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Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. We are developing pharmaceutical products to deliver complex molecules through administrations that are alternatives to invasive and inconvenient standard of care therapies.
The business is unprofitable at the operating level (-159.50% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 22.6% YoY. Margins deteriorated 106.0pp alongside, both lines moving the wrong way.
ROIC dropped from -47.85% to -111.47%, capital efficiency is deteriorating. Negative free cash flow of -$53M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$50M
▼ -22.6% YoY
Net Income (TTM)
-$69M
▼ -89.8% YoY
Op. Margin
-111.18%
▼ -106.0pp YoY
ROIC
-88.20%
▼ -63.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$44M
▼ -47.5% YoY
Op. Cash Flow (TTM)
-$44M
▼ -46.6% YoY
Net Debt
-$61M
Net Cash Position
Cash & Equiv.
$111M
5Y CAGR: -0.6%
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