Aquestive posts Q4 net loss of $31.9M; Anaphylm resubmission delayed to Q3 2026

Aquestive Therapeutics, Inc.

Q4 revenue $13.0M (+10% YoY); net loss $31.9M ($0.26/share) incl $13.6M legal; excl legal net loss $18.7M.
Full year 2025 revenue $44.5M (down 23% YoY); net loss $83.8M ($0.78/share) incl $14.3M legal; cash $121.2M.
FY2026 guidance: revenue $46-50M, Non-GAAP adjusted EBITDA loss $35-30M, year-end cash target $70M.
RTW amendment extends Anaphylm deadline to June 30, 2027; warrant for 375k shares at $4; RTW commits $5M stock purchase.
Anaphylm CRL in Jan 2026; NDA resubmission planned Q3 2026 after Type A FDA meeting within 30 days.

item 1.01 item 2.02 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Aquestive Therapeutics, Inc. reported financial results for the quarter and fiscal year ended December 31, 2025.

Period: the quarter and fiscal year ended December 31, 2025
Result: reported results

Exact text from the filing

On March 4, 2026, Aquestive Therapeutics, Inc. issued a press release announcing its reported financial results for the quarter and fiscal year ended December 31, 2025 and providing an update on recent developments in its business.

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Aquestive Therapeutics, Inc. issued up to 375,000 shares of warrant to funds managed by RTW Investments, LP for exercise price of $4.00 per share.

Security: warrant
Shares: up to 375,000 shares
Purchaser: funds managed by RTW Investments, LP
Consideration: exercise price of $4.00 per share

Exact text from the filing

the Company entered into a Warrant Issuance Agreement with funds managed by RTW pursuant to which the Company agreed to issue a warrant to purchase up to 375,000 shares of the Company's common stock, par value $0.001 per share (the “Common Stock”), at an exercise price of $4.00 per share, expiring on March 3, 2029.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Aquestive Therapeutics, Inc. entered into Share Purchase Commitment Agreement with certain RTW-affiliated funds valued at not less than $5,000,000 (effective 2026-03-03).

Action: entry
Agreement: equity purchase
Counterparty: certain RTW-affiliated funds
Value: not less than $5,000,000
Effective: 2026-03-03

Exact text from the filing

The Company also entered into a Share Purchase Commitment Agreement with certain RTW-affiliated funds, pursuant to which such funds committed to purchase, in the aggregate, not less than $5,000,000 of Common Stock during the 90-day period following the effective date of the agreement, at prices determined in accordance with Rule 415(a)(4) under the Securities Act.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Aquestive Therapeutics, Inc. entered into Warrant Issuance Agreement with funds managed by RTW (effective 2026-03-03).

Action: entry
Agreement: equity purchase
Counterparty: funds managed by RTW
Effective: 2026-03-03

Exact text from the filing

Concurrently, the Company entered into a Warrant Issuance Agreement with funds managed by RTW pursuant to which the Company agreed to issue a warrant to purchase up to 375,000 shares of the Company's common stock, par value $0.001 per share (the “Common Stock”), at an exercise price of $4.00 per share, expiring on March 3, 2029.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Aquestive Therapeutics, Inc. amended Amendment No. 1 to Purchase and Sale Agreement with funds managed by RTW Investments, LP (effective 2026-03-03).

Action: amendment
Agreement: asset purchase
Counterparty: funds managed by RTW Investments, LP
Effective: 2026-03-03

Exact text from the filing

On March 3, 2026, Aquestive Therapeutics, Inc. (the "Company") entered into Amendment No. 1 (the "Amendment") to the Purchase and Sale Agreement (the “Purchase and Sale Agreement”), dated August 13, 2025, with funds managed by RTW Investments, LP ("RTW").

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Aquestive Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001398733-26-000016

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