Aquestive 2025 Q2 Earnings Net Loss Widens Sharply

Aquestive Therapeutics reported a significant deterioration in its financial performance for Q2 2025, missing expectations with a 50.2% year-over-year revenue drop and a 393.6% surge in net loss. The company's stock underperformed the benchmark in post-earnings analysis, while CEO Daniel Barber emphasized regulatory progress for Anaphylm and global expansion plans.

Revenue
Aquestive's total revenue declined sharply to $10 million in Q2 2025, a 50.2% decrease from $20.10 million in the same period of 2024. The decline was driven by a significant reduction in proprietary product revenue, which turned negative at $-797,000. Meanwhile, manufacture and supply revenue remained a core contributor at $9.58 million, followed by license and royalty revenue of $839,000 and co-development and research fees of $378,000.

Earnings/Net Income
The company’s financial performance deteriorated further, with a net loss widening to $-13.55 million in Q2 2025, a 393.6% increase from the $-2.75 million loss in Q2 2024. On a per-share basis, losses deepened to $0.14 from $0.03. This marked a record-low net income performance for Aquestive. The deteriorating EPS underscores the company’s ongoing financial challenges.

Price Action
Following the earnings report, Aquestive’s stock price continued to decline, with a 1.28% drop in the latest trading day, a 3.98% decrease over the past week, and a 4.22% decline month-to-date, reflecting investor concerns over the company’s outlook.

Post-Earnings Price Action Review
The post-earnings performance of Aquestive shares, based on a strategy of buying 30 days after the earnings release in quarters with revenue growth over the past three years, showed a dismal result. The strategy generated no return, with a CAGR of 0.00%, and an excess return of -50.09%, significantly underperforming the benchmark. The approach also exhibited a maximum drawdown of 0.00% and a Sharpe ratio of 0.00%, highlighting a risk-free yet poorly profitable investment outcome.

CEO Commentary
Daniel Barber, CEO of Aquestive Therapeutics, highlighted the company's pivotal progress in Q2 2025, including the FDA’s acceptance of the Anaphylm NDA and the January 31, 2026, PDUFA date. He emphasized preparations for a potential U.S. launch in Q1 2026 and the acceleration of global expansion to Canada and the EU. The CEO expressed confidence in the company’s ability to execute across clinical, commercial, and operational fronts, emphasizing the product’s differentiating advantages and ongoing efforts to bring it to global markets.

Guidance
Aquestive provided forward-looking guidance, including the expectation of a potential U.S. launch of Anaphylm in Q1 2026 if FDA-approved, and plans for regulatory engagements in Canada and the EU to support global expansion. The company also expects to submit an IND for AQST-108 for the treatment of alopecia areata to the FDA in Q4 2025. Aquestive continues to evaluate commercial pathways to maximize market reach and impact for Anaphylm post-approval.

Additional News
In the three weeks leading up to Aquestive’s Q2 2025 earnings release, the broader market focused on several key developments. Among the most-discussed topics was Trump's announcement of a potential 30-day takeover of Washington, D.C.’s police force, which sparked significant debate on federal overreach and governance. Additionally, global attention was drawn to South Korea’s decision to pardon 83.6687 million individuals, a move interpreted as a strategic political maneuver. Another notable development was the introduction of the U.S. federal government’s new loan interest subsidy policy for personal consumption, which is expected to stimulate demand across several sectors. These events, while not directly tied to Aquestive's operations, reflected the broader geopolitical and economic context shaping investor sentiment in August 2025.