$AQST
Aquestive Therapeutics, Inc.

2020 Q4 Form 10-K Financial Statement

#000114036121007811 Filed on March 09, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $7.149M $45.85M $16.42M
YoY Change -56.46% -12.85% -2.41%
Cost Of Revenue $2.788M $12.96M $6.792M
YoY Change -58.95% -36.33% 41.8%
Gross Profit $4.361M $32.89M $9.627M
YoY Change -54.7% 1.98% -20.04%
Gross Profit Margin 61.0% 71.72% 58.63%
Selling, General & Admin $15.58M $55.89M $16.47M
YoY Change -5.4% -13.13% -11.93%
% of Gross Profit 357.26% 169.96% 171.08%
Research & Development $4.430M $19.89M $3.060M
YoY Change 44.77% -3.34% -46.13%
% of Gross Profit 101.58% 60.47% 31.79%
Depreciation & Amortization $1.100M $3.392M $770.0K
YoY Change 42.86% 18.85% 1.32%
% of Gross Profit 25.22% 10.31% 8.0%
Operating Expenses $20.01M $88.74M $26.32M
YoY Change -23.98% -15.71% -9.77%
Operating Profit -$15.65M -$42.89M -$16.70M
YoY Change -6.27% -18.56% -2.55%
Interest Expense -$4.720M $11.06M -$2.730M
YoY Change 72.89% 18.74% 71.7%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$20.37M -$55.78M -$12.64M
YoY Change 61.16% -15.79% -9.33%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.37M -$55.78M -$12.64M
YoY Change 61.19% -15.79% -9.38%
Net Earnings / Revenue -284.91% -121.67% -76.96%
Basic Earnings Per Share -$1.66
Diluted Earnings Per Share -$602.1K -$1.66 -$477.9K
COMMON SHARES
Basic Shares Outstanding 33.62M 33.65M shares 25.04M
Diluted Shares Outstanding 33.65M shares

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.81M $31.81M $49.33M
YoY Change -35.52% -35.52% -18.6%
Cash & Equivalents $31.81M $31.81M $49.33M
Short-Term Investments
Other Short-Term Assets $3.400M $3.400M $3.000M
YoY Change 13.33% 13.33% 78.57%
Inventory $2.461M $2.460M $2.859M
Prepaid Expenses
Receivables $6.960M $6.960M $13.13M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $44.63M $44.63M $68.31M
YoY Change -34.68% -34.67% -7.93%
LONG-TERM ASSETS
Property, Plant & Equipment $6.873M $10.32M $9.726M
YoY Change -29.33% 6.06% -20.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.836M $840.0K $286.0K
YoY Change 2639.86% 19.67%
Total Long-Term Assets $18.26M $18.25M $10.17M
YoY Change 79.63% 79.45% -19.64%
TOTAL ASSETS
Total Short-Term Assets $44.63M $44.63M $68.31M
Total Long-Term Assets $18.26M $18.25M $10.17M
Total Assets $62.88M $62.88M $78.48M
YoY Change -19.87% -19.88% -9.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.089M $7.090M $12.27M
YoY Change -42.24% -42.22% -39.94%
Accrued Expenses $8.569M $9.300M $5.475M
YoY Change 56.51% 77.82% -23.91%
Deferred Revenue $693.0K $806.0K
YoY Change -14.02% 11.79%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.580M $2.580M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $21.10M $21.10M $18.56M
YoY Change 13.74% 13.69% -43.69%
LONG-TERM LIABILITIES
Long-Term Debt $34.33M $34.33M $60.34M
YoY Change -43.11% -43.11% 41.64%
Other Long-Term Liabilities $1.945M $55.95M $1.360M
YoY Change 43.01% 879.86% 11.48%
Total Long-Term Liabilities $1.945M $90.28M $1.360M
YoY Change 43.01% 36.68% -96.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.10M $21.10M $18.56M
Total Long-Term Liabilities $1.945M $90.28M $1.360M
Total Liabilities $111.4M $111.4M $84.60M
YoY Change 31.65% 31.65% 10.2%
SHAREHOLDERS EQUITY
Retained Earnings -$186.3M -$130.5M
YoY Change 42.75% 112.58%
Common Stock $35.00K $34.00K
YoY Change 2.94% 36.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$48.50M -$48.50M -$6.122M
YoY Change
Total Liabilities & Shareholders Equity $62.88M $62.88M $78.48M
YoY Change -19.87% -19.88% -9.64%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$20.37M -$55.78M -$12.64M
YoY Change 61.19% -15.79% -9.38%
Depreciation, Depletion And Amortization $1.100M $3.392M $770.0K
YoY Change 42.86% 18.85% 1.32%
Cash From Operating Activities -$13.51M -$45.46M -$10.57M
YoY Change 27.81% -24.5% 276.16%
INVESTING ACTIVITIES
Capital Expenditures -$240.0K $517.0K -$80.00K
YoY Change 200.0% -22.02% -83.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$240.0K -$517.0K -$80.00K
YoY Change 200.0% -22.02% -83.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $37.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.49M $28.46M 39.07M
YoY Change -27.08% -42.63% -48937.5%
NET CHANGE
Cash From Operating Activities -13.51M -$45.46M -10.57M
Cash From Investing Activities -240.0K -$517.0K -80.00K
Cash From Financing Activities 28.49M $28.46M 39.07M
Net Change In Cash 14.74M -$17.52M 28.42M
YoY Change -48.14% 55.41% -940.83%
FREE CASH FLOW
Cash From Operating Activities -$13.51M -$45.46M -$10.57M
Capital Expenditures -$240.0K $517.0K -$80.00K
Free Cash Flow -$13.27M -$45.98M -$10.49M
YoY Change 26.5% -24.47% 352.16%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 45pt; vertical-align: top;"><font style="font-weight: bold;">Note 2.</font></td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Basis of Presentation and Principles of Consolidation</div></td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 36pt;">These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. The accounts of wholly owned subsidiaries are included in the consolidated financial statements. Other than corporate formation activities, no such subsidiaries have conducted any commercial, developmental or operational activities and none have customers or vendors. Certain reclassifications were made to conform to the current presentation.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt;">Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted principles 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><div style="font-style: italic; font-weight: bold;">Concentration of Credit Risk</div></div><div><br /></div><div style="text-align: justify; text-indent: 36pt;">Cash and cash equivalents are maintained are held by federally insured financial institutions that management believes are of high credit quality. The Company has not experienced any losses in such accounts and such amounts may exceed federally-insured limits.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt;">Indivior, Sunovion, and three of the largest regional wholesalers represent our most significant customers and details on these relationships are outlined in Note 5.</div></div>
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1938000
CY2020 aqst Deferred Financing Costs Charged To Additional Paid In Capital
DeferredFinancingCostsChargedToAdditionalPaidInCapital
473000
CY2019 aqst Deferred Financing Costs Charged To Additional Paid In Capital
DeferredFinancingCostsChargedToAdditionalPaidInCapital
540000
CY2019Q4 aqst Tax Cuts And Jobs Act Of2017 Deferred Tax Assets Interest Limitation
TaxCutsAndJobsActOf2017DeferredTaxAssetsInterestLimitation
5748000
CY2020Q4 aqst Tax Cuts And Jobs Act Of2017 Deferred Tax Assets Interest Limitation
TaxCutsAndJobsActOf2017DeferredTaxAssetsInterestLimitation
7235000
CY2020Q4 aqst Number Of States In The Antitrust Litigation
NumberOfStatesInTheAntitrustLitigation
41

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