The earnings beat and maintained guidance are overshadowed by the widened net loss and debt extinguishment charge. The key catalyst is the Anaphylm NDA resubmission in Q3 2026 — monitor FDA acceptance and review timeline. Cash runway of $98.5M supports operations into 2027 but burn rate remains elevated.
Price Chart
Executive Summary
Aquestive Therapeutics reported Q2 2026 revenue of $13.8M (+38% YoY) and GAAP EPS of -$0.18, beating consensus EPS of -$0.12 by 41.7%. The company completed key studies for Anaphylm and reaffirmed NDA resubmission in Q3 2026, but net loss widened to $22.9M due to an $11.7M one-time debt extinguishment loss. Full-year 2026 guidance of $46-50M revenue and -$35 to -$30M non-GAAP adjusted EBITDA was maintained, with cash of $98.5M.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $13.8M vs $10.0M YoY (+38%)
- GAAP EPS -$0.18 vs consensus -$0.12 (beat by 41.7%)
- Net loss $22.9M including $11.7M one-time debt extinguishment loss
- Non-GAAP adjusted EBITDA loss improved to -$5.2M from -$9.3M YoY
- Cash $98.5M as of June 30, 2026
- Anaphylm NDA resubmission on track for Q3 2026 after completing PK and human factors studies
- Full-year 2026 guidance maintained: revenue $46-50M, non-GAAP adjusted EBITDA loss $35-30M
- Manufactured ~48M doses in Q2 2026 vs ~37M in Q2 2025
Financial Impact
Revenue beat consensus by $2.2M (+19%); EPS beat by $0.05 (+41.7%); net loss widened $9.4M YoY due to one-time debt charge
Risk Factors
- Anaphylm NDA resubmission may face FDA delays or additional data requests
- Net loss widened significantly due to $11.7M debt extinguishment loss
- Cash burn rate of ~$11.3M/quarter implies ~8.7 quarters of runway
- Libervant market access delayed until January 2027 due to orphan drug exclusivity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3343140 |
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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