Aquestive Therapeutics Stock Dips After-Hours On Q4 Miss — Retail Eyes Silver Linings

Aquestive Therapeutics, Inc.'s stock fell over 5% in after-hours trading on Wednesday following weaker-than-expected fourth-quarter results. However, retail investors maintained a po1sitive outlook on the company's long-term prospects.

The company posted a fourth-quarter loss of $0.19 per share, missing consensus estimates of a $0.13 loss, while revenue of $11.87 million fell short of the expected $13.11 million. 

Aquestive said the revenue decline was partly due to a one-time deferred revenue recognition in 2024 related to the termination of certain licensing and supply agreements.

The company specializes in oral film drug delivery technology under its PharmFilm platform, which enables medication administration via buccal, sublingual, or lingual routes. 

Among its key pipeline assets is Anaphylm, which treats severe Type 1 allergic reactions, including anaphylaxis. 

"We are thrilled to announce today the start of our Anaphylm application process with the FDA. We anticipate completing this process in Q1 2025 and achieving the FDA acceptance milestone by the end of Q2 2025," said CEO Daniel Barber.

The company is also advancing AQST-108, an epinephrine topical gel for alopecia areata, into a Phase 2a clinical trial. 

For 2025, Aquestive provided revenue guidance in the range of $47 million to $56 million, compared to Wall Street's consensus estimate of $52.97 million. 

The company also projected a non-GAAP adjusted EBITDA loss of $46 million to $53 million. This reflects pre-commercial spending for Anaphylm, regulatory submission costs, and continued commercialization efforts for Libervant, its FDA-approved orally administered rescue treatment for seizure episodes in children aged 2 to 5. 

Aquestive noted potential demand erosion for Suboxone, its opioid addiction treatment.

Ahead of the earnings release, sentiment on Stocktwits was bullish, with retail traders continuing to express optimism late Wednesday. 

One user pointed to Aquestive's full-year 2024 revenue increasing to $57.5 million from $50.6 million in 2023 but admitted that increased spending and the company tapping its at-the-market (ATM) facility were negatives. 

"We should be fully recovered from the earnings crash after the two major conferences next week," they added.

Another user highlighted the company's strengthened cash position — which stood at approximately $93 million as of Dec. 31 — and pointed to Leerink's $13 price target, expectations for a late 2026 Anaphylm launch, and the upcoming AQST-108 Phase 2a trial as positives.

Aquestive's stock remains down more than 22% year-to-date. 

According to Koyfin data, all nine analysts covering the stock rate it as a 'buy' or 'strong buy.’

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