Aquestive Therapeutics Inc
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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, 2024 · Filed Nov 4, 2024
AQST$3.61-1.4%Stored close · as of Nov 6, 2026
Contents
Condensed Balance Sheets as of September 30, 2024 and December 31, 2023
Condensed Balance Sheets
(In thousands, except share and per share amounts)
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $77,893 | $23,872 |
| Trade and other receivables, net | 9,684 | 8,471 |
| Inventories | 7,021 | 6,769 |
| Prepaid expenses and other current assets | 1,972 | 1,854 |
| Total current assets | 96,570 | 40,966 |
| Property and equipment, net | 3,848 | 4,179 |
| Right-of-use assets, net | 5,310 | 5,557 |
| Intangible assets, net | — | 1,278 |
| Other non-current assets | 4,230 | 5,438 |
| Total assets | $109,958 | $57,418 |
| Liabilities and stockholders’ deficit | ||
| Current liabilities: | ||
| Accounts payable | $7,572 | $8,926 |
| Accrued expenses | 5,025 | 6,497 |
| Lease liabilities, current | 482 | 390 |
| Deferred revenue, current | 1,048 | 1,551 |
| Liability related to the sale of future revenue, current | 1,000 | 922 |
| Loans payable, current | 25 | 22 |
| Total current liabilities | 15,152 | 18,308 |
| Notes payable, net | 31,253 | 27,508 |
| Royalty obligations, net | 18,835 | 14,761 |
| Liability related to the sale of future revenue, net | 62,730 | 63,568 |
| Lease liabilities | 5,109 | 5,399 |
| Deferred revenue, net of current portion | 20,266 | 32,345 |
| Other non-current liabilities | 2,033 | 2,016 |
| Total liabilities | 155,378 | 163,905 |
| Contingencies (Note 19) | ||
| Stockholders’ deficit: | ||
| Common stock, $0.001 par value. Authorized 250,000,000 shares; 91,178,193 and 68,533,085 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 91 | 69 |
| Additional paid-in capital | 300,648 | 212,521 |
| Accumulated deficit | (346,159) | (319,077) |
| Total stockholders’ deficit | (45,420) | (106,487) |
| Total liabilities and stockholders’ deficit | $109,958 | $57,418 |
Condensed Statements of Operations and Comprehensive (Loss) Income
(In thousands, except share and per share data amounts)
| Three Months Ended September 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | $13,542 | $13,002 | $45,694 | $37,377 |
| Costs and expenses: | ||||
| Manufacture and supply | 4,437 | 4,798 | 13,352 | 16,152 |
| Research and development | 5,269 | 3,196 | 15,363 | 10,216 |
| Selling, general and administrative | 12,126 | 7,385 | 34,171 | 22,200 |
| Total costs and expenses | 21,832 | 15,379 | 62,886 | 48,568 |
| Loss from operations | (8,290) | (2,377) | (17,192) | (11,191) |
| Other income/(expenses): | ||||
| Interest expense | (2,780) | (1,256) | (8,343) | (4,064) |
| Interest expense related to royalty obligations | (1,359) | — | (4,075) | — |
| Interest expense related to the sale of future revenue | (59) | (56) | (175) | (163) |
| Interest income and other income, net | 979 | 1,514 | 2,703 | 16,156 |
| Loss on extinguishment of debt | — | — | — | (353) |
| Net (loss) income before income taxes | (11,509) | (2,175) | (27,082) | 385 |
| Income taxes (benefit) expense | — | (140) | — | 144 |
| Net (loss) income | $(11,509) | $(2,035) | $(27,082) | $241 |
| Comprehensive (loss) income | $(11,509) | $(2,035) | $(27,082) | $241 |
| (Loss) earnings per share attributable to common stockholders: | ||||
| Basic (in dollars per share) | $(0.13) | $(0.03) | $(0.32) | $— |
| Diluted (in dollars per share) | $(0.13) | $(0.03) | $(0.32) | $— |
| Weighted average common shares outstanding: | ||||
| Basic (in shares) | 91,082,081 | 64,678,761 | 85,224,263 | 59,252,768 |
| Diluted (in shares) | 91,082,081 | 64,678,761 | 85,224,263 | 61,513,736 |
Condensed Statements of Changes in Stockholders’ Deficit
Three Months Ended March 31, 2024, June 30, 2024 and September 30, 2024
(In thousands, except share amounts)
| Common Stock · AdditionalPaid-inCapital · AccumulatedDeficit · TotalStockholders’Deficit | |||||
|---|---|---|---|---|---|
| Shares · Amount | |||||
| Balance at December 31, 2023 | 68,533,085 | $69 | $212,521 | $(319,077) | $(106,487) |
| Common Stock issued under public equity offering-ATM | 4,557,220 | 4 | 12,381 | — | 12,385 |
| Costs of common stock issued under public equity offering-ATM | — | — | (410) | — | (410) |
| Common Stock issued under public equity offering | 16,666,667 | 17 | 74,983 | — | 75,000 |
| Costs of common stock issued under public equity offering | — | — | (5,187) | — | (5,187) |
| Share-based compensation expense | — | — | 1,580 | — | 1,580 |
| Vested restricted stock units, net | 490,359 | — | (893) | — | (893) |
| Options exercised, net | 231,400 | — | 539 | — | 539 |
| Net loss | — | — | — | (12,828) | (12,828) |
| Balance at March 31, 2024 | 90,478,731 | $90 | $295,514 | $(331,905) | $(36,301) |
| Costs of common stock issued under public equity offering-ATM | — | — | (158) | — | (158) |
| Common Stock issued under public equity offering | 559,801 | 1 | 2,519 | — | 2,520 |
| Costs of common stock issued under public equity offering | — | — | (359) | — | (359) |
| Shares issued under employee stock purchase plan | 17,716 | — | 46 | — | 46 |
| Share-based compensation expense | — | — | 1,523 | — | 1,523 |
| Vested restricted stock units, net | 3,512 | — | (5) | — | (5) |
| Net loss | — | — | — | (2,745) | (2,745) |
| Balance at June 30, 2024 | 91,059,760 | $91 | $299,080 | $(334,650) | $(35,479) |
| Share-based compensation expense | — | — | 1,577 | — | 1,577 |
| Vested restricted stock units, net | (7,192) | — | (202) | — | (202) |
| Options exercised, net | 125,625 | — | 193 | — | 193 |
| Net loss | — | — | — | (11,509) | (11,509) |
| Balance at September 30, 2024 | 91,178,193 | $91 | $300,648 | $(346,159) | $(45,420) |
Condensed Statements of Changes in Stockholders’ Deficit
Three Months Ended March 31, 2023, June 30, 2023 and September 30, 2023
(In thousands, except share amounts)
| Common Stock · AdditionalPaid-inCapital · AccumulatedDeficit · TotalStockholders’Deficit | |||||
|---|---|---|---|---|---|
| Shares · Amount | |||||
| Balance at December 31, 2022 | 54,827,734 | $55 | $192,598 | $(311,207) | $(118,554) |
| Common Stock issued under public equity offering | 1,078,622 | 1 | 992 | — | 993 |
| Costs of common stock issued under public equity offering | — | — | (77) | — | (77) |
| Share-based compensation expense | — | — | 344 | — | 344 |
| Vested restricted stock units, net | 16,005 | — | (8) | — | (8) |
| Other | — | — | (1) | — | (1) |
| Net income | — | — | — | 8,068 | 8,068 |
| Balance at March 31, 2023 | 55,922,361 | $56 | $193,848 | $(303,139) | $(109,235) |
| Common Stock issued upon warrant exercises | 3,689,452 | 4 | 3,538 | — | 3,542 |
| Common Stock issued under public equity offering | 1,981,937 | 2 | 4,407 | — | 4,409 |
| Costs of common stock issued under public equity offering | — | — | (235) | — | (235) |
| Shares issued under employee stock purchase plan | 18,699 | — | 31 | — | 31 |
| Share-based compensation expense | — | — | 631 | — | 631 |
| Vested restricted stock units, net | 3,510 | — | (3) | — | (3) |
| Other | — | — | 1 | — | 1 |
| Net loss | — | — | — | (5,792) | (5,792) |
| Balance at June 30, 2023 | 61,615,959 | $62 | $202,218 | $(308,931) | $(106,651) |
| Common Stock issued upon warrant exercises | 5,000,000 | 5 | 4,795 | — | 4,800 |
| Common Stock issued under public equity offering | 124,181 | — | 264 | — | 264 |
| Costs of common stock issued under public equity offering | — | — | (80) | — | (80) |
| Share-based compensation expense | — | — | 774 | — | 774 |
| Options Exercised | 625 | — | 1 | — | 1 |
| Net loss | — | — | — | (2,035) | (2,035) |
| Balance at September 30, 2023 | 66,740,765 | $67 | $207,972 | $(310,966) | $(102,927) |
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