Aquestive Therapeutics, Inc. (AQST) Balance Sheet
AQST balance sheet, 2025
December 31, 2025 · U.S. dollars$160.4M assets = $194.1M liabilities + −$33.7M equity
Liabilities exceed assets: shareholders’ equity is negative (−$33.7M).
Both columns are drawn to the same scale: what AQST owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AQST financial health
Descriptive bands, not a rating. Fiscal 2025.
AQST balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $39.4M2016 | $160.4M2025 | +16.9%/yr | |
| Total liabilities | $57.0M2016 | $194.1M2025 | +14.6%/yr | |
| Shareholders’ equity | −$17.6M2016 | −$33.7M2025 | — | |
| Cash & short-term investments | $9.2M2016 | $121.2M2025 | +33.2%/yr | |
| Total debt | $116.9M2016 | $131.4M2025 | +1.3%/yr | |
| Net cash (debt) | −$107.7M2016 | −$10.3M2025 | +$97.4M | |
| Working capital | $12.5M2016 | $101.7M2025 | +$89.1M | |
| Book value per share | −$0.242019 | −$0.282025 | — | |
| Current ratio | 2.162016 | 3.142025 | +0.98 | |
| Shares outstanding | 25.4M2019 | 122.0M2025 | +29.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AQST assets
AQST liabilities and equity
AQST debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AQST balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $121.2M | $71.5M | $23.9M | $27.3M | $28.0M | $31.8M | $49.3M | $60.6M | $17.4M | $9.2M |
| Cash & equivalents | $121.2M | $71.5M | $23.9M | $27.3M | $28.0M | $31.8M | $49.3M | $60.6M | $17.4M | $9.2M |
| Receivables | $17.8M | $7.3M | $8.5M | $4.7M | $12.1M | $7.0M | $13.1M | $6.5M | $6.2M | $10.8M |
| Inventory | $6.2M | $6.0M | $6.8M | $5.8M | $4.0M | $2.5M | $2.9M | $5.4M | $4.0M | $2.9M |
| Other current assets | $4.2M | $3.3M | $1.9M | $2.1M | $3.1M | $3.4M | $3.0M | $1.7M | $591,000 | $420,000 |
| Total current assets | $149.3M | $88.2M | $41.0M | $39.9M | $47.3M | $44.6M | $68.3M | $74.2M | $28.2M | $23.3M |
| Property, plant & equipment (net) | $8.5M | $9.0M | $9.7M | $9.3M | $7.8M | $10.3M | $9.7M | $12.2M | $13.5M | $15.1M |
| Goodwill & intangible assets | $0 | $0 | $1.3M | $1.4M | $51,000 | $102,000 | $439,000 | $204,000 | $254,000 | $305,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6,000 | $0 |
| Other non-current assets | $2.6M | $4.2M | $5.4M | $6.5M | $6.9M | $7.8M | $0 | $239,000 | $1.2M | $630,000 |
| Total assets | $160.4M | $101.4M | $57.4M | $57.1M | $62.0M | $62.9M | $78.5M | $86.9M | $43.1M | $39.4M |
| Liabilities | ||||||||||
| Accounts payable | $29.9M | $10.3M | $8.9M | $9.9M | $8.3M | $7.1M | $12.3M | $20.4M | $9.6M | $6.6M |
| Short-term debt | $11.6M | $536,000 | $412,000 | $19.0M | $2.9M | $3.3M | — | $4.6M | $340,000 | $38.6M |
| Deferred revenue | $1.1M | $1.0M | $1.6M | $1.5M | $765,000 | $693,000 | $806,000 | $721,000 | $1.3M | $802,000 |
| Total current liabilities | $47.6M | $18.9M | $18.3M | $39.5M | $22.0M | $21.1M | $18.6M | $33.0M | $15.3M | $10.8M |
| Long-term debt | $27.5M | $32.5M | $27.5M | $33.4M | $51.6M | $34.3M | $60.3M | $42.6M | $87.6M | $78.3M |
| Lease obligations | $5.0M | $5.5M | $5.8M | $3.9M | $2.8M | $3.6M | — | — | — | — |
| Other long-term liabilities | $119.0M | $110.2M | $118.1M | $102.6M | $70.6M | $55.9M | $5.7M | $1.2M | $0 | $0 |
| Total liabilities | $194.1M | $161.6M | $163.9M | $175.6M | $144.1M | $111.4M | $84.6M | $76.8M | $69.6M | $57.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $122,000 | $91,000 | $69,000 | $55,000 | $41,000 | $35,000 | $34,000 | $25,000 | $12.7M | $11.2M |
| Retained earnings (deficit) | −$447.0M | −$363.2M | −$319.1M | −$311.2M | −$256.8M | −$186.3M | −$130.5M | −$61.4M | −$120.1M | −$108.7M |
| Accumulated other comprehensive income | — | — | — | — | — | — | −$38.0M | −$35.2M | −$32.0M | −$28.3M |
| Total shareholders' equity | −$33.7M | −$60.2M | −$106.5M | −$118.6M | −$82.1M | −$48.5M | −$6.1M | $10.1M | −$26.5M | −$17.6M |
| Key figures | ||||||||||
| Total debt | $131.4M | $38.0M | $33.3M | $57.5M | $56.4M | $40.5M | $60.3M | $47.2M | $87.9M | $116.9M |
| Net cash (debt) | −$10.3M | $33.5M | −$9.4M | −$30.2M | −$28.4M | −$8.7M | −$11.0M | $13.4M | −$70.6M | −$107.7M |
| Working capital | $101.7M | $69.4M | $22.7M | $360,000 | $25.3M | $23.5M | $49.8M | $41.2M | $12.8M | $12.5M |
| Tangible book value | −$33.7M | −$60.2M | −$107.8M | −$120.0M | −$82.2M | −$48.6M | −$6.6M | $9.9M | −$26.7M | −$17.9M |
| Book value per share | −$0.28 | −$0.69 | −$1.74 | −$2.43 | −$2.16 | −$1.44 | −$0.24 | — | — | — |
| Shares outstanding | 122.0M | 86.7M | 61.3M | 48.7M | 38.1M | 33.7M | 25.4M | — | — | — |
| Current ratio | 3.14 | 4.68 | 2.24 | 1.01 | 2.15 | 2.11 | 3.68 | 2.25 | 1.83 | 2.16 |
| Quick ratio | 2.92 | 4.18 | 1.77 | 0.81 | 1.83 | 1.84 | 3.37 | 2.04 | 1.53 | 1.85 |
| Debt / equity | — | — | — | — | — | — | — | 4.68 | — | — |
| Equity / assets | −21.0% | −59.3% | −185.5% | −207.7% | −132.5% | −77.1% | −7.8% | 11.6% | −61.5% | −44.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $98.5M | $110.7M | $121.2M | $129.1M | $60.5M | $68.7M | $71.5M | $77.9M | $89.9M | $95.2M | $23.9M | $24.9M |
| Cash & equivalents | $98.5M | $110.7M | $121.2M | $129.1M | $60.5M | $68.7M | $71.5M | $77.9M | $89.9M | $95.2M | $23.9M | $24.9M |
| Receivables | $9.3M | $6.9M | $17.8M | $11.8M | $11.9M | $10.4M | $7.3M | $9.7M | $6.0M | $8.3M | $8.5M | $8.6M |
| Inventory | $7.4M | $8.1M | $6.2M | $7.9M | $8.1M | $7.2M | $6.0M | $7.0M | $7.0M | $7.7M | $6.8M | $7.1M |
| Other current assets | $3.3M | $4.5M | $4.2M | $2.9M | $1.2M | $2.9M | $3.3M | $2.0M | $1.2M | $2.1M | $1.9M | $1.9M |
| Total current assets | $118.5M | $130.2M | $149.3M | $151.7M | $81.7M | $89.2M | $88.2M | $96.6M | $104.0M | $113.4M | $41.0M | $42.5M |
| Property, plant & equipment (net) | $11.9M | $8.3M | $8.5M | $8.7M | $8.8M | $8.8M | $9.0M | $9.2M | $9.4M | $9.5M | $9.7M | $10.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.2M | $1.3M | $1.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.7M | $2.6M | $2.6M | $3.2M | $3.2M | $4.2M | $4.2M | $4.2M | $4.2M | $5.4M | $5.4M | $5.5M |
| Total assets | $132.1M | $141.1M | $160.4M | $163.6M | $93.7M | $102.2M | $101.4M | $110.0M | $117.6M | $129.5M | $57.4M | $59.4M |
| Liabilities | ||||||||||||
| Accounts payable | $9.0M | $11.9M | $29.9M | $10.9M | $12.0M | $12.3M | $10.3M | $7.6M | $5.7M | $10.5M | $8.9M | $10.0M |
| Short-term debt | $820,000 | $15.3M | $11.6M | $8.5M | $3.7M | $567,000 | $536,000 | $507,000 | $479,000 | $437,000 | $412,000 | $5.0M |
| Deferred revenue | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.0M | $1.0M | $1.0M | $1.0M | $1.6M | $1.6M | $2.6M |
| Total current liabilities | $16.5M | $31.8M | $47.6M | $25.6M | $23.2M | $18.3M | $18.9M | $15.2M | $13.9M | $18.1M | $18.3M | $24.1M |
| Long-term debt | $50.7M | $25.1M | $27.5M | $29.9M | $31.8M | $33.7M | $32.5M | $31.3M | $30.0M | $28.8M | $27.5M | $34.6M |
| Lease obligations | $8.3M | $4.8M | $5.0M | $5.1M | $5.2M | $5.4M | $5.5M | $5.6M | $5.7M | $5.7M | $5.8M | $5.9M |
| Other long-term liabilities | $121.6M | $118.3M | $119.0M | $112.2M | $111.3M | $111.1M | $110.2M | $109.0M | $109.2M | $119.0M | $118.1M | $103.8M |
| Total liabilities | $188.7M | $175.2M | $194.1M | $167.7M | $166.3M | $163.2M | $161.6M | $155.4M | $153.1M | $165.8M | $163.9M | $162.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $126,000 | $124,000 | $122,000 | $121,000 | $99,000 | $99,000 | $91,000 | $91,000 | $91,000 | $90,000 | $69,000 | $67,000 |
| Retained earnings (deficit) | −$477.9M | −$455.1M | −$447.0M | −$415.1M | −$399.7M | −$386.1M | −$363.2M | −$346.2M | −$334.6M | −$331.9M | −$319.1M | −$311.0M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | — | — |
| Total shareholders' equity | −$56.6M | −$34.1M | −$33.7M | −$4.1M | −$72.6M | −$60.9M | −$60.2M | −$45.4M | −$35.5M | −$36.3M | −$106.5M | −$102.9M |
| Key figures | ||||||||||||
| Total debt | $59.0M | $133.6M | $131.4M | $128.9M | $40.3M | $39.1M | $38.0M | $36.9M | $35.7M | $34.5M | $33.3M | $45.0M |
| Net cash (debt) | $39.5M | −$22.8M | −$10.3M | $200,999 | $20.3M | $29.5M | $33.5M | $41.0M | $54.1M | $60.7M | −$9.4M | −$20.1M |
| Working capital | $102.0M | $98.4M | $101.7M | $126.1M | $58.6M | $70.9M | $69.4M | $81.4M | $90.1M | $95.3M | $22.7M | $18.4M |
| Tangible book value | −$56.6M | −$34.1M | −$33.7M | −$4.1M | −$72.6M | −$60.9M | −$60.2M | −$45.4M | −$35.5M | −$37.5M | −$107.8M | −$104.2M |
| Book value per share | −$0.45 | −$0.28 | −$0.28 | −$0.04 | −$0.73 | −$0.64 | −$0.66 | −$0.50 | −$0.39 | −$0.49 | −$1.55 | −$1.59 |
| Shares outstanding | 125.0M | 122.6M | 122.0M | 110.6M | 99.3M | 95.5M | 91.2M | 91.1M | 90.9M | 73.6M | 68.5M | 64.7M |
| Current ratio | 7.19 | 4.10 | 3.14 | 5.93 | 3.53 | 4.87 | 4.68 | 6.37 | 7.49 | 6.28 | 2.24 | 1.76 |
| Quick ratio | 6.54 | 3.70 | 2.92 | 5.51 | 3.13 | 4.32 | 4.18 | 5.78 | 6.90 | 5.73 | 1.77 | 1.39 |
| Equity / assets | −42.8% | −24.1% | −21.0% | −2.5% | −77.5% | −59.6% | −59.3% | −41.3% | −30.2% | −28.0% | −185.5% | −173.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 4, 2026); data from EODHD.
AQST financial position
At the end of fiscal 2025 (December 31, 2025), Aquestive Therapeutics had total assets of $160.4 million (up 58.2% from a year earlier), total liabilities of $194.1 million and shareholders' equity of -$33.7 million. It held $121.2 million in cash and short-term investments against $131.4 million of debt, net debt of $10.3 million. Its current ratio was 3.14. In the latest quarter (ended June 30, 2026) total assets were $132.1 million and equity -$56.6 million.
Related: AQST income statement, AQST cash flow statement, AQST key metrics. See the AQST stock overview for the latest quote and news.
AQST balance sheet FAQ
What are Aquestive Therapeutics's total assets?
Aquestive Therapeutics reported total assets of $160.4 million at the end of fiscal 2025 (December 31, 2025), compared with $101.4 million a year earlier.
How much debt does Aquestive Therapeutics have?
Aquestive Therapeutics had $131.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Aquestive Therapeutics have?
Aquestive Therapeutics held $121.2 million in cash and short-term investments at the end of fiscal 2025; with $131.4 million of debt that is net debt of $10.3 million.
What is Aquestive Therapeutics's book value?
Aquestive Therapeutics's shareholders' equity (book value) was -$33.7 million at the end of fiscal 2025, or −$0.28 per share.
What is Aquestive Therapeutics's current ratio?
Aquestive Therapeutics had current assets of $149.3 million and current liabilities of $47.6 million, a current ratio of 3.14 (it can cover its short-term obligations).