AQST · CIK 0001398733
What Aquestive Therapeutics, Inc. told the SEC could break it.
Aquestive's present rests on one customer and its future on one approval. Today, about 73% of revenue comes from a single customer, Indivior, under an exclusive deal to make Suboxone film, and all of its manufacturing and packaging runs through two facilities in one town — Portage, Indiana — supplied with a thin-film foil available from only two sources. Its growth, meanwhile, hinges on the FDA: Libervant lost U.S. market access in April 2025 after a court challenge, leaving future revenue dependent on approval of its Anaphylm candidate. That same approval is tied to its balance sheet, since it must begin payments on 13.5% senior secured notes in June 2026 and owes RTW tiered revenue-share payments of up to $187.5–$225 million contingent on Anaphylm.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Indivior ~73% of revenue (exclusive Suboxone supply)high
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.”
SEC filing →As of 2026
Regulatory & policy
- Libervant lost U.S. market access (court case); Anaphylm FDA approval pendinghigh
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.”
SEC filing →As of 2026
Geographic concentration
- all manufacturing at two Portage, Indiana facilitiesmedium
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.”
SEC filing →As of 2026
Liquidity & debt
- 13.5% Senior Secured Notes + RTW revenue-share obligationsmedium
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.”
SEC filing →As of 2026
Supplier concentration
- limited-source thin film foil; single FDA-qualified vendor for candidatesmedium
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.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“SUBOXONE Film is manufactured under an exclusive license and supply agreement with Aquestive Therapeutics.”
Cited →Pharmanovia (Atnahs Pharma)
“we amended the Pharmanovia Agreement to expand the scope of the licensed territory for Libervant to cover the rest of the world, excluding the U.S., Canada and China. Pharmanovia will be responsible for seeking appropriate regulatory approval in the expanded territories.”
Cited →“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.”
Cited →
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