Free cash flow remains deeply negative, reaching a margin of -102.9% in 2026Q1, as the company continues to burn through its $110.7 million cash balance to support clinical operations.
| Cash from Operations | -43.84M | -52.43M | -35.76M | -6.38M | -9.79M | -32.98M | -45.46M | -60.21M | -12.99M | 5.82M | -8.18M |
| Operating CF Margin % | - | -117.71% | -62.12% | -12.61% | -20.53% | -64.88% | -99.15% | -114.45% | -19.27% | 8.7% | -15.79% |
| Operating CF Growth % | -13.22% | -46.63% | -460.49% | 34.82% | 70.32% | 27.45% | 24.5% | -363.47% | -323.06% | 171.24% | - |
| Net Income | -68.91M | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M | -55.78M | -66.25M | -61.38M | -8.94M | -9.6M |
| Depreciation & Amortization | 528K | 548K | 718K | 1.34M | 2.39M | 2.96M | 3.44M | 2.9M | 3.24M | 3.8M | 3.89M |
| Stock-Based Compensation | 6.04M | 7.62M | 7.1M | 2.69M | 4.38M | 6.82M | 6.58M | 7.07M | 29.94M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.28M | 0 | 0 |
| Other Non-Cash Items | 13.72M | 11M | 10.52M | 2.8M | 5.85M | 29.51M | 4.71M | 7.18M | 1.93M | 3.08M | 3.83M |
| Working Capital Changes | 4.79M | 12.18M | -9.96M | -5.34M | 32.01M | -1.73M | -4.41M | -11.12M | 8M | 7.88M | -6.29M |
| Change in Receivables | 3.65M | -10.37M | 1.09M | -3.07M | 7.35M | -5.35M | 1.2M | -6.82M | -409K | 4.69M | -6.51M |
| Change in Inventory | -868K | -126K | 725K | -989K | -1.74M | -1.58M | 398K | 2.58M | -1.43M | -1.13M | -1.59M |
| Change in Payables | -355K | 19.52M | 2.78M | -1.02M | 1.63M | 1.23M | -5.18M | -7.87M | 11.32M | 2.94M | 1.65M |
| Cash from Investing | -479K | -562K | -159K | -995K | -2.52M | -913K | -517K | -663K | -1.82M | -2.07M | 190K |
| Capital Expenditures | -479K | -562K | -159K | -995K | -2.52M | -913K | -517K | -663K | -1.82M | -2.07M | -976K |
| CapEx % of Revenue | 0.95% | 1.26% | 0.28% | 1.97% | 5.29% | 1.8% | 1.13% | 1.26% | 2.71% | 3.09% | 1.88% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.17M |
| Cash from Financing | 86.39M | 102.62M | 83.59M | 3.97M | 11.56M | 30.11M | 28.46M | 49.6M | 58.03M | 4.41M | 5.69M |
| Debt Issued (Net) | -28K | -37K | -23K | -20.39M | -2.02M | 0 | -22.5M | 17.06M | 0 | 5M | 6.94M |
| Equity Issued (Net) | 85.04M | 103.46M | 83.76M | 8.91M | 13.59M | 29.78M | 6.21M | 39.32M | 68.83M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.38M | -810K | -142K | 15.45M | 1K | 329K | 44.74M | -6.77M | -10.79M | -586K | -1.25M |
| Net Change in Cash | 42.08M | 49.62M | 47.67M | -3.4M | -751K | -3.78M | -17.52M | -11.27M | 43.22M | 8.17M | -2.3M |
| Free Cash Flow | -44.32M | -52.99M | -35.92M | -7.38M | -12.31M | -33.89M | -45.98M | -60.87M | -14.81M | 3.76M | -9.15M |
| FCF Margin % | -88.16% | -118.97% | -62.4% | -14.58% | -25.82% | -66.67% | -100.28% | -115.71% | -21.97% | 5.61% | -17.67% |
| FCF Growth % | 9.63% | -47.54% | -387.02% | 40.1% | 63.67% | 26.28% | 24.47% | -310.89% | -494.44% | 141.04% | - |
| FCF per Share | -0.36 | -0.43 | -0.41 | -0.12 | -0.25 | -0.89 | -1.37 | -2.40 | -0.71 | 0.19 | -0.37 |
| FCF Conversion (FCF/Net Income) | 0.64x | 0.63x | 0.81x | 0.81x | 0.18x | 0.47x | 0.81x | 0.91x | 0.21x | -0.65x | 0.85x |
| Interest Paid | 3.05M | 0 | 7.1M | 0 | 0 | 6.44M | 0 | 7.34M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 305K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical and regulatory binary
As reported in quarterly financial filings, the company consistently exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 1.0, suggesting that non-cash charges and working capital volatility are masking the true extent of the underlying operational cash burn.
The persistent gap between net losses and operating cash outflows indicates that the company's accounting earnings are heavily influenced by non-cash items, which obscures the actual cash requirements of the business. Investors should monitor this relationship closely, as the inability to generate positive operating cash flow despite revenue recognition suggests that the current business model remains structurally dependent on external capital.
Based on the provided cash flow data, Aquestive Therapeutics has maintained a consistently negative free cash flow trajectory over the last ten quarters, with FCF margins reaching a low of -102.9% in 2026Q1, reflecting the heavy cash requirements of its ongoing clinical development and commercialization efforts.
The lack of a clear path to positive free cash flow suggests that the company is currently in a high-burn phase, prioritizing pipeline advancement over immediate liquidity self-sufficiency. This trend warrants further investigation into whether upcoming product launches can realistically bridge the gap between current cash outflows and sustainable profitability.
According to recent SEC filings, working capital fluctuations have been a primary driver of cash flow volatility, evidenced by a significant $19.1 million inflow in 2025Q4 followed by a $12.4 million outflow in 2026Q1, highlighting the unpredictable nature of the company's cash conversion cycle.
These erratic swings in working capital suggest that the company's cash position is highly sensitive to the timing of milestone payments and inventory management. Such instability complicates cash flow forecasting and may indicate underlying challenges in aligning operational cash inflows with the steady cadence of R&D expenditures.
As reported in financial statements, the company maintains a low capital intensity, with CapEx/Revenue ratios consistently below 2% over the last ten quarters, suggesting that the firm is currently deferring significant infrastructure investment while relying on its existing specialized manufacturing facility to support clinical and commercial needs.
While the low capital expenditure profile preserves cash, it may also imply that the company is not currently investing in the capacity expansion necessary for a full-scale commercial launch. Analysts should consider whether this lean approach is sustainable if the company's proprietary products achieve significant market penetration.
Quick answers to the most common questions about buying AQST stock.
Aquestive Therapeutics, Inc. (AQST) generated $-52.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aquestive Therapeutics, Inc. (AQST) reported negative free cash flow of $53.0M in 2025, indicating capital requirements exceeded cash from operations.
Aquestive Therapeutics, Inc. (AQST) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.