Aquestive Therapeutics Reports Third Quarter 2020 Financial Results and Provides Business Update Nasdaq:AQST


  • Sympazan (clobazam) continues to satisfy key efficiency metrics and market penetration
  • FDA Sort A gathering for Libervant (diazepam) Buccal Movie scheduled for November 12, 2020
  • Accomplished dosing in Section 1 Pharmacokinetic (PK) trial for AQST-108 (epinephrine)
  • Execution of monetization settlement offering as much as $125 million for royalty rights in KYNMOBI (apomorphine HCI)
  • Updates full yr 2020 monetary steerage, enhancing its outlook for income and adjusted loss earlier than curiosity, taxes, depreciation and amortization
  • Hosts convention name at 8:00 a.m. ET on November 5, 2020

WARREN, N.J., Nov. 04, 2020 (GLOBE NEWSWIRE) — Aquestive Therapeutics, Inc. (NASDAQ:AQST), a pharmaceutical firm centered on creating and commercializing differentiated merchandise that tackle sufferers unmet wants and remedy therapeutic issues, at present reported monetary outcomes for the third quarterendedSeptember 30, 2020and offered an replace on latest developments in its enterprise.

Amidst the unprecedented uncertainty of the COVID-19 pandemic, our Firm has made progress this quarter in advancing our CNS product portfolio and different vital therapeutics in our product pipeline, highlighted by the completion of dosing in a Section 1 pharmacokinetic trial for our product candidate AQST-108, a first of its form oral sublingual movie formulation delivering systemic epinephrine, and we’re on observe to evaluate the validity and high quality of that knowledge within the coming weeks, mentioned Keith J. Kendall, President and Chief Government Officer of Aquestive. Importantly, we’re advancing our lead product candidate, Libervant (diazepam) Buccal Movie for the administration of seizure clusters, by means of the approval course of with the Meals and Drug Administration (FDA). We acquired affirmation from the FDA that, after submitting our assembly bundle this previous October, a evaluation assembly with the Company is about for November 12, 2020. We look ahead to working with the FDA in looking for suggestions and readability on the pathway for approval of Libervant. Furthermore, the KYNMOBI royalty monetization transaction, which was signed this week and is predicted to shut and fund later this month, supplies the Firm with substantial capital to help our key scientific and business initiatives and cut back our senior debt, concluded Mr. Kendall.

Regardless of limitations on supplier in-person interactions attributable to the COVID-19 pandemic, the Firms proprietary product Sympazan (clobazam), an oral movie for the remedy of seizures related to Lennox-Gastaut syndrome, continues to satisfy key efficiency metrics. Cargo quantity sequentially quarter over quarter has grown 18% and by 130% over the identical interval final yr. Through the third quarter 2020, Sympazan noticed continued progress within the prescriber base, approaching 700 healthcare suppliers, which represents over 26% penetration into the Firms centered group of prescribers, with over 77% of these prescribers writing a number of scripts. Sympazan web income grew 102% for the three month interval ended September 30, 2020 versus the identical interval final yr, and 86% for the 9 month interval ended September 30, 2020 versus the identical interval final yr. Sympazan presently has over 72% of business lives lined and an 82% protection of State Medicaid areas. Given the substantial overlap of prescribers, Sympazan is strategically undertaking what was supposed when it was developed and launched final yr, to construct an vital basis for a profitable launch of Libervant, if accepted by the FDA for U.S. market entry.

As indicated within the Firms investor name on September 25, 2020, the Firm submitted in October the info and data it believes addresses the FDAs considerations expressed within the FDAs Full Response Letter referring to Libervant. The Firm acquired affirmation that the FDA agreed to a Sort A gathering with the Firm to be held on November 12, 2020. A Sort A gathering is granted for candidate medicine on maintain to debate impeding points and a path ahead for approval. Primarily based on the info and data submitted to the FDA, the Firm doesn’t consider at the moment that additional scientific research are essential. At that assembly, the Firm expects to debate the data submitted within the October 2020 assembly bundle and to hunt to verify the pathway for approval and suggest the speedy resubmission of the NDA for Libervant. If the FDA agrees with the Firms proposal, then the Firm plans on resubmitting the NDA earlier than the top of the yr. If the FDA doesn’t agree with the Firms proposal, then the Firm will search to grasp the most effective path ahead for resubmission and approval. The Firm will replace the market concerning the FDAs feedback, the Firms plans for resubmitting the NDA, and the potential vary of PDUFA dates for Libervant as soon as assembly minutes are finalized.

After receiving Quick Monitor Designation from the FDA for AQST-108, the Firm accomplished enrollment and dosing of 28 wholesome volunteers in a Section 1 pharmacokinetic (PK) trial for AQST-108 in October 2020. The trial includes a four-treatment crossover design evaluating the pharmacokinetics and pharmacodynamics of AQST-108, 0.Three mg of epinephrine subcutaneous injection (subQ), 0.Three mg of epinephrine intramuscular (IM) injection, and 0.5 mg epinephrine subQ. The research contains secondary endpoints for modifications in blood strain and coronary heart charge. The Firm is on observe to evaluate the validity and high quality of that knowledge within the coming weeks. The Firm believes that AQST-108, if accepted by the FDA, would be the first orally administered epinephrine-based rescue treatment for this affected person inhabitants.

As beforehand introduced, this week the Firm signed a monetization settlement for as much as $125 million for its worldwide royalty rights in KYNMOBI (apomorphine HCI) sublingual movie for the acute, intermittent remedy of OFF episodes in sufferers with Parkinsons illness, which acquired approval from the FDA on Could 21, 2020. The Firm expects to shut and fund the monetization transaction later this month. Beneath the phrases of the monetization settlement, the Firm will obtain at closing of the transaction $40 million and is eligible to obtain as much as the extra $85 million of contingent funds at varied factors, starting as early because the fourth quarter of 2020, primarily based on the achievement of worldwide royalty targets and sure different business milestones. This contains as much as $25 million doubtlessly accessible between now and mid-2022. The online proceeds of the transaction can be used to repay sure senior notes and fund the Firms ongoing improvement and commercialization of its proprietary product and pipeline candidates, in addition to for working capital functions. In reference to the monetization transaction, the Firm will repay $22.5 million of its senior notes and challenge $4.Zero million of recent senior notes in lieu of paying a prepayment premium on the early compensation of the senior notes, bringing the Firms excellent senior debt from $70 million to $51.5 million, and lowering the principal and curiosity obligations beneath the senior be aware debt facility sooner or later.

ThirdQuarter 2020Financials
Whole revenues had been $8.Three million within the third quarter 2020, in comparison with $12.Four million within the third quarter 2019. This year-over-year lowermirrored decrease Suboxone manufacture and provide income, in addition to decrease license and royalty income, offset partially by progress in Sympazan income. Aquestive noticed income progress within the third quarter 2020 in comparison with the prior yr interval of 102% forSympazan, the primary of its proprietary merchandise to be launched.

Aquestivesweb loss for the third quarter 2020 was $16.6 million, or $0.49loss per share. The online loss for the third quarter 2019 was $18.4million, or $0.74loss per share.The change in web loss was pushed by decrease income and reductions in prices and bills, primarily in manufacture and provide expense reflecting the decrease quantity of manufacturing within the third quarter 2020, in comparison with thethird quarter 2019. As well as, the third quarter of 2019 included a $4.9 million loss on extinguishment of debt.

Non GAAP adjusted loss earlier than curiosity, taxes, depreciation and amortization, share-based compensation and different changes (adjustedEBITDA loss) was $11.6 million within the thirdquarter2020, in comparison with $8.Four million of losses within the comparable prior interval. The year-over-year change inadjustedEBITDAloss waspushed primarily bydecrease income partially offset by reductions in prices and bills, primarily in manufacture and provide bills, within the third quarter 2020, in comparison with the third quarter 2019.

As ofSeptember 30, 2020, money and money equivalents had been $17.1million.

2020 Outlook
Aquestive is updating its full yr 2020 monetary outlook. The Firms full yr steerage doesn’t embrace the accounting for the monetization of the KYNMOBI royalty stream.

The Firm expects:

  • Whole revenues of roughly $42 million to $46 million
  • Non-GAAP adjusted gross margins of roughly 70% to 75% on complete revenues
  • Non-GAAP adjusted EBITDA lack of roughly $38 million to $42 million
  • Money burn of roughly $45 million to $50 million

The novel coronavirus pandemic continues to evolve and the extent to which it might influence Aquestives ongoing and future enterprise operations, monetary outcomes and assets, or the success of the Firms business and candidate merchandise, together with Libervant, will rely upon future developments that are unsure.

Tomorrows Convention Name and Webcast Reminder
The Firm will host a convention name at 8:00 a.m. ET on Thursday, November 5, 2020. Traders and analysts could take part within the convention name by dialing (866) 417-5886 from the U.S. and (409) 217-8235 internationally, adopted by the convention ID: 8266119.

There can even be a simultaneous, stay webcast accessible on the Traders part of the Firms web site at https://buyers.aquestive.com/events-and-presentations. The webcast can be archived for 30 days.

About Aquestive Therapeutics
Aquestive Therapeutics is a pharmaceutical firm that applies progressive expertise to unravel therapeutic issues and enhance medicines for sufferers. The Firm has commercialized one internally-developed proprietary product so far, Sympazan, has a business proprietary product pipeline centered on the remedy of ailments of the central nervous system, or CNS, and different unmet wants, and is creating orally administered complicated molecules to supply options to invasively administered normal of care therapies. The Firm additionally collaborates with different pharmaceutical firms to carry new molecules to market utilizing proprietary, best-in-class applied sciences, like PharmFilm, and has confirmed capabilities for drug improvement and commercialization.

Non-GAAP Monetary Data
This press launch and our webcast earnings name concerning our quarterly monetary outcomes accommodates monetary measures that don’t adjust to U.S. typically accepted accounting ideas (GAAP), akin to Adjusted EBITDA loss, non-GAAP adjusted gross margins, non-GAAP adjusted prices and bills and different adjusted expense measures, as a result of such measures exclude, as relevant, share-based compensation, curiosity expense, curiosity earnings, depreciation, amortization, and earnings taxes.

Particularly, the Firm adjusts web earnings (loss) for loss on the extinguishment of debt; sure non-cash bills, together with share-based compensation bills; depreciation and amortization; and curiosity expense, curiosity earnings and earnings taxes, with a results of Adjusted EBITDA loss. Equally, manufacture and provide expense, analysis and improvement expense, and promoting, common and administrative expense had been adjusted for sure non-cash bills of share-based compensation expense and depreciation and amortization. Adjusted EBITDA loss and these non-GAAP expense classes are used as a complement to the corresponding GAAP measures to supply further perception concerning the Firms ongoing working efficiency.

These measures complement the Firms monetary outcomes ready in accordance with GAAP.Aquestiveadministration makes use of these measures to investigate its monetary outcomes, and its future manufacture and provide bills, gross margins, analysis and improvement expense and promoting, common and administrative expense and to assist make managerial choices. In administrations opinion, these non-GAAP measures present added transparency into the working efficiency ofAquestiveand added perception into the effectiveness of our working methods and actions. We could present a number of income measures adjusted for sure discrete gadgets, akin to charges collected on sure licensed merchandise, so as to present buyers added perception into our income stream and breakdown, together with offering our GAAP income. Such measures are supposed to complement, not act as substitutes for, comparable GAAP measures and shouldn’t be learn as a measure of liquidity forAquestive. Adjusted EBITDA loss and the opposite non-GAAP measures are additionally seemingly calculated in a method that isn’t corresponding to equally titled measures reported by different firms.

Non-GAAP Outlook
In offering outlook for non-GAAP adjusted EBITDA loss and non-GAAP gross margin, we exclude sure gadgets that are in any other case included in figuring out the comparable GAAP monetary measures.As a way to inform our outlook measures of non-GAAP adjusted EBITDA loss and non-GAAP gross margin, adescription of the 2019 and 2020 changes which have been relevant in figuring outnon-GAAPAdjusted EBITDAloss and non-GAAP gross marginfor theseintervalsaremirrored within the tablesbeneath. In offering outlook for non-GAAP gross margin, we modify for non-cash share-based compensation expense and depreciation and amortization. We’re offering such outlook solely on a non-GAAP foundation as a result of the Firm is unable to foretell with affordable certainty the totality or final end result or incidence of those changes for the forward-looking interval akin to share-based compensation expense, earnings tax, amortization, and sure different adjusted gadgets, which might be depending on future occasions that is probably not reliably predicted. Primarily based on previous reported outcomes, the place a number of of these things have been relevant, such excluded gadgets may very well be materials, individually or within the mixture, to reported outcomes.

Ahead-Trying Assertion
This press launch contains forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995. Phrases akin to consider, anticipate, plan, anticipate, estimate, intend, could, will, or the damaging of these phrases, and related expressions, are supposed to determine forward-looking statements. These forward-looking statements embrace, however should not restricted to, statements concerning therapeutic advantages and plans and targets for regulatory approvals of AQST-108 and Libervant; potential to deal with the considerations recognized within the FDAs Full Response Letter dated September 25, 2020 concerning the New Drug Software for Libervant and acquire FDA approval of Libervant for U.S. market entry; potential to acquire FDA approval and advance AQST-108, Libervant and our different product candidates to the market; about our progress and future monetary and working outcomes and monetary place; regulatory approval and pathway; scientific trial timing and plans; our and our rivals orphan drug approval and ensuing drug exclusivity for our merchandise or merchandise of our rivals; short-term and long-term liquidity and money necessities, money funding and money burn; enterprise methods, market alternatives, and different statements that aren’t historic info. These forward-looking statements are additionally topic to the unsure influence of the COVID-19 international pandemic on our enterprise together with with respect to our scientific trials together with website initiation, affected person enrollment and timing and adequacy of scientific trials; on regulatory submissions and regulatory critiques and approvals of our product candidates; pharmaceutical ingredient and different uncooked supplies provide chain, manufacture, and distribution; sale of and demand for our merchandise; our liquidity and availability of capital assets; buyer demand for our services; clients potential to pay for items and providers; and ongoing availability of an acceptable labor power and expert professionals. Given these uncertainties, the Firm is unable to supply assurance that operations might be maintained as deliberate previous to the COVID-19 pandemic. These forward-looking statements are primarily based on our present expectations and beliefs and are topic to a lot of dangers and uncertainties that would trigger precise outcomes to vary materially from these described within the forward-looking statements. Such dangers and uncertainties embrace, however should not restricted to, dangers related to the Firm’s improvement work, together with any delays or modifications to the timing, value and success of our product improvement actions and scientific trials and plans; threat of delays in FDA approval of Libervant and our different drug candidates or failure to obtain approval; threat of our potential to exhibit to the FDA scientific superiority throughout the that means of the FDA laws of our drug candidate Libervant relative to FDA-approved diazepam rectal gel and nasal spray merchandise together with by establishing a serious contribution to affected person care throughout the that means of FDA laws relative to the accepted merchandise in addition to dangers associated to different potential pathways or positions that are or could sooner or later be superior to the FDA to beat the seven yr orphan drug exclusivity granted by the FDA for the accepted nasal spray product of a competitor within the U.S. and there might be no assurance that we are going to achieve success; threat {that a} competitor obtains FDA orphan drug exclusivity for a product with the identical lively moiety as any of our different drug merchandise for which we’re looking for FDA approval and that such earlier accepted competitor orphan drug blocks such different product candidates within the U.S. for seven years for a similar indication; threat inherent in commercializing a brand new product (together with expertise dangers, monetary dangers, market dangers and implementation dangers and regulatory limitations); dangers for consummating the monetization transaction for KYNMOBI and different dangers and uncertainties in regards to the royalty and different income stream of KYNMOBI, achievement of royalty targets worldwide or in any jurisdiction and sure different business targets required for contingent funds beneath the monetization transaction, and of sufficiency of web proceeds of the monetization transaction after satisfaction of and compliance with 12.5% Senior Notes obligations, as relevant, and for funding the Firms operations; threat of improvement of our gross sales and advertising capabilities; threat of authorized prices related to and the end result of our patent litigation difficult third occasion in danger generic sale of our proprietary merchandise; threat of enough capital and money assets, together with entry to accessible debt and fairness financing and revenues from operations, to fulfill all of our short-term and long term money necessities and different money wants, on the occasions and within the quantities wanted; threat of failure to fulfill all monetary and different debt covenants and of any default; threat associated to authorities claims in opposition to Indivior for which we license, manufacture and promote Suboxone and which accounts for the substantial a part of our present working revenues; threat related to Indiviors cessation of manufacturing of its licensed generic buprenorphine naloxone movie product, together with the influence from lack of orders for the licensed generic product and threat of eroding market share for Suboxone and threat of sunsetting product; dangers associated to the outsourcing of sure advertising and different operational and workers capabilities to 3rd events; threat of the speed and diploma of market acceptance of our product and product candidates; the success of any competing merchandise, together with generics; threat of the scale and progress of our product markets; dangers of compliance with all FDA and different governmental and buyer necessities for our manufacturing amenities; dangers related to mental property rights and infringement claims referring to the Firm’s merchandise; threat of surprising patent developments; the influence of present and future laws and regulatory provisions on product exclusivity; laws or regulatory actions affecting pharmaceutical product pricing, reimbursement or entry; claims and dangers that will come up concerning the protection or efficacy of the Firm’s merchandise and product candidates; threat of lack of important clients; dangers associated to authorized proceedings, together with patent infringement, investigative and antitrust litigation issues; modifications in authorities legal guidelines and laws; threat of product remembers and withdrawals; uncertainties associated to common financial, political, enterprise, business, regulatory and market situations and different uncommon gadgets; and different uncertainties affecting the Firm described within the Threat Elements part and in different sections included in our Annual Report on Kind 10 Ok, in our Quarterly Experiences on Kind 10-Q, and in our Present Experiences on Kind 8-Ok filed with the Securities Trade Fee (SEC). Given these uncertainties, you shouldn’t place undue reliance on these forward-looking statements, which converse solely as of the date made. All subsequent forward-looking statements attributable to us or any individual performing on our behalf are expressly certified of their entirety by this cautionary assertion. The Firm assumes no obligation to replace forward-looking statements or outlook or steerage after the date of this press launch whether or not on account of new data, future occasions or in any other case, besides as could also be required by relevant legislation.

Further Data Concerning FDA Laws and Steering on
Main Contribution to Affected person Care
The FDAs response to the Firms Citizens Petition dated November 1, 2019 contains the next in discussing orphan drug exclusivity, together with pertinent elements that could be thought-about by the FDA in making a willpower of main contribution to affected person care for scientific superiority as: handy remedy location; period of remedy; affected person consolation; decreased remedy burden; advances in ease and luxury of drug administration; longer intervals between doses; and potential for self-administration:

Part 527 of the Federal Meals, Drug, and Beauty Act defines clinically superior to imply the drug supplies a major therapeutic benefit over and above an already accepted or licensed drug when it comes to larger efficacy, larger security, or by offering a serious contribution to affected person care. The orphan-drug laws elaborate on the definition of clinically superior as follows:

Clinically superior signifies that a drug is proven to supply a major therapeutic benefit over and above that offered by an accepted drug (that’s in any other case the identical drug) in a number of of the next methods:

Higher effectiveness than an accepted drug (as assessed by impact on a clinically significant endpoint in sufficient and nicely managed scientific trials). Typically, this may signify the identical sort of proof wanted to help a comparative effectiveness declare for 2 totally different medicine; typically, direct comparative scientific trials can be essential; or
Higher security in a considerable portion of the goal populations, for instance, by the elimination of an ingredient or contaminant that’s related to comparatively frequent adversarial results. In some circumstances, direct comparative scientific trials can be essential; or
In uncommon circumstances, the place neither larger security nor larger effectiveness has been proven, an indication that the drug in any other case makes a serious contribution to affected person care.

Due to the varied methods through which medicine could qualify as clinically superior beneath these standards, FDA evaluates scientific superiority on a case by case foundation. Particularly, with respect to the most important contribution to affected person care prong of the scientific superiority definition, the FDA has additional said:

There isn’t any technique to quantify such superiority in a common method. The quantity and sort of superiority wanted would differ relying on many elements, together with the character and severity of the illness or situation, the standard of the proof introduced, and various different elements;
and
The next elements, when relevant to extreme or life-threatening ailments, could in acceptable circumstances be considered when figuring out whether or not a drug makes a serious contribution to affected person care: handy remedy location; period of remedy; affected person consolation; decreased remedy burden; advances in ease and luxury of drug administration; longer intervals between doses; and potential for self-administration.

Though FDA approval for U.S. market entry can’t be assured, Aquestive stays dedicated to serving to epilepsy sufferers affected by seizure clusters by working to carry progressive merchandise to the market.

____________________________________________________________________________________
PharmFilm,Sympazan and theAquestiveemblem are registered logos ofAquestiveTherapeutics, Inc. All different registered logos referenced herein are the property of their respective homeowners.

SYMPAZAN IMPORTANT SAFETY INFORMATION
BOXED WARNING: RISKS FROM CONCOMITANT USE WITH OPIOIDS
Concomitant use of benzodiazepines and opioids could lead to profound sedation, respiratory melancholy, coma, and loss of life.

  • Reserve concomitant prescribing of those medicine to be used in sufferers for whom different remedy choices are insufficient.
  • Restrict dosages and durations to the minimal required.
  • Comply with sufferers for indicators and signs of respiratory melancholy and sedation.

CONTRAINDICATIONS
SYMPAZAN is contraindicated in sufferers with a historical past of hypersensitivity to the drug or its elements. Hypersensitivity reactions have included critical dermatological reactions.

WARNINGS AND PRECAUTIONS
Potentiation of Sedation from Concomitant Use with Central Nervous System (CNS) Depressants
SYMPAZAN has a CNS depressant impact. Warning sufferers and/or caregivers in opposition to simultaneous use with different CNS depressants or alcohol as the results of different CNS depressants or alcohol could also be potentiated.

Somnolence or Sedation
SYMPAZAN causes dose-related somnolence and sedation, which typically begins throughout the first month of remedy and should diminish with continued remedy. Monitor sufferers for somnolence and sedation, notably with concomitant use of different CNS depressants. Warning sufferers in opposition to participating in hazardous actions requiring psychological alertness, i.e., working harmful equipment or motor autos, till the impact of SYMPAZAN is thought.

Withdrawal Signs
Abrupt discontinuation of SYMPAZAN must be prevented. The danger of withdrawal signs is larger with larger doses. Withdraw SYMPAZAN regularly to attenuate the danger of precipitating seizures, seizure exacerbation, or standing epilepticus.

Critical Dermatological Reactions
Critical pores and skin reactions, together with Stevens-Johnson syndrome (SJS) and poisonous epidermal necrolysis (TEN), have been reported with clobazam in each youngsters and adults. Discontinue SYMPAZAN on the first signal of rash, until the rash is clearly not drug-related.

Bodily and Psychological Dependence
Sufferers with a historical past of substance abuse must be beneath cautious surveillance when receiving SYMPAZAN.

Suicidal Conduct and Ideation
AEDs, together with SYMPAZAN, improve the danger of suicidal ideas or conduct in sufferers. Sufferers handled with SYMPAZAN must be monitored for the emergence or worsening of melancholy, suicidal ideas or conduct, and/or any uncommon modifications in temper or conduct. Inform sufferers, their caregivers, and households of the elevated threat of suicidal ideas and behaviors. Advise them to be alert for and report instantly to healthcare suppliers any emergence or worsening indicators and signs of melancholy, any uncommon modifications in temper or conduct, or the emergence of suicidal ideas, conduct, or ideas of self-harm.

ADVERSE REACTIONS
Adversarial reactions (10% and extra regularly than placebo) included constipation, somnolence or sedation, pyrexia, lethargy, and drooling.

DRUG INTERACTIONS
The concomitant use of benzodiazepines and opioids will increase the danger of respiratory melancholy. Restrict dosage and period of concomitant use of benzodiazepines and opioids and comply with sufferers intently for respiratory melancholy and sedation. Concomitant use of SYMPAZAN with different CNS depressants, together with alcohol, could improve the danger of sedation and somnolence. Warning sufferers and/or caregivers in opposition to simultaneous use with different CNS depressants or alcohol, as results of different CNS depressants or alcohol could also be potentiated.

Hormonal contraceptives which might be metabolized by CYP3A4; effectiveness could also be diminished when given with SYMPAZAN. Further non-hormonal types of contraception are beneficial when utilizing SYMPAZAN. Dose adjustment could also be essential of medicine metabolized by CYP2D6 and of SYMPAZAN when co-administered with sturdy CYP2C19 inhibitors (e.g., fluconazole, fluvoxamine, ticlopidine).

USE IN SPECIFIC POPULATIONS
Being pregnant and Lactation: SYMPAZAN could trigger fetal hurt and will solely be used throughout being pregnant if the potential profit justifies the potential threat to the fetus. Infants born to moms who’ve taken benzodiazepines in the course of the later phases of being pregnant can develop dependence, withdrawal syndrome and signs suggestive of floppy toddler syndrome. SYMPAZAN is excreted in human milk. Due to the potential for critical adversarial reactions in nursing infants from SYMPAZAN, discontinue nursing or discontinue the drug. Encourage sufferers to name the toll-free quantity 1-888-233-2334 to enroll within the Being pregnant Registry or go tohttp://www.aedpregnancyregistry.org/.

You might be inspired to report damaging unwanted effects of prescribed drugs to the FDA. Go towww.fda.gov/medwatch, or name 1-800-FDA-1088.

Please click on here to see fullPrescribing Information, together with the Boxed Warning.

Investor inquiries:

Westwicke, an ICR Firm
Stephanie Carrington
stephanie.carington@westwicke.com
646-277-1282

AQUESTIVE THERAPEUTICS, INC.
Condensed Consolidated Steadiness Sheets
(In 1000’s, besides share and per share quantities)
(Unaudited)
September 30, December 31,
Belongings 2020 2019
Present belongings:
Money and money equivalents $ 17,064 $ 49,326
Commerce and different receivables, web 7,990 13,130
Inventories, web 3,242 2,859
Pay as you go bills and different present belongings 3,388 2,999
Whole present belongings 31,684 68,314
Property and tools, web 7,728 9,726
Proper-of-use asset, web 3,609
Intangible belongings, web and different belongings 7,402 439
Whole belongings $ 50,423 $ 78,479
Liabilities and stockholders’ deficit
Present liabilities:
Accounts payable and accrued bills $ 15,237 $ 17,749
Lease liabilities, present 664
Loans payable, present 1,750
Deferred income, present 722 806
Whole present liabilities 18,373 18,555
Loans payable, web 60,346 60,338
Lease liabilites 3,047
Deferred income, web of present 3,694 4,348
Asset retirement obligations 1,482 1,360
Whole liabilities 86,942 84,601
Contingencies
Stockholders’ deficit:
Frequent inventory, $.001 par worth. Approved 250,000,00Zero shares; 33,619,796 and
33,562,885 shares issued and excellent at September 30, 2020 and December 31, 2019,
respectively 34 34
Further paid-in capital 129,336 124,318
Amassed deficit (165,889) (130,474)
Whole stockholders’ deficit (36,519) (6,122)
Whole liabilities and stockholders’ deficit $ 50,423 $ 78,479
AQUESTIVE THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations and Complete Loss
(In 1000’s, besides share and per share knowledge quantities)
(Unaudited)
Three Months Ended
9 Months Ended
September 30,
September 30,
2020 2019 2020 2019
Revenues $ 8,260 $ 12,418 $ 38,700 $ 36,190
Prices and Bills:
Manufacture and provide 2,978 4,643 10,176 13,569
Analysis and improvement 7,260 5,063 15,461 17,517
Promoting, common and administrative 11,803 13,714 40,310 47,868
Whole prices and bills 22,041 23,420 65,947 78,954
Loss from operations (13,781 ) (11,002 ) (27,247 ) (42,764 )
Different earnings (bills):
Curiosity expense (2,778 ) (2,652 ) (8,296 ) (6,515 )
Curiosity earnings 8 138 128 565
Loss on extinguishment of debt (4,896 ) (4,896 )
Internet loss earlier than earnings taxes (16,551 ) (18,412 ) (35,415 ) (53,610 )
Earnings taxes
Internet loss $ (16,551 ) $ (18,412 ) $ (35,415 ) $ (53,610 )
Complete loss $ (16,551 ) $ (18,412 ) $ (35,415 ) $ (53,610 )
Internet loss per share – fundamental and diluted $ (0.49 ) $ (0.74 ) $ (1.05 ) $ (2.15 )
Weighted-average variety of frequent shares
excellent – fundamental and diluted 33,619,379 25,031,478 33,592,846 24,992,229
AQUESTIVE THERAPEUTICS, INC.
Reconciliation of Non-GAAP Changes – Internet Loss to Adjusted EBITDA
(In Hundreds)
(Unaudited)
Three Months Ended
9 Months Ended
Sept 30,
Sept 30,
2020 2019 2020 2019
GAAP web loss $ (16,551 ) $ (18,412 ) $ (35,415 ) $ (53,610 )
Share-based Compensation Expense 1,427 1,869 5,052 5,199
Curiosity Expense, web 2,770 2,514 8,168 5,950
Earnings Taxes
Depreciation and Amortization 766 707 2,286 2,182
Loss on Extinguishment of Debt 4,896 4,896
Whole non-GAAP adjustmentss 4,963 9,986 15,506 18,227
Adjusted EBITDA $ (11,588 ) $ (8,426 ) $ (19,909 ) $ (35,383 )
AQUESTIVE THERAPEUTICS, INC.
Reconciliation of Non-GAAP Changes – GAAP Bills to Adjusted Bills
(In Hundreds)
(Unaudited)
Three Months Ended 9 Months Ended
September 30, September 30,
2020 2019 2020 2019
Whole prices and bills $ 22,041 $ 23,420 $ 65,947 $ 78,954
Non-GAAP changes:
Share-based compensation expense (1,427 ) (1,869 ) (5,052 ) (5,199 )
Depreciation and amortization (766 ) (707 ) (2,286 ) (2,182 )
Adjusted prices and bills $ 19,848 $ 20,844 $ 58,609 $ 71,573
AQUESTIVE THERAPEUTICS, INC.
Reconciliation of Non-GAAP Changes – GAAP Manufacture & Provide Expense to Adjusted Manufacture and Provide Expense
(In Hundreds, besides percentages)
(Unaudited)
Three Months Ended 9 Months Ended
September 30, September 30,
2020 2019 2020 2019
Manufacture and Provide Expense $ 2,978 $ 4,643 $ 10,176 $ 13,569
Gross Margin on complete income 64 % 63 % 74 % 63 %
Non-GAAP changes:
Share-based compensation expense (72 ) (60 ) (208 ) (176 )
Depreciation and amortization (627 ) (572 ) (1,871 ) (1,765 )
Adjusted manufacture and provide expense $ 2,279 $ 4,011 $ 8,097 $ 11,628
Non-GAAP Gross Margin on complete income 72 % 68 % 79 % 68 %
AQUESTIVE THERAPEUTICS, INC.
Reconciliation of Non-GAAP Changes – GAAP Analysis and Growth Expense to Adjusted Analysis and Growth Expense
(In Hundreds)
(Unaudited)
Three Months Ended 9 Months Ended
September 30, September 30,
2020 2019 2020 2019
Analysis and Growth Expense $ 7,260 $ 5,063 $ 15,461 $ 17,517
Non-GAAP changes:
Share-based compensation expense (178 ) (187 ) (543 ) (535 )
Depreciation and amortization (60 ) (79 ) (179 ) (200 )
Adjusted analysis and improvement expense $ 7,022 $ 4,797 $ 14,739 $ 16,782
AQUESTIVE THERAPEUTICS, INC.
Reconciliation of Non-GAAP Changes – GAAP Promoting, Basic and Administrative Bills to Adjusted Promoting, Basic and Administrative Bills
(In Hundreds)
(Unaudited)
Three Months Ended 9 Months Ended
September 30, September 30,
2020 2019 2020 2019
Promoting, Basic and Administrative Bills $ 11,803 $ 13,714 $ 40,310 $ 47,868
Non-GAAP changes:
Share-based compensation expense (1,176 ) (1,622 ) (4,301 ) (4,488 )
Depreciation and amortization (79 ) (57 ) (236 ) (217 )
Adjusted promoting, common and administrative bills $ 10,548 $ 12,035 $ 35,773 $ 43,163



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