Aquestive Q2 Revenue Jumps 38%, Anaphylm NDA Resubmission on Track for Q3
AQST sits 44% above its 52-week low of $2.93 on elevated volume (2.9× avg).
Summary
Aquestive reported Q2 2026 revenue of $13.8M, up 38% year-over-year, and confirmed Anaphylm NDA resubmission remains on track for Q3 2026 after completing required studies. Cash of $98.5M plus $95M in contingent financing supports a potential launch.
Key Events · Earnings and Guidance · AQST
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Q2 Revenue Up 38%
Total revenues rose to $13.8M from $10.0M in Q2 2025, driven by higher manufacturing and supply revenue ($11.9M) and license/royalty revenue ($1.3M).
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Anaphylm NDA Resubmission on Track
Completed human factors validation and PK studies; NDA resubmission planned for Q3 2026, with Canadian filing in Q4 2026 and EU filing in Q1 2027.
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Cash Position and Contingent Financing
Cash and cash equivalents of $98.5M as of June 30, 2026, plus anticipated $75M from RTW and $20M from Oak Tree upon Anaphylm approval, providing launch runway.
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Full-Year Guidance Reaffirmed
2026 outlook unchanged: total revenue $46-$50M, non-GAAP adjusted EBITDA loss $35-$30M.
Analysis · AQST · Life Sciences
Aquestive delivered a strong quarter with revenue up 38% to $13.8M, driven by manufacturing and royalty growth. The company completed the required human factors and PK studies for Anaphylm, keeping the NDA resubmission on schedule for Q3 2026 — a critical catalyst. Cash of $98.5M plus $95M in anticipated milestone-linked financing provides runway through a potential launch. The one-time $11.7M debt extinguishment loss masks underlying operating improvement, with non-GAAP adjusted EBITDA loss narrowing to $5.2M from $9.3M a year ago. Full-year guidance was reaffirmed.
At the time of this filing, AQST was trading at $4.22 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $553.3M. The 52-week trading range was $2.93 to $7.55. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.