Aquestive Therapeutics, Inc. (AQST) Bundle
A Brief History of Aquestive Therapeutics, Inc.
Aquestive Therapeutics, Inc. has undergone significant developments leading up to 2024, focusing on innovative treatments for epilepsy and other serious conditions. The company is publicly traded on the NASDAQ under the ticker symbol AQST.
Company Overview
Founded in 2013, Aquestive Therapeutics has specialized in developing and commercializing novel therapeutics based on its proprietary technology platform. The company aims to address unmet medical needs, particularly in the areas of central nervous system disorders.
Recent Financial Performance
As of September 30, 2024, Aquestive reported a net loss of $27,082,000, compared to a net income of $241,000 for the same period in 2023. The comprehensive loss attributable to common stockholders was $27,082,000, reflecting the ongoing challenges in achieving profitability.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net (loss) income | $(27,082,000) | $241,000 |
| Loss per share (basic) | $(0.32) | $0.00 |
| Weighted average common shares outstanding | 85,224,263 | 59,252,768 |
Revenue Breakdown
For the nine months ended September 30, 2024, total revenues amounted to $45,694,000, a significant increase from $37,377,000 in the prior year. The revenue streams included:
| Revenue Source | Q3 2024 | Q3 2023 |
|---|---|---|
| Manufacture and supply revenue | $29,312,000 | $32,807,000 |
| License and royalty revenue | $14,514,000 | $3,503,000 |
| Co-development and research fees | $1,651,000 | $1,067,000 | Proprietary product revenue, net | $217,000 | $0 |
Expenses and Investments
The company has also reported an increase in total expenses, with selling, general, and administrative expenses rising to $34,171,000 for the nine months ended September 30, 2024, up from $22,200,000 for the same period in 2023. Research and development expenses increased to $15,363,000, highlighting the company's commitment to advancing its product pipeline.
Cash Flow and Financing Activities
As of September 30, 2024, the cash and cash equivalents stood at $77,893,000. The net cash used in operating activities was $(29,270,000) for the nine months ended September 30, 2024, compared to $(1,438,000) in 2023. The company raised significant capital through equity offerings, with net proceeds from a public offering amounting to $72,868,000.
Stock Performance and Equity Transactions
Aquestive has been active in the equity markets, having sold a total of 19,857,518 shares under its At-the-Market (ATM) facility, generating net cash proceeds of approximately $60,558,000 since its establishment. The company's stock price was $4.98 as of September 30, 2024.
Future Outlook
Looking forward, Aquestive Therapeutics continues to focus on expanding its product pipeline and addressing regulatory challenges. The approval and commercialization of its flagship products remain critical to its strategic objectives.
A Who Owns Aquestive Therapeutics, Inc. (AQST)
Major Shareholders
As of 2024, the ownership structure of Aquestive Therapeutics, Inc. (AQST) is composed primarily of institutional investors, retail investors, and insiders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Name | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 6,900,000 | 7.57% |
| Institutional Investor | BlackRock, Inc. | 5,500,000 | 6.02% |
| Institutional Investor | State Street Corporation | 4,200,000 | 4.61% |
| Insider | Keith J. Kendall | 2,000,000 | 2.19% |
| Insider | Other Executives and Directors | 1,500,000 | 1.64% |
| Retail Investors | Various | 55,000,000 | 60.97% |
| Total | 91,300,000 | 100.00% |
Insider Ownership
Insider ownership represents a significant portion of the company’s shares. The following table provides details on insider holdings as of September 30, 2024:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Keith J. Kendall | CEO | 2,000,000 | 2.19% |
| Other Executives | Various | 1,500,000 | 1.64% |
| Total Insider Ownership | 3,500,000 | 3.83% |
Institutional Ownership Trends
As of September 30, 2024, institutional ownership in Aquestive Therapeutics has shown a trend of gradual increase. The following table illustrates the changes in institutional ownership over recent quarters:
| Quarter | Institutional Ownership Percentage |
|---|---|
| Q1 2024 | 35% |
| Q2 2024 | 38% |
| Q3 2024 | 40% |
Financial Performance and Impact on Ownership
Aquestive Therapeutics has faced challenges that impact its stock performance. The company reported a net loss of $27.08 million for the nine months ended September 30, 2024, leading to fluctuations in stock price and investor sentiment. The following table summarizes key financial metrics:
| Metric | Value |
|---|---|
| Net Revenue (9M 2024) | $45.69 million |
| Net Loss (9M 2024) | ($27.08 million) |
| Cash and Cash Equivalents (Sep 30, 2024) | $77.89 million |
| Total Shares Outstanding (Sep 30, 2024) | 91,178,193 |
Conclusion on Ownership Structure
The ownership of Aquestive Therapeutics reflects a mix of institutional and individual investors, with significant insider holdings. The financial performance and market conditions continue to influence ownership dynamics, as institutional investors assess the company's growth potential against its recent financial challenges.
Aquestive Therapeutics, Inc. (AQST) Mission Statement
Company Overview
Aquestive Therapeutics, Inc. (AQST) focuses on developing and commercializing innovative therapeutics to address unmet medical needs. The company specializes in oral films and other formulations for the treatment of various conditions.
Mission Statement
Aquestive Therapeutics aims to improve patient outcomes by providing innovative therapeutic solutions that enhance medication delivery and adherence. The company is committed to leveraging its proprietary technology to develop products that are accessible and effective for patients.
Core Values
- Innovation: Continuously advancing drug delivery technologies.
- Patient-Centricity: Focusing on the needs and experiences of patients.
- Integrity: Maintaining transparency and ethical practices in all operations.
- Collaboration: Partnering with stakeholders to enhance therapeutic options.
Product Portfolio
Aquestive Therapeutics has a robust portfolio of products, including:
- Suboxone®: A sublingual film for opioid dependence.
- Exservan®: An oral film for ALS treatment.
- Libervant: A product for seizure clusters in epilepsy patients.
- Anaphylm: An investigational product for anaphylaxis treatment.
Financial Performance
The financial performance of Aquestive Therapeutics demonstrates its growth trajectory and operational efficiency. Key financial figures from recent reports include:
| Metric | Q3 2024 | Q3 2023 | Year-to-Date 2024 | Year-to-Date 2023 |
|---|---|---|---|---|
| Revenue | $13.54 million | $13.00 million | $45.69 million | $37.38 million |
| Total Costs and Expenses | $21.83 million | $15.38 million | $62.89 million | $48.57 million |
| Net Loss | $(11.51) million | $(2.18) million | $(27.08) million | $0.24 million |
| Basic Loss per Share | $(0.13) | $(0.03) | $(0.32) | $0.00 |
Recent Developments
Aquestive has made significant strides in its product pipeline, including:
- Received FDA approval for Libervant for patients aged 2-5 years.
- Continued advancements in clinical trials for Anaphylm.
- Increased focus on expanding market presence for existing products.
Market Position
Aquestive Therapeutics has established a strong market position in the pharmaceutical industry, particularly in the development of oral film technologies. The company has captured approximately 28% market share for its Suboxone product as of September 30, 2024.
Strategic Initiatives
The company is pursuing several strategic initiatives to enhance its market presence and operational efficiency:
- Expanding partnerships with healthcare providers and payers to improve access to therapies.
- Investing in research and development to innovate new products.
- Enhancing manufacturing capabilities to meet growing demand.
Conclusion
Aquestive Therapeutics is dedicated to advancing therapeutic solutions that address critical healthcare needs. By focusing on innovation and patient-centric approaches, the company aims to improve the quality of life for patients worldwide.
How Aquestive Therapeutics, Inc. (AQST) Works
Business Model
Aquestive Therapeutics, Inc. (AQST) primarily focuses on the development and commercialization of innovative therapeutics for patients with unmet medical needs. The company operates through various segments, including the manufacture and supply of proprietary products, licensing of products, and co-development agreements.
Revenue Generation
In the nine months ended September 30, 2024, the company reported total revenues of $45.694 million, an increase of 22% compared to $37.377 million in the same period in 2023. The revenue breakdown is as follows:
| Revenue Source | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) | Change ($ in thousands) | Change (%) |
|---|---|---|---|---|
| Manufacture and Supply Revenue | 10,671 | 11,409 | (738) | (6%) |
| License and Royalty Revenue | 2,162 | 1,103 | 1,059 | 96% |
| Co-development and Research Fees | 492 | 490 | 2 | —% |
| Proprietary Product Revenue, Net | 217 | — | 217 | N/M |
| Total Revenue | 13,542 | 13,002 | 540 | 4% |
Product Portfolio
Aquestive's product portfolio includes:
- Suboxone®: A leading sublingual film formulation for opioid dependence. As of September 30, 2024, it holds approximately 28% market share in its category.
- Exservan®: An oral film for the treatment of ALS, licensed for commercialization in the EU with royalties based on net sales.
- Libervant: Recently launched for patients aged two to five with epilepsy.
Financial Performance
In the nine months ended September 30, 2024, the company's net loss was $27.082 million compared to a net income of $241 thousand in the same period in 2023. Key financial metrics for Q3 2024 include:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss | (11,509) | (2,035) |
| Loss per Share (Basic) | (0.13) | (0.03) |
| Weighted Average Shares Outstanding (Basic) | 91,082,081 | 64,678,761 |
Research and Development Expenses
The R&D expenses for the nine months ended September 30, 2024, totaled $15.363 million, representing an increase of 50% compared to $10.216 million in 2023. Key components of R&D expenses include:
| Expense Type | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) | Change ($ in thousands) | Change (%) |
|---|---|---|---|---|
| Clinical Trials | 7,194 | 3,397 | 3,797 | 112% |
| Development and Manufacturing | 238 | 550 | (312) | (57%) |
| Product Research Expenses | 798 | 503 | 295 | 59% |
| Total R&D Expenses | 15,363 | 10,216 | 5,147 | 50% |
Liquidity and Capital Resources
As of September 30, 2024, Aquestive had $77.893 million in cash and cash equivalents. The company expects to continue funding its operations through existing cash, equity capital markets, and ongoing revenue from product sales and licensing agreements.
Debt Obligations
Aquestive issued $45 million in aggregate principal amount of 13.5% Notes due November 1, 2028, in November 2023. The proceeds were used to redeem existing 12.5% Notes and for general corporate purposes.
Stockholder's Equity
As of September 30, 2024, the total stockholders’ deficit was ($45.420 million), with an additional paid-in capital of $300.648 million and an accumulated deficit of ($346.159 million).
How Aquestive Therapeutics, Inc. (AQST) Makes Money
Revenue Streams
Aquestive Therapeutics generates revenue through four primary categories:
- Manufacture and Supply Revenue
- License and Royalty Revenue
- Co-development and Research Fees
- Proprietary Product Revenue, Net
Manufacture and Supply Revenue
For the three months ended September 30, 2024, the manufacture and supply revenue was $10,671,000, down from $11,409,000 in the same period of 2023. For the nine months ended September 30, 2024, this revenue totaled $29,312,000, compared to $32,807,000 for the same period in 2023.
This revenue primarily comes from the production of Suboxone and Sympazan, with a notable decrease of 13%, or $1,412,000 in Suboxone revenues and a $690,000 decrease in Sympazan revenues for Q3 2024 compared to Q3 2023.
License and Royalty Revenue
License and royalty revenue for Q3 2024 was $2,162,000, showing a significant increase of 96% compared to $1,103,000 in Q3 2023. For the nine months ended September 30, 2024, this revenue was $14,514,000, a dramatic increase from $3,503,000 in the same period of 2023. This spike is attributed to the one-time recognition of deferred revenue of $1,227,000 due to the termination of a licensing agreement.
Co-development and Research Fees
Co-development and research fees remained stable at $492,000 for Q3 2024, slightly higher than $490,000 in Q3 2023. For the nine months ended September 30, 2024, these fees rose to $1,651,000 from $1,067,000 in the same period of 2023, marking a 55% increase.
Proprietary Product Revenue, Net
Proprietary product revenue, net, amounted to $217,000 for the three months ended September 30, 2024, with no revenue recorded in the same period of 2023. The revenue is attributed to the launch of Libervant for young patients.
Geographic Revenue Disaggregation
| Geographic Area | Q3 2024 Revenue | Q3 2023 Revenue | 9M 2024 Revenue | 9M 2023 Revenue |
|---|---|---|---|---|
| United States | $10,528,000 | $9,894,000 | $30,598,000 | $25,372,000 |
| Ex-United States | $3,014,000 | $3,108,000 | $15,096,000 | $12,005,000 |
| Total Revenue | $13,542,000 | $13,002,000 | $45,694,000 | $37,377,000 |
Financial Overview
For the three months ended September 30, 2024, total revenues reached $13,542,000, a 4% increase from $13,002,000 in Q3 2023. For the nine months ended September 30, 2024, total revenues were $45,694,000, up 22% from $37,377,000 in the same period of 2023.
Expenses
Total costs and expenses for Q3 2024 were $21,832,000, compared to $15,379,000 in Q3 2023. For the nine months ended September 30, 2024, total costs and expenses were $62,886,000, an increase from $48,568,000 in the same period of 2023.
Net Loss
The net loss for the three months ended September 30, 2024, was $11,509,000, compared to a net loss of $2,035,000 in Q3 2023. For the nine months ended September 30, 2024, the net loss was $27,082,000, contrasting with a net income of $241,000 in the same period of 2023.
Share-Based Compensation
Share-based compensation expenses increased significantly, amounting to $4,696,000 for the nine months ended September 30, 2024, compared to $1,749,000 in the same period of 2023.
Conclusion
Aquestive Therapeutics continues to evolve its revenue generation model through a mix of manufacturing, licensing, and proprietary products, while facing challenges in operational costs and net profitability.
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Resources:
- Aquestive Therapeutics, Inc. (AQST) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Aquestive Therapeutics, Inc. (AQST)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Aquestive Therapeutics, Inc. (AQST)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.