The company's financial leverage has escalated significantly, with total debt rising from $33.3 million in 2023Q4 to $133.6 million by 2026Q1 to fund ongoing R&D.
| Total Current Assets | 130.18M | 149.27M | 88.22M | 40.97M | 39.89M | 47.26M | 44.63M | 68.31M | 74.2M | 28.16M | 23.33M |
| Cash & Short-Term Investments | 110.73M | 121.17M | 71.55M | 23.87M | 27.27M | 28.02M | 31.81M | 49.33M | 60.6M | 17.38M | 9.21M |
| Cash Only | 110.73M | 121.17M | 71.55M | 23.87M | 27.27M | 28.02M | 31.81M | 49.33M | 60.6M | 17.38M | 9.21M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 6.87M | 17.76M | 7.34M | 8.47M | 4.7M | 12.12M | 6.96M | 13.13M | 6.48M | 6.18M | 10.82M |
| Days Sales Outstanding | 87.66 | 145.55 | 46.57 | 61.13 | 36.01 | 87.03 | 55.37 | 91.1 | 35.08 | 33.7 | 76.24 |
| Inventory | 8.07M | 6.17M | 6.04M | 6.77M | 5.78M | 4.04M | 2.46M | 2.86M | 5.44M | 4.01M | 2.89M |
| Days Inventory Outstanding | 150.22 | 131.26 | 123.44 | 118.61 | 108.83 | 98.33 | 69.29 | 51.25 | 94.62 | 73.92 | 64.32 |
| Other Current Assets | 4.52M | 4.17M | 3.29M | 1.85M | 2.13M | 0 | 0 | 0 | 1.68M | 0 | 59K |
| Total Non-Current Assets | 10.94M | 11.16M | 13.2M | 16.45M | 17.18M | 14.73M | 18.26M | 10.16M | 12.65M | 14.95M | 16.06M |
| Property, Plant & Equipment | 8.31M | 8.51M | 8.98M | 9.74M | 9.3M | 7.78M | 10.32M | 9.73M | 12.21M | 13.46M | 15.12M |
| Fixed Asset Turnover | 5.87x | 5.23x | 6.41x | 5.20x | 5.13x | 6.53x | 4.44x | 5.41x | 5.52x | 4.97x | 3.42x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 286K | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 1.28M | 1.44M | 51K | 102K | 153K | 204K | 254K | 305K |
| Long-Term Investments | 6M | 2M | 3M | 4M | 0 | 6M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 635K | 642K | 1.22M | 1.44M | 6.45M | 6.9M | 7.84M | 0 | 239K | 1.24M | 630K |
| Total Assets | 141.13M | 160.43M | 101.42M | 57.42M | 57.07M | 61.99M | 62.88M | 78.48M | 86.85M | 43.12M | 39.39M |
| Asset Turnover | 0.36x | 0.28x | 0.57x | 0.88x | 0.84x | 0.82x | 0.73x | 0.67x | 0.78x | 1.55x | 1.31x |
| Asset Growth % | 124.63% | 58.17% | 76.64% | 0.61% | -7.94% | -1.42% | -19.87% | -9.64% | 101.44% | 9.46% | - |
| Total Current Liabilities | 31.75M | 47.61M | 18.86M | 18.31M | 39.53M | 21.96M | 21.1M | 18.55M | 32.95M | 15.35M | 10.81M |
| Accounts Payable | 11.89M | 29.86M | 10.29M | 8.93M | 9.95M | 8.31M | 7.09M | 12.27M | 20.44M | 9.6M | 6.64M |
| Days Payables Outstanding | 320.69 | 635.39 | 210.09 | 156.4 | 187.26 | 202.46 | 199.59 | 220.03 | 355.4 | 176.81 | 147.93 |
| Short-Term Debt | 15.32M | 11.63M | 26K | 22K | 18.7M | 2.02M | 2.58M | 0 | 4.6M | 0 | 0 |
| Deferred Revenue (Current) | 4.37M | 1.09M | 1.05M | 1.55M | 1.51M | 765K | 693K | 806K | 721K | 1.35M | 802K |
| Other Current Liabilities | 1.38M | 5.03M | 1M | 5.12M | 7.54M | 7.19M | 7.78M | 1.72M | 3.59M | 597K | 0 |
| Current Ratio | 4.10x | 3.14x | 4.68x | 2.24x | 1.01x | 2.15x | 2.11x | 3.68x | 2.25x | 1.83x | 2.16x |
| Quick Ratio | 3.85x | 3.01x | 4.36x | 1.87x | 0.86x | 1.97x | 2.00x | 3.53x | 2.09x | 1.57x | 1.89x |
| Cash Conversion Cycle | -82.81 | -358.58 | -40.09 | 23.33 | -42.43 | -17.1 | -74.93 | -77.68 | -225.69 | -69.19 | -7.37 |
| Total Non-Current Liabilities | 143.43M | 146.48M | 142.72M | 145.6M | 136.1M | 122.16M | 90.28M | 66.05M | 43.82M | 54.26M | 46.16M |
| Long-Term Debt | 114.1M | 115.48M | 32.5M | 27.51M | 33.45M | 51.55M | 34.33M | 60.34M | 42.6M | 45.51M | 38.65M |
| Capital Lease Obligations | 17.67M | 4.34M | 4.97M | 5.4M | 5.08M | 1.95M | 2.85M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 59.06M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 6.05M | 7.27M | 85.24M | 80.34M | 66.15M | 2.48M | 49.47M | 1.36M | 1.22M | 8.75M | 7.51M |
| Total Liabilities | 175.18M | 194.09M | 161.58M | 163.91M | 175.62M | 144.13M | 111.38M | 84.6M | 76.77M | 69.61M | 56.97M |
| Total Debt | 133.58M | 131.44M | 38M | 33.32M | 57.49M | 56.42M | 40.48M | 60.34M | 47.2M | 45.51M | 38.65M |
| Net Debt | 22.84M | 10.28M | -33.54M | 9.45M | 30.21M | 28.4M | 8.67M | 11.01M | -13.4M | 28.13M | 29.44M |
| Debt / Equity | -3.92x | - | - | - | - | - | - | - | 4.68x | - | - |
| Debt / EBITDA | -2.41x | - | - | - | - | - | - | - | - | 12.34x | 12.70x |
| Net Debt / EBITDA | -0.41x | - | - | - | - | - | - | - | - | 7.63x | 9.67x |
| Interest Coverage | -3.34x | -4.07x | -1.63x | -0.02x | -3.37x | -2.14x | -3.28x | -6.11x | -6.96x | -0.16x | -0.56x |
| Total Equity | -34.05M | -33.66M | -60.16M | -106.49M | -118.55M | -82.13M | -48.5M | -6.12M | 10.08M | -26.5M | -17.58M |
| Equity Growth % | 74.51% | 44.04% | 43.51% | 10.18% | -44.34% | -69.36% | -692.18% | -160.73% | 138.04% | -50.75% | - |
| Book Value per Share | -0.28 | -0.28 | -0.69 | -1.74 | -2.43 | -2.16 | -1.44 | -0.24 | 0.49 | -1.32 | -0.72 |
| Total Shareholders' Equity | -34.05M | -33.66M | -60.16M | -106.49M | -118.55M | -82.13M | -48.5M | -6.12M | 10.08M | -26.5M | -17.58M |
| Common Stock | 124K | 122K | 91K | 69K | 55K | 41K | 35K | 34K | 25K | 12.73M | 11.24M |
| Retained Earnings | -455.06M | -447M | -363.21M | -319.08M | -311.21M | -256.8M | -186.26M | -130.47M | -61.38M | -120.09M | -108.67M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35.19M | -32.01M | -28.25M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and clinical binary
As reported in recent financial filings, Aquestive’s equity position has remained consistently negative over the last ten quarters, reaching -$34.1 million in 2026Q1, which underscores the structural challenge of funding high-cost clinical development through a business model that has yet to achieve sustained positive net income.
The persistent negative equity suggests that the company is effectively operating on borrowed capital and cash reserves rather than internally generated value. Investors should monitor whether the upcoming commercial milestones can reverse this trend, as the current trajectory indicates a reliance on external financing to maintain operations.
Based on the company's reported figures, total debt has surged from $33.3 million in 2023Q4 to $133.6 million by 2026Q1, reflecting a strategic, albeit aggressive, reliance on debt financing to bridge the funding gap during the critical late-stage development of the Anaphylm pipeline.
This rapid accumulation of debt warrants close scrutiny, as it increases the company's interest burden and financial risk profile ahead of regulatory decisions. The shift toward higher leverage suggests that management is prioritizing liquidity for clinical execution over balance sheet conservatism, which may limit future strategic options.
According to recent SEC filings, Aquestive’s cash position fluctuated significantly, peaking at $129.1 million in 2025Q3 before settling at $110.7 million in 2026Q1, providing a necessary, though finite, buffer to support the company's ongoing R&D and commercialization efforts through the next major regulatory catalysts.
While the current ratio of 4.10 appears healthy on the surface, it is heavily influenced by the timing of cash inflows and debt obligations. The liquidity profile suggests that the company remains vulnerable to any delays in clinical progress, which would necessitate further capital raises in a potentially unfavorable market.
As evidenced by the company's financial statements, the absence of goodwill and minimal PPE, valued at $8.3 million in 2026Q1, highlights that the firm's value is almost entirely tied to intangible intellectual property rather than tangible assets, creating significant downside risk if clinical trials fail to meet endpoints.
The lack of meaningful tangible assets means that the company has little collateral to support its debt load in a distress scenario. This structure implies that the balance sheet is essentially a binary bet on the success of the PharmFilm platform, leaving little room for error in regulatory execution.
Quick answers to the most common questions about buying AQST stock.
As of 2025, Aquestive Therapeutics, Inc. (AQST) had total assets of $160.4M including $149.3M in current assets.
Aquestive Therapeutics, Inc. (AQST) carries total debt of $131.4M, offset by $121.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aquestive Therapeutics, Inc. (AQST) has total shareholders' equity (book value) of $-33.7M ($-0.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aquestive Therapeutics, Inc. (AQST) reported a current ratio of 3.14x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.