Aquestive Therapeutics, Inc. (AQST) 10-Year Financial Performance & Capital Metrics

AQST • • Industrial / General

HealthcareSpecialty & Generic PharmaSpecialty PharmaceuticalsCNS & Pain Management

AboutAquestive Therapeutics, Inc., a pharmaceutical company, focuses on identifying, developing, and commercializing various products to address unmet medical needs in the United States and internationally. The company markets Sympazan, an oral soluble film formulation of clobazam for the treatment of lennox-gastaut syndrome; Suboxone, a sublingual film formulation of buprenorphine and naloxone for the treatment of opioid dependence; Zuplenz, an oral soluble film formulation of ondansetron for the treatment of nausea and vomiting associated with chemotherapy and post-operative recovery; and Azstarys, a once-daily product for the treatment of attention deficit hyperactivity disorder. The company's proprietary product candidates comprise Libervant, a buccal soluble film formulation of diazepam for the treatment of seizures; and Exservan, an oral soluble film formulation of riluzole for the treatment of amyotrophic lateral sclerosis. Its proprietary pipeline of complex molecule products include AQST-108, a sublingual film formulation delivering systemic epinephrine for the treatment of conditions other than anaphylaxis; AQST-305, a sublingual film formulation of octreotide for the treatment of acromegaly; and AQST-109, an orally delivered epinephrine product candidate for the emergency treatment of allergic reactions, including anaphylaxis. Further, the company develops KYNMOBI, a sublingual film formulation of apomorphine for the treatment of episodic off-periods in Parkinson's disease. Aquestive Therapeutics, Inc. was incorporated in 2004 and is headquartered in Warren, New Jersey.Show more

Revenue $58M +13.8%
EBITDA -$30M -118.5%
Net Income -$44M -460.8%
EPS (Diluted) -0.51 -292.3%
Gross Margin 68.95% +17.2%
EBITDA Margin -52.21% -92.0%
Operating Margin -53.46% -79.1%
Net Margin -76.68% -392.8%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -1.83 +9.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 18 (bottom 18%)
✗Shares diluted 41.6% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y1.82%

3Y4.23%

TTM-26.32%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-96%

EPS CAGR

10Y-

5Y-

3Y-

TTM-57.71%

ROCE

10Y Avg-70.55%

5Y Avg-83.83%

3Y Avg-83.34%

Latest-50.58%

Peer Comparison

CNS & Pain Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NBIXNeurocrine Biosciences, Inc.	13.3B	133.35	40.53	24.81%	15.95%	14.25%	4.19%	0.18
SUPNSupernus Pharmaceuticals, Inc.	2.88B	50.26	38.08	8.94%	-2.8%	-1.82%	5.94%	0.03
PTPIPetros Pharmaceuticals, Inc.	338.98K	0.01	-0.00	-12.2%	-9.68%	-208.53%
QNTMQuantum BioPharma Ltd.	26.75M	6.96	-0.56			-379.78%		0.08
AYTUAytu BioPharma, Inc.	28.12M	2.76	-1.28	1.84%	-20.52%	-56.41%		1.21
AQSTAquestive Therapeutics, Inc.	407.49M	3.34	-6.55	13.8%	-158.95%
AVDLAvadel Pharmaceuticals plc	2.11B	21.48	-42.12	5.05%	-0.11%	-0.28%		0.02
RGCRegencell Bioscience Holdings Limited	14.86B	30.06	-3455.17			-67.02%		0.01

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	51.78M	66.92M	67.43M	52.61M	45.85M	50.83M	47.68M	50.58M	57.56M
Revenue Growth %	-	0.29%	0.01%	-0.22%	-0.13%	0.11%	-0.06%	0.06%	0.14%
Cost of Goods Sold+	16.38M	19.82M	20.99M	20.36M	12.96M	14.99M	19.39M	20.83M	17.87M
COGS % of Revenue	0.32%	0.3%	0.31%	0.39%	0.28%	0.29%	0.41%	0.41%	0.31%
Gross Profit+	35.41M	47.1M	46.44M	32.25M	32.88M	35.84M	28.29M	29.75M	39.69M
Gross Margin %	0.68%	0.7%	0.69%	0.61%	0.72%	0.71%	0.59%	0.59%	0.69%
Gross Profit Growth %	-	0.33%	-0.01%	-0.31%	0.02%	0.09%	-0.21%	0.05%	0.33%
Operating Expenses+	36.25M	47.21M	95.38M	84.92M	75.78M	70.52M	70.36M	44.85M	70.46M
OpEx % of Revenue	0.7%	0.71%	1.41%	1.61%	1.65%	1.39%	1.48%	0.89%	1.22%
Selling, General & Admin	20.8M	25.08M	72.26M	64.34M	55.89M	53.48M	52.88M	31.75M	50.18M
SG&A % of Revenue	0.4%	0.37%	1.07%	1.22%	1.22%	1.05%	1.11%	0.63%	0.87%
Research & Development	15.45M	22.13M	23.11M	20.57M	19.89M	17.05M	17.48M	13.1M	20.28M
R&D % of Revenue	0.3%	0.33%	0.34%	0.39%	0.43%	0.34%	0.37%	0.26%	0.35%
Other Operating Expenses	-99K	0	-5K	0	0	0	0	0	0
Operating Income+	-847K	-113K	-48.93M	-52.67M	-42.89M	-34.68M	-42.07M	-15.1M	-30.77M
Operating Margin %	-0.02%	-0%	-0.73%	-1%	-0.94%	-0.68%	-0.88%	-0.3%	-0.53%
Operating Income Growth %	-	0.87%	-432.04%	-0.08%	0.19%	0.19%	-0.21%	0.64%	-1.04%
EBITDA+	3.04M	3.69M	-45.59M	-49.62M	-39.28M	-31.71M	-39.68M	-13.76M	-30.05M
EBITDA Margin %	0.06%	0.06%	-0.68%	-0.94%	-0.86%	-0.62%	-0.83%	-0.27%	-0.52%
EBITDA Growth %	-	0.21%	-13.36%	-0.09%	0.21%	0.19%	-0.25%	0.65%	-1.18%
D&A (Non-Cash Add-back)	3.89M	3.8M	3.34M	3.05M	3.61M	2.96M	2.39M	1.34M	718K
EBIT	-3.46M	-1.24M	-53.66M	-56.93M	-42.76M	-48.08M	-41.97M	-163K	-27.33M
Net Interest Income+	-6.14M	-7.71M	-7.16M	-8.68M	-12.89M	-22.04M	-12.34M	8.86M	-13.38M
Interest Income	0	0	552K	636K	132K	423K	99K	16.32M	3.44M
Interest Expense	6.14M	7.71M	7.71M	9.32M	13.02M	22.46M	12.44M	7.46M	16.82M
Other Income/Expense	-8.76M	-8.83M	-12.44M	-13.58M	-12.89M	-35.86M	-12.34M	7.48M	-13.38M
Pretax Income+	-9.6M	-8.94M	-61.38M	-66.25M	-55.78M	-70.54M	-54.41M	-7.63M	-44.15M
Pretax Margin %	-0.19%	-0.13%	-0.91%	-1.26%	-1.22%	-1.39%	-1.14%	-0.15%	-0.77%
Income Tax+	0	0	0	0	0	0	0	245K	-14K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1.03%	1%
Net Income+	-9.6M	-8.94M	-61.38M	-66.25M	-55.78M	-70.54M	-54.41M	-7.87M	-44.14M
Net Margin %	-0.19%	-0.13%	-0.91%	-1.26%	-1.22%	-1.39%	-1.14%	-0.16%	-0.77%
Net Income Growth %	-	0.07%	-5.86%	-0.08%	0.16%	-0.26%	0.23%	0.86%	-4.61%
Net Income (Continuing)	-9.6M	-8.94M	-61.38M	-66.25M	-55.78M	-70.54M	-54.41M	-7.87M	-44.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.39	-0.45	-2.96	-2.87	-1.66	-1.85	-1.12	-0.13	-0.51
EPS Growth %	-	-0.15%	-5.58%	0.03%	0.42%	-0.11%	0.39%	0.88%	-2.92%
EPS (Basic)	-0.39	-0.45	-2.96	-2.87	-1.66	-1.85	-1.12	-0.13	-0.51
Diluted Shares Outstanding	24.5M	20M	20.73M	25.36M	33.65M	38.08M	48.73M	61.26M	86.73M
Basic Shares Outstanding	24.5M	20M	20.73M	25.36M	33.65M	38.08M	48.73M	61.26M	86.73M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	23.33M	28.16M	74.2M	68.31M	44.63M	47.26M	39.89M	40.97M	88.22M
Cash & Short-Term Investments	9.21M	17.38M	60.6M	49.33M	31.81M	28.02M	27.27M	23.87M	71.55M
Cash Only	9.21M	17.38M	60.6M	49.33M	31.81M	28.02M	27.27M	23.87M	71.55M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	10.82M	6.18M	6.48M	13.13M	6.96M	12.12M	4.7M	8.47M	7.34M
Days Sales Outstanding	76.24	33.7	35.08	91.1	55.37	87.03	36.01	61.13	46.57
Inventory	2.89M	4.01M	5.44M	2.86M	2.46M	4.04M	5.78M	6.77M	6.04M
Days Inventory Outstanding	64.32	73.92	94.62	51.25	69.29	98.33	108.83	118.61	123.44
Other Current Assets	59K	0	1.68M	0	0	0	2.13M	1.85M	3.29M
Total Non-Current Assets+	16.06M	14.95M	12.65M	10.16M	18.26M	14.73M	17.18M	16.45M	13.2M
Property, Plant & Equipment	15.12M	13.46M	12.21M	9.73M	10.32M	7.78M	9.3M	9.74M	8.98M
Fixed Asset Turnover	3.42x	4.97x	5.52x	5.41x	4.44x	6.53x	5.13x	5.20x	6.41x
Goodwill	0	0	0	286K	0	0	0	0	0
Intangible Assets	305K	254K	204K	153K	102K	51K	1.44M	1.28M	0
Long-Term Investments	0	0	0	0	0	6M	0	4M	3M
Other Non-Current Assets	630K	1.24M	239K	0	7.84M	6.9M	6.45M	1.44M	1.22M
Total Assets+	39.39M	43.12M	86.85M	78.48M	62.88M	61.99M	57.07M	57.42M	101.42M
Asset Turnover	1.31x	1.55x	0.78x	0.67x	0.73x	0.82x	0.84x	0.88x	0.57x
Asset Growth %	-	0.09%	1.01%	-0.1%	-0.2%	-0.01%	-0.08%	0.01%	0.77%
Total Current Liabilities+	10.81M	15.35M	32.95M	18.55M	21.1M	21.96M	39.53M	18.31M	18.86M
Accounts Payable	6.64M	9.6M	20.44M	12.27M	7.09M	8.31M	9.95M	8.93M	10.29M
Days Payables Outstanding	147.93	176.81	355.4	220.03	199.59	202.46	187.26	156.4	210.09
Short-Term Debt	0	0	4.6M	0	2.58M	2.02M	18.7M	22K	26K
Deferred Revenue (Current)	802K	1000K	721K	806K	693K	765K	1000K	1000K	1000K
Other Current Liabilities	0	597K	3.59M	1.72M	7.78M	7.19M	7.54M	5.12M	1M
Current Ratio	2.16x	1.83x	2.25x	3.68x	2.11x	2.15x	1.01x	2.24x	4.68x
Quick Ratio	1.89x	1.57x	2.09x	3.53x	2.00x	1.97x	0.86x	1.87x	4.36x
Cash Conversion Cycle	-7.37	-69.19	-225.69	-77.68	-74.93	-17.1	-42.43	23.33	-40.09
Total Non-Current Liabilities+	46.16M	54.26M	43.82M	66.05M	90.28M	122.16M	136.1M	145.6M	142.72M
Long-Term Debt	38.65M	45.51M	42.6M	60.34M	34.33M	51.55M	33.45M	27.51M	32.5M
Capital Lease Obligations	0	0	0	0	2.85M	1.95M	5.08M	5.4M	4.97M
Deferred Tax Liabilities	0	0	0	0	0	59.06M	0	0	0
Other Non-Current Liabilities	7.51M	8.75M	1.22M	1.36M	49.47M	2.48M	66.15M	80.34M	85.24M
Total Liabilities	56.97M	69.61M	76.77M	84.6M	111.38M	144.13M	175.62M	163.91M	161.58M
Total Debt+	38.65M	45.51M	47.2M	60.34M	40.48M	56.42M	57.49M	33.32M	38M
Net Debt	29.44M	28.13M	-13.4M	11.01M	8.67M	28.4M	30.21M	9.45M	-33.54M
Debt / Equity	-	-	4.68x	-	-	-	-	-	-
Debt / EBITDA	12.70x	12.34x	-	-	-	-	-	-	-
Net Debt / EBITDA	9.67x	7.63x	-	-	-	-	-	-	-
Interest Coverage	-0.14x	-0.01x	-6.35x	-5.65x	-3.29x	-1.54x	-3.38x	-2.02x	-1.83x
Total Equity+	-17.58M	-26.5M	10.08M	-6.12M	-48.5M	-82.13M	-118.55M	-106.49M	-60.16M
Equity Growth %	-	-0.51%	1.38%	-1.61%	-6.92%	-0.69%	-0.44%	0.1%	0.44%
Book Value per Share	-0.72	-1.32	0.49	-0.24	-1.44	-2.16	-2.43	-1.74	-0.69
Total Shareholders' Equity	-17.58M	-26.5M	10.08M	-6.12M	-48.5M	-82.13M	-118.55M	-106.49M	-60.16M
Common Stock	11.24M	12.73M	25K	34K	35K	41K	55K	69K	91K
Retained Earnings	-108.67M	-120.09M	-61.38M	-130.47M	-186.26M	-256.8M	-311.21M	-319.08M	-363.21M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-28.25M	-32.01M	-35.19M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-8.18M	5.82M	-12.99M	-60.21M	-45.46M	-32.98M	-9.79M	-6.38M	-35.76M
Operating CF Margin %	-0.16%	0.09%	-0.19%	-1.14%	-0.99%	-0.65%	-0.21%	-0.13%	-0.62%
Operating CF Growth %	-	1.71%	-3.23%	-3.63%	0.24%	0.27%	0.7%	0.35%	-4.6%
Net Income	-9.6M	-8.94M	-61.38M	-66.25M	-55.78M	-70.54M	-54.41M	-7.87M	-44.14M
Depreciation & Amortization	3.89M	3.8M	3.24M	2.9M	3.44M	2.96M	2.39M	1.34M	718K
Stock-Based Compensation	0	0	29.94M	7.07M	6.58M	6.82M	4.38M	2.69M	7.1M
Deferred Taxes	0	0	5.28M	0	0	0	0	0	0
Other Non-Cash Items	3.83M	3.08M	1.93M	7.18M	4.71M	29.51M	5.85M	2.8M	10.52M
Working Capital Changes	-6.29M	7.88M	8M	-11.12M	-4.41M	-1.73M	32.01M	-5.34M	-9.96M
Change in Receivables	-6.51M	4.69M	-409K	-6.82M	1.2M	-5.35M	7.35M	-3.07M	1.09M
Change in Inventory	-1.59M	-1.13M	-1.43M	2.58M	398K	-1.58M	-1.74M	-989K	725K
Change in Payables	1.65M	2.94M	11.32M	-7.87M	-5.18M	1.23M	1.63M	-1.02M	2.78M
Cash from Investing+	190K	-2.07M	-1.82M	-663K	-517K	-913K	-2.52M	-995K	-159K
Capital Expenditures	-976K	-2.07M	-1.82M	-663K	-517K	-913K	-2.52M	-995K	-159K
CapEx % of Revenue	0.02%	0.03%	0.03%	0.01%	0.01%	0.02%	0.05%	0.02%	0%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	1.17M	0	0	0	0	0	0	0	0
Cash from Financing+	5.69M	4.41M	58.03M	49.6M	28.46M	30.11M	11.56M	3.97M	83.59M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-1.25M	-586K	-10.79M	-6.77M	44.74M	329K	1K	15.45M	-142K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-9.15M	3.76M	-14.81M	-60.87M	-45.98M	-33.89M	-12.31M	-7.38M	-35.92M
FCF Margin %	-0.18%	0.06%	-0.22%	-1.16%	-1%	-0.67%	-0.26%	-0.15%	-0.62%
FCF Growth %	-	1.41%	-4.94%	-3.11%	0.24%	0.26%	0.64%	0.4%	-3.87%
FCF per Share	-0.37	0.19	-0.71	-2.40	-1.37	-0.89	-0.25	-0.12	-0.41
FCF Conversion (FCF/Net Income)	0.85x	-0.65x	0.21x	0.91x	0.81x	0.47x	0.18x	0.81x	0.81x
Interest Paid	0	0	0	7.34M	0	6.44M	0	0	7.1M
Taxes Paid	0	0	0	0	0	0	0	0	305K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-608.89%	-3347.45%	-	-	-	-	-
Return on Invested Capital (ROIC)	-	-1.26%	-	-5019.19%	-	-	-	-	-
Gross Margin	68.37%	70.38%	68.87%	61.3%	71.72%	70.51%	59.34%	58.82%	68.95%
Net Margin	-18.54%	-13.36%	-91.02%	-125.92%	-121.67%	-138.77%	-114.11%	-15.56%	-76.68%
Debt / Equity	-	-	4.68x	-	-	-	-	-	-
Interest Coverage	-0.14x	-0.01x	-6.35x	-5.65x	-3.29x	-1.54x	-3.38x	-2.02x	-1.83x
FCF Conversion	0.85x	-0.65x	0.21x	0.91x	0.81x	0.47x	0.18x	0.81x	0.81x
Revenue Growth	-	29.22%	0.77%	-21.98%	-12.85%	10.87%	-6.2%	6.09%	13.8%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Manufacture and Supply Revenue	37.32M	38.74M	24.88M	35.31M	36.38M	43.8M	39.98M
Manufacture and Supply Revenue Growth	-	3.81%	-35.77%	41.92%	3.02%	20.42%	-8.74%
License and Royalty Revenue	24.7M	6.96M	14.05M	5.38M	2.35M	5.38M	15.35M
License and Royalty Revenue Growth	-	-71.82%	101.97%	-61.72%	-56.30%	128.67%	185.44%
Co-Development and Research Fees	5.18M	4.04M	1.26M	1.64M	1.29M	1.4M	1.93M
Co-Development and Research Fees Growth	-	-22.03%	-68.73%	29.35%	-20.92%	8.43%	37.30%
Proprietary Product Sales	228K	2.87M	5.65M	8.51M	7.66M	-	-
Proprietary Product Sales Growth	-	1158.33%	96.90%	50.56%	-9.96%	-	-
Royalty	-	-	-	-1.1M	-	-	-
Royalty Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	42.86M	39.92M	37.1M	39.93M
UNITED STATES Growth	-	-	-	-	-6.86%	-7.06%	7.62%
Non-US	-	4.32M	4.89M	7.97M	7.76M	13.48M	17.63M
Non-US Growth	-	-	13.37%	62.93%	-2.67%	73.72%	30.80%
United States	64.56M	48.29M	40.96M	-	-	-	-
United States Growth	-	-25.20%	-15.19%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Aquestive Therapeutics, Inc. (AQST) reported $43.4M in revenue for fiscal year 2024. This represents a 16% decrease from $51.8M in 2016.

Aquestive Therapeutics, Inc. (AQST) grew revenue by 13.8% over the past year. This is steady growth.

Aquestive Therapeutics, Inc. (AQST) reported a net loss of $69.0M for fiscal year 2024.

Dividend & Returns

Aquestive Therapeutics, Inc. (AQST) had negative free cash flow of $50.9M in fiscal year 2024, likely due to heavy capital investments.

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Aquestive Therapeutics, Inc. (AQST) 10-Year Financial Performance & Capital Metrics

AQST • • Industrial / General

HealthcareSpecialty & Generic PharmaSpecialty PharmaceuticalsCNS & Pain Management

Revenue $58M +13.8%
EBITDA -$30M -118.5%
Net Income -$44M -460.8%
EPS (Diluted) -0.51 -292.3%
Gross Margin 68.95% +17.2%
EBITDA Margin -52.21% -92.0%
Operating Margin -53.46% -79.1%
Net Margin -76.68% -392.8%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -1.83 +9.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 18 (bottom 18%)
✗Shares diluted 41.6% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y1.82%

3Y4.23%

TTM-26.32%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-96%

EPS CAGR

10Y-

5Y-

3Y-

TTM-57.71%

ROCE

10Y Avg-70.55%

5Y Avg-83.83%

3Y Avg-83.34%

Latest-50.58%

Peer Comparison

CNS & Pain Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NBIXNeurocrine Biosciences, Inc.	13.3B	133.35	40.53	24.81%	15.95%	14.25%	4.19%	0.18
SUPNSupernus Pharmaceuticals, Inc.	2.88B	50.26	38.08	8.94%	-2.8%	-1.82%	5.94%	0.03
PTPIPetros Pharmaceuticals, Inc.	338.98K	0.01	-0.00	-12.2%	-9.68%	-208.53%
QNTMQuantum BioPharma Ltd.	26.75M	6.96	-0.56			-379.78%		0.08
AYTUAytu BioPharma, Inc.	28.12M	2.76	-1.28	1.84%	-20.52%	-56.41%		1.21
AQSTAquestive Therapeutics, Inc.	407.49M	3.34	-6.55	13.8%	-158.95%
AVDLAvadel Pharmaceuticals plc	2.11B	21.48	-42.12	5.05%	-0.11%	-0.28%		0.02
RGCRegencell Bioscience Holdings Limited	14.86B	30.06	-3455.17			-67.02%		0.01

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	51.78M	66.92M	67.43M	52.61M	45.85M	50.83M	47.68M	50.58M	57.56M
Revenue Growth %	-	0.29%	0.01%	-0.22%	-0.13%	0.11%	-0.06%	0.06%	0.14%
Cost of Goods Sold+	16.38M	19.82M	20.99M	20.36M	12.96M	14.99M	19.39M	20.83M	17.87M
COGS % of Revenue	0.32%	0.3%	0.31%	0.39%	0.28%	0.29%	0.41%	0.41%	0.31%
Gross Profit+	35.41M	47.1M	46.44M	32.25M	32.88M	35.84M	28.29M	29.75M	39.69M
Gross Margin %	0.68%	0.7%	0.69%	0.61%	0.72%	0.71%	0.59%	0.59%	0.69%
Gross Profit Growth %	-	0.33%	-0.01%	-0.31%	0.02%	0.09%	-0.21%	0.05%	0.33%
Operating Expenses+	36.25M	47.21M	95.38M	84.92M	75.78M	70.52M	70.36M	44.85M	70.46M
OpEx % of Revenue	0.7%	0.71%	1.41%	1.61%	1.65%	1.39%	1.48%	0.89%	1.22%
Selling, General & Admin	20.8M	25.08M	72.26M	64.34M	55.89M	53.48M	52.88M	31.75M	50.18M
SG&A % of Revenue	0.4%	0.37%	1.07%	1.22%	1.22%	1.05%	1.11%	0.63%	0.87%
Research & Development	15.45M	22.13M	23.11M	20.57M	19.89M	17.05M	17.48M	13.1M	20.28M
R&D % of Revenue	0.3%	0.33%	0.34%	0.39%	0.43%	0.34%	0.37%	0.26%	0.35%
Other Operating Expenses	-99K	0	-5K	0	0	0	0	0	0
Operating Income+	-847K	-113K	-48.93M	-52.67M	-42.89M	-34.68M	-42.07M	-15.1M	-30.77M
Operating Margin %	-0.02%	-0%	-0.73%	-1%	-0.94%	-0.68%	-0.88%	-0.3%	-0.53%
Operating Income Growth %	-	0.87%	-432.04%	-0.08%	0.19%	0.19%	-0.21%	0.64%	-1.04%
EBITDA+	3.04M	3.69M	-45.59M	-49.62M	-39.28M	-31.71M	-39.68M	-13.76M	-30.05M
EBITDA Margin %	0.06%	0.06%	-0.68%	-0.94%	-0.86%	-0.62%	-0.83%	-0.27%	-0.52%
EBITDA Growth %	-	0.21%	-13.36%	-0.09%	0.21%	0.19%	-0.25%	0.65%	-1.18%
D&A (Non-Cash Add-back)	3.89M	3.8M	3.34M	3.05M	3.61M	2.96M	2.39M	1.34M	718K
EBIT	-3.46M	-1.24M	-53.66M	-56.93M	-42.76M	-48.08M	-41.97M	-163K	-27.33M
Net Interest Income+	-6.14M	-7.71M	-7.16M	-8.68M	-12.89M	-22.04M	-12.34M	8.86M	-13.38M
Interest Income	0	0	552K	636K	132K	423K	99K	16.32M	3.44M
Interest Expense	6.14M	7.71M	7.71M	9.32M	13.02M	22.46M	12.44M	7.46M	16.82M
Other Income/Expense	-8.76M	-8.83M	-12.44M	-13.58M	-12.89M	-35.86M	-12.34M	7.48M	-13.38M
Pretax Income+	-9.6M	-8.94M	-61.38M	-66.25M	-55.78M	-70.54M	-54.41M	-7.63M	-44.15M
Pretax Margin %	-0.19%	-0.13%	-0.91%	-1.26%	-1.22%	-1.39%	-1.14%	-0.15%	-0.77%
Income Tax+	0	0	0	0	0	0	0	245K	-14K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1.03%	1%
Net Income+	-9.6M	-8.94M	-61.38M	-66.25M	-55.78M	-70.54M	-54.41M	-7.87M	-44.14M
Net Margin %	-0.19%	-0.13%	-0.91%	-1.26%	-1.22%	-1.39%	-1.14%	-0.16%	-0.77%
Net Income Growth %	-	0.07%	-5.86%	-0.08%	0.16%	-0.26%	0.23%	0.86%	-4.61%
Net Income (Continuing)	-9.6M	-8.94M	-61.38M	-66.25M	-55.78M	-70.54M	-54.41M	-7.87M	-44.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.39	-0.45	-2.96	-2.87	-1.66	-1.85	-1.12	-0.13	-0.51
EPS Growth %	-	-0.15%	-5.58%	0.03%	0.42%	-0.11%	0.39%	0.88%	-2.92%
EPS (Basic)	-0.39	-0.45	-2.96	-2.87	-1.66	-1.85	-1.12	-0.13	-0.51
Diluted Shares Outstanding	24.5M	20M	20.73M	25.36M	33.65M	38.08M	48.73M	61.26M	86.73M
Basic Shares Outstanding	24.5M	20M	20.73M	25.36M	33.65M	38.08M	48.73M	61.26M	86.73M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	23.33M	28.16M	74.2M	68.31M	44.63M	47.26M	39.89M	40.97M	88.22M
Cash & Short-Term Investments	9.21M	17.38M	60.6M	49.33M	31.81M	28.02M	27.27M	23.87M	71.55M
Cash Only	9.21M	17.38M	60.6M	49.33M	31.81M	28.02M	27.27M	23.87M	71.55M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	10.82M	6.18M	6.48M	13.13M	6.96M	12.12M	4.7M	8.47M	7.34M
Days Sales Outstanding	76.24	33.7	35.08	91.1	55.37	87.03	36.01	61.13	46.57
Inventory	2.89M	4.01M	5.44M	2.86M	2.46M	4.04M	5.78M	6.77M	6.04M
Days Inventory Outstanding	64.32	73.92	94.62	51.25	69.29	98.33	108.83	118.61	123.44
Other Current Assets	59K	0	1.68M	0	0	0	2.13M	1.85M	3.29M
Total Non-Current Assets+	16.06M	14.95M	12.65M	10.16M	18.26M	14.73M	17.18M	16.45M	13.2M
Property, Plant & Equipment	15.12M	13.46M	12.21M	9.73M	10.32M	7.78M	9.3M	9.74M	8.98M
Fixed Asset Turnover	3.42x	4.97x	5.52x	5.41x	4.44x	6.53x	5.13x	5.20x	6.41x
Goodwill	0	0	0	286K	0	0	0	0	0
Intangible Assets	305K	254K	204K	153K	102K	51K	1.44M	1.28M	0
Long-Term Investments	0	0	0	0	0	6M	0	4M	3M
Other Non-Current Assets	630K	1.24M	239K	0	7.84M	6.9M	6.45M	1.44M	1.22M
Total Assets+	39.39M	43.12M	86.85M	78.48M	62.88M	61.99M	57.07M	57.42M	101.42M
Asset Turnover	1.31x	1.55x	0.78x	0.67x	0.73x	0.82x	0.84x	0.88x	0.57x
Asset Growth %	-	0.09%	1.01%	-0.1%	-0.2%	-0.01%	-0.08%	0.01%	0.77%
Total Current Liabilities+	10.81M	15.35M	32.95M	18.55M	21.1M	21.96M	39.53M	18.31M	18.86M
Accounts Payable	6.64M	9.6M	20.44M	12.27M	7.09M	8.31M	9.95M	8.93M	10.29M
Days Payables Outstanding	147.93	176.81	355.4	220.03	199.59	202.46	187.26	156.4	210.09
Short-Term Debt	0	0	4.6M	0	2.58M	2.02M	18.7M	22K	26K
Deferred Revenue (Current)	802K	1000K	721K	806K	693K	765K	1000K	1000K	1000K
Other Current Liabilities	0	597K	3.59M	1.72M	7.78M	7.19M	7.54M	5.12M	1M
Current Ratio	2.16x	1.83x	2.25x	3.68x	2.11x	2.15x	1.01x	2.24x	4.68x
Quick Ratio	1.89x	1.57x	2.09x	3.53x	2.00x	1.97x	0.86x	1.87x	4.36x
Cash Conversion Cycle	-7.37	-69.19	-225.69	-77.68	-74.93	-17.1	-42.43	23.33	-40.09
Total Non-Current Liabilities+	46.16M	54.26M	43.82M	66.05M	90.28M	122.16M	136.1M	145.6M	142.72M
Long-Term Debt	38.65M	45.51M	42.6M	60.34M	34.33M	51.55M	33.45M	27.51M	32.5M
Capital Lease Obligations	0	0	0	0	2.85M	1.95M	5.08M	5.4M	4.97M
Deferred Tax Liabilities	0	0	0	0	0	59.06M	0	0	0
Other Non-Current Liabilities	7.51M	8.75M	1.22M	1.36M	49.47M	2.48M	66.15M	80.34M	85.24M
Total Liabilities	56.97M	69.61M	76.77M	84.6M	111.38M	144.13M	175.62M	163.91M	161.58M
Total Debt+	38.65M	45.51M	47.2M	60.34M	40.48M	56.42M	57.49M	33.32M	38M
Net Debt	29.44M	28.13M	-13.4M	11.01M	8.67M	28.4M	30.21M	9.45M	-33.54M
Debt / Equity	-	-	4.68x	-	-	-	-	-	-
Debt / EBITDA	12.70x	12.34x	-	-	-	-	-	-	-
Net Debt / EBITDA	9.67x	7.63x	-	-	-	-	-	-	-
Interest Coverage	-0.14x	-0.01x	-6.35x	-5.65x	-3.29x	-1.54x	-3.38x	-2.02x	-1.83x
Total Equity+	-17.58M	-26.5M	10.08M	-6.12M	-48.5M	-82.13M	-118.55M	-106.49M	-60.16M
Equity Growth %	-	-0.51%	1.38%	-1.61%	-6.92%	-0.69%	-0.44%	0.1%	0.44%
Book Value per Share	-0.72	-1.32	0.49	-0.24	-1.44	-2.16	-2.43	-1.74	-0.69
Total Shareholders' Equity	-17.58M	-26.5M	10.08M	-6.12M	-48.5M	-82.13M	-118.55M	-106.49M	-60.16M
Common Stock	11.24M	12.73M	25K	34K	35K	41K	55K	69K	91K
Retained Earnings	-108.67M	-120.09M	-61.38M	-130.47M	-186.26M	-256.8M	-311.21M	-319.08M	-363.21M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-28.25M	-32.01M	-35.19M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-8.18M	5.82M	-12.99M	-60.21M	-45.46M	-32.98M	-9.79M	-6.38M	-35.76M
Operating CF Margin %	-0.16%	0.09%	-0.19%	-1.14%	-0.99%	-0.65%	-0.21%	-0.13%	-0.62%
Operating CF Growth %	-	1.71%	-3.23%	-3.63%	0.24%	0.27%	0.7%	0.35%	-4.6%
Net Income	-9.6M	-8.94M	-61.38M	-66.25M	-55.78M	-70.54M	-54.41M	-7.87M	-44.14M
Depreciation & Amortization	3.89M	3.8M	3.24M	2.9M	3.44M	2.96M	2.39M	1.34M	718K
Stock-Based Compensation	0	0	29.94M	7.07M	6.58M	6.82M	4.38M	2.69M	7.1M
Deferred Taxes	0	0	5.28M	0	0	0	0	0	0
Other Non-Cash Items	3.83M	3.08M	1.93M	7.18M	4.71M	29.51M	5.85M	2.8M	10.52M
Working Capital Changes	-6.29M	7.88M	8M	-11.12M	-4.41M	-1.73M	32.01M	-5.34M	-9.96M
Change in Receivables	-6.51M	4.69M	-409K	-6.82M	1.2M	-5.35M	7.35M	-3.07M	1.09M
Change in Inventory	-1.59M	-1.13M	-1.43M	2.58M	398K	-1.58M	-1.74M	-989K	725K
Change in Payables	1.65M	2.94M	11.32M	-7.87M	-5.18M	1.23M	1.63M	-1.02M	2.78M
Cash from Investing+	190K	-2.07M	-1.82M	-663K	-517K	-913K	-2.52M	-995K	-159K
Capital Expenditures	-976K	-2.07M	-1.82M	-663K	-517K	-913K	-2.52M	-995K	-159K
CapEx % of Revenue	0.02%	0.03%	0.03%	0.01%	0.01%	0.02%	0.05%	0.02%	0%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	1.17M	0	0	0	0	0	0	0	0
Cash from Financing+	5.69M	4.41M	58.03M	49.6M	28.46M	30.11M	11.56M	3.97M	83.59M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-1.25M	-586K	-10.79M	-6.77M	44.74M	329K	1K	15.45M	-142K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-9.15M	3.76M	-14.81M	-60.87M	-45.98M	-33.89M	-12.31M	-7.38M	-35.92M
FCF Margin %	-0.18%	0.06%	-0.22%	-1.16%	-1%	-0.67%	-0.26%	-0.15%	-0.62%
FCF Growth %	-	1.41%	-4.94%	-3.11%	0.24%	0.26%	0.64%	0.4%	-3.87%
FCF per Share	-0.37	0.19	-0.71	-2.40	-1.37	-0.89	-0.25	-0.12	-0.41
FCF Conversion (FCF/Net Income)	0.85x	-0.65x	0.21x	0.91x	0.81x	0.47x	0.18x	0.81x	0.81x
Interest Paid	0	0	0	7.34M	0	6.44M	0	0	7.1M
Taxes Paid	0	0	0	0	0	0	0	0	305K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-608.89%	-3347.45%	-	-	-	-	-
Return on Invested Capital (ROIC)	-	-1.26%	-	-5019.19%	-	-	-	-	-
Gross Margin	68.37%	70.38%	68.87%	61.3%	71.72%	70.51%	59.34%	58.82%	68.95%
Net Margin	-18.54%	-13.36%	-91.02%	-125.92%	-121.67%	-138.77%	-114.11%	-15.56%	-76.68%
Debt / Equity	-	-	4.68x	-	-	-	-	-	-
Interest Coverage	-0.14x	-0.01x	-6.35x	-5.65x	-3.29x	-1.54x	-3.38x	-2.02x	-1.83x
FCF Conversion	0.85x	-0.65x	0.21x	0.91x	0.81x	0.47x	0.18x	0.81x	0.81x
Revenue Growth	-	29.22%	0.77%	-21.98%	-12.85%	10.87%	-6.2%	6.09%	13.8%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Manufacture and Supply Revenue	37.32M	38.74M	24.88M	35.31M	36.38M	43.8M	39.98M
Manufacture and Supply Revenue Growth	-	3.81%	-35.77%	41.92%	3.02%	20.42%	-8.74%
License and Royalty Revenue	24.7M	6.96M	14.05M	5.38M	2.35M	5.38M	15.35M
License and Royalty Revenue Growth	-	-71.82%	101.97%	-61.72%	-56.30%	128.67%	185.44%
Co-Development and Research Fees	5.18M	4.04M	1.26M	1.64M	1.29M	1.4M	1.93M
Co-Development and Research Fees Growth	-	-22.03%	-68.73%	29.35%	-20.92%	8.43%	37.30%
Proprietary Product Sales	228K	2.87M	5.65M	8.51M	7.66M	-	-
Proprietary Product Sales Growth	-	1158.33%	96.90%	50.56%	-9.96%	-	-
Royalty	-	-	-	-1.1M	-	-	-
Royalty Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	42.86M	39.92M	37.1M	39.93M
UNITED STATES Growth	-	-	-	-	-6.86%	-7.06%	7.62%
Non-US	-	4.32M	4.89M	7.97M	7.76M	13.48M	17.63M
Non-US Growth	-	-	13.37%	62.93%	-2.67%	73.72%	30.80%
United States	64.56M	48.29M	40.96M	-	-	-	-
United States Growth	-	-25.20%	-15.19%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Aquestive Therapeutics, Inc. (AQST) reported $43.4M in revenue for fiscal year 2024. This represents a 16% decrease from $51.8M in 2016.

Aquestive Therapeutics, Inc. (AQST) grew revenue by 13.8% over the past year. This is steady growth.

Aquestive Therapeutics, Inc. (AQST) reported a net loss of $69.0M for fiscal year 2024.

Dividend & Returns

Aquestive Therapeutics, Inc. (AQST) had negative free cash flow of $50.9M in fiscal year 2024, likely due to heavy capital investments.