Overview

* Aquestive Q3 revenue misses analyst expectations, but adjusted EBITDA beats estimates

* Company prepares for potential U.S. launch of Anaphylm in Q1 2026, pending FDA approval

* Aquestive strengthens balance sheet to support Anaphylm launch

Outlook

* Company expects FY revenue of $44 mln to $50 mln

* Aquestive expects FY adjusted EBITDA loss of $47 mln to $51 mln

* Company expects to submit IND for AQST-108 in Q4 2025

Result Drivers

* MANUFACTURING REVENUE - Increased to $11.5 mln from $10.7 mln

* PATENT EXPANSION - Co broadened Anaphylm patent estate with two new patents extending protection into 2037

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $12.81 $12.94

Revenue mln mln (10

Analysts

)

Q3 Net -$15.45

Income mln

Q3 Beat -$8.56 -$10.72

Adjusted mln mln (4

EBITDA Analysts

)

Q3 -$11.48

Income mln

From

Operatio

ns

Q3 -$15.45

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the pharmaceuticals peer group is "buy"

* Wall Street's median 12-month price target for Aquestive Therapeutics Inc ( AQST ) is $8.00, about 24% above its November 4 closing price of $6.08

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)