$AQST
Aquestive Therapeutics, Inc.

2020 Q2 Form 10-Q Financial Statement

#000114036120017454 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $21.68M $11.13M
YoY Change 94.76% -20.1%
Cost Of Revenue $3.539M $5.420M
YoY Change -34.7% 9.05%
Gross Profit $18.14M $5.709M
YoY Change 217.67% -36.28%
Gross Profit Margin 83.67% 51.3%
Selling, General & Admin $13.89M $16.25M
YoY Change -14.48% -51.75%
% of Gross Profit 76.61% 284.57%
Research & Development $3.847M $8.151M
YoY Change -52.8% 1.96%
% of Gross Profit 21.21% 142.77%
Depreciation & Amortization $700.0K $711.0K
YoY Change -1.55% -7.06%
% of Gross Profit 3.86% 12.45%
Operating Expenses $17.74M $29.82M
YoY Change -40.5% -36.03%
Operating Profit $395.0K -$18.69M
YoY Change -102.11% -42.86%
Interest Expense $2.747M $1.937M
YoY Change 41.82% 0.52%
% of Operating Profit 695.44%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.334M -$20.47M
YoY Change -88.6% -43.9%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.334M -$20.47M
YoY Change -88.6% -43.9%
Net Earnings / Revenue -10.77% -183.95%
Basic Earnings Per Share -$0.07 -$0.82
Diluted Earnings Per Share -$0.07 -$819.5K
COMMON SHARES
Basic Shares Outstanding 33.58M 24.98M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.42M $22.17M
YoY Change 14.66% 108.36%
Cash & Equivalents $25.42M $22.17M
Short-Term Investments
Other Short-Term Assets $2.420M $2.100M
YoY Change 15.24% -58.25%
Inventory $3.173M $4.647M
Prepaid Expenses
Receivables $12.89M $10.14M
Other Receivables $0.00 $10.00K
Total Short-Term Assets $43.91M $39.06M
YoY Change 12.4% 46.58%
LONG-TERM ASSETS
Property, Plant & Equipment $8.457M $10.93M
YoY Change -22.65% -14.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $289.0K $233.0K
YoY Change 24.03% 16.5%
Total Long-Term Assets $19.64M $11.34M
YoY Change 73.1% -14.0%
TOTAL ASSETS
Total Short-Term Assets $43.91M $39.06M
Total Long-Term Assets $19.64M $11.34M
Total Assets $63.55M $50.41M
YoY Change 26.06% 26.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.787M $20.03M
YoY Change -56.14% 21.27%
Accrued Expenses $5.070M $3.270M
YoY Change 55.05% -24.65%
Deferred Revenue $803.0K $600.0K
YoY Change 33.83%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $550.0K
YoY Change -50.0%
Total Short-Term Liabilities $14.88M $24.63M
YoY Change -39.58% 4.94%
LONG-TERM LIABILITIES
Long-Term Debt $61.51M $46.88M
YoY Change 31.21% 3.42%
Other Long-Term Liabilities $8.550M $3.550M
YoY Change 140.85% -64.46%
Total Long-Term Liabilities $70.06M $50.43M
YoY Change 38.93% -8.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.88M $24.63M
Total Long-Term Liabilities $70.06M $50.43M
Total Liabilities $84.93M $75.07M
YoY Change 13.15% -4.73%
SHAREHOLDERS EQUITY
Retained Earnings -$149.3M -$99.43M
YoY Change 50.2%
Common Stock $34.00K $25.00K
YoY Change 36.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$21.39M -$24.66M
YoY Change
Total Liabilities & Shareholders Equity $63.55M $50.41M
YoY Change 26.06% 26.53%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.334M -$20.47M
YoY Change -88.6% -43.9%
Depreciation, Depletion And Amortization $700.0K $711.0K
YoY Change -1.55% -7.06%
Cash From Operating Activities -$9.990M -$17.17M
YoY Change -41.82% -3466.67%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$110.0K
YoY Change 0.0% -82.54%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$110.0K -$110.0K
YoY Change 0.0% -82.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K -490.0K
YoY Change -102.04% -91.45%
NET CHANGE
Cash From Operating Activities -9.990M -17.17M
Cash From Investing Activities -110.0K -110.0K
Cash From Financing Activities 10.00K -490.0K
Net Change In Cash -10.09M -17.77M
YoY Change -43.22% 203.76%
FREE CASH FLOW
Cash From Operating Activities -$9.990M -$17.17M
Capital Expenditures -$110.0K -$110.0K
Free Cash Flow -$9.880M -$17.06M
YoY Change -42.09% -1596.49%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-weight: bold;">Note 2.&#160; Basis of Presentation</div><div><br /></div><div style="text-indent: 21.6pt; color: rgb(0, 0, 0); text-align: justify;">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 the Company&#8217;s 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 accompanying financial statements reflect certain reclassifications from previously issued financial statements to conform to the current presentation. 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: 21.6pt; color: rgb(0, 0, 0); text-align: justify;">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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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; text-align: justify;">(B) Use of Estimates</div><div><br /></div><div style="text-indent: 21.6pt; color: rgb(0, 0, 0); text-align: justify;">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. 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 and contingencies.</div></div>
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Period End Date
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2020-06-30
dei Entity Address State Or Province
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NJ
dei Entity Current Reporting Status
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Yes
dei Entity Filer Category
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Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Aquestive Therapeutics, Inc.
dei Entity Central Index Key
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0001398733
CY2020Q3 dei Entity Common Stock Shares Outstanding
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
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Q2
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Small Business
EntitySmallBusiness
true
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aqst Accounts Receivable Allowances Credits And Payments
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2111000
CY2019Q4 aqst Accounts Receivable Allowances And Accruals
AccountsReceivableAllowancesAndAccruals
1377000
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aqst Accounts Receivable Allowances Provision Related To Sales
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2438000
CY2020Q2 aqst Accounts Receivable Allowances And Accruals Accounts Payable And Accrued Expenses
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aqst Invoices Payable Term
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aqst Number Of Customers Exceeding Ten Percent Thresholds
NumberOfCustomersExceedingTenPercentThresholds
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aqst Increase Decrease In Capital Expenditures Included In Accounts Payable And Accrued Expenses
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313000
aqst Increase Decrease In Offering Costs Included In Accounts Payable And Accrued Expenses
IncreaseDecreaseInOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
0
aqst Increase Decrease In Offering Costs Included In Accounts Payable And Accrued Expenses
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aqst Class Of Warrant Or Right Warrants Exercised
ClassOfWarrantOrRightWarrantsExercised
0
CY2020Q2 aqst Working Capital Deficit
WorkingCapitalDeficit
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CY2020Q2 aqst Number Of States In The Antitrust Litigation
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41
aqst Number Of Patents
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2

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