Aquestive Therapeutics, Inc. (AQST)

Over the past six months, several events have impacted Aquestive Therapeutics' stock price, including the FDA acceptance of Anaphylm NDA, Anaphylm regulatory updates, an $85 million underwritten offering of common stock, Q2 2025 earnings report, and analyst ratings. The FDA accepted the company's New Drug Application (NDA) for Anaphylm, assigning a Prescription Drug User Fee Act (PDUFA) target date of January 31, 2026. The FDA would not require an Advisory Committee Meeting to discuss the Anaphylm NDA, and the company broadened its patent estate for Anaphylm. The company reported its Q2 2025 earnings on August 11, 2025, reporting ($0.14) earnings per share (EPS), topping analysts' consensus estimates of ($0.18), but revenue of $10.00 million was below analyst estimates of $11.32 million. JMP Securities raised its price objective for AQST from $9.00 to $12.00 and maintained a "market outperform" rating, Zacks Research upgraded Aquestive Therapeutics from a "hold" to a "strong-buy" rating, and Lifesci Capital upgraded it to a "strong-buy". Between October 23, 2024, and October 22, 2025, the share price increased by 27.37%.

Information regarding specific demand seasonality for Aquestive Therapeutics, Inc.'s products and services is not readily available in the provided search results. While there are mentions of "strong demand Trends" for licensed products and general market seasonality analysis tools, no explicit data or discussion on seasonal fluctuations in demand for AQST's particular pharmaceutical products was found.

Aquestive Therapeutics, Inc. is a pharmaceutical company focused on developing and commercializing differentiated products to address unmet medical needs through innovative drug delivery technologies, operating within the Health Care sector and Pharmaceuticals industry. The company specializes in orally administered products designed to deliver complex molecules, offering alternatives to more invasive or inconvenient standard therapies, with its core business revolving around its proprietary PharmFilm® technology. Major products and pipeline candidates include Libervant, Suboxone, Sympazan, KYNMOBI, Azstarys, Anaphylm (formerly AQST-109), and AQST-108.

Aquestive Therapeutics operates in the United States and internationally, with its headquarters in Warren, New Jersey, and the majority of its revenue generated from the United States. The company has four commercialized products marketed by its licensees in the U.S. and globally, and it serves as the exclusive manufacturer for these licensed products. Aquestive is actively expanding its international presence, having received approval from Health Canada for Anaphylm Sublingual Film and submitting an initial briefing document to the European Medicines Agency (EMA) in July 2025, with plans for a Marketing Authorization Application to the EMA. Its products are currently available across six continents.

Aquestive Therapeutics' brand reputation in the past year appears to be mixed, particularly among different investor groups. While the company is advancing significant product candidates like Anaphylm, which has the potential to be a "game-changer", some retail investors have expressed frustration. Discussions on social media platforms have shown "disgruntled investors" and "people bashing the company" following earnings misses. However, some analysts and industry observers suggest that for a pre-commercial stage biotech company, revenue misses are less critical than progress in clinical development and regulatory approvals.

Aquestive Therapeutics, Inc. has a diverse ownership structure, with approximately 47.76% held by institutional shareholders, 7.57% by insiders, and 44.68% by retail investors. Major institutional owners include Bratton Capital Management, L.P., BlackRock, Inc., Vanguard Group Inc., Millennium Management Llc., Perceptive Advisors Llc., Geode Capital Management, Llc., Pale Fire Capital SE, and State Street Corp. The largest individual shareholder is Douglas K. Bratton, who owns 1.96 million shares, representing 1.97% of the company.