
• Reported GAAP EPS of -$0.26 down -36.84% YoY • Reported revenue of $13.02M up 9.67% YoY • Aquestive Therapeutics guides to full year 2026 total revenue of $46M to $50M and a Non-GAAP adjusted EBITDA loss of $35M to $30M, while reaffirming Anaphylm NDA resubmission in Q3 2026.
Bullish
Aquestive Therapeutics reported increased Q4 2025 revenues driven by manufacturing, advanced AQST-108 development with FDA support, and is strategically positioned for Anaphylm's global approval and launch.
Bearish
Aquestive Therapeutics faces Anaphylm NDA resubmission delays due to FDA deficiencies and Libervant's market access is restricted by orphan drug exclusivity, contributing to a higher net loss for the full year 2025.