AQSTAquestive Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- $45M
- 23% YoY
- Operating margin
- -159.5%
- 198% YoY
- EBITDA
- −$71M
- 135% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$48M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired17% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $51M | $48M | $51M | $58M | $45M | 23% |
| Operating income | −$35M | −$42M | −$15M | −$31M | −$71M | 131% |
| Net income | −$71M | −$54M | −$8M | −$44M | −$84M | 90% |
| Operating cash flow | −$33M | −$10M | −$6M | −$36M | −$52M | 47% |
| Capex | $913K | $1M | $995K | $159K | $562K | 253% |
| Stock-based comp | $7M | $4M | $3M | $7M | $8M | 7.4% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $515K · 4
- Net
- −$515K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $11M | 716 | — |
| FY2024 | $4M | $5M | 395 | — |
| FY2023 | $2M | $3M | 224 | — |