$AQST
Aquestive Therapeutics, Inc.

2021 Q1 Form 10-Q Financial Statement

#000114036121015783 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $11.12M $7.149M $8.765M
YoY Change 26.89% -56.46% -30.67%
Cost Of Revenue $2.757M $2.788M $3.659M
YoY Change -24.65% -58.95% 4.36%
Gross Profit $8.365M $4.361M $5.106M
YoY Change 63.83% -54.7% -44.12%
Gross Profit Margin 75.21% 61.0% 58.25%
Selling, General & Admin $13.23M $15.58M $14.61M
YoY Change -9.46% -5.4% -18.4%
% of Gross Profit 158.17% 357.26% 286.19%
Research & Development $3.659M $4.430M $4.354M
YoY Change -15.96% 44.77% 1.19%
% of Gross Profit 43.74% 101.58% 85.27%
Depreciation & Amortization $743.0K $1.100M $714.0K
YoY Change 4.06% 42.86% -2.99%
% of Gross Profit 8.88% 25.22% 13.98%
Operating Expenses $16.89M $20.01M $22.63M
YoY Change -25.35% -23.98% -12.02%
Operating Profit -$8.525M -$15.65M -$13.86M
YoY Change -38.5% -6.27% 6.02%
Interest Expense $2.761M -$4.720M $2.771M
YoY Change -0.36% 72.89% 43.87%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.67M -$20.37M -$16.53M
YoY Change -11.24% 61.16% 12.25%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.67M -$20.37M -$16.53M
YoY Change -11.24% 61.19% 12.25%
Net Earnings / Revenue -131.92% -284.91% -188.59%
Basic Earnings Per Share -$0.41 -$0.49
Diluted Earnings Per Share -$0.41 -$602.1K -$0.49
COMMON SHARES
Basic Shares Outstanding 35.56M shares 33.62M 33.57M
Diluted Shares Outstanding 35.56M shares 33.57M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.50M $31.81M $35.52M
YoY Change -22.58% -35.52% -11.04%
Cash & Equivalents $27.50M $31.81M $35.52M
Short-Term Investments
Other Short-Term Assets $3.940M $3.400M $2.940M
YoY Change 34.01% 13.33% -13.53%
Inventory $2.799M $2.461M $3.087M
Prepaid Expenses
Receivables $10.21M $6.960M $9.540M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $44.44M $44.63M $51.09M
YoY Change -13.01% -34.68% -8.71%
LONG-TERM ASSETS
Property, Plant & Equipment $6.279M $6.873M $9.059M
YoY Change -30.69% -29.33% -21.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.835M $7.836M $288.0K
YoY Change 2620.49% 2639.86% 20.0%
Total Long-Term Assets $17.48M $18.26M $13.40M
YoY Change 30.46% 79.63% 11.47%
TOTAL ASSETS
Total Short-Term Assets $44.44M $44.63M $51.09M
Total Long-Term Assets $17.48M $18.26M $13.40M
Total Assets $61.92M $62.88M $64.49M
YoY Change -3.98% -19.87% -5.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.687M $7.089M $10.28M
YoY Change -34.97% -42.24% -46.3%
Accrued Expenses $6.371M $8.569M $4.320M
YoY Change 47.48% 56.51% 57.09%
Deferred Revenue $437.0K $693.0K $663.0K
YoY Change -34.09% -14.02%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.860M $2.580M
YoY Change
Total Short-Term Liabilities $20.05M $21.10M $15.36M
YoY Change 30.52% 13.74% -48.17%
LONG-TERM LIABILITIES
Long-Term Debt $34.19M $34.33M $60.92M
YoY Change -43.88% -43.11% 49.53%
Other Long-Term Liabilities $1.761M $1.945M $9.030M
YoY Change -80.5% 43.01% 146.72%
Total Long-Term Liabilities $1.761M $1.945M $69.95M
YoY Change -97.48% 43.01% 57.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.05M $21.10M $15.36M
Total Long-Term Liabilities $1.761M $1.945M $69.95M
Total Liabilities $113.7M $111.4M $85.32M
YoY Change 33.29% 31.65% 15.23%
SHAREHOLDERS EQUITY
Retained Earnings -$200.9M -$186.3M -$147.0M
YoY Change 36.68% 42.75%
Common Stock $36.00K $35.00K $34.00K
YoY Change 5.88% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$51.80M -$48.50M -$20.83M
YoY Change
Total Liabilities & Shareholders Equity $61.92M $62.88M $64.49M
YoY Change -3.98% -19.87% -5.14%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$14.67M -$20.37M -$16.53M
YoY Change -11.24% 61.19% 12.25%
Depreciation, Depletion And Amortization $743.0K $1.100M $714.0K
YoY Change 4.06% 42.86% -2.99%
Cash From Operating Activities -$14.10M -$13.51M -$13.64M
YoY Change 3.37% 27.81% -22.87%
INVESTING ACTIVITIES
Capital Expenditures $103.0K -$240.0K $131.0K
YoY Change -21.37% 200.0% -65.16%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$103.0K -$240.0K -$131.0K
YoY Change -21.37% 200.0% -65.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.891M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.891M 28.49M -37.00K
YoY Change -26832.43% -27.08% -98.58%
NET CHANGE
Cash From Operating Activities -$14.10M -13.51M -13.64M
Cash From Investing Activities -$103.0K -240.0K -131.0K
Cash From Financing Activities $9.891M 28.49M -37.00K
Net Change In Cash -$4.309M 14.74M -13.81M
YoY Change -68.79% -48.14% -33.2%
FREE CASH FLOW
Cash From Operating Activities -$14.10M -$13.51M -$13.64M
Capital Expenditures $103.0K -$240.0K $131.0K
Free Cash Flow -$14.20M -$13.27M -$13.77M
YoY Change 3.14% 26.5% -23.75%

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="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 45pt;"><div style="text-align: left;"><font style="font-weight: bold;">Note 2.</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: left;"><font style="font-weight: bold;">Basis of Presentation</font></div></td></tr></table><div><br /></div><div style="text-align: justify; 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, 2020 included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC on March 9, 2021 (the &#8220;2020 Annual Report on Form 10-K&#8221;). As included herein, the condensed consolidated balance sheet as of December 31, 2020 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 style="text-align: justify; text-indent: 18pt;"><br /></div><div style="text-align: justify; 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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<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="text-align: justify; 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; 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>
CY2020Q1 us-gaap Variable Lease Cost
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106000
CY2021Q1 us-gaap Variable Lease Cost
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CY2021Q1 dei Amendment Flag
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false
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2021Q1 dei Document Period End Date
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2021-03-31
CY2021Q1 dei Entity Address State Or Province
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NJ
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 dei Entity Filer Category
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Non-accelerated Filer
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
Aquestive Therapeutics, Inc.
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001398733
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
36592144
CY2021Q1 dei Document Fiscal Year Focus
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2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Entity Interactive Data Current
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Yes
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2020Q4 aqst Cumulative Royalty Receivable
CumulativeRoyaltyReceivable
7000000
CY2021Q1 aqst Other Finite Lived Intangible Assets Net
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835000
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1959000
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1128000
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836000
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TradeAndOtherReceivablesNet
6955000
CY2020Q4 aqst Transfer Of Financial Assets Accounted For As Sales Amount Derecognized Current
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CY2021Q1 aqst Transfer Of Financial Assets Accounted For As Sales Amount Derecognized Current
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1905000
CY2021Q1 aqst Transfer Of Financial Assets Accounted For As Sales Amount Derecognized Noncurrent
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CY2020Q4 aqst Finite Lived Intangible Assets Net And Other Assets
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CY2021Q1 aqst Finite Lived Intangible Assets Net And Other Assets
FiniteLivedIntangibleAssetsNetAndOtherAssets
7835000
CY2021Q1 aqst Cumulative Royalty Receivable
CumulativeRoyaltyReceivable
7000000
CY2021Q1 aqst Number Of Operating Leases
NumberOfOperatingLeases
3
CY2020Q1 aqst Interest Expense Related To Sale Of Future Revenue
InterestExpenseRelatedToSaleOfFutureRevenue
0
CY2021Q1 aqst Interest Expense Related To Sale Of Future Revenue
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3334000
CY2021Q1 aqst Investment Income Interest And Other Income Expense Net
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-52000
CY2020Q1 aqst Investment Income Interest And Other Income Expense Net
InvestmentIncomeInterestAndOtherIncomeExpenseNet
102000
CY2020Q1 aqst Increase Decrease In Capital Expenditures Included In Accounts Payable And Accrued Expenses
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84000
CY2021Q1 aqst Increase Decrease In Capital Expenditures Included In Accounts Payable And Accrued Expenses
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71000
CY2020Q1 aqst Interest Expense Related The Sale Of Future Revenue
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0
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3302000
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1722000
CY2021Q1 aqst Accounts Receivable Allowances And Accruals Accounts Payable And Accrued Expenses
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1807000
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5
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66082000
CY2021Q1 aqst Number Of States In The Antitrust Litigation
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41
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52226000
CY2021Q1 aqst Class Of Warrant Or Right Warrants Issued During Period
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143000
CY2019 aqst Stock Issued During Period Value Warrant Exercise
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1821000
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P30D
CY2020Q1 aqst Class Of Warrant Or Right Warrants Exercised
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0
CY2021Q1 aqst Class Of Warrant Or Right Warrants Exercised
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0

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