# Aquestive Therapeutics, Inc. (AQST) · Edgar & Edgarette company card

> Aquestive Therapeutics (AQST) saw revenue fall 22.6% in FY2025 to $45 million, operating margin -160% against a -3.8% median for pharmaceutical preparations, equity -21.0% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1398733 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/AQST) · [JSON](https://www.pops4.com/boards/company/AQST.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $45M |
| Revenue growth, 1 year | -22.6% |
| Revenue growth per year | -3.2% |
| Operating margin | -159.5% (prior year -53.5%) |
| Net margin | -188.1% |
| Operating cash flow | −$52M |
| Capital spending | $562,000 |
| Free cash flow | −$53M |
| Cash | $121M |
| Long-term debt | $45M |
| Total assets | $160M |
| Total equity | −$34M |
| Equity ÷ assets | -21.0% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -8.08 (distress zone)
- Piotroski F: 2 of 9 (weak)
- Beneish M: -1.87 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); operating cash flow was negative; operating loss: a margin of -159.5% in FY2025; revenue is hard to predict: its 80% range is ±40%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $44.5M (FY2025), total debt $45.0M. Experience: revenue down 22.6% on the year, down 3.2% a year over 4 years; operating margin -159.5%, down from -53.5%. Soundness: equity -21.0% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $24.9M and $58.6M next year (method v4.1: its own 6-year record of growth weighed at 63% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $23.5M to $62.3M. A statistical range, not company guidance. Against peers (114 filers, $50M+ revenue, pharmaceutical preparations): operating margin -159.5% against a -3.8% median; growth -22.6% against 13.7%.

Range logged 2026-09-29, receipt 91e6a09c7762224a, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-09-29 ([filing](https://www.sec.gov/Archives/edgar/data/1398733/000139873326000052/0001398733-26-000052-index.htm))

## Recent filings

- 10-Q · filed 2026-11-03 · [filing](https://www.sec.gov/Archives/edgar/data/1398733/000139873326000074/0001398733-26-000074-index.htm)
- 8-K · filed 2026-11-03 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1398733/000139873326000073/0001398733-26-000073-index.htm)
- 8-K · filed 2026-10-19 · 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1398733/000139873326000063/0001398733-26-000063-index.htm)
- 8-K · filed 2026-10-15 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1398733/000139873326000058/0001398733-26-000058-index.htm)
- 8-K · filed 2026-10-14 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1398733/000139873326000056/0001398733-26-000056-index.htm)
- 8-K · filed 2026-09-29 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1398733/000139873326000052/0001398733-26-000052-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001398733.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1398733

## Cite

POPS4, Edgar & Edgarette: Aquestive Therapeutics, Inc. (AQST) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/AQST. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.