On November 6, 2023, Aquestive Therapeutics Inc (AQST, Financial) released its financial results for the third quarter ended September 30, 2023. The pharmaceutical company reported a 25% year-over-year growth in year-to-date revenue, adjusted for the out-license of Sympazan®. AQST also completed debt refinancing, resulting in approximately $28 million of cash savings through June of 2025.
Financial Highlights
The company reported total revenues of $13.0 million in the third quarter of 2023, compared to $11.5 million in the third quarter of 2022. This 42% increase in revenue was primarily driven by higher revenue from the company's five out-licensed products. The year-to-date revenue increased 25% as compared to the prior year when adjusted for the out-license of Sympazan®.
AQST's net loss for the third quarter of 2023 was $2.0 million, or $0.03 for both basic and diluted loss per share compared to the higher net loss for the third quarter of 2022 of $12.5 million, or $0.23 for both basic and diluted loss per share. The decrease in net loss was primarily driven by increases in revenue and decreases in selling, general and administrative expenses and research and development expenses.
Debt Refinancing and Cash Position
On November 1, 2023, the company issued $45 million aggregate principal amount of its 13.5% Senior Secured Notes to a large leading institutional investor and some of its affiliated entities. The 13.5% Notes are senior secured obligations of Aquestive and will mature on November 1, 2028. The company's cash and cash equivalents were $24.9 million as of September 30, 2023.
Outlook
AQST is updating its full-year 2023 financial guidance based on third quarter 2023 results and updated outlook for the remainder of 2023. The company now expects total revenue to be between $47 to $50 million, up from the prior guidance of $44 to $48 million. The non-GAAP adjusted EBITDA loss is expected to be between $14 to $17 million, improved from the prior guidance of $19 to $22 million.
AQST is advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. The company is developing orally administered products to deliver complex molecules, providing novel alternatives to invasive and inconvenient standard of care therapies.
Explore the complete 8-K earnings release (here) from Aquestive Therapeutics Inc for further details.
