AQST shows strong revenue growth and substantial analyst-implied upside, but a death-cross technical breakdown, continued cash burn, and elevated short and options positioning point to significant near-term risk.
Thesis pillars
- Strong Revenue Growth→Stable
- Cash Burn Below Risk Floor↑Improving
- Death Cross Technical Breakdown→Stable
- +2 more pillars — see the Why tab for full reasoning
Aquestive Therapeutics, Inc. (AQST) Stock Analysis
Recovery setup
Healthcare · Drug Manufacturers - Specialty & Generic
Wait for pullback to $4.11. BUY gates pass at $4.30, but concentration risk — Product: Suboxone and elevated risk factors argue for a more patient entry. Engine's entry $4.11 (50-day MA) is the shallowest technical level that clears the 2:1 A.R:R minimum.
Aquestive Therapeutics is a specialty pharmaceutical company using its proprietary PharmFilm oral-film and AdrenaVerse epinephrine-prodrug technologies, manufacturing four licensed commercialized products, including Suboxone sublingual film, for which it is the sole and... Read more
Wait for pullback to $4.11. BUY gates pass at $4.30, but concentration risk — Product: Suboxone and elevated risk factors argue for a more patient entry. Engine's entry $4.11 (50-day MA) is the shallowest technical level that clears the 2:1 A.R:R minimum. Chart setup: Death cross but MACD improving, RSI 66. Mixed signals. Hold existing position. | News modifier +1 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Score 6.2/10, moderate confidence.
Passes 7/8 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, earnings proximity no date, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
About Aquestive Therapeutics, Inc.
About Aquestive Therapeutics, Inc.
Aquestive Therapeutics manufactures Suboxone, the leading branded sublingual film for opioid dependence, as its sole and exclusive supplier to licensee Indivior, alongside three other licensed products and its own FDA-approved CNS therapy Libervant for pediatric seizure clusters. The company's licensed product portfolio generated $44.5 million in revenue during 2025, down from $57.6 million in 2024, while its lead pipeline candidate, the non-device epinephrine film Anaphylm, missed a January 31, 2026 PDUFA date after the FDA issued a Complete Response Letter.
Aquestive earns revenue primarily through manufacturing and royalty payments from licensees that commercialize its PharmFilm-based products, with Suboxone, marketed by Indivior since 2010 and still holding approximately 24% film-based market share against generics, the largest contributor, alongside Sympazan and other licensed film products. The company also sells its own proprietary product, Libervant, a buccal diazepam film for seizure clusters in patients aged two to five, though a February 2025 federal court ruling vacated the FDA's approval for that age group following litigation brought by Neurelis, forcing Aquestive to halt U.S. marketing. All manufacturing takes place at its Portage, Indiana facility, which is inspected by the FDA, DEA, and other health agencies, while research and clinical operations are based in Warren, New Jersey. To fund operations, including the planned Anaphylm resubmission, the company entered a five-year, up-to-$150 million term loan facility with Oaktree Capital Management in May 2026, partly used to repay existing debt, on top of its existing 13.5% notes.
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Aquestive's near-term valuation hinges on overturning the FDA's January 30, 2026 Complete Response Letter for Anaphylm, which cited human-factors deficiencies in the pouch-opening and film-placement design rather than the drug's clinical comparability to EpiPen and Auvi-Q, which the CRL left unquestioned. The company has redesigned the packaging and instructions for use and expects to resubmit the NDA in the third quarter of 2026 following new human-factors and pharmacokinetic studies, but no FDA guarantee of accelerated review exists. A second regulatory overhang persists at Libervant, where a February 2025 district court ruling vacated FDA approval for patients aged two to five pending an appeal, tied to Neurelis's Valtoco orphan-drug exclusivity through January 2027.
See also: Healthcare · Drug Manufacturers - Specialty & Generic
From Aquestive Therapeutics, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-08-12Recent Developments — Aquestive Therapeutics, Inc.
Latest news
- NEWS Aquestive Therapeutics Inc (AQST) (Q2 2026) Earnings Call Highlights: Anaphylm Resubmission on ... - Yahoo Finance — Yahoo Finance positive
- NEWS Aquestive Therapeutics Inc (AQST) (Q2 2026) Earnings Call Highlights: Anaphylm Resubmission on ... - finance.yahoo.com — finance.yahoo.com positive
- NEWS Aquestive Therapeutics, Inc. 2026 Q2 - Results - Earnings Call Presentation (NASDAQ:AQST) 2026-08-12 - Seeking Alpha — Seeking Alpha neutral
- NEWS Aquestive Therapeutics (AQST) Reports Q2 Loss, Tops Revenue Estimates - Yahoo Finance — Yahoo Finance positive
- NEWS Aquestive Therapeutics (AQST) Reports Q2 Loss, Tops Revenue Estimates - finance.yahoo.com — finance.yahoo.com positive
Generated 2026-08-14T11:47:19Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductSuboxone10-K Item 1: 'We are the sole and exclusive supplier and manufacturer of Suboxone and have produced over 3.0 billion doses of Suboxone since its launch in 2010.'
Material Events(8-K, last 90d)
- 2026-05-13Item 1.01MEDIUMOn May 12, 2026, the company entered a five-year term loan facility of up to $150.0 million with Oaktree Capital Management (Tranche A $55.0 million funded), partly used to repay existing debt.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers·1 ceiling hit
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $4.11. BUY gates pass at $4.30, but concentration risk — Product: Suboxone and elevated risk factors argue for a more patient entry. Engine's entry $4.11 (50-day MA) is the shallowest technical level that clears the 2:1 A.R:R minimum. Chart setup: Death cross but MACD improving, RSI 66. Mixed signals. Hold existing position. | News modifier +1 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Target $8.02 (+86.5%), stop $3.82 (−12.6%), A.R:R 6.0:1. Score 6.2/10, moderate confidence.
Take-profit target: $8.02 (+89.7% upside). Target $8.02 (+86.5%), stop $3.82 (−12.6%), A.R:R 6.0:1. Stop-loss: $3.82.
Concentration risk — Product: Suboxone; Elevated risk factors; Below 200-MA, MA slope -6.3%/30d (confirmed downtrend).
Aquestive Therapeutics, Inc. trades at a P/E of N/A (forward -9.8). TrendMatrix value score: 6.5/10. Verdict: Buy (Wait for Entry).
15 analysts cover AQST with a consensus score of 4.2/5. Average price target: $9.
What does Aquestive Therapeutics, Inc. do?Aquestive Therapeutics is a specialty pharmaceutical company using its proprietary PharmFilm oral-film and AdrenaVerse...
Aquestive Therapeutics is a specialty pharmaceutical company using its proprietary PharmFilm oral-film and AdrenaVerse epinephrine-prodrug technologies, manufacturing four licensed commercialized products, including Suboxone sublingual film, for which it is the sole and exclusive manufacturer, plus its own CNS product Libervant. The licensed product portfolio generated $44.5 million in 2025 revenue, down from $57.6 million in 2024, and lead pipeline candidate Anaphylm received an FDA Complete Response Letter on January 30, 2026, delaying its planned launch.