What Aquestive Therapeutics, Inc. told the SEC could break it.

Aquestive derives ~73% of 2025 revenue from a single customer, Indivior, under an exclusive agreement to manufacture and supply Suboxone film.

“Indivior accounted for approximately 73% and 62% of our revenues for 2025 and 2024, respectively, and we believe in the future will continue to account for a substantial part of our revenues.”

Libervant lost U.S. market access in April 2025 after a court challenge to FDA's approval, and future revenue hinges on FDA approval of Anaphylm.

“Libervant for ARS patients between two and five years of age which lost U.S. market access as a result of a court case challenging FDA's approval of Libervant in April 2025.”

All product manufacturing and primary packaging occurs at two facilities in Portage, Indiana — a single-location operational concentration.

“We operate two manufacturing and primary packaging facilities located in Portage, Indiana, where we currently manufacture our licensed products, Suboxone, Emylif, Ondif and Sympazan.”

Aquestive must begin 13.5% Senior Secured Notes principal payments in June 2026 and owes RTW tiered revenue-share payments (7.5%–1.0% of net sales) up to $187.5M–$225M, contingent on Anaphylm FDA approval and refinancing.

“we would be required to make tiered revenue share payments to the Purchaser ranging from 7.5% to 1.0% of net sales (and 9.5% for subsequent calendar year periods if net sales do not achieve specified levels beginning in 2027) in the United States until the Purchaser receives $187.5 million by December 31, 2035 or $225 million thereafter.”

Aquestive relies on limited sources for its thin film foil (only two third-party manufacturers) and expects only one FDA-qualified supplier initially for product candidates.

“We rely on limited sources of supply for our thin film foil, and any disruption in the chain of supply may impact production and sales and cause delay in developing and commercializing our proprietary PharmFilm Technology product candidates.”