The strong Q1 beat and $150M debt refinancing significantly de-risk the Anaphylm approval and launch path. Monitor for NDA resubmission in Q3 2026 and potential FDA approval in 2027, which could trigger additional tranches of the Oaktree facility and the RTW funding. The stock may re-rate as regulatory milestones approach.
Price Chart
Executive Summary
Aquestive reported Q1 2026 revenue of $14.4M (up 66% YoY) and a net loss of $0.07/share, well above the $-0.14 consensus, while completing a $150M debt refinancing with Oaktree to fund the Anaphylm launch. The FDA Type A meeting successfully aligned on study designs for the NDA resubmission, de-risking the Q3 2026 target.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $14.4M (+66% YoY) vs $8.7M; license/royalty revenue surged to $5.4M from $0.8M
- Net loss narrowed to $8.1M ($0.07/share) from $22.9M ($0.24/share), beating consensus of $-0.14
- Non-GAAP adjusted EBITDA loss improved to $1.8M from $17.6M
- Ended Q1 with $110.7M cash; new $150M Oaktree facility provides up to $150M in total liquidity for Anaphylm launch
- FDA Type A meeting completed; NDA resubmission on track for Q3 2026
- Full-year 2026 guidance maintained: revenue $46-50M, adjusted EBITDA loss $35-30M
Financial Impact
Revenue growth of 66% and EPS beat of 50% vs consensus; $150M debt facility improves cash runway into 2027
Risk Factors
- FDA approval of Anaphylm not guaranteed; any delay or CRL extension would pressure the stock
- Warrant issuance to Oaktree (1.75% of each tranche) could cause modest dilution if exercised
- Net sales covenant on the Oaktree facility post-approval may constrain flexibility if launch is slow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001398733-26-000029 |
| Document: aqst-20260512.htm | 0001398733-26-000029 |
| Document: earningsreleasesupplemen.htm | 0001398733-26-000029 |
| Document: debtrefinancepressreleas.htm | 0001398733-26-000029 |
| Document: 0001398733-26-000029-index-headers.html | 0001398733-26-000029 |
| Document: 0001398733-26-000029-index.html | 0001398733-26-000029 |
| Document: 0001398733-26-000029.txt | 0001398733-26-000029 |
| 8-K Data (Synthetic) | 0001398733-26-000029 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 8-K | $4.06 $4.13 | ▲ +1.72% | ▲ +2.74% | $3.97 (−2.22%) |
Oct 15, 2026 11d ago | Press Release | $4.06 $4.13 | ▲ +1.72% | ▲ +2.74% | $3.97 (−2.22%) |
Oct 14, 2026 12d ago | 8-K | $4.61 $4.08 | ▼ −11.50% | ▼ −11.95% | $3.97 (−13.88%) |
Oct 7, 2026 19d ago | SC 13G | $4.62 $4.61 | ▼ −0.22% | ▲ +0.76% | $3.97 (−14.07%) |
Oct 7, 2026 19d ago | SC 13G/A | $4.62 $4.61 | ▲ +0.22% | ▼ −0.76% | $3.97 (+14.07%) |
Sep 29, 2026 27d ago | 8-K | $4.67 $4.61 | ▼ −1.28% | ▼ −3.23% | $3.97 (−14.99%) |
Sep 25, 2026 4w ago | 8-K | $4.68 $4.55 | ▼ −2.78% | ▼ −2.56% | $3.97 (−15.17%) |
Sep 17, 2026 5w ago | 8-K | $4.66 $4.82 | ▲ +3.43% | ▲ +2.83% | $3.97 (−14.81%) |
Sep 16, 2026 5w ago | Insider Cluster | $4.82 $4.70 | ▼ −2.49% | ▼ −5.05% | $3.97 (−17.63%) |
Aug 15, 2026 10w ago | Institutional Cluster | $4.29 $4.80 | ▲ +11.89% | ▲ +13.08% | $3.97 (−7.46%) |
US Market Status
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