Aquestive Q2 Revenue Jumps 38% to $13.8M, Anaphylm NDA Resubmission on Track for Q3
AQST sits 48% 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 a net loss of $22.9M. The company refinanced its debt with a new $150M Oaktree facility and confirmed the Anaphylm NDA resubmission is expected in Q3 2026.
Key Events · Earnings and Guidance · AQST
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Q2 Revenue Up 38% to $13.8M
Revenue increased to $13.8M from $10.0M in Q2 2025, driven by higher Suboxone manufacturing and a $5M royalty from Zevra's Azstarys sale.
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Net Loss Widens on Debt Extinguishment
Net loss was $22.9M vs $13.5M a year ago, primarily due to an $11.7M non-cash loss on extinguishing the 13.5% Notes — a one-time accounting charge from the refinancing.
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Cash Position Strengthened by Oaktree Loan
Cash and equivalents stood at $98.5M as of June 30, 2026, after drawing $55M from a new $150M term loan facility with Oaktree and repaying the old $45M notes.
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Anaphylm NDA Resubmission on Track for Q3 2026
Following positive human factors and PK study results announced August 10, the company expects to resubmit the Anaphylm NDA in Q3 2026 and request accelerated review.
Analysis · AQST · Life Sciences
Aquestive's Q2 2026 results show strong revenue growth driven by higher Suboxone manufacturing and a $5M royalty from Zevra's Azstarys sale. The net loss widened to $22.9M, largely due to an $11.7M non-cash loss on extinguishing the old 13.5% Notes — a one-time accounting hit from the refinancing, not an operational deterioration. The company ended the quarter with $98.5M in cash, bolstered by a new $55M Oaktree term loan, and confirmed the Anaphylm NDA resubmission remains on schedule for Q3 2026. The balance sheet restructuring and clinical progress are positive, but the ongoing losses and dilutive financing overhang keep this at a notable but not critical level.
At the time of this filing, AQST was trading at $4.35 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 neutral market sentiment and an importance score of 7 out of 10.