AQST

Aquestive Therapeutics, Inc.
NasdaqGMUSDEQUITY Healthcare DELAYED
Last price
4.61
▲ 0.04 (0.88%)
MARKET · —

Price

1D — H — L — Range — Vol —
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
—
Prev close
4.57
Day high
4.65
Day low
4.46
Volume
1.21M
Market cap
$578.61M
P/E (TTM)
—
52W range
2.93 – 7.55

Trailing performance

Price return · vs SPY
Returnvs SPY
1W
-1.28% -3.2%
1M
-13.67% -14.8%
3M
+6.96% +2.4%
6M
+11.62% -6.6%
YTD
-28.64% -42.9%
1Y
-20.52% -36.9%
3Y
+201.31% +119.1%
5Y
— —

Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.

Unusual options activity

Account required
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
Free account required

Contracts trading at or above their open interest, ranked by notional and where the print landed.

Free account

5 more panels on AQST open with an account.

Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.

Insider net activity

6m · Form 4 rollup
Net shares
+90.37K
Net buying
Buy transactions
6
232.37K shares
Sell transactions
7
142.01K shares
Net transactions
+13
Buys less sells
Sell : buy shares
0.6 : 1
Mixed
Insider-held shares
3.48M
Total on file
Bought 232.37KSold 142.01K

Insider transactions

Account required
DateInsiderAction SharesValueHeld
Sep 15, 26
BARBER DANIEL R
Chief Executive Officer
SELL 25.00K $120.49K Direct
Sep 9, 26
BOYD PETER E
Officer
CONVERSION 2.29K $2.20K Direct
Sep 9, 26
KORCZYNSKI SHERRY
Officer
CONVERSION 8.75K $23.19K Direct
Sep 9, 26
KORCZYNSKI SHERRY
Officer
SELL 8.75K $45.67K Direct
Sep 8, 26
BARBER DANIEL R
Chief Executive Officer
CONVERSION 91.74K $88.07K Direct
Sep 3, 26
JUNG CASSIE
Chief Operating Officer
CONVERSION 4.59K $4.40K Direct
Aug 17, 26
BARBER DANIEL R
Chief Executive Officer
SELL 25.00K $107.17K Direct
Jul 16, 26
BARBER DANIEL R
Chief Executive Officer
SELL 25.00K $100.19K Direct
Jun 23, 26
KROP JULIE
Director
CONVERSION 25.00K $17.83K Direct
Jun 23, 26
KROP JULIE
Director
SELL 25.00K $125.39K Direct
Jun 15, 26
BARBER DANIEL R
Chief Executive Officer
SELL 25.00K $104.01K Direct
May 18, 26
ZALEWSKI THOMAS A.
Officer
STOCK 100.00K $0 Direct
May 15, 26
BARBER DANIEL R
Chief Executive Officer
SELL 8.26K $35.41K Direct
Mar 10, 26
JUNG CASSIE
Chief Operating Officer
SELL 45.79K $191.09K Direct
What this is, and what it is not

These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.

A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.

This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.

Free account required

Officer and director trades in their own stock, straight from Form 4 filings.

Insider holders

10 reporting
NameRelationShares heldLatest
BARBER DANIEL R
Chief Executive Officer 652.32K Sale
BOYD PETER E
Officer 284.02K Conversion of Exercise of derivative security
BRAENDER LORI J
Officer 442.88K Sale
BRATTON DOUGLAS K
Beneficial Owner of more than 10% of a Class of Security — Stock Gift
CIOFFI MELINA
Officer 274.87K Sale
JUNG CASSIE
Chief Operating Officer 208.83K Conversion of Exercise of derivative security
KORCZYNSKI SHERRY
Officer 235.69K Conversion of Exercise of derivative security
KRAUS CARL N
Officer 282.48K Sale
TOTH A ERNEST JR
Chief Financial Officer 376.11K Sale
WARGACKI STEPHEN
Officer 343.55K Stock Award(Grant)

Fundamentals

TTM · reported
Market cap$578.61M
Enterprise value$539.15M
Revenue (TTM)$54.09M
Gross profit$36.26M
EBITDA$-52.20M
Net income$-78.23M
EPS (TTM)$-0.66
Free cash flow$-26.89M
Total cash$98.49M
Total debt$59.03M
Book value / share$-0.45
Shares outstanding125.51M
Float114.61M
Short % of float22.65%
Dividend yield0.00%
Beta (5Y)1.49

Valuation & profitability ratios

Account required
Trailing P/E—
Forward P/E-8.09
PEG ratio—
Price / sales—
Price / book—
EV / revenue9.97
EV / EBITDA-10.33
Gross margin67.04%
Operating margin-59.51%
Profit margin-144.63%
Return on equity—
Return on assets-29.20%
Debt / equity—
Current ratio7.19
Free account required

Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.

Financial statements

As reported · 5 years · 6 quarters
Blank means not reported, not zero
Line item2025202420232022YoY
Total revenue $44.55M$57.56M$50.58M$47.68M -22.6%
Operating revenue $44.55M$57.56M$50.58M$47.68M -22.6%
Cost of revenue $18.55M$17.87M$20.83M$19.39M +3.8%
Gross profit $25.99M$39.69M$29.75M$28.29M -34.5%
Research & development $17.19M$20.28M$13.10M$17.48M -15.2%
Selling, general & admin $79.85M$50.18M$31.75M$52.88M +59.1%
Total operating expense $97.04M$70.46M$44.85M$70.36M +37.7%
Operating income -$71.05M-$30.77M-$15.10M-$42.07M -130.9%
Net interest income -$12.73M-$13.38M$8.86M-$12.34M +4.8%
Pre-tax income -$83.78M-$44.15M-$7.63M-$54.41M -89.8%
Tax provision $0-$14.00K$245.00K$0 +100.0%
Net income -$83.78M-$44.14M-$7.87M-$54.41M -89.8%
Net income to common -$83.78M-$44.14M-$7.87M-$54.41M -89.8%
Basic EPS -0.78-0.51-0.13-1.12 -52.9%
Diluted EPS -0.78-0.51-0.13-1.12 -52.9%
EBIT -$66.68M-$27.33M-$163.00K-$41.97M -144.0%
EBITDA -$66.14M-$26.62M$1.18M-$39.58M -148.5%
Basic shares 106.93M86.73M61.26M48.73M +23.3%
Diluted shares 106.93M86.73M61.26M48.73M +23.3%

Options analytics

Account required
Put / call volume
0.24
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
4.00
-13.2% from spot
ATM implied vol
12.5%
Nearest strike to spot
Skew (10% OTM)
+12.5%
Puts bid over calls
Call volume
1.03K
Contracts, this expiry
Put volume
252
Contracts, this expiry
Heaviest call OI
4.00
0 contracts
Heaviest put OI
4.00
0 contracts

Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.

Free account required

Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.

Earnings

History & consensus estimates
Reported vs expected · EPS
QuarterEst.ActualSurprise
Jun 2026 -0.12-0.07 +45.7%
Mar 2026 -0.13-0.05 +64.7%
Dec 2025 -0.12-0.14 -18.1%
Sep 2025 -0.11-0.11 -4.2%
Forward consensus
PeriodEPSAnalystsRevenueGrowth
Current quarter -0.14 2 $11.02M -14.0%
Next quarter -0.14 2 $10.63M -18.3%
Current year -0.45 2 $49.93M +12.1%
Next year -0.57 2 $67.77M +35.7%

Analyst targets & ownership

Account required
Mean target$9.33
High target$11.00
Low target$6.00
Implied upside102.46%
Analyst count9
ConsensusNONE
Strong buy / Buy2 / 7
Hold0
Sell / Strong sell0 / 0
Held by insiders2.77%
Held by institutions58.39%
Institutions holding240
Free account required

Price targets, consensus spread, insider and institutional ownership.

Moving averages & technicals

Computed from 2Y daily closes
SMA 10
4.64
-0.69% from price
SMA 20
4.74
-2.79% from price
SMA 50
4.59
+0.38% from price
SMA 100
4.38
+5.22% from price
SMA 200
4.33
+6.50% from price
EMA 12
4.66
-1.05% from price
EMA 26
4.71
-2.07% from price
EMA 50
4.63
-0.38% from price
RSI (14)
46.6
Neutral
MACD (12,26,9)
-0.05
Hist -0.04
ATR (14)
0.22
4.80% of price
Realised vol 30D
47.0%
Annualised
Bollinger upper
5.07
20, 2σ
Bollinger lower
4.42
20, 2σ
50 / 200 cross
Golden
4.59 vs 4.33
Trend bias
Above 200
+6.50%

Options chain

Account required
Expiry
Spot 4.61
Calls
StrikeLastBidAskVolOIIV
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
Puts
StrikeLastBidAskVolOIIV
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
000.000.000.000.00000.0%
Free account required

Every listed expiry, both sides of the book, with volume, open interest and implied volatility.

Risk profile

Daily returns · 1Y window
Beta vs SPY
0.85
Less volatile than market
Correlation to SPY
0.14
Largely independent
Realised vol 30D
47.0%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-60.6%
Peak to trough
Max drawdown 5Y
-90.1%
Peak to trough
ATR 14
0.22
4.80% of price
Beta (reported)
1.49
5Y monthly, from filing

Short interest

Semi-monthly exchange report · lags by ~2 weeks
Shares short
27.16M
Prior 20.95M
Change vs prior
+29.6%
Shorts adding
% of float
22.65%
Heavily shorted
% of shares out
21.64%
Against total outstanding
Days to cover
9.1
Crowded exit
Float
114.61M
Freely tradeable shares

Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.

Rating changes

64 on file
DateFirm ActionFromTo
Aug 24, 26 HC Wainwright & Co. MAINTAINED Buy Buy
Nov 7, 25 Piper Sandler MAINTAINED Overweight Overweight
Oct 9, 25 JMP Securities MAINTAINED Market Outperform Market Outperform
Sep 8, 25 Oppenheimer MAINTAINED Outperform Outperform
Jun 17, 25 HC Wainwright & Co. MAINTAINED Buy Buy
May 15, 25 HC Wainwright & Co. MAINTAINED Buy Buy
Apr 2, 25 HC Wainwright & Co. MAINTAINED Buy Buy
Mar 10, 25 HC Wainwright & Co. MAINTAINED Buy Buy
Mar 7, 25 Lake Street MAINTAINED Buy Buy
Dec 20, 24 HC Wainwright & Co. MAINTAINED Buy Buy
Dec 17, 24 Cantor Fitzgerald INITIATED — Overweight
Nov 11, 24 HC Wainwright & Co. MAINTAINED Buy Buy

Dividends & splits

Declared · from the issuer
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio—
Ex-dividend date—
Next pay date—
Last split—
Split date—

PRIVATE STRATEGY · BY QUALIFICATION

The same data. A different seat.

The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.