 33.83%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.850M
YoY Change 315.15%
Total Short-Term Liabilities $14.88M $15.36M $29.64M
YoY Change -39.58% -48.17% 84.44%
LONG-TERM LIABILITIES
Long-Term Debt $61.51M $60.92M $40.74M
YoY Change 31.21% 49.53% -8.08%
Other Long-Term Liabilities $8.550M $9.030M $3.660M
YoY Change 140.85% 146.72% -54.76%
Total Long-Term Liabilities $70.06M $69.95M $44.40M
YoY Change 38.93% 57.55% -15.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.88M $15.36M $29.64M
Total Long-Term Liabilities $70.06M $69.95M $44.40M
Total Liabilities $84.93M $85.32M $74.04M
YoY Change 13.15% 15.23% 8.12%
SHAREHOLDERS EQUITY
Retained Earnings -$149.3M -$147.0M
YoY Change 50.2%
Common Stock $34.00K $34.00K
YoY Change 36.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$21.39M -$20.83M -$6.056M
YoY Change
Total Liabilities & Shareholders Equity $63.55M $64.49M $67.98M
YoY Change 26.06% -5.14% 47.53%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$2.334M -$16.53M -$14.73M
YoY Change -88.6% 12.25% -459.26%
Depreciation, Depletion And Amortization $700.0K $714.0K $736.0K
YoY Change -1.55% -2.99% -22.53%
Cash From Operating Activities -$9.990M -$13.64M -$17.68M
YoY Change -41.82% -22.87% -2337.97%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K $131.0K $376.0K
YoY Change 0.0% -65.16% -244.62%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$110.0K -$131.0K -$376.0K
YoY Change 0.0% -65.16% 44.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K -37.00K -2.609M
YoY Change -102.04% -98.58% 83.73%
NET CHANGE
Cash From Operating Activities -9.990M -13.64M -17.68M
Cash From Investing Activities -110.0K -131.0K -376.0K
Cash From Financing Activities 10.00K -37.00K -2.609M
Net Change In Cash -10.09M -13.81M -20.67M
YoY Change -43.22% -33.2% 2221.91%
FREE CASH FLOW
Cash From Operating Activities -$9.990M -$13.64M -$17.68M
Capital Expenditures -$110.0K $131.0K $376.0K
Free Cash Flow -$9.880M -$13.77M -$18.06M
YoY Change -42.09% -23.75% -1819.62%

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-weight: bold;">Note 2.&#160; Basis of Presentation</div><div><br /></div><div style="text-indent: 18pt;">The accompanying interim unaudited condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and with Article 10 of Regulation S-X for interim financial reporting. In compliance with those rules, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2019 included in our Annual Report on Form 10-K filed with the SEC on March 11, 2020 (the &#8220;2019 Annual Report on Form 10-K&#8221;). As included herein, the condensed consolidated balance sheet at December 31, 2019 is derived from the audited consolidated financial statements as of that date. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results of interim periods have been included. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited condensed financial statements.</div><div><br /></div><div style="text-indent: 18pt;">Any reference in these notes to applicable guidance refers to the authoritative U.S. GAAP as found in the Accounting Standards Codification (&#8220;ASC&#8221;) and Accounting Standards Updates (&#8220;ASU&#8221;) of the Financial Accounting Standards Board (&#8220;FASB&#8221;).</div></div>
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NetCashProvidedByUsedInFinancingActivities
-37000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2609000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-16530000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-14726000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13637000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17680000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-376000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-131000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3912000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
442000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
22626000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
25717000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.169
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-13861000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-13074000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
609000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3424000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4033000
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
144000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
45000
CY2020Q1 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
1406000
CY2019Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
4363000
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
286000
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
288000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
97000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
243000
CY2020Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
0
CY2019Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
527000
CY2019Q3 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2944000
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
37000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2609000
CY2019Q4 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2415000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
376000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
131000
CY2019Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
37295000
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2944000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2999000
CY2019Q4 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1821000
CY2019Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
13110000
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
66000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-40000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4354000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4303000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-147004000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-130474000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12643000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8765000
CY2019Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
37835000
CY2019Q4 us-gaap Professional Fees
ProfessionalFees
540000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
47770000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
47817000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9059000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9726000
CY2020Q1 aqst Invoices Payable Term
InvoicesPayableTerm
P105D
CY2019Q1 aqst Payments Related To Tax Withholding For Share Based Compensation Accrued
PaymentsRelatedToTaxWithholdingForShareBasedCompensationAccrued
-4000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17908000
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14613000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1520000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1860000
CY2019Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8050000
CY2019Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8050000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-20829000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-6122000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10080000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-6056000
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
300000
CY2020Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
370000
CY2019Q1 aqst Manufacture And Supply Costs
ManufactureAndSupplyCosts
3506000
CY2019Q4 aqst Inventory Packing Material Gross
InventoryPackingMaterialGross
1096000
CY2020Q1 aqst Inventory Packing Material Gross
InventoryPackingMaterialGross
1101000
CY2019Q3 aqst Net Proceeds From Issuance Of Initial Notes Warrants And First Offer Rights
NetProceedsFromIssuanceOfInitialNotesWarrantsAndFirstOfferRights
66082000
CY2020Q1 aqst Working Capital Deficit
WorkingCapitalDeficit
35726000
CY2019Q3 aqst Additional Fund Amount
AdditionalFundAmount
52226000
CY2019Q4 aqst Adjustments To Additional Paid In Capital Warrant Exercise
AdjustmentsToAdditionalPaidInCapitalWarrantExercise
1821000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">(B) Use of Estimates</div><div><br /></div><div style="color: #000000; text-indent: 18pt;">The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and contingent liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&#160; <font style="background-color: rgb(255, 255, 255);">Significant items subject to estimates and assumptions include allowances for rebates from proprietary product sales, the allowance for sales returns, the useful lives of fixed assets, valuation of share-based compensation</font><font style="background-color: rgb(255, 255, 255);"> and contingencies.</font></div></div>
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
106000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33569694
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24963603
CY2019Q4 aqst Trade And Other Receivables Net
TradeAndOtherReceivablesNet
13130000
CY2020Q1 aqst Trade And Other Receivables Net
TradeAndOtherReceivablesNet
9536000
CY2019Q4 aqst Finite Lived Intangible Assets Net And Other Assets
FiniteLivedIntangibleAssetsNetAndOtherAssets
439000
CY2020Q1 aqst Finite Lived Intangible Assets Net And Other Assets
FiniteLivedIntangibleAssetsNetAndOtherAssets
428000
CY2020Q1 aqst Manufacture And Supply Costs
ManufactureAndSupplyCosts
3659000
CY2020Q1 aqst Payments Related To Tax Withholding For Share Based Compensation Accrued
PaymentsRelatedToTaxWithholdingForShareBasedCompensationAccrued
-1000
CY2019Q1 aqst Increase Decrease In Accrued Capital Expenditures
IncreaseDecreaseInAccruedCapitalExpenditures
253000
CY2020Q1 aqst Increase Decrease In Accrued Capital Expenditures
IncreaseDecreaseInAccruedCapitalExpenditures
84000
CY2020Q1 aqst Increase Decrease In Offering Costs Included In Accounts Payable And Accrued Expenses
IncreaseDecreaseInOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
0
CY2019Q1 aqst Increase Decrease In Offering Costs Included In Accounts Payable And Accrued Expenses
IncreaseDecreaseInOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
311000
CY2019Q4 aqst Accounts Receivable Allowances And Accruals Trade And Other Receivables Net
AccountsReceivableAllowancesAndAccrualsTradeAndOtherReceivablesNet
203000
CY2020Q1 aqst Accounts Receivable Allowances And Accruals Trade And Other Receivables Net
AccountsReceivableAllowancesAndAccrualsTradeAndOtherReceivablesNet
256000
CY2020Q1 aqst Accounts Receivable Allowances Credits And Payments
AccountsReceivableAllowancesCreditsAndPayments
867000
CY2019Q4 aqst Accounts Receivable Allowances And Accruals
AccountsReceivableAllowancesAndAccruals
1377000
CY2020Q1 aqst Accounts Receivable Allowances And Accruals
AccountsReceivableAllowancesAndAccruals
1667000
CY2020Q1 aqst Accounts Receivable Allowances Provision Related To Sales
AccountsReceivableAllowancesProvisionRelatedToSales
1157000
CY2020Q1 aqst Accounts Receivable Allowances And Accruals Accounts Payable And Accrued Expenses
AccountsReceivableAllowancesAndAccrualsAccountsPayableAndAccruedExpenses
1411000
CY2019Q4 aqst Accounts Receivable Allowances And Accruals Accounts Payable And Accrued Expenses
AccountsReceivableAllowancesAndAccrualsAccountsPayableAndAccruedExpenses
1174000
CY2020Q1 aqst Number Of States In The Antitrust Litigation
NumberOfStatesInTheAntitrustLitigation
41
CY2020Q1 aqst Number Of Patents
NumberOfPatents
2
CY2020Q1 aqst Class Of Warrant Or Right Warrants Exercised
ClassOfWarrantOrRightWarrantsExercised
0

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