AQST
Aquestive Therapeutics, Inc. Health Care Pharmaceutical Preparations Russell 3000
$3.89Close
$474.8MMarket cap
$2.95 – $6.8252-week range
Nov 3, 2026Next report · after the close
Highlights
Cautions
- Not in an uptrend 3 of 8 trend conditions
- Lagging the market RS 39 · weaker than 61% of stocks over 12 months
- Far from its high 43% below its 52-week high
- Results soon Nov 3, 2026, in 2 days
- Financial distress Altman Z″ in the distress zone
Price
Filing Results Screen pick 52-week high and low Adjusted prices
Key figures
Off 12-month high
43%
1wk
down 2.7%
price change
1mo
down 16.0%
price change
12-month return
down 42%
market up 11% ·
its own down 51%
F-score
2 / 9
Weak
Altman Z
-2.86
Elevated risk
P/E
—
price / earnings
PEG
—
P/E / EPS growth
P/B
—
price / book
Earnings yield
down 17.8%
EBIT / enterprise value
Cheaper than
6%
of the market · expensive
Revenue growth
down 23%
year on year
EPS growth
—
latest quarter
Sales growth
up 38%
latest quarter · -28 pts
ROE
—
return on equity
Free cash margin
down 119%
-$53.0M FCF
D/E
—
long-term debt / equity
Net debt / EBITDA
—
Interest cover
—EBIT / interest
Piotroski tests
- not yet profitable on its assets
- operating cash flow is negative
- profitability slipped from last year
- short-term liquidity weakened
- issued more shares
- gross margin narrowed
- assets working less efficiently
- profits backed by cash
- reduced long-term debt
Trade setup
ATR%
5.8%
$0.22 a day · 2×ATR $3.44
RS
39 / 99
vs the universe
Trend
3 / 8
trend template
Relative volume
1.1×
vs 50-day average
Up/down volume
0.88
50 sessions
Implied move
—
no option chain · report Nov 3, 2026
Trend template · 3 of 8
- Price above the 150 and 200-day averages: fails
- 150-day average above the 200-day: passes
- 200-day average rising for a month: fails
- 50-day average above the 150 and 200-day: passes
- Price above the 50-day average: fails
- At least 30% above the 52-week low: passes
- Within 25% of the 52-week high: fails
- RS rank 70 or higher: fails
Screen verdict
Did not qualify for any screen.
Warning signs
- Liabilities exceed assets Shareholders' equity is negative at -$33.7M as of Dec 31, 2025. What is left for shareholders after creditors is, on the balance sheet, less than nothing.
- Bankruptcy model reads distressed The Altman score sits inside the range historically associated with financial distress. It is used here only to exclude, never to rank, and it is a statistical band rather than a prediction about this company.
- Shareholders diluted The share count rose 33.5% over the year, from 91m to 122m shares. Each existing share owns a smaller fraction of the company than it did a year ago.
- Gross margin narrowing Gross margin fell from 69.0% to 58.3%. The company is keeping less of each dollar of sales than it did a year ago.
- Revenue shrinking Revenue fell 22.6% over the year, from $57.6M to $44.5M.
Last reported
Aug 11, 2026
Last shock
Oct 15, 2026-12% in one session1.9× volumeon an SEC filing-4% since
Financials
- Gross 58%
- Net -188%
- Free cash -119%
- Cash
- Long-term debt
| FY2020Dec 31, 2020 | FY2021Dec 31, 2021 | FY2022Dec 31, 2022 | FY2023Dec 31, 2023 | FY2024Dec 31, 2024 | FY2025Dec 31, 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $45.8M | $50.8M | $47.7M | $50.6M | $57.6M | $44.5M |
| Gross margin | 72% | — | 59% | 59% | 69% | 58% |
| Operating income | -$42.9M | -$34.7M | -$42.1M | -$15.1M | -$30.8M | -$71.1M |
| Net income | -$55.8M | -$70.5M | -$54.4M | -$7.9M | -$44.1M | -$83.8M |
| Net margin | -122% | -139% | -114% | -16% | -77% | -188% |
| Earnings per share | -$1.66 | -$1.85 | -$1.12 | -$0.13 | -$0.51 | -$0.78 |
| Free cash flow | -$46.0M | -$33.9M | -$10.8M | -$7.4M | -$35.9M | -$53.0M |
| Free cash margin | -100% | -67% | -23% | -15% | -62% | -119% |
| Cash | $31.8M | $28.0M | $27.3M | $23.9M | $71.5M | $121.2M |
| Long-term debt | $51.5M | $51.6M | $33.4M | $45.0M | $45.0M | $45.0M |
| Shareholders' equity | -$48.5M | -$82.1M | -$118.6M | -$106.5M | -$60.2M | -$33.7M |
| Shares outstanding | 34.57m | 41.23m | 54.83m | 68.53m | 91.41m | 122.04m |
Filings
| Filed | Report | Period to | Lag |
|---|---|---|---|
| Aug 11, 2026 | Quarterly ↗ | Jun 30, 2026 | 42d |
| May 13, 2026 | Quarterly ↗ | Mar 31, 2026 | 43d |
| Mar 4, 2026 | Annual ↗ | Dec 31, 2025 | 63d |
| Nov 5, 2025 | Quarterly ↗ | Sep 30, 2025 | 36d |
| Aug 11, 2025 | Quarterly ↗ | Jun 30, 2025 | 42d |
| May 12, 2025 | Quarterly ↗ | Mar 31, 2025 | 42d |
| Mar 5, 2025 | Annual ↗ | Dec 31, 2024 | 64d |
| Nov 4, 2024 | Quarterly ↗ | Sep 30, 2024 | 35d |
| Aug 6, 2024 | Quarterly ↗ | Jun 30, 2024 | 37d |
| May 7, 2024 | Quarterly ↗ | Mar 31, 2024 | 37d |
| Mar 5, 2024 | Annual ↗ | Dec 31, 2023 | 65d |
| Nov 6, 2023 | Quarterly ↗ | Sep 30, 2023 | 37d |
Current reports
| Filed | Disclosed |
|---|---|
| Oct 19, 2026 | Charter or bylaws ↗ |
| Oct 15, 2026 | Regulation FD ↗ |
| Oct 14, 2026 | Material agreement ↗ |
| Sep 29, 2026 | Director or officer change ↗ |
| Sep 25, 2026 | Regulation FD ↗ |
| Sep 17, 2026 | Regulation FD · Other events ↗ |
| Aug 11, 2026 | Results · Regulation FD ↗ |
| Aug 10, 2026 | Regulation FD · Other events ↗ |
| Jun 10, 2026 | Shareholder vote ↗ |
| May 13, 2026 | Material agreement · Agreement ended · Results · New obligation · Unregistered share sale · Regulation FD ↗ |
| Mar 30, 2026 | Regulation FD ↗ |
| Mar 20, 2026 | Director or officer change · Regulation FD ↗ |