Aquestive Therapeutics(NASDAQ) AQST

Aquestive Therapeutics, Inc. NASDAQ:AQST 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.