Company Overview - Aquestive Therapeutics, Inc. is a pharmaceutical company focused on advancing medicines to improve patients' lives through innovative science and delivery technologies [4] - The company is developing orally administered products to deliver complex molecules, providing alternatives to invasive therapies [4] - Currently, Aquestive has four commercialized products marketed by its licensees and collaborates with other pharmaceutical companies to bring new molecules to market [4] Leadership Change - Sherry Korczynski has been promoted from Senior Vice President of Sales and Marketing to Chief Commercial Officer effective July 22, 2025 [1] - Her promotion is attributed to her exceptional track record in commercial leadership, particularly in the allergy market, and her strategic oversight of the EpiPen brand at Mylan [2] - Korczynski joined Aquestive in February 2024 and has over two decades of experience in commercial and launch roles across various pharmaceutical companies [2] Product Development - Anaphylm™ (epinephrine) Sublingual Film is a polymer matrix-based epinephrine prodrug candidate that is designed to be the first and only device-free, orally delivered epinephrine product [3] - The product is small, weighing less than an ounce, and dissolves on contact without the need for water or swallowing [3] - Anaphylm has been conditionally approved by the U.S. Food and Drug Administration (FDA), with final approval dependent on the product candidate's approval [3] Market Positioning - Anaphylm is positioned to potentially redefine anaphylaxis care, with a focus on successful launch and delivery to patients in the U.S. and abroad [3] - The company aims to leverage Korczynski's deep market knowledge and experience to drive its global commercial strategy for Anaphylm [2]

Core Viewpoint - Aquestive Therapeutics is advancing its regulatory strategy for Anaphylm™ (epinephrine) Sublingual Film, with meetings scheduled with Health Canada and the European Medicines Agency, aiming to provide a needle-free treatment option for anaphylaxis [1][2][4]. Regulatory Strategy - The company has received a meeting with Health Canada to discuss its New Drug Submission for Anaphylm™ and has submitted an initial briefing book to the EMA [1][8]. - A Marketing Authorization Application (MAA) is planned for submission to the EMA as soon as possible [1][2]. Product Overview - Anaphylm™ is an orally administered epinephrine product that addresses issues related to traditional auto-injectors, such as needle phobia and device malfunctions [3][6]. - The product is designed to be portable, weather-resistant, and easy to use, requiring no water or swallowing for administration [6]. Market Focus - The company's ex-U.S. regulatory strategy targets markets with significant unmet medical needs, with Canada and the EMA being prioritized due to their supportive regulatory environments [4][5]. - The company aims to establish Anaphylm as the new standard of care for severe allergic reactions and anaphylaxis globally [5]. Company Background - Aquestive Therapeutics has a portfolio of six FDA-approved drugs and a global presence across six continents, which enhances its ability to navigate international regulatory processes [2][7]. - The company is also developing other product candidates, including a topical gel for dermatological conditions [7].

Company Overview - Aquestive Therapeutics, Inc. is a pharmaceutical company focused on advancing medicines to improve patients' lives through innovative science and delivery technologies [2] - The company develops orally administered and topical gel products to deliver complex molecules, providing alternatives to invasive standard therapies [2] - Currently, Aquestive has four commercialized products marketed by its licensees in the U.S. and globally, and it is the exclusive manufacturer of these products [2] Product Development - The company is advancing a late-stage proprietary product candidate for treating severe allergic reactions, including anaphylaxis [2] - An early-stage epinephrine prodrug topical gel product candidate is also in development for various dermatological conditions, including alopecia areata [2] Upcoming Events - The management team of Aquestive will participate in the Leerink Partners Therapeutics Forum: I&I and Metabolism on July 9, 2025, which will include panels on key therapeutic themes in immunology, inflammation, and metabolism [1]

Core Insights - The article discusses the performance and future outlook of Aquestive Therapeutics (NASDAQ: AQST), noting a 2% decline in the stock price over the past six months since the last analysis [2]. Company Focus Areas - The company is focusing on five key areas for 2025, including the potential FDA approval of Anaphylm, which is a significant catalyst for future growth [2]. Investment Group Features - The investment group Compounding Healthcare offers several features such as model healthcare portfolios, a weekly newsletter, a daily watchlist, and a platform for dialogue and questions among members [2].

Core Insights - Aquestive Therapeutics, Inc. announced two poster presentations on Anaphylm™ (epinephrine) Sublingual Film at the CFAAR Food Allergy Summit, highlighting its potential as the first orally delivered epinephrine option for severe allergic reactions in the U.S. [1] Group 1: Product Details - Anaphylm™ is a polymer matrix-based epinephrine prodrug that is small, lightweight, and dissolves on contact without the need for water or swallowing [3] - The product's packaging is designed to be portable and weather-resistant, making it convenient for users [3] - Anaphylm has received conditional approval for its trade name from the FDA, pending final product approval [3] Group 2: Presentation Information - The first poster presentation focuses on the physicochemical properties of Anaphylm under extreme temperatures and real-world conditions, led by Nils Confer, PhD [2] - The second poster presentation discusses the pharmacokinetic and pharmacodynamic responses of Anaphylm, led by Carl Kraus, MD [2] Group 3: Company Overview - Aquestive Therapeutics is dedicated to advancing medicines through innovative science and delivery technologies, with a focus on orally administered products [4] - The company has four commercialized products and collaborates with other pharmaceutical companies to bring new molecules to market [4] - In addition to Anaphylm, the company is developing an earlier-stage epinephrine prodrug topical gel for dermatological conditions [4]

Core Insights - The FDA has accepted Aquestive Therapeutics' New Drug Application (NDA) for Anaphylm™, with a target action date set for January 31, 2026, potentially making it the first orally delivered epinephrine treatment for severe allergic reactions in the U.S. [1][2] Company Overview - Aquestive Therapeutics is focused on advancing innovative medicines to improve patients' lives through unique science and delivery technologies, with a portfolio that includes four commercialized products and ongoing collaborations with other pharmaceutical companies [5]. Product Details - Anaphylm™ is a polymer matrix-based sublingual film that is designed to dissolve on contact, requiring no water or swallowing for administration. It is compact, weighing less than an ounce and smaller than a credit card, making it convenient for patients to carry [3][4]. - The product aims to address significant barriers in anaphylaxis treatment, such as the fear of administration and the inconvenience of carrying bulky devices, potentially transforming care for patients at risk of severe allergic reactions [2][3]. Clinical and Regulatory Context - The FDA may conduct an Advisory Committee meeting regarding the approval of Anaphylm™, which underscores the importance of the product in the treatment landscape for anaphylaxis [1][2]. - Clinical data supports Anaphylm's ability to deliver rapid epinephrine absorption orally, which is critical for patients who may hesitate to use traditional epinephrine devices [2].

Group 1 - The company has a strong academic foundation with an MBA in Finance and an MD, enhancing its expertise in the financial sector [1] - The firm specializes in income investing and biotech/pharma investing, with nearly a decade of experience in these areas [2] - The organization focuses on identifying both short-term catalyst-driven opportunities and long-term investment strategies in the biotech sector [3] Group 2 - Subscribers receive regular portfolio trade alerts and have access to an interactive chat feature, promoting engagement and addressing inquiries [4] - The company has published a best-selling book on biotech investing and offers an online course, showcasing its commitment to educating investors [4] - The firm provides custom biotech analysis upon request, ensuring tailored insights for its audience [3][4]

Financial Data and Key Metrics Changes - Total revenues decreased to $8.7 million in Q1 2025 from $12.1 million in Q1 2024, representing a 28% decrease primarily driven by declines in manufacturer and supply revenue and license and royalty revenue [28] - Manufacturer and supply revenue decreased to $7.2 million in Q1 2025 from $10.5 million in Q1 2024, primarily due to decreases in Suboxone revenues, partially offset by an increase in ONDIF revenues [28] - License and royalty revenue decreased by 30% or $300,000 in Q1 2025 compared to the same period in the prior year [28] - Net loss for Q1 2025 was $22.9 million or $0.24 per share compared to a net loss of $12.8 million or $0.17 per share in Q1 2024 [29] - Non-GAAP adjusted EBITDA loss was $17.6 million in Q1 2025 compared to a loss of $7.2 million in Q1 2024 [30] - Cash and cash equivalents were $68.7 million as of March 31, 2025 [30] Business Line Data and Key Metrics Changes - The manufacturing business remained steady, with a gradual decline of Suboxone being partially offset by growth across newer collaborations, including licensed products ONDIF, SYMPAZAN, and EMILYF [27] - Research and development expenses decreased to $5.4 million in Q1 2025 from $5.9 million in Q1 2024, primarily due to lower clinical trial costs associated with the antifilm development program [29] Market Data and Key Metrics Changes - The rescue medication market for severe allergic reactions is expected to grow into a multi-billion dollar opportunity [8] - The company anticipates receiving its FDA acceptance letter next month, with an FDA assigned action date in late January or early February 2026 [8] Company Strategy and Development Direction - The company is focused on ensuring a successful commercial launch of ANNAFILM in Q1 2026 if approved by the FDA, with emphasis on building a strong marketing team and increasing awareness of anaphylaxis [9][10] - The company plans to leverage existing payer contracts established during the marketing of Libervant to enhance launch efficiency for ANNAFILM [12] - The company is also engaging with international markets, including Canada, the UK, and the European Medicines Agency, to strengthen its balance sheet through potential partnerships [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to weather economic uncertainties and tariffs, noting minimal risk to price or supply volatility [22] - The company is committed to strengthening its balance sheet through potential out-licensing of ANNAFILM and refinancing its debt [18] - Management acknowledged the passing of a key team member, emphasizing the impact on the company and its commitment to honor his contributions [23] Other Important Information - The company has revised its full-year 2025 financial guidance, now expecting total revenue of $44 million to $50 million and a non-GAAP adjusted EBITDA loss of $47 million to $51 million [30] - The revenue guidance for 2025 no longer includes revenue for Libervant for ages between two and five years [30] Q&A Session Summary Question: Update on commercial readiness efforts for ANNAFILM - Management confirmed that manufacturing capabilities are well-prepared and products will be ready for launch [33][34] Question: Goals for hiring a field force for ANNAFILM - The company plans to start with around 50 sales representatives targeting top epinephrine prescribers [35] Question: Interaction with payers for broader access to ANNAFILM - The company is leveraging existing contracts from Libervant and aims for 80% coverage within the first six months post-launch [39][40] Question: Learnings from the launch of Nephi - Management noted that market expansion and disease state awareness are critical for driving demand [44][46] Question: Potential for an AdCom - Management is prepared for an advisory committee meeting and believes they have a robust data set for the application [49][50] Question: Influence of new division head on the review process - Management indicated that interactions have been with the deputy division head, and the review team remains unchanged [55][56] Question: Awareness of ANNAFILM with providers - The company has conducted extensive outreach and believes awareness is growing significantly [62] Question: Cash needed for the launch of ANNAFILM - Management stated that they will not hire sales reps until approval and have multiple paths to finance the launch [96][97] Question: Libervant revenue in Q2 - Revenue for Libervant in Q2 is expected to be minimal, and guidance for the year has been revised to exclude it [98]

Financial Data and Key Metrics Changes - Total revenues decreased to $8.7 million in Q1 2025 from $12.1 million in Q1 2024, representing a 28% decrease primarily driven by declines in manufacturer and supply revenue and license and royalty revenue [26][28] - Manufacturer and supply revenue decreased to $7.2 million in Q1 2025 from $10.5 million in Q1 2024, primarily due to decreases in Suboxone revenues, partially offset by an increase in ONDIF revenues [26] - License and royalty revenue decreased by 30% or $300,000 in Q1 2025 compared to the same period in the prior year [27] - Net loss for Q1 2025 was $22.9 million or $0.24 per share compared to a net loss of $12.8 million or $0.17 per share in Q1 2024 [28] - Non-GAAP adjusted EBITDA loss was $17.6 million in Q1 2025 compared to a loss of $7.2 million in Q1 2024 [28] Business Line Data and Key Metrics Changes - Research and development expenses decreased to $5.4 million in Q1 2025 from $5.9 million in Q1 2024, primarily due to lower clinical trial costs associated with the antifilm development program [27] - Selling, general and administrative expenses increased to $19.1 million in Q1 2025 from $10.7 million in Q1 2024, primarily due to regulatory fees, higher legal fees, and increased commercial spending [27] Market Data and Key Metrics Changes - The rescue medication market for severe allergic reactions is anticipated to grow into a multi-billion dollar opportunity [6] - The company expects to have attended 25 conferences and published 16 posters and manuscripts by the end of the year to increase awareness of anaphylaxis and clinical data among healthcare professionals [8] Company Strategy and Development Direction - The company is focused on ensuring a successful commercial launch of ANNAFILM in Q1 2026 if approved by the FDA, with a strong emphasis on building a capable marketing team and increasing awareness among healthcare providers [6][7] - The company plans to leverage existing payer contracts established during the marketing of Libervant to facilitate the launch of ANNAFILM [9][10] - The company aims to strengthen its balance sheet through potential ex-US out-licensing of ANNAFILM and refinancing its debt [16][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to weather economic uncertainties and supply chain risks, noting minimal risk to price or supply volatility [20] - The company is actively engaging with the FDA regarding the review of its application and is prepared for an advisory committee meeting if required [18][22] - Management acknowledged the passing of a key team member and emphasized the importance of continuing the development of ANNAFILM in his memory [21] Other Important Information - The company has revised its full-year 2025 financial guidance, now expecting total revenue of $44 million to $50 million and a non-GAAP adjusted EBITDA loss of $47 million to $51 million [28][29] - The company will not hire sales representatives until it receives FDA approval for ANNAFILM, focusing on preparatory work in the meantime [92][93] Q&A Session Summary Question: Update on commercial readiness efforts for ANNAFILM - The company is well-prepared for CMC manufacturing scale-up and has plans in place for product readiness on day one [31][32] Question: Goals for hiring a field force for ANNAFILM - The company plans to start with around 50 sales representatives targeting top epinephrine prescribers, including allergists and pediatricians [33] Question: Key goals in interacting with payers for ANNAFILM - The company aims for 80% coverage by the end of the first six months post-launch, aligning with the back-to-school season [37] Question: Learnings from the launch of Nephi - The company sees market expansion as critical and expects the market to double over the coming years [41][44] Question: Potential for an advisory committee meeting - The company is hopeful to know about an AdCom by day 74 of the review process, but it is at the FDA's discretion [97] Question: Awareness of ANNAFILM with providers - The company has conducted over 1,000 interviews and is actively engaging with healthcare providers to increase awareness [60] Question: Cash needed for the launch of ANNAFILM - The company has multiple paths to finance the launch and will not hire sales reps until approval is received [92][93]

Core Viewpoint - Aquestive Therapeutics reported a significant decline in revenue and earnings for the quarter ended March 2025, indicating potential challenges in financial performance and market expectations [1][3]. Revenue Performance - Total revenue for the quarter was $8.72 million, a decrease of 27.6% compared to the same period last year, and a miss of 28.14% against the Zacks Consensus Estimate of $12.14 million [1]. - Revenue from manufacturing and supply was $7.19 million, falling short of the three-analyst average estimate of $10.07 million, representing a year-over-year decline of 31.6% [4]. - License and royalty revenue amounted to $0.79 million, compared to the average estimate of $1.68 million, reflecting a year-over-year decrease of 30.2% [4]. - Co-development and research fees were reported at $0.42 million, slightly above the two-analyst average estimate of $0.40 million, showing a year-over-year increase of 3.7% [4]. Earnings Performance - The earnings per share (EPS) for the quarter was -$0.24, compared to -$0.17 in the same quarter last year, indicating a worsening in profitability [1]. - The EPS surprise was -41.18% against the consensus estimate of -$0.17 [1]. Stock Performance - Over the past month, shares of Aquestive Therapeutics have returned +13%, outperforming the Zacks S&P 500 composite's +3.8% change [3]. - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3].