Aquestive Therapeutics, Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
AQST$3.61-1.4%Stored close · as of Nov 6, 2026
Contents
Condensed Balance Sheets as of September 30, 2026 and December 31, 2025
Condensed Balance Sheets
(In thousands, except share and per share amounts)
| September 30,2026 | December 31,2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $90,349 | $121,169 |
| Trade and other receivables, net | 5,254 | 17,763 |
| Inventories | 7,309 | 6,169 |
| Prepaid expenses and other current assets | 2,913 | 4,168 |
| Total current assets | 105,825 | 149,269 |
| Property and equipment, net | 4,358 | 3,893 |
| Right-of-use assets, net | 7,451 | 4,621 |
| Other non-current assets | 1,693 | 2,642 |
| Total assets | $119,327 | $160,425 |
| Liabilities and stockholders’ deficit | ||
| Current liabilities: | ||
| Accounts payable | $8,818 | $29,862 |
| Accrued expenses | 5,576 | 5,029 |
| Lease liabilities, current | 623 | 631 |
| Deferred revenue, current | 1,092 | 1,092 |
| Liability related to the sale of future revenue, current | 1,000 | 1,000 |
| Royalty obligations, current | 157 | — |
| Debt, current | 33 | 9,994 |
| Total current liabilities | 17,299 | 47,608 |
| Debt, long-term, net | 50,757 | 27,519 |
| Royalty obligations, net | 28,702 | 25,941 |
| Liability related to the sale of future revenue, net | 61,192 | 62,023 |
| Lease liabilities | 7,359 | 4,337 |
| Deferred revenue, net of current portion | 18,573 | 19,390 |
| Other non-current liabilities | 6,269 | 7,269 |
| Total liabilities | 190,151 | 194,087 |
| Contingencies (Note 20) | ||
| Stockholders’ deficit: | ||
| Common Stock, $0.001 par value. Authorized 250,000,000 shares; 125,687,705 and 122,044,299 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 126 | 122 |
| Additional paid-in capital | 423,465 | 413,214 |
| Accumulated deficit | (494,415) | (446,998) |
| Total stockholders’ deficit | (70,824) | (33,662) |
| Total liabilities and stockholders’ deficit | $119,327 | $160,425 |
Condensed Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenues | $7,557 | $12,807 | $35,822 | $31,530 |
| Costs and expenses: | ||||
| Manufacture and supply | 3,606 | 4,506 | 11,092 | 12,719 |
| Research and development | 4,251 | 4,530 | 12,417 | 13,996 |
| Selling, general and administrative | 14,169 | 15,250 | 39,209 | 47,027 |
| Total costs and expenses | 22,026 | 24,286 | 62,718 | 73,742 |
| Loss from operations | (14,469) | (11,479) | (26,896) | (42,212) |
| Other income/(expenses): | ||||
| Loss on extinguishment of debt | — | — | (11,683) | — |
| Interest expense | (1,845) | (2,779) | (7,555) | (8,342) |
| Interest expense related to royalty obligations | (973) | (1,433) | (2,918) | (4,304) |
| Interest expense related to the sale of future revenue | (62) | (61) | (183) | (181) |
| Interest income and other income, net | 853 | 306 | 1,818 | 3,115 |
| Net loss before income taxes | (16,496) | (15,446) | (47,417) | (51,924) |
| Net loss | $(16,496) | $(15,446) | $(47,417) | $(51,924) |
| Comprehensive loss | $(16,496) | $(15,446) | $(47,417) | $(51,924) |
| Loss per share attributable to common stockholders: | ||||
| Basic and diluted (in dollars per share) | $(0.13) | $(0.14) | $(0.38) | $(0.51) |
| Weighted average common shares outstanding: | ||||
| Basic and diluted (in shares) | 125,548,783 | 110,584,371 | 124,395,079 | 101,857,974 |
Condensed Statements of Changes in Stockholders’ Deficit
Three and Nine Months Ended September 30, 2026
(In thousands, except share amounts)
| Common Stock · AdditionalPaid-inCapital · AccumulatedDeficit · TotalStockholders’Deficit | |||||
|---|---|---|---|---|---|
| Shares · Amount | |||||
| Balance at December 31, 2025 | 122,044,299 | $122 | $413,214 | $(446,998) | $(33,662) |
| Common Stock issued under public equity offering-ATM | 1,191,071 | 1 | 5,061 | — | 5,062 |
| Costs of Common Stock issued under public equity offering-ATM | — | — | (303) | — | (303) |
| Warrants issued under the Purchase Agreement | — | — | 916 | — | 916 |
| Share-based compensation expense | — | — | 2,318 | — | 2,318 |
| Vested restricted stock units, net | 1,048,422 | 1 | (330) | — | (329) |
| Options exercised, net | 750 | — | 1 | — | 1 |
| Net loss | — | — | — | (8,057) | (8,057) |
| Balance at March 31, 2026 | 124,284,542 | 124 | 420,877 | (455,055) | (34,054) |
| Costs of Common Stock issued under public equity offering-ATM | — | — | (79) | — | (79) |
| Warrants issued under the Credit Agreement | — | — | 663 | — | 663 |
| Shares issued under employee stock purchase plan | 19,660 | — | 82 | — | 82 |
| Share-based compensation expense | — | — | 2,880 | — | 2,880 |
| Vested restricted stock units, net | 1,172,446 | 2 | (3,243) | — | (3,241) |
| Options exercised, net | 35,000 | — | 27 | — | 27 |
| Net loss | — | — | — | (22,864) | (22,864) |
| Balance at June 30, 2026 | 125,511,648 | 126 | 421,207 | (477,919) | (56,586) |
| Common Stock issued upon warrant exercises under the Securities Purchase Agreements | 160,548 | — | 154 | — | 154 |
| Costs of Common Stock issued under public equity offering-ATM | — | — | (27) | — | (27) |
| Share-based compensation expense | — | — | 2,126 | — | 2,126 |
| Vested restricted stock units, net | 6,759 | — | (18) | — | (18) |
| Options exercised, net | 8,750 | — | 23 | — | 23 |
| Net loss | — | — | — | (16,496) | (16,496) |
| Balance at September 30, 2026 | 125,687,705 | $126 | $423,465 | $(494,415) | $(70,824) |
Condensed Statements of Changes in Stockholders’ Deficit
Three and Nine Months Ended September 30, 2025
(In thousands, except share amounts)
| Common Stock · AdditionalPaid-inCapital · AccumulatedDeficit · TotalStockholders’Deficit | |||||
|---|---|---|---|---|---|
| Shares · Amount | |||||
| Balance at December 31, 2024 | 91,413,742 | $91 | $302,967 | $(363,214) | $(60,156) |
| Common Stock issued under public equity offering-ATM | 7,457,627 | 8 | 21,992 | — | 22,000 |
| Costs of Common Stock issued under public equity offering-ATM | — | — | (729) | — | (729) |
| Share-based compensation expense | — | — | 1,587 | — | 1,587 |
| Vested restricted stock units, net | 445,784 | — | (702) | — | (702) |
| Net loss | — | — | — | (22,930) | (22,930) |
| Balance at March 31, 2025 | 99,317,153 | 99 | 325,115 | (386,144) | (60,930) |
| Costs of Common Stock issued under public equity offering-ATM | — | — | (34) | — | (34) |
| Shares issued under employee stock purchase plan | 18,056 | — | 59 | — | 59 |
| Share-based compensation expense | — | — | 1,875 | — | 1,875 |
| Vested restricted stock units, net | 10,561 | — | (19) | — | (19) |
| Options exercised, net | 7,500 | — | 7 | — | 7 |
| Net loss | — | — | — | (13,548) | (13,548) |
| Balance at June 30, 2025 | 99,353,270 | $99 | $327,003 | $(399,692) | $(72,590) |
| Common Stock issued under public equity offering | 21,250,000 | 21 | 84,979 | — | 85,000 |
| Costs of Common Stock issued under public equity offering | — | — | (5,537) | — | (5,537) |
| Costs of Common Stock issued under public equity offering-ATM | — | — | (10) | — | (10) |
| Share-based compensation expense | — | — | 2,777 | — | 2,777 |
| Vested restricted stock units, net | 304,843 | — | (72) | — | (72) |
| Options exercised, net | 200,000 | — | 339 | — | 339 |
| Common Stock issued upon warrant exercises under the Securities Purchase Agreements | 550,000 | 1 | 1,429 | — | 1,430 |
| Net loss | — | — | — | (15,446) | (15,446) |
| Balance at September 30, 2025 | 121,658,113 | $121 | $410,908 | $(415,138) | $(4,109) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.