What were the key takeaways from Aquestive’s earnings call?

What is Aquestive's gross profit margin?

Did Aquestive beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Aquestive year over year?

What is Aquestive's latest dividend and current dividend yield?

What guidance did Aquestive's management provide for the next earnings period?

What factors drove the changes in Aquestive's revenue and profit?

What does Aquestive do and what are its main business segments?

- **FDA-Ready for Q1 2026 Launch**: Anaphylm pre-launch activities fully executed; 75%+ allergist awareness and 35/35 HCPs prefer Anaphylm over nasal spray in trials.
- **Strong Financial Position**: $129M cash post-$85M equity raise; debt refinancing targeting low-cost, long-term partner.
- **Pipeline Expansion**: AQST-108 Phase IIa trial planned for 40-60 patients; exploring non-topical Adrenaverse delivery methods.
- **Market Growth**: Epinephrine scripts up 8.8% Q3, 95% auto-injector share; Anaphylm targets 200+ scripts/allergist.

**【CEO Summary Section】**
- Anaphylm (sublingual epinephrine film) on track for Q1 2026 launch if FDA approves by January 31, 2026. Pre-launch activities fully underway, including hiring district managers and finalizing supply chain. 
- Anaphylm awareness among allergists exceeds 75%, with 25% completing CME training. 35/35 surveyed HCPs preferred Anaphylm over nasal spray in mock comparison.
- Expanded leadership team: Dr. Gary Slatko as Interim CMO, Dr. Matthew Davis as Chief Development Officer for Adrenaverse platform. 
- AQST-108 (alopecia areata) IND submission planned for Q1 2026, with Phase IIa trial targeting 40-60 participants.
- International expansion: Canada filing expected Q1 2026, EMA feedback due Q1 2026.

**【CFO Financial Commentary】**
- Q3 2025 revenue $12.8M (flat YoY due one-time deferred revenue recognition in 2024). Non-GAAP adj. EBITDA loss $8.6M vs. $6.6M prior year.
- Completed $85M equity raise and $75M commercial launch financing. Total cash $129.1M as of Q3, sufficient for 2026 launch.
- R&D expenses down 15% YoY to $14M (lower clinical trial costs). SG&A up 37% YoY to $47M (pre-launch spending).
- Debt refinancing underway; targeting new partner with long maturity and low coupon.

**【Q&A Highlights】**
- Competitor citizens petition deemed factually flawed; no FDA timeline impact. Anaphylm pricing strategy: patient-first, responsible WAC with co-pay savings programs.
- International partnerships likely post-FDA approval; focus on Canada, EU, Japan. 
- Adrenaverse pipeline: exploring non-topical delivery methods (capsules, injectables) beyond AQST-108.
- Manufacturing capacity >10x current epinephrine market (150M doses/year).

Aquestive Therapeutics, Inc. (AQST) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AQST

AQST fundamentals

You can ask Aime