---
schema_version: "secwatch.filing_event.v1"
accession: "0001398733-26-000016"
form_type: "8-K"
ticker: "AQST"
cik: "0001398733"
company_name: "Aquestive Therapeutics, Inc."
filed_at: "2026-03-04T23:59:59+00:00"
generated_at: "2026-05-15T21:35:07.644871+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001398733-26-000016
- form_type: 8-K
- ticker: AQST
- cik: 0001398733
- company_name: Aquestive Therapeutics, Inc.
- filed_at: 2026-03-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1398733/000139873326000016/0001398733-26-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1398733/000139873326000016/aqst-20260303.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001398733-26-000016
- JSON: https://secwatch.observer/filing/0001398733-26-000016.json
- Plain text: https://secwatch.observer/filing/0001398733-26-000016.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1398733/000139873326000016/0001398733-26-000016-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1398733/000139873326000016/0001398733-26-000016-index.htm
- Material Agreements
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1398733/000139873326000016/0001398733-26-000016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.