{"schema_version":"secwatch.filing_event.v1","accession":"0001140361-23-051010","form_type":"8-K","ticker":"AQST","cik":"0001398733","company_name":"Aquestive Therapeutics, Inc.","filed_at":"2023-11-02T23:59:59+00:00","discovered_at":"2026-05-14T18:03:28.896411+00:00","generated_at":"2026-06-08T23:47:28.020644+00:00","sec_items":["1.01","1.02","2.03","3.02","8.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Aquestive issues $45M 13.5% senior notes due 2028; redeems $34M of 12.5% notes due 2025","bullets":["Issued $45M in 13.5% senior secured notes due November 1, 2028; net proceeds used to redeem $34M of existing 12.5% notes due 2025.","Principal repayments start June 30, 2026; no revenue or cash covenants and no warrants issued.","Royalty agreements grant note holders 1%-2% tiered royalty on net sales of Anaphylm (epinephrine sublingual film) for 8 years from first global sale.","CEO states refinancing reduces principal and interest payments by approximately $28M through June 2025, removing near-term financial overhang.","Morgan Stanley acted as sole placement agent; notes sold to qualified institutional buyers via private placement."],"urls":{"canonical":"https://secwatch.observer/filing/0001140361-23-051010","json":"https://secwatch.observer/filing/0001140361-23-051010.json","markdown":"https://secwatch.observer/filing/0001140361-23-051010.md","text":"https://secwatch.observer/filing/0001140361-23-051010.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1398733/000114036123051010/0001140361-23-051010-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1398733/000114036123051010/ef20013909_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-08T23:47:28.020644+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"dcdb668f79e37301803e55f425ed3bde1f35448f","claim":"Aquestive Therapeutics, Inc. incurred senior notes of $45 million aggregate principal amount with purchasers named therein at 13.5% per annum maturing November 1, 2028.","evidence_excerpt":"On November 1, 2023 (the “Closing Date”), Aquestive Therapeutics, Inc. (the “Company”) entered into purchase agreements (the “Purchase Agreements”) with the purchasers named therein (the “Purchasers”), in substantially identical forms, pursuant to which the Company agreed to issue and sell the $45 million aggregate principal amount of its 13.5% senior secured notes due 2028 (the “Notes”) to the Purchasers (the “Offering”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1398733/000114036123051010/0001140361-23-051010-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$45 million aggregate principal amount"},{"label":"Counterparty","value":"purchasers named therein"},{"label":"Rate","value":"13.5% per annum"},{"label":"Maturity","value":"November 1, 2028"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"00c23f273de6b61470d358b2bb99b3f858de0818","claim":"Aquestive Therapeutics, Inc. entered into Purchase Agreements with purchasers named therein valued at $45 million aggregate principal amount of its 13.5% senior secured notes due 2028 (effective 2023-11-01).","evidence_excerpt":"On November 1, 2023 (the “Closing Date”), Aquestive Therapeutics, Inc. (the “Company”) entered into purchase agreements (the “Purchase Agreements”) with the purchasers named therein (the “Purchasers”), in substantially identical forms, pursuant to which the Company agreed to issue and sell the $45 million aggregate principal amount of its 13.5% senior secured notes due 2028 (the “Notes”) to the Purchasers (the “Offering”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1398733/000114036123051010/0001140361-23-051010-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"purchasers named therein"},{"label":"Value","value":"$45 million aggregate principal amount of its 13.5% senior secured notes due 2028"},{"label":"Effective","value":"2023-11-01"}],"fact_type":"material_agreement"},{"claim_id":"950901d264e4169a3005a1f2b62de68b534667a5","claim":"Aquestive Therapeutics, Inc. entered into Collateral Agreement with Collateral Agent, the Trustee and the other grantors from time to time party thereto (effective 2023-11-01).","evidence_excerpt":"the Company entered into a collateral agreement, dated as of the Closing Date, with the Collateral Agent, the Trustee and the other grantors from time to time party thereto (the “Collateral Agreement”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1398733/000114036123051010/0001140361-23-051010-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Collateral Agent, the Trustee and the other grantors from time to time party thereto"},{"label":"Effective","value":"2023-11-01"}],"fact_type":"material_agreement"},{"claim_id":"b03589d6b938569929643161c9810ea7daa6be8f","claim":"Aquestive Therapeutics, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at $45 million aggregate principal amount of its 13.5% senior secured notes due 2028 (effective 2023-11-01).","evidence_excerpt":"on the Closing Date, the Company entered into an indenture (the “Indenture”) governing the Notes with U.S. Bank Trust Company, National Association, a national banking association, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1398733/000114036123051010/0001140361-23-051010-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"U.S. Bank Trust Company, National Association"},{"label":"Value","value":"$45 million aggregate principal amount of its 13.5% senior secured notes due 2028"},{"label":"Effective","value":"2023-11-01"}],"fact_type":"material_agreement"},{"claim_id":"fde15cab049889df2034914cbe6731fe45d20f58","claim":"Aquestive Therapeutics, Inc. entered into Royalty Right Agreements with purchasers named therein valued at tiered royalty between 1.0% and 2.0% of annual worldwide net sales (effective 2023-11-01).","evidence_excerpt":"the Company entered into royalty right agreements (the “Royalty Right Agreements”) with the purchasers named therein (the “Royalty Right Purchasers”), in substantially identical forms.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1398733/000114036123051010/0001140361-23-051010-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"purchasers named therein"},{"label":"Value","value":"tiered royalty between 1.0% and 2.0% of annual worldwide net sales"},{"label":"Effective","value":"2023-11-01"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}