---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-010422"
form_type: "8-K"
ticker: "AQST"
cik: "0001398733"
company_name: "Aquestive Therapeutics, Inc."
filed_at: "2025-03-05T23:59:59+00:00"
generated_at: "2026-05-25T09:52:04.898133+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Aquestive starts Anaphylm NDA filing; Q4 net loss $17.1M; 2025 revenue guidance $47-56M

## Summary
- Q4 2024 total revenues $11.9M, down 10% YoY; full-year revenues $57.6M, up 14%.
- Q4 net loss $17.1M ($0.19/sh) vs $8.1M loss ($0.12/sh) YoY; FY net loss $44.1M ($0.51/sh) vs $7.9M ($0.13/sh).
- Anaphylm NDA submission started, FDA acceptance expected Q2 2025; launch targeted Q1 2026 if approved.
- AQST-108 Phase 2a in alopecia areata to begin Q2 2025; Libervant court ruling appealed, product remains on market.
- Pro-forma cash ~$93M including $21.4M ATM proceeds in Feb 2025; 2025 revenue guidance $47-56M, Non-GAAP EBITDA loss $46-53M.

## SEC filing metadata
- accession: 0001628280-25-010422
- form_type: 8-K
- ticker: AQST
- cik: 0001398733
- company_name: Aquestive Therapeutics, Inc.
- filed_at: 2025-03-05T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1398733/000162828025010422/0001628280-25-010422-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1398733/000162828025010422/aqst-20250305.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-010422
- JSON: https://secwatch.observer/filing/0001628280-25-010422.json
- Plain text: https://secwatch.observer/filing/0001628280-25-010422.txt

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