---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-024659"
form_type: "8-K"
ticker: "AQST"
cik: "0001398733"
company_name: "Aquestive Therapeutics, Inc."
filed_at: "2025-05-12T23:59:59+00:00"
generated_at: "2026-05-21T23:18:04.372547+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Aquestive Q1 net loss $22.9M; cuts FY revenue guidance on Libervant setback

## Summary
- Total revenue $8.7M, down 28% YoY from $12.1M; net loss $0.24/share vs $0.17 loss last year.
- NDA for Anaphylm submitted; plans Q1 2026 launch if FDA approved; will not appeal Libervant court decision.
- Libervant reclassified to tentative approval; sales/marketing paused; FY revenue guidance cut to $44-50M.
- Non-GAAP adjusted EBITDA loss $17.6M vs $7.2M prior year; cash $68.7M.
- De-emphasizing AQST-108 (alopecia) until after Anaphylm launch to focus resources.

## SEC filing metadata
- accession: 0001628280-25-024659
- form_type: 8-K
- ticker: AQST
- cik: 0001398733
- company_name: Aquestive Therapeutics, Inc.
- filed_at: 2025-05-12T23:59:59+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/1398733/000162828025024659/0001628280-25-024659-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1398733/000162828025024659/aqst-20250512.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-024659
- JSON: https://secwatch.observer/filing/0001628280-25-024659.json
- Plain text: https://secwatch.observer/filing/0001628280-25-024659.txt

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