Aquestive Therapeutics(NASDAQ) AQST

Aquestive Therapeutics, Inc. makes thin strips that dissolve in the mouth. These strips help people who cannot swallow pills easily. The medicine treats seizures and severe allergic reactions.

Medicine on the Tongue

• Manufacture and Supply: Production of licensed PharmFilm medications for partners; generated $20.7 million in revenue in the first half of 2026.
• License and Royalty: Payments from intellectual property rights for products like Azstarys; grew 313% year over year in the first half of 2026.
• Anaphylm (dibutepinephrine): A sublingual (under the tongue) film candidate for treating severe allergic reactions.
• AdrenaVerse Platform: A library of prodrugs designed to improve how the body absorbs and converts epinephrine.

Recent Strategic Moves

• Submitted a New Drug Application (NDA) for Anaphylm to the Federal Food and Drug Administration (FDA) in early 2025.
• Secured a term loan facility of up to $150 million in May 2026 to support ongoing operations.
• Modified Anaphylm packaging and instructions in 2026 to resolve FDA safety concerns regarding film administration.
• Initiated an Investigational New Drug (IND) application for the topical gel AQST-108 in late 2025.

Why It Stands Out

Aquestive uses its proprietary PharmFilm technology to turn complex medicines into easy-to-use oral strips. This method provides a non-invasive alternative to injections for patients who need emergency or daily medication.

Performance by the Numbers

• Total revenues reached $28.3 million for the six months ended June 30, 2026, up 51% year over year.
• Manufacture and supply revenue rose 23% to $20.7 million for the half-year period ended June 30, 2026.
• License and royalty revenue increased 313% year over year to $6.7 million in the first half of 2026.
• The company reported $98.5 million in cash and cash equivalents as of June 30, 2026.

Bottom Line

Aquestive has evolved from a partner manufacturer into a biotechnology firm developing its own complex molecule treatments. Its focus on non-invasive delivery systems aims to solve therapeutic problems for patients across global markets.