Aquestive Therapeutics (AQST)

Executive Summary

Aquestive Therapeutics is a specialty pharmaceutical company leveraging its proprietary PharmFilm® oral film technology to develop and commercialize products for CNS conditions and severe allergic reactions. The company has one marketed product, Libervant (diazepam buccal film) for epilepsy, and a pipeline that includes Anaphylm, an epinephrine oral film for severe allergies, which recently completed Phase 2. Aquestive also operates a CDMO and licensing platform, generating revenue through partnerships. With a market capitalization of approximately $519 million and a focused strategy on underserved patient populations, the company is positioned for potential growth pending regulatory and clinical milestones.

Upcoming Catalysts (preview)

• H2 2026Phase 3 initiation of Anaphylm (epinephrine oral film) for severe allergic reactions70% success
• Q3 2026Partnership or licensing deal for PharmFilm technology with a major pharmaceutical company50% success
• Q4 2026FDA update or label expansion for Libervant (diazepam buccal film)40% success