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Mar 31, 2025
Aquestive Q1 2025 Earnings Report
Aquestive reported lower revenues and a wider net loss in Q1 2025, as the company shifted focus toward its Anaphylm launch preparation.
Key Takeaways
Aquestive Therapeutics generated $8.7 million in revenue for Q1 2025, down 28% year-over-year, due to declines in manufacturing and license revenues. The company intensified its commercial readiness efforts for Anaphylm and reduced non-core development activities.
Revenue fell to $8.7 million in Q1 2025 from $12.1 million a year earlier, driven by lower manufacturing and licensing income.
Net loss widened to $22.9 million, up from $12.8 million in Q1 2024, mainly due to increased SG&A expenses.
Non-GAAP adjusted EBITDA loss reached $17.6 million, compared to $7.2 million last year.
Cash and cash equivalents stood at $68.7 million at the end of Q1 2025, with the company reaffirming its launch plans for Anaphylm in early 2026.
Forward Guidance
Aquestive revised its full-year 2025 guidance downward due to Libervant's regulatory delay and reallocation of resources toward Anaphylm.
Positive Outlook
- NDA for Anaphylm submitted; FDA acceptance decision expected Q2 2025.
- Commercial launch of Anaphylm planned for Q1 2026, subject to approval.
- Expanded market access and medical affairs teams in place.
- Strong demand continued for Libervant among 2–5-year-olds despite pause in broader sales.
- Cash reserves of $68.7M support near-term operations and launch prep.
Challenges Ahead
- Total revenue guidance lowered from $47–56M to $44–50M.
- Paused marketing of Libervant following change in regulatory approval status.
- Net loss and SG&A expenses significantly increased YoY.
- Adjusted EBITDA loss widened materially versus Q1 2024.
Historical Earnings Impact
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