AQST Stock — Aquestive Therapeutics Inc.: Cash, EV, Pipeline

Share price

$4.61

Market cap

$578.6M

Cash

$98.5M

Enterprise value

$535.1M

Balance sheet

Cash	$98.5M
Debt	$55.0M
Net cash	$43.5M
Enterprise value	$535.1M
Basic shares	125.5M shares
Fully diluted shares	140.2M shares
Fully diluted market cap	$646.3M
Cash per share	$0.78

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Pipeline assets

Anaphylm

Stage not disclosed · Active Modality: sublingual film (epinephrine prodrug)

Aliases dibutepinephrine

Partnerships RTW Investments LP: revenue-share financing; payments begin on first US commercial sale of Anaphylm, capped at $187,500 by Dec 31, 2035 or $225,000 thereafter (amounts as stated in filing; unit scale not confirmed in excerpts).

Indications

Severe allergic reactions including anaphylaxis (Stage not disclosed)

Status note Lead candidate of the AdrenaVerse epinephrine prodrug platform (Anaphylm = dibutepinephrine sublingual film). Filing excerpts state no explicit clinical stage (EOP2 appears only as a defined term). Company expects to advance Anaphylm through clinical trials toward FDA approval and commercialization.

AQST-108

Stage not disclosed · Active

Target Adrenergic receptor

Indications

Severe allergic reactions including anaphylaxis (Stage not disclosed)

Status note Second candidate in the AdrenaVerse epinephrine prodrug platform; filing excerpts state no stage, indication detail, or timing beyond platform membership.

Libervant

Approved · Active

Indications

Epilepsy (ages 2-5) (Approved)

Status note Proprietary CNS product (diazepam buccal film); company was the exclusive manufacturer while Libervant had US market access through April 2025. Filing does not state a discontinuation.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	7,426,471	no change	0.26%	2026-08-14
ADAR1 Capital Management	0	-10,000	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

AQST — Aquestive Therapeutics Inc.

Balance sheet

Price history

Pipeline assets

Institutional holders