---
schema_version: "secwatch.filing_event.v1"
accession: "0001398733-26-000029"
form_type: "8-K"
ticker: "AQST"
cik: "0001398733"
company_name: "Aquestive Therapeutics, Inc."
filed_at: "2026-05-13T20:04:40+00:00"
generated_at: "2026-05-13T22:14:10.893621+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Aquestive Q1 revenue up 66% to $14.4M; secures $150M Oaktree debt facility

## Summary
- Q1 total revenue $14.4M (+66% YoY); license/royalty $5.4M, manufacture/supply $8.8M.
- R&D expenses down to $4.2M from $5.4M; SG&A $11.0M vs $19.1M (prior year included $4.3M PDUFA fee).
- Reaffirmed Anaphylm NDA resubmission in Q3 2026 after FDA Type A meeting alignment on studies.
- Entered $150M Oaktree debt facility: $55M funded, $20M available on FDA approval, $25M on sales milestone.
- Used proceeds to repay $45M existing notes; expects $150M cash for Anaphylm launch if approved in 2027.

## SEC filing metadata
- accession: 0001398733-26-000029
- form_type: 8-K
- ticker: AQST
- cik: 0001398733
- company_name: Aquestive Therapeutics, Inc.
- filed_at: 2026-05-13T20:04:40+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 1.02, 2.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1398733/000139873326000029/0001398733-26-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1398733/000139873326000029/aqst-20260512.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001398733-26-000029
- JSON: https://secwatch.observer/filing/0001398733-26-000029.json
- Plain text: https://secwatch.observer/filing/0001398733-26-000029.txt

## Key facts
- Debt Financings
  Aquestive Therapeutics, Inc. incurred credit facility of up to $150.0 million with Oaktree Fund Administration, LLC, as administrative agent, and certain funds managed by Oaktree Capital Management, L.P. as Lenders at three-month SOFR (with a floor of 2.75%) plus 6.25% maturing five years from the closing date.
  - Instrument: credit facility
  - Principal: up to $150.0 million
  - Counterparty: Oaktree Fund Administration, LLC, as administrative agent, and certain funds managed by Oaktree Capital Management, L.P. as Lenders
  - Rate: three-month SOFR (with a floor of 2.75%) plus 6.25%
  - Maturity: five years from the closing date
  - Event: incurrence
  source text: On May 12, 2026 (the “Effective Date”), Aquestive Therapeutics, Inc. (the “Company”) entered into a five-year term loan facility of up to $150.0 million (the “Term Loan”), consisting of a term loan in an aggregate principal amount of $55.0 million that was funded on the Effective Date (the “Tranche A Term Loan”), a term loan in an aggregate principal amount of $20.0 million available subject to certain terms and conditions (the “Tranche B Term Loan”), a term loan in an aggregate principal amount of $25.0 million available subject to certain terms and conditions (the “Tranche C Term Loan”), and a term loan advance available upon the mutual consent of the Lenders and subject to certain terms and conditions in an aggregate principal amount of up to $50.0 million (the “Tranche D Term Loan”), pursuant to a credit agreement and guaranty, dated as of the Effective Date (the “Credit Agreement”), with Oaktree Fund Administration, LLC, a Delaware limited liability company, as administrative agen
  evidence_url: https://www.sec.gov/Archives/edgar/data/1398733/000139873326000029/0001398733-26-000029-index.htm

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