0001398733-26-000018 | 10-K | XBRL Viewer | Aquestive Therapeutics INC

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Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss	$ (83,784)	$ (44,137)
Denominator:
Basic (in shares)	106,926,528	86,726,211
Diluted (in shares)	106,926,528	86,726,211
Basic (in dollars per share)	$ (0.78)	$ (0.51)
Diluted (in dollars per share)	$ (0.78)	$ (0.51)
Stock Options
Denominator:
Dilutive securities excluded (in shares)	6,557,979	6,301,364
Restricted Stock Units
Denominator:
Dilutive securities excluded (in shares)	4,411,776	3,692,876
Warrant
Denominator:
Dilutive securities excluded (in shares)	2,360,548	4,594,332

Sale of Future Revenue - Narrative (Details) - USD ($) $ in Thousands		2 Months Ended	3 Months Ended	12 Months Ended		62 Months Ended
	Nov. 03, 2020	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues				$ 44,545	$ 57,561
License Agreement with Sunovion Pharmaceuticals, Inc.
Disaggregation of Revenue [Line Items]
Minimum royalty receivable			$ 1,000	1		$ 1
Monetization Agreement
Disaggregation of Revenue [Line Items]
Payments of financing costs				2,909
Effective annual interest rate (as a percent)	24.90%
Monetization Agreement \| Marathon Pangolin Royalty LLC
Disaggregation of Revenue [Line Items]
Proceeds from sale of future revenues, net	$ 40,000	$ 10,000				$ 50,000
Proceeds from debt, contingent on additional milestones	75,000
Royalty
Disaggregation of Revenue [Line Items]
Revenues				$ 938	$ 1,008
Royalty \| License Agreement with Sunovion Pharmaceuticals, Inc.
Disaggregation of Revenue [Line Items]
Revenues			$ 8,000
Maximum \| Marathon Pangolin Royalty LLC
Disaggregation of Revenue [Line Items]
Proceeds from sale of future revenues, net	$ 125,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax

The components of the provision for income taxes are as follows:


Expense classification:	Year Ended December 31,
	2025		2024
Current
Federal	$	—	$	(14)
State	—		—
Total	—		(14)
Deferred
Federal	—		—
State	—		—
Total	—		—
Provision for Income Tax	$	—	$	(14)

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are as follows:


	December 31,
	2025		2024
Deferred tax assets:

Inventory	$	435	$	337
Accrued expenses	178		186
NOL carryforwards	48,764		34,689
Interest limitation imposed by the TCJA	11,392		11,594
Stock Compensation	2,966		6,862
Deferred Revenue	5,144		5,157
Royalty Monetization	16,289		16,117
Property and Equipment	2,324		2,690
Orphan Drug and R&D Tax Credits	7,528		5,099

Intangible Assets	1,212		137
Section 174 R&D Capitalization	6,906		7,263
Sales of Royalty Rights	5,055		3,438
OID and Deferred Financing Cost	2,004		1,636
Other	4,724		143
	114,921		95,348
Deferred tax liabilities:


Right of use assets	(1,161)		—
Prepaid expenses	(586)		(795)
	(1,747)		(795)

Valuation Allowance	(113,174)		(94,553)

Net deferred tax asset/(liability)	$	—	$	—

Schedule of Income Tax Benefit Reconciliation

A reconciliation of income tax expense computed at the statutory federal tax rate to income taxes as reflected in the financial statements is as follows:


	December 31, 2025
	Rate		Tax
At U.S. federal statutory rate	21.0	%	$	(17,595)
Research and development credit	2.5		(2,115)
Changes in valuation allowances	(18.1)		15,174
Stock compensation	(4.7)		3,923
Other items	(0.7)		613
Total	0.0	%	$	—


	December 31, 2024
	Presented under prior guidance
At U.S. federal statutory rate	21.0	%
State taxes, net of federal effect	3.3
Permanent differences	(1.1)

Tax rate changes	(0.7)
Change in valuation allowance	(23.5)
FDII deduction	—

Provison to return adjustments	1.0
Effective tax rate	0.0	%

Income Taxes - Schedule of Provision For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current
Federal	$ 0	$ (14)
State	0	0
Total	0	(14)
Deferred
Federal	0	0
State	0	0
Total	0	0
Provision for Income Tax	$ 0	$ (14)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Company Overview and Equity Transactions	12 Months Ended
Company Overview and Equity Transactions	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Overview and Equity Transactions	Company Overview and Equity Transactions (A) Company Overview Aquestive Therapeutics, Inc. is a pharmaceutical company advancing medicines to bring meaningful improvement to patients’ lives through innovative science and delivery technologies. The Company is developing pharmaceutical products to deliver complex molecules through alternative administrations to invasive and inconvenient standard of care therapies. The Company is advancing a late stage non-device based epinephrine prodrug product candidate for the treatment of severe allergic reactions, including anaphylaxis, under the Anaphylm™ trade name, and its AdrenaVerse™ epinephrine prodrug pipeline platform. The Company has four licensed commercialized products which are marketed by its licensees in the U.S. and around the world. The Company is the exclusive manufacturer of these licensed products. The Company also collaborates with pharmaceutical companies to bring new molecules to market using proprietary, best-in-class technologies, like PharmFilm®, and has proven drug development and commercialization capabilities. The Company’s production facilities are located in Portage, Indiana, and its corporate headquarters and primary research laboratory facilities are based in Warren, New Jersey. (B) Equity Transactions ATM Facility The Company established its first ATM facility in September 2019, and since inception to December 31, 2025, the Company has sold 27,315,145 shares of Common Stock under its ATM Facility which has generated net cash proceeds of approximately $81,753, net of commissions and other transactions costs of $3,890. On April 3, 2024, the Company filed a new shelf registration statement on Form S-3, the 2024 Registration Statement, which was declared effective by the SEC on April 23, 2024. Included in the 2024 Registration Statement are (i) a base prospectus registering the offer, issuance and sale of up to $250,000 worth of Common Stock, preferred stock, debt securities, warrants, rights and units and (ii) a $100,000 ATM facility prospectus. For the year ended December 31, 2025, the Company sold 7,457,627 shares of Common Stock pursuant to the ATM prospectus and the Amended Equity Distribution Agreement with Piper Sandler & Co. (successor to Piper Jaffray & Co.), which provided net proceeds of approximately $21,229, after deducting commissions and other transaction costs of $771. For the year ended December 31, 2024, the Company sold 4,557,220 shares which provided net proceeds of approximately $11,821 after deducting commissions and other transaction costs of $564. The remaining authorized balance of the ATM facility was $78,000 as of December 31, 2025. Underwritten Public Offerings On March 22, 2024, the Company completed an underwritten public offering of 16,666,667 shares of its common stock at the public offering price of $4.50 per share. In addition, pursuant to the partial exercise of the underwriters' option, on April 22, 2024, the Company sold an additional 559,801 shares of Common Stock. Net proceeds from the 2024 Underwritten Public Offering, including the exercise of underwriters' option were $72,868, after deducting underwriting discounts of $4,651. In addition to the underwriting discounts related to this offering, the Company incurred professional fees and other costs totaling $894. On August 14, 2025, the Company completed an underwritten public offering of 21,250,000 shares of its common stock at the public offering price of $4.00 per share. Net proceeds from the 2025 Underwritten Public Offering were $79,900, after deducting underwriting discounts of $5,100. In addition to the underwriting discounts related to this offering, the Company incurred professional fees and other costs totaling $440.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 47,914	$ 47,300
Less: accumulated depreciation and amortization	(44,021)	(43,501)
Total property and equipment, net	3,893	3,799
Machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,383	20,317
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	769	769
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,419	21,419
Computer, network equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,140	2,685
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,203	$ 2,110
Minimum \| Machinery
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	3 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	3 years
Minimum \| Computer, network equipment and software
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	3 years
Maximum \| Machinery
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	15 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	15 years
Maximum \| Computer, network equipment and software
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	7 years

Intangible Assets, Net - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 4,367	$ 4,367
Less: accumulated amortization	(4,367)	(4,367)
Intangible assets, net	0	0
Purchased intangible
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	3,858	3,858
Purchased patent
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 509	$ 509

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Revenues and Trade Receivables, Net

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues and Trade Receivables, Net

The Company’s revenue was comprised of the following:


	Year Ended December 31,
	2025		2024
Manufacture and supply revenue	$	40,225	$	39,976
License and royalty revenue	3,519		15,345
Co-development and research fees	1,279		1,925
Proprietary product revenue, net	(478)		315
Total revenues	$	44,545	$	57,561

Disaggregation of Revenue

The following table provides disaggregated net revenue by geographic area:


	Year Ended December 31,
	2025		2024
United States	$	29,604	$	39,930
Ex-United States	14,941		17,631
Revenues	$	44,545	$	57,561

For the year ended December 31, 2025, United States revenues were derived primarily from Indivior (manufacture and supply revenue, and co-development and research fees), and Assertio (manufacture and supply revenue, license and royalty revenue and co-development and research fees). Ex-United States revenues were derived primarily from Hypera (manufacture and supply revenue, and license and royalty revenue), and Indivior (manufacture and supply revenue, license and royalty revenue and co-development and research fees) for revenue markets outside of the United States.

For the year ended December 31, 2024, United States revenues were derived primarily from Indivior (manufacture and supply revenue, and co-development and research fees), MTPA (license and royalty revenue that was previously recorded as deferred revenue and now recognized due to the termination of the contract), and Assertio (manufacture and supply revenue, license and royalty revenue and co-development and research fees). Ex-United States revenues were derived primarily from Haisco (license and royalty revenue that was previously recorded as deferred revenue and now recognized due to the termination of the contract), Indivior (manufacture and supply revenue, license and royalty revenue and co-development and research fees), and Hypera (manufacture and supply revenue, license and royalty revenue and co-development and research fees) for revenue markets outside of the United States.

Trade and other receivable, net consist of the following:


	December 31,
	2025		2024
Trade receivables	$	8,013	$	4,919
Contract and other receivables	9,750		2,473
Less: sales-related allowances	(582)		(48)
Reclassification into Accrued distribution expenses and sales-related allowances	582		—
Trade and other receivables, net	$	17,763	$	7,344

Contract and other receivables totaled $9,750 and $2,473 as of December 31, 2025 and 2024, respectively, consisting primarily of contract assets and other receivables. Contract assets consist of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with third parties. Other receivables also include the current portion related to the Monetization royalty receivable and other receivables. As of December 31, 2025, other receivables also include an insurance reimbursement. Sales-related allowances as of December 31, 2025 and 2024 were estimated in relation to revenues recognized for sales of Libervant for patients between two to five years of age while Libervant had U.S. market access.

The following table presents the changes in the allowance for credit losses:


	December 31,
	2025		2024
Balance at beginning of the period	$	—	$	14
Allowance reduction	—		(14)

Balance at end of the period	$	—	$	—

Sales-Related Allowances

Revenues from sales of products are recorded net of prompt payment discounts, wholesaler service fees, returns allowances, chargebacks, rebates and co-pay support redemptions. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The calculation of some of these items requires management to make estimates based on sales data, historical return data, contracts and other related information that may become known in the future. The adequacy of these provisions is reviewed on no less than a quarterly basis.

The following table presents the changes in sales-related allowances:


	December 31,
	2025		2024
Balance at beginning of period	$	48	$	—
Provision	568		71
Payments / credits	(34)		(23)
Reclassifications into Accrued distribution expenses and sales-related allowances	(582)		—
Balance at end of period	$	—	$	48

Accruals for returns allowances and prompt pay discounts are reflected as a direct reduction of trade receivables as of December 31, 2025 and 2024, and accruals for wholesaler service fees, co-pay support redemptions and other rebates are reflected as current liabilities. The accrued balances relative to these provisions included in Trade and other receivables, net and accrued expenses were $0 and $906, respectively, as of December 31, 2025, and $48 and $665, respectively, as of December 31, 2024. See Note 14, Accrued Expenses.

Concentration of Major Customers

Customers are considered major customers when net revenue exceeds 10% of total revenue for the period or outstanding receivable balances exceed 10% of total receivables. For the year ended December 31, 2025, Indivor and Hypera represented approximately 73% and 17% of total revenue, respectively. As of December 31, 2025, Indivor and Hypera exceeded the 10% threshold for outstanding receivable balances and represented 69% and 25%, respectively, of total trade and other receivables. For the year ended December 31, 2024, Indivor and Haisco represented approximately 62% and 12% of total revenue including the one-time recognition of deferred revenue for Haisco, respectively. As of December 31, 2024, Indivor and Hypera exceeded the 10% threshold for outstanding receivable balances and represented 41% and 16%, respectively of total trade and other receivables.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenues and Trade Receivables, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Concentration Risk [Line Items]
Contract and other receivables	$ 9,750	$ 2,473
Accounts receivable allowances and accruals	0	48
Accrued distribution expenses and sales returns provision	$ 906	$ 665
indivor \| Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)	73.00%	62.00%
indivor \| Receivables \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)	69.00%	41.00%
Haisco \| Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)	17.00%	12.00%
Cosmed \| Receivables \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)	25.00%
Hypera \| Receivables \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)		16.00%

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

13.5% Senior Secured Notes

On November 1, 2023, the Company entered into an Indenture Agreement with certain institutional investors (the “Note Holders”) and issued $45,000 aggregate principal amount of its 13.5% Notes due 2028. The Company received net proceeds of approximately $4,326 from this transaction after the repayment of the 12.5% Notes and deduction of debt discount, and debt issuance costs.

The 13.5% Notes are senior secured obligations of the Company and mature on November 1, 2028. The 13.5% Notes bear interest at a fixed rate of 13.5% per year, payable quarterly commencing on December 30, 2023. On each payment date commencing on June 30, 2026, the Company will pay an installment of principal of the 13.5% Notes pursuant to a fixed amortization schedule, along with the applicable Exit Fee. The Exit Fee totals $2,000.

The Company may, at its option, redeem the 13.5% Notes in full or in part:

a.if such redemption occurs prior to November 1, 2025, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, plus the applicable Exit Fee, plus an Applicable Premium which is the greater of

i.1.0% of the principal redeemed; and

ii.the amount, if any, by which the present value of the principal to be redeemed on November 1, 2025, plus all required interest due on such date, computed using a discount rate equal to the Treasury Rate, plus 100 basis points, exceeds the amount of principal to be redeemed; and

b.if such redemption occurs after November 1, 2025, the redemption price is equal to 108.50% of the principal amount plus accrued and unpaid interest, plus the applicable Exit Fee.

If the Company undergoes a change of control, the Note Holders may require the Company to repurchase for cash all or any portion of the 13.5% Notes at a change of control repurchase price equal at 108.5% plus the Exit Fee of the remaining principal, plus accrued interest at the election of the Note Holders.

The Indenture Agreement permits the Company, upon the continuing satisfaction of certain conditions, including that the Company has at least $100,000 of net revenues for the most recently completed twelve calendar month period, to enter into an ABL facility not to exceed $10,000. The ABL Facility may be collateralized only by assets of the Company constituting inventory, accounts receivable, and the proceeds thereof.

In connection with the issuance of 13.5% Notes, the Company and the Note Holders entered into the Royalty Right Agreements dated as of November 1, 2023, which provides Note Holders:

a.a tiered royalty between 1.0% and 2.0% of annual worldwide net sales of Anaphylm (epinephrine) Sublingual Film for a period of eight years from the first sale of Anaphylm on a global basis, and

b.a tiered royalty between 1.0% to 2.0% of annual worldwide net sales of Libervant (diazepam) Buccal Film until the earlier of (1) the first sale of Anaphylm and (2) eight years from the first sale of Libervant.

Both the 13.5% Notes and Royalty Right Agreements represent freestanding instruments which were issued in conjunction with each other. They are classified as debt within the scope of ASC 470, Debt and are subsequently measured on an amortized cost basis.

The initial fair value measurement of the Royalty Right Agreements was determined based on significant unobservable inputs, including the discount rate, estimated probabilities of success, and the estimated amount of future sales of Anaphylm and Libervant. These inputs are derived using internal management estimates developed based on third-party data and reflect management’s judgments, current market conditions, and forecasts.

The Royalty Right Agreements fair value is estimated by applying probability-weighted cash flows for future sales, which are then discounted to present value. Changes to the fair value of the Royalty Rights Agreements can result from changes to one or a number of the aforementioned inputs. A significant change in unobservable inputs could result in a material increase or decrease to the effective interest rate of the Royalty Right Agreements liability.

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Royalty Right Agreements:

Valuation Methodology

Significant Unobservable Input

Weighted Average (range, if applicable)

Discount Rate

15%

Royalty Right Agreements

Probability weighted
income approach

Probability of Success

95%

Projected Years of Payments

2025

2035

During the year ended December 31, 2025, the Company updated the probability-weighted cash flows for future sales, which decreased the royalty obligation to $51,886 and decreased the unamortized discount to $25,945. The effective interest rate changed by 2.64%, and the Company updated the projected years of payments to 2035. During the year ended December 31, 2024, there were no material changes to the probability-weighted cash flows for future sales used to recognize the Royalty Right Agreements liability. The Company had used 75% probability of success factor and updated the projected years of payments to 2034 and the effective interest rate by 0.56%.

Since the Royalty Right Agreements were issued in connection with the 13.5% Notes, the Company allocated the proceeds to the two instruments based on their relative fair values. The Company allocated approximately $13,856 to the Royalty Right Agreements. The Company determined the allocated fair value by calculating the present value of estimated future royalties to be paid to Note Holders over the life of the arrangement.

The excess of future estimated royalty payments over the allocated fair value is recognized as a discount related to the Royalty Right Agreements and is amortized as interest expense using the effective interest method.

The allocated amounts of $13,856 when combined with the Exit Fee of $2,000, original issue discount of $1,125 and debt issuance costs of $3,517, resulted in debt discount of $20,498. The debt discount is being amortized over the term of 13.5% Notes using the effective interest method.

Amortization expense arising from the discounts related to the 13.5% Notes and Royalty Right Agreements for the year ended December 31, 2025 was $5,016 and $5,736, respectively. Amortization expense arising from the discounts related to the 13.5% Notes and Royalty Right Agreements for the year ended December 31, 2024 was $5,019 and $5,459, respectively.

Unamortized discounts totaled $7,630 for the 13.5% Notes and $25,945 for royalty obligations as of December 31, 2025. Unamortized discounts totaled $12,646 for the 13.5% Notes and $36,706 for royalty obligations as of December 31, 2024.

Long-term notes and unamortized debt discount balances are as follows:


	December 31,
	2025		2024
Total outstanding notes	$	45,000	$	45,000
Unamortized discount, including Exit Fee	(7,630)		(12,646)

Notes payable, current	(9,964)		—
Notes payable, long-term	27,406		32,354
Finance lease, long-term	113		146
Notes payable, net	$	27,519	$	32,500


	December 31,
	2025		2024
Royalty obligations	$	51,886	$	56,922
Unamortized discount	(25,945)		(36,706)
Current portion of royalty obligation	—		(87)
Royalty obligations, net	$	25,941	$	20,129

Scheduled principal payments net of exit fee on the 13.5% Notes as of December 31, 2025 are as follows:



2026	9,540
2027	14,535
2028	20,925

Total	$	45,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Section 50
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation - Schedule of Pricing Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (as a percent)	0.00%
Share price (in dollars per share)	$ 6.46	$ 3.56
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)	$ 2.65
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (as a percent)	0.00%
Stock Options \| Black-Scholes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (as a percent)	0.00%	0.00%
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	91.50%
Risk-free interest rate (as a percent)	3.90%
Stock Options \| Minimum \| Black-Scholes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	96.00%	104.00%
Expected term (years)	5 years 6 months	5 years 6 months
Risk-free interest rate (as a percent)	3.80%	4.10%
Exercise prices (in dollars per share)	$ 2.65	$ 2.50
Stock Options \| Maximum \| Black-Scholes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	97.00%	107.00%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rate (as a percent)	4.20%	4.50%
Exercise prices (in dollars per share)	$ 5.58	$ 5.68

Financial Instruments – Fair Value Measurements (Details) - $ / shares		1 Months Ended
	Nov. 01, 2023	Jun. 30, 2022	Dec. 31, 2025	Dec. 31, 2024	Aug. 01, 2023	Jul. 15, 2019
Class of Warrant or Right [Line Items]
Royalty payment term (in years)	8 years
Minimum
Class of Warrant or Right [Line Items]
Royalty interest percent interest (as a percent)	1.00%
Maximum
Class of Warrant or Right [Line Items]
Royalty interest percent interest (as a percent)	2.00%
Existing Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right, outstanding (in shares)					5,000,000
Exercise price of warrants (in usd per share)					$ 0.96
New Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share)					$ 2.60
Warrants issued (in shares)			2,200,000		2,750,000
Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Common stock entitled to purchasers by pre-funded warrants (in shares)		4,000,000
Stock to be purchased by common stock warrants (in shares)		8,850,000
Senior Secured Notes Due 2025
Class of Warrant or Right [Line Items]
Interest rate (as a percent)						12.50%
Warrants issued (in shares)				1,683,784
Senior Secured Notes Due 2025 \| Senior Notes
Class of Warrant or Right [Line Items]
Interest rate (as a percent)			12.50%
Senior Secured Notes, 13.5% due November 1, 2028 \| Senior Notes
Class of Warrant or Right [Line Items]
Interest rate (as a percent)	13.50%		13.50%

Right-of-Use Assets and Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Operating Lease Liabilities Maturities

The Company’s payments due under its operating leases are as follows:



2026	$	1,318
2027	1,346
2028	1,180
2029	1,000
2030 and thereafter	2,915

Total lease payments	7,759
Less: imputed interest	(2,791)
Total operating lease liabilities	$	4,968

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Liability for Asset Retirement Obligations

Below is a schedule of activity in the Company’s liability for AROs for the years ended December 31, 2025 and 2024.


Balance at December 31, 2023	$	2,016
Additions	—
Accretion	23
Balance at December 31, 2024	2,039
Additions	—
Accretion	26
Balance at December 31, 2025	$	2,065

Summary of Significant Accounting Policies - Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract with customer, asset, after allowance for credit loss	$ 627	$ 578
Contract with customer, liability	20,482	21,053
Capitalized contract cost, net	$ 449	$ 480
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Research and development project duration (in years)	3 years

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined contribution plan, cost	$ 920	$ 849

Risks and Uncertainties	12 Months Ended
Risks and Uncertainties	Dec. 31, 2025
Risks and Uncertainties [Abstract]
Risks and Uncertainties	Risks and Uncertainties The Company assesses liquidity in terms of its ability to generate cash to fund its operating, investing and financing activities. The Company’s cash requirements for 2026 and beyond include expenses related to continuing development and clinical evaluation of its products, manufacture and supply costs, costs of regulatory filings, patent prosecution expenses and litigation expenses, expenses related to commercialization of its products, as well as costs to comply with the requirements of being a public company operating in a highly regulated industry. As of December 31, 2025, the Company had $121,169 of cash and cash equivalents. The Company has experienced a history of net losses. The Company’s accumulated deficit totaled $446,998 as of December 31, 2025. The net losses and accumulated deficits were partially offset by gross margins from sales of commercialized licensed and proprietary products, license fees, milestone and royalty payments from commercial licensees and co-development parties. The Company’s funding requirements have been met by its cash and cash equivalents, as well as its existing equity and debt offerings, including the 13.5% Senior Secured Notes, as further discussed in Note 15, Long-Term Debt, the ATM facility and other equity offerings, including the underwritten public offerings as discussed in Note 1 Part B, Company Overview and Equity Transactions. While the Company’s ability to execute its business objectives and achieve profitability over the longer term cannot be assured, the Company’s on-going business, existing cash and cash equivalents, expense management activities, including, but not limited to the ceasing of R&D activities, as well as access to the equity capital markets through its ATM facility, provide near term liquidity for the Company to fund its operating needs for at least the next twelve months as it continues to execute its business strategy.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
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-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and contingent liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions often involve assessments of matters that are inherently uncertain and accordingly actual results could differ from those estimates. Significant items subject to estimates and assumptions include those related to revenue recognition, inventory costs, allowances for rebates from proprietary product sales of Libervant for patients between two to five years of age, allowances for sales returns, the useful lives of fixed assets and the valuations of royalty obligations, sale of future revenues, share-based compensation, and contingencies.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term, highly liquid investments purchased with original maturities of three months or less to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Cash and cash equivalents are held and managed by multiple financial institutions that management believes are of high credit quality. The Company has not experienced any losses in such accounts and such amounts may exceed federally-insured limits of $250.
Trade Accounts Receivable	Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company grants credit to customers in the normal course of business, but generally does not require collateral or any other security to support its receivables. The Company’s credit terms generally range from 30 to 60 days, depending on the customer and type of invoice. The Company maintains an allowance for credit losses on accounts receivable, which is recorded as a reduction to accounts receivable. Changes in the allowance are classified as Selling, general and administrative expenses in the Statements of Operations and Comprehensive Loss. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when it identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. It also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. On an ongoing basis, management evaluates the adequacy of these reserves.
Inventories	Inventories Inventories, consisting of purchased materials, direct labor and manufacturing overhead, are stated at the lower of cost, determined by the first-in, first-out method, or net realizable value. The Company regularly reviews its inventories for impairment and reserves are established when necessary. At each balance sheet date, the Company evaluates inventories for excess quantities, obsolescence and shelf life expiration. This evaluation includes analysis of historical sales levels by product, projections of future demand, the risk of competitive obsolescence for products, general market conditions, and a review of the shelf life expiration dates for products. To the extent that management determines there are excess or obsolete inventory or quantities with a shelf life that is too near its expiration for the Company to reasonably expect that it can sell those products, or use them in production, prior to their expiration, the Company records allowances to adjust the carrying value to estimated net realizable value as necessary. The Company expenses inventory related to the Company’s R&D activities when the Company purchases or manufactures it. Before the regulatory approval of the Company’s product candidates, the Company recognizes R&D expense for the manufacture of drug products that could potentially be available to support the commercial launch of the Company’s drug candidates, if approved by regulatory authorities.
Property and Equipment	Property and Equipment Property and equipment are stated at cost net of accumulated depreciation and amortization, which is computed by the straight-line method based on the estimated useful lives of the respective assets, as discussed below. Leasehold improvements are amortized over the shorter of the lease terms or the estimated useful lives of the leased assets. Maintenance and repair costs are charged to expense as incurred, and expenditures for major renewals and improvements are capitalized. Upon disposition of property and equipment, the related cost and accumulated depreciation and amortization are removed from the accounts, and any gain or loss is reflected in the Statements of Operations and Comprehensive Loss.
Intangible Assets	Intangible Assets Intangible assets included the costs of acquired composition and process technologies, the costs of purchased patents used in the manufacture of orally soluble film and the costs of acquired NDA. The Company amortized these assets using the straight-line method over the shorter of their legal lives or estimated useful lives.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long lived assets, such as property, plant, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In these circumstances, the Company compares undiscounted cash flows expected to be generated by that asset or asset group to the corresponding carrying amounts. If this comparison is indicative of impairment, an impairment charge is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered most appropriate.
Leases	Leases Determination if an arrangement is a lease is made at inception. An arrangement is determined to contain a lease if the contract conveys the right to control the use of an identified property and equipment for a period of time in exchange for consideration. If the Company can benefit from the various underlying assets of a lease on their own or together with other resources that are readably available, or if the various underlying assets are neither highly dependent nor highly interrelated with underlying assets in the arrangements, they are considered to be a separate lease component. In the event multiple underlying assets are identified, the lease consideration is allocated to the various components based on each on the component’s relative fair value. Operating lease assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease arrangement. Operating lease assets and operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, in determining the operating lease liability, the Company uses an estimate of its incremental borrowing rate. The calculation of the operating lease assets includes any lease payments made and excludes any lease incentives. Our lease terms may include options to extend or terminate the lease and are included when it is reasonably certain that the Company will exercise the option. The Company records operating lease assets and lease liabilities in its Balance Sheets. Lease expenses for lease payments are recognized on a straight-line bases over the lease term. Short-term leases, or leases that have a lease term of 12 months or less at consummation date, are excluded from this treatment and are recognized on a straight-line basis over the term of the lease.
Liability Related to the Sale of Future Revenue	Liability Related to the Sale of Future Revenue The Company treats the liability related to the sale of future revenue as debt financing, amortized under the effective interest rate method over the estimated life of the related expected royalty stream. The liability related to the sale of future revenue and the related interest expense are based on its current estimates of future royalties expected to be paid over the life of the arrangement. The Company periodically assesses the expected royalty payments using a combination of internal projections and forecasts from external resources. To the extent its future estimates of royalty payments are greater or less than previous estimates or the timing of such payments is materially different than its previous estimates, the Company will prospectively recognize related interest expense. Amortization of debt is reflected as interest expense related to the sale of future revenue in the Statements of Operations and Comprehensive Loss.
Revenue Recognition	Revenue Recognition The Company’s revenues include (i) sales of manufactured products pursuant to contracts with commercialization licensees, (ii) license and royalty revenues, (iii) co-development and research fees generally in the form of milestone payments, and (iv) sales of its proprietary CNS product, Libervant, for patients between two to five years of age while Libervant had U.S. market access through April 2025. The Company recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this core principle, a five-step model is applied that includes (1) identifying the contract with a customer, (2) identifying the performance obligation in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing when, or as, an entity satisfies a performance obligation. Performance Obligations - a performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the current revenue recognition standard. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a distinct good. When identifying performance obligations, the Company considers all goods or services promised in a contract regardless of whether explicitly stated in the contract or implied by customary business practice. The Company’s performance obligations consist mainly of transferring goods and services identified in the contracts, purchase orders, invoices or statements of work. Manufacture and supply revenue – this revenue is derived from products manufactured exclusively for specific customers according to their strictly-defined specifications, subject only to specified quality control inspections. Accordingly, at the point in time when quality control requirements are satisfied, revenue net of related discounts is recorded. License and Royalty Revenue – license revenues are determined based on an assessment of whether the license is distinct from any other performance obligations that may be included in the underlying licensing arrangement. If the customer is able to benefit from the license without provision of any other performance obligations by the Company and the license is thereby viewed as a distinct or functional license, the Company then determines whether the customer has acquired a right to use the license or a right to access the license. For functional licenses that do not require further development or other ongoing activities by the Company, the customer is viewed as acquiring the right to use the license as, and when, transferred and revenues are generally recorded at a point in time, subject to contingencies or constraints. For symbolic licenses providing substantial value only in conjunction with other performance obligations to be provided by the Company, revenues are generally recorded over the term of the license agreement. Such other obligations provided by the Company generally include manufactured products, additional development services or other deliverables that are contracted to be provided during the license term. Payments received in excess of amounts ratably or otherwise earned are deferred and recognized over the term of the license or as contingencies or other performance obligations are met. Royalty revenue is estimated and recognized when sales under supply agreements with commercial licensees are recorded, absent any contractual constraints or collectability uncertainties. Royalties based on sales of licensed products have been recorded in this manner. Revenue recognition arising from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Milestone payments based on a non-sales metric such as a development-based milestone (i.e., an NDA filing or obtaining regulatory approval) represent variable consideration and are included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience and the significance a third party has on the outcome. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales occur or the performance obligation to which the sales relate to has been satisfied. Co-development and Research Fees – co-development and research fees are earned through performance of specific tasks, activities or completion of stages of development defined within a contractual development or feasibility study agreement with a customer. The nature of these performance obligations, broadly referred to as milestones or deliverables, are usually dependent on the scope and structure of the project as contracted, as well as the complexity of the product and the specific regulatory approval path necessary for that product. Accordingly, the duration of the Company’s R&D projects may range from several months to approximately three years. Although each contractual arrangement is unique, common milestones included in these arrangements include those for the performance of efficacy and other tests, reports of findings, formulation of initial prototypes, production of stability clinical and/or scale-up batches, and stability testing of those batches. Additional milestones may be established and linked to clinical results of the product submission and/or approval of the product by the FDA and the commercial launch of the product. Proprietary product revenue, net - this net revenue is recognized when product is shipped and title passes to the customer, typically at time of delivery. At the time of sale, estimates for various revenue allowances are recorded based on historical trends and judgmental estimates. For sales of Libervant for patients between two to five years of age while Libervant had U.S. market access through April 2025, returns allowances and prompt pay discounts are estimated based on contract terms and historical return rates, if available, and these estimates are recorded as a reduction of receivables. Once receivables are collected, allowances are reclassified and treated as accrued liabilities. Similarly determined estimates are recorded relating to wholesaler service fees, co-pay support redemptions, and other rebates, and these estimates are reflected as a component of accrued liabilities. Once related variable considerations are resolved and uncertainties as to incurred amounts are eliminated, estimates are adjusted to actual allowance amounts. Provisions for these estimated amounts are reviewed and adjusted on no less than a quarterly basis. Contract Assets - in certain situations, customer contractual payment terms provide for invoicing in arrears. Accordingly, some or all performance obligations may be completely satisfied before the customer may be invoiced under such agreements. In these situations, billing occurs after revenue recognition, which results in a contract asset supported by the estimated value of the completed portion of the performance obligation. These contract assets are reflected as a component of other receivables within Trade and other receivables, net within the Balance Sheets. As of December 31, 2025 and 2024, such contract assets were $627 and $578, respectively, consisting primarily of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with third parties. Contract Liabilities - in certain situations, customer contractual payment terms are structured to permit invoicing in advance of delivery of a good or service. In such instances, the customer’s cash payment may be received before satisfaction of some, or any, performance obligations that are specified. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. These contract liabilities are reflected as deferred revenue within the Balance Sheets. As remaining performance obligations are satisfied, an appropriate portion of the deferred revenue balance is credited to earnings. As of December 31, 2025 and 2024, such contract liabilities were $20,482 and $21,053, respectively. Costs to Obtain Contracts - in certain situations, the Company may incur incremental costs of obtaining a contract with a customer. These costs, if expected to be recovered, are recognized as an asset and reflected as other assets within the Balance Sheets. The asset is amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates.
Research and Development	Research and Development R&D expenses are recorded in accordance with ASC 730, Research and Development and are expensed as incurred. R&D expenses include R&D activities, services of external CROs, costs of their clinical research sites, scale-up and validation costs, and other activities. Internal R&D activity expenses include laboratory supplies, salaries, benefits, and non-cash share-based compensation expenses. CROs activities include preclinical laboratory experiments and clinical studies. Other activity expenses include regulatory consulting and other costs. The activities undertaken by regulatory consultants that were classified as R&D expense include assisting, communicating with, and advise its in-house staff with respect to various FDA submission processes, clinical trial processes and scientific writing matters, including preparing protocols and FDA submissions. These consulting expenses were direct costs associated with preparing, receiving and understanding work for its clinical trials and investigative drugs. Payments made to CROs based on agreed-upon terms, which may include payments in advance of a study start date. The Company expenses non-refundable advance payments for goods and services that will be used in future R&D activities when the activity has been performed or when goods or services have been received rather than when payment was made. The Company reviews and accrues CROs expenses and clinical trial study expenses based on services performed and rely on estimates of those costs applicable to the completion state of study as provided by CROs. Estimated CROs costs subject to revisions as such studies progress to completion. The Company charges revisions to expense in the period when the facts that give rise to the revision become known.
Income Taxes	Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes, or ASC 740, which provides for deferred taxes using an asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Tax benefits are recognized when it is more likely than not that a tax position will be sustained during an audit. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Uncertain tax positions are accounted for in accordance with the provision of ASC 740. When uncertain tax positions exist, the tax benefit is recognized to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. To date, the Company has not had any significant uncertain tax positions.
Share-Based Compensation	Share-Based Compensation The Company records share-based compensation expenses for awards of stock options and RSUs under ASC 718, Compensation — Stock Compensation. For awards to non-employees for periods prior to the adoption of ASU 2018-07, Compensation-Stock Compensation: Improvements to Non-employee Share-Based Payment Accounting, on January 1, 2019, the Company had applied ASC 505-50, Equity-based Payments to Non-Employees. ASC 718 establishes guidance for the recognition of expenses arising from the issuance of stock-based compensation awards at their fair value at the grant date. The Company’s stock-based compensation includes grants of stock options and RSUs to employees, consultants and non-employee directors. Beginning in 2019, the Company also offered employees an opportunity to participate in an employee stock purchase plan. The Company’s estimates of the fair value of options at their grant dates are based on the Black-Scholes option valuation model and considers various variables and assumptions, including: •the stock price at the grant date, •exercise price, •both the contractual and estimated expected term of the option, •an estimate of stock price volatility based on that of an industry peer group, •expected dividends, if any, and •risk-free interest rate. The Company’s estimates of the fair value of RSUs at their grant or valuation dates vary based on whether the awards' vesting conditions are based on market conditions or service conditions. For 2023 awards with the vesting based on market conditions, the Company uses a Monte Carlo simulation that considers various variables and assumptions, including: •simulated 30-day average at the end of the requisite service period, •discount period based on the vesting term of the awards, •an estimate of stock price volatility based on that of an industry peer group, •expected dividends, if any, and •risk-free interest rate For 2025 awards with the vesting based on market conditions, the Company uses a Monte Carlo simulation that considers various variables and assumptions, including: •simulated 30-day average for the last 30 days of the first pricing period, •simulated highest 30-day average for any 30-day period throughout the second pricing period, •discount period based on the vesting term of the awards, •an estimate of stock price volatility based on the Company's historical volatility, •expected dividends, if any, and •risk-free interest rate These assumptions require estimates and judgments and changes in those inputs could impact the amount of expenses that are charged to earnings. The Company recognizes compensation expense for the fair value of RSUs and stock option awards over the requisite service period of the awards. All excess tax benefits, taxes and tax deficiencies from stock-based compensation are included in the provision for income taxes in the Company's Statements of Operations and Comprehensive Loss. As part of the Company’s share-based compensation plan, shares are withheld to satisfy tax withholding obligations upon the vesting of RSUs. During the years ended December 31, 2025 and 2024, the fair value of the shares withheld was $809 and $1,351, respectively, and was recorded a reduction of Additional paid-in capital in the Statements of Changes in Stockholders’ Deficit and as a financing activity in the Statements of Cash Flows. The portion of shares yet to be remitted as of December 31, 2025 and 2024 was $0 and $250 and is disclosed as a non-cash financing activity in the Statements of Cash Flows.
Per Share Data	Per Share Data Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted net income per common share is calculated by dividing net income available to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of Common Stock and dilutive Common Stock outstanding during the period. Potentially dilutive common shares include the shares of Common Stock issuable upon the exercise of outstanding stock options and warrants, the shares of issued but unvested RSUs and the purchase of shares from the Company’s employee stock purchase plan (using the treasury stock method). For all periods presented, potential common shares have been excluded from the calculation of EPS because their effect would be anti-dilutive.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ deficit that may result from transactions and economic events other than those with stockholders, such as unrealized gains or losses on investments.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1 — Quoted prices in active markets for identical assets or liabilities. Cash and cash equivalents consisted of cash in bank accounts, and money market Treasury mutual funds which are all Level 1 assets. •Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. The Company's Level 2 assets consisted of Treasury bills of $40,241 and $0 as of December 31, 2025 and 2024, respectively. •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying amounts reported in the balance sheets for trade and other receivables, prepaid and other current assets, accounts payable, accrued expenses and deferred revenue approximate fair value based on the short-term maturity of these assets and liabilities. In connection with the issuance of the 13.5% Notes on November 1, 2023, the Company and the Note Holders entered into the Royalty Right Agreements. The Royalty Right Agreements were valued based on Level 3 inputs, and their fair value is estimated by applying probability-weighted cash flows for future sales, which are then discounted to present value. Changes to fair value of the Royalty Rights Agreements can result from changes to one or a number of the aforementioned inputs. A significant change in unobservable inputs could result in a material increase or decrease to the effective interest rate of the Royalty Right Agreements liability. During the year ended December 31, 2025, the Company updated the probability-weighted cash flows for future sales, which decreased the royalty obligation to $51,886 and decreased the unamortized discount to $25,945. The effective interest rate changed by 2.64%, and the Company updated the projected years of payments to 2035. During the year ended December 31, 2024, there were no material changes to the probability-weighted cash flows for future sales used to recognize the Royalty Right Agreements liability. The Company had used 75% probability of success factor and updated the projected years of payments to 2034 and the effective interest rate by 0.56%. See Note 15, Long-Term Debt for further discussion.
Segment Information	Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company manages its operations as a single segment for purposes of assessing performance and making operating decisions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company complies with new or revised accounting standards by the relevant dates on which adoption of such standards is required for smaller reporting companies. From time to time, new accounting pronouncements are issued by the FASB and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recently Adopted Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU modifies the effective tax rate reconciliation table and requires disaggregation of income taxes. The Company adopted ASU 2023-09 for the year ending December 31, 2025 and added the required disclosures on a prospective basis in Note 22, Income Taxes. Recent Accounting Pronouncements Not Adopted as of December 31, 2025: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Statements of Operations, and Comprehensive Loss as well as qualitatively describe the remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. These disclosure requirements will be effective for the Company for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact from the adoption of ASU 2024-03 on disclosures to its financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software to provide clarification and improvements to the accounting for internal-use software costs under ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. The guidance includes amendments related to capitalization of implementation costs, subsequent measurement, and related presentation and disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on its financial statements and related disclosures.

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

The following table provides the components of other non-current assets:


	December 31,
	2025		2024
Royalty receivable	$	2,000	$	3,000
Other	642		1,223
Total other non-current assets	$	2,642	$	4,223

Income Taxes - Schedule of Reconciliation of Income Tax Expense Computed at Statutory Federal Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Rate
At U.S. federal statutory rate	21.00%	21.00%
Research and development credit	2.50%
Changes in valuation allowances	(18.10%)	(23.50%)
Stock compensation	(4.70%)
Other items	(0.70%)
Effective tax rate	0.00%	0.00%
Tax
At U.S. federal statutory rate	$ (17,595)
Research and development credit	(2,115)
Changes in valuation allowances	15,174
Stock compensation	3,923
Other items	613
State taxes, net of federal effect		3.30%
Permanent differences		(1.10%)
Tax rate changes		(0.70%)
FDII deduction		0.00%
Provison to return adjustments		1.00%
Provision for Income Tax	$ 0	$ (14)

Share-Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Units
Granted (in shares)	1,602,050	1,470,300
Service Based
Number of Units
Unvested, at beginning of period (in shares)	2,610,000	1,948,000
Granted (in shares)	1,602,000	1,470,000
Forfeited (in shares)	(465,000)	(43,000)
Vested (in shares)	(1,063,000)	(765,000)
Unvested, at end of period (in shares)	2,684,000	2,610,000
Expected to vest (in shares)	2,548,000
Weighted Average Grant Date Fair Value Per Share
Unvested, balance at beginning of period (in dollars per share)	$ 3.38	$ 0.97
Granted (in dollars per share)	2.91	5.52
Forfeited (in dollars per share)	3.33	1.58
Vested (in dollars per share)	3.04	1.45
Unvested, balance at end of period (in dollars per share)	3.24	$ 3.38
Vested or expected to vest at end of period (in dollars per share)	$ 3.22
Market Based
Number of Units
Unvested, at beginning of period (in shares)	1,082,000	1,332,000
Granted (in shares)	784,350	0
Forfeited (in shares)	0	(250,000)
Vested (in shares)	(138,000)	0
Unvested, at end of period (in shares)	1,728,000	1,082,000
Expected to vest (in shares)	1,641,000
Weighted Average Grant Date Fair Value Per Share
Unvested, balance at beginning of period (in dollars per share)	$ 2.40	$ 2.40
Granted (in dollars per share)	2.82
Forfeited (in dollars per share)	0	2.41
Vested (in dollars per share)	2.82	0
Unvested, balance at end of period (in dollars per share)	2.55	$ 2.40
Vested or expected to vest at end of period (in dollars per share)	$ 2.54

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Aquestive maintains a cybersecurity risk management program designed to identify, assess, and mitigate risks from cybersecurity threats that could materially affect the Company’s business operations, financial performance, or the confidentiality, integrity, and availability of Company data and information systems. The Company’s cybersecurity program is organized around four pillars—Governance, Process, Compliance, and Audit—and is supported by formal written policies, procedures, and standards, including the Company’s Information Technology Policy and Cybersecurity Policy (collectively, the “Cybersecurity Policies”) that are assessed and evolving to address advancements in technology including artificial intelligence. The Cybersecurity Policies establish required security controls and requirements relating to, among other things, system access, acceptable use, software acquisition, password management, and network security. The Company also provides cybersecurity training and awareness programs, including training applicable to GxP and non‑GxP systems, as required under the Company’s Computer Policy. The Company evaluates cybersecurity risk using processes aligned with recognized frameworks and standards, including the NIST CSF, applicable NIST Special Publications (including the 800 and 600 series), and ISO 42001. The Company maintains an Incident Response Plan that is aligned to the NIST incident response lifecycle and is designed to support a consistent approach to cybersecurity events, including preparation, identification, containment, eradication, recovery, and lessons learned. The Company’s cybersecurity monitoring activities include, among other things, review of system logs, authentication activity, endpoint security events, and network behavior. These activities are supported by internal resources and a third‑party MSSP. The MSSP supports the Company with active threat monitoring, threat intelligence, risk assessment processes, and incident response capabilities intended to enable the Company to assess and address cybersecurity risks that could impact business operations. The Company may also engage other external experts, including cybersecurity assessors, consultants, and auditors, from time to time to evaluate cybersecurity measures and the effectiveness of relevant risk management processes. The Company relies on third parties, including suppliers, vendors, cloud platforms, and other service providers, in connection with its operations. The Company reviews cybersecurity risks associated with third‑party relationships and maintains controls designed to restrict unauthorized access and to align with internal policy requirements. While the Company’s processes are intended to reduce exposure to cybersecurity threats, no controls can eliminate all risk, and cybersecurity threats and threat actors continue to evolve. Cybersecurity risks are also reviewed as part of the Company’s enterprise risk management program. The Company assesses on an ongoing basis the potential impacts of cybersecurity risks and how such risks could materially affect the Company’s business strategy, results of operations, or financial condition. During the reporting period, the Company did not identify any cybersecurity threats or incidents, including as a result of previous cybersecurity incidents, that it believes have materially impacted, or are reasonably likely to materially impact, the Company’s business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Aquestive maintains a cybersecurity risk management program designed to identify, assess, and mitigate risks from cybersecurity threats that could materially affect the Company’s business operations, financial performance, or the confidentiality, integrity, and availability of Company data and information systems. The Company’s cybersecurity program is organized around four pillars—Governance, Process, Compliance, and Audit—and is supported by formal written policies, procedures, and standards, including the Company’s Information Technology Policy and Cybersecurity Policy (collectively, the “Cybersecurity Policies”) that are assessed and evolving to address advancements in technology including artificial intelligence. The Cybersecurity Policies establish required security controls and requirements relating to, among other things, system access, acceptable use, software acquisition, password management, and network security. The Company also provides cybersecurity training and awareness programs, including training applicable to GxP and non‑GxP systems, as required under the Company’s Computer Policy.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board Oversight of Cybersecurity Risk The Audit Committee provides oversight of the Company’s cybersecurity matters, including risks associated with cybersecurity threats. The IT Officer briefs the Audit Committee quarterly regarding the effectiveness of the Company’s cybersecurity program, with a more in‑depth review conducted annually.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee provides oversight of the Company’s cybersecurity matters, including risks associated with cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Chief People Officer, together with the broader information technology function, is responsible for assessing and managing the Company’s cybersecurity risks and for informing senior management and the Audit Committee regarding cybersecurity risks and the prevention, detection, mitigation, and remediation of cybersecurity incidents. The Chief People Officer reports to the Company’s Chief Executive Officer and leads the Company’s cybersecurity program. The Chief People Officer has served in this function at the Company for 10 years and has over eleven years of experience in information security strategy and cybersecurity risk management. The Company’s internal information technology team has over fifteen years of combined technical, program management, and architecture experience in managing cyber risk and information security.
Cybersecurity Risk Role of Management [Text Block]	Role of Management/Board The Chief People Officer, together with the broader information technology function, is responsible for assessing and managing the Company’s cybersecurity risks and for informing senior management and the Audit Committee regarding cybersecurity risks and the prevention, detection, mitigation, and remediation of cybersecurity incidents. The Chief People Officer reports to the Company’s Chief Executive Officer and leads the Company’s cybersecurity program. The Chief People Officer has served in this function at the Company for 10 years and has over eleven years of experience in information security strategy and cybersecurity risk management. The Company’s internal information technology team has over fifteen years of combined technical, program management, and architecture experience in managing cyber risk and information security. The Company’s Cybersecurity Policy and Incident Response Plan assign responsibilities for incident governance, including to the CSIRT, Incident Response Commander, Incident Response Manager, and Incident Handling Team. These documents also establish escalation pathways and decision‑making authority during cybersecurity events. The Company’s leadership, including the Director of IT and senior executives identified in the incident response governance matrix, are responsible for reviewing cybersecurity risks, approving responses to significant incidents, and ensuring the Company maintains appropriate resources for cybersecurity operations and continuous improvement consistent with the Company’s framework‑aligned processes.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Chief People Officer, together with the broader information technology function, is responsible for assessing and managing the Company’s cybersecurity risks and for informing senior management and the Audit Committee regarding cybersecurity risks and the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Chief People Officer has served in this function at the Company for 10 years and has over eleven years of experience in information security strategy and cybersecurity risk management. The Company’s internal information technology team has over fifteen years of combined technical, program management, and architecture experience in managing cyber risk and information security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Chief People Officer, together with the broader information technology function, is responsible for assessing and managing the Company’s cybersecurity risks and for informing senior management and the Audit Committee regarding cybersecurity risks and the prevention, detection, mitigation, and remediation of cybersecurity incidents. The Chief People Officer reports to the Company’s Chief Executive Officer and leads the Company’s cybersecurity program. The Chief People Officer has served in this function at the Company for 10 years and has over eleven years of experience in information security strategy and cybersecurity risk management. The Company’s internal information technology team has over fifteen years of combined technical, program management, and architecture experience in managing cyber risk and information security.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued compensation	$ 3,707	$ 4,732
Real estate and personal property taxes	349	365
Accrued distribution expenses and sales returns provision	906	665
Interest payable	17	17
Other	50	128
Total accrued expenses	$ 5,029	$ 5,907

Risks and Uncertainties (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 01, 2023
Unusual Risk or Uncertainty [Line Items]
Cash and cash equivalents	$ 121,169	$ 71,546	$ 23,872
Accumulated deficit	$ 446,998	$ 363,214
Senior Secured Notes, 13.5% due November 1, 2028 \| Senior Notes
Unusual Risk or Uncertainty [Line Items]
Interest rate (as a percent)	13.50%			13.50%

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (83,784)	$ (44,137)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization	548	718
Share-based compensation	7,624	7,099
Amortization of debt issuance costs and discounts	10,995	10,714
Gain on contract termination	0	(300)
Other, net	1	104
Changes in operating assets and liabilities:
Trade receivables and other receivables, net	(10,372)	1,094
Inventories	(126)	725
Prepaid expenses and other assets	698	(223)
Accounts payable	19,523	2,782
Accrued expenses and other liabilities	3,032	(1,492)
Deferred revenue	(571)	(12,843)
Net cash used for operating activities	(52,432)	(35,759)
Cash flows from investing activities:
Capital expenditures	(562)	(159)
Net cash used for investing activities	(562)	(159)
Cash flows from financing activities:
Proceeds from issuance of common stock under public equity offering-ATM, net	21,194	11,783
Proceeds from common stock issued under public equity offering, net	79,460	71,974
Proceeds from exercise of warrants, net	1,430	165
Proceeds from shares issued under employee stock purchase plan	110	67
Proceeds from exercise of stock options	1,270	732
Repayment of debt principal including lease liabilities	(26)	(23)
Payments for royalty obligations	(11)	(5)
Payments for taxes on share-based compensation	(810)	(1,101)
Net cash provided by financing activities	102,617	83,592
Net increase in cash and cash equivalents	49,623	47,674
Cash and cash equivalents:
Beginning of period	71,546	23,872
End of period	121,169	71,546
Supplemental disclosures of cash flow information:
Cash payments for interest	6,098	7,097
Cash payments for income taxes	0	305
Cash refunds received for income taxes	(65)	0
Non-cash investing activities: capital expenditures in accounts payable	52	78
Non-cash financing activities: accrued taxes on share-based compensation	$ 0	$ 250

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 30, 2026, the Company received a CRL from the FDA for the NDA seeking approval of Anaphylm (dibutepinephrine) sublingual film for the treatment of Type I allergic reactions, including anaphylaxis, in patients weighing 33kg or more (approximately 66 pounds) that focused on administration and labeling guidance. The FDA cited deficiencies in the Anaphylm HF validation study including instances of difficulty opening the pouch and incorrect film placement which, if unaddressed, the FDA believes could cause significant safety issues in the setting of anaphylaxis. To resolve the FDA’s concerns, the Company has modified the pouch opening, instructions for use, pouch and carton labeling, and plans to conduct a new HF validation study with these modifications. Due to the requirements related to HF, FDA's clinical pharmacology division requested a single PK study to understand the impact of any modifications to packaging and labeling. The Agency indicated that the HF and PK studies can be conducted in parallel. No additional studies were requested in the CRL. The Company also plans to further address potential tolerability issues in its resubmission. The CRL did not identify any chemistry, manufacturing, or controls (CMC) deficiencies, and clinical results submitted as part of the NDA regarding comparability to auto-injectors (such as EpiPen® and Auvi-Q®), such as bracketing, repeat dose, and sustainability, were not questioned. On March 3, 2026, the Company entered into Amendment No. 1 to the Purchase and Sale Agreement, dated August 13, 2025, with funds managed by RTW. The Amendment extends the Marketing Approval Deadline for Anaphylm from its original date to June 30, 2027. Concurrently, the Company entered into a Warrant Issuance Agreement with funds managed by RTW, pursuant to which the Company agreed to issue a warrant to such funds to purchase up to 375,000 shares of the Company's Common Stock at an exercise price of $4.00 per share, expiring on March 3, 2029. On March 3 2026, the Company also entered into a Share Purchase Commitment Agreement with certain RTW-affiliated funds, pursuant to which such funds committed to purchase, in the aggregate, not less than $5.0 million of Common Stock during the 90-day period following the effective date of the agreement, at prices determined in accordance with Rule 415(a)(4) under the Securities Act.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table reconciles reported revenues to net loss under the significant expense principle for the years ended December 31, 2025, and 2024:


	Year Ended December 31,
	2025		2024
Revenues	$	44,545	$	57,561
Costs and expenses:


Total Manufacture and Supply Expenses	18,555		17,872

R&D Project expenses:
Anaphylm project expenses	5,815		9,471
AQST-108 project expenses	497		786
Libervant project expenses	—		2
R&D other expenses:
Personnel costs1	8,650		7,724
Other2	2,230		2,297
Total Research and Development Expenses	17,192		20,280

Selling expenses:
Personnel costs3	3,719		2,382
Other4	14,765		5,164
Total Selling expenses	18,484		7,546

General & Administrative expenses:

Personnel costs5	19,823		21,064
Other6	41,542		21,570
Total General and Administrative Expenses	61,365		42,634

Total Selling, General and Administrative Expenses	79,849		50,180

Total costs and expenses	115,596		88,332
Loss from operations	(71,051)		(30,771)
Other income/(expenses), net	(12,733)		(13,380)
Net loss before income taxes	(83,784)		(44,151)
Income taxes benefit	—		14
Net loss	$	(83,784)	$	(44,137)
Comprehensive loss	$	(83,784)	$	(44,137)

1 - R&D Personnel costs include payroll expenses, share-based compensation expenses and severance

2 - Other R&D expenses include preclinical, consulting, maintenance, and testing fees

3 - Selling Personnel costs include payroll expenses, share-based compensation expenses and severance

4 - Other Selling expenses include commercialization and other related expenses

5 - G&A Personnel costs include payroll expenses, share-based compensation expenses and severance

6 - Other General and Administrative expenses include legal/patent fees, legal expenditures, insurance fees, IT expenses, investor relations expenses, regulatory fees, facility and other costs

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Inventory	$ 435	$ 337
Accrued expenses	178	186
NOL carryforwards	48,764	34,689
Interest limitation imposed by the TCJA	11,392	11,594
Stock Compensation	2,966	6,862
Deferred Revenue	5,144	5,157
Royalty Monetization	16,289	16,117
Property and Equipment	2,324	2,690
Orphan Drug and R&D Tax Credits	7,528	5,099
Intangible Assets	1,212	137
Section 174 R&D Capitalization	6,906	7,263
Sales of Royalty Rights	5,055	3,438
OID and Deferred Financing Cost	2,004	1,636
Other	4,724	143
Deferred tax assets	114,921	95,348
Deferred tax liabilities:
Right of use assets	(1,161)	0
Prepaid expenses	(586)	(795)
Deferred tax liabilities	(1,747)	(795)
Valuation Allowance	(113,174)	(94,553)
Net deferred tax asset/(liability)	$ 0	$ 0

Long-Term Debt - Schedule of Term Notes and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Finance lease, long-term	$ 113	$ 146
Notes payable, net	$ 27,519	$ 32,500
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Notes payable, net	Notes payable, net
Royalty obligations	$ 51,886	$ 56,922
Royalty obligations, current	0	(87)
Royalty obligations, net	25,941	20,129
Senior Secured Notes, 13.5% due November 1, 2028 \| Senior Notes
Line of Credit Facility [Line Items]
Total outstanding notes	45,000	45,000
Unamortized discount, including Exit Fee	(7,630)	(12,646)
Notes payable, current	(9,964)	0
Notes payable, long-term	$ 27,406	$ 32,354

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenues	$ 44,545	$ 57,561
Costs and expenses:
Manufacture and supply	$ 18,555	$ 17,872
Cost, Product and Service [Extensible Enumeration]	Manufactured Product, Other [Member]	Manufactured Product, Other [Member]
Research and development	$ 17,192	$ 20,280
Selling, general and administrative	79,849	50,180
Total costs and expenses	115,596	88,332
Loss from operations	(71,051)	(30,771)
Other income (expenses):
Interest expense	(11,120)	(11,122)
Interest expense related to royalty obligations	(5,737)	(5,459)
Interest expense related to the sale of future revenue	(243)	(236)
Interest income and other income, net	4,367	3,437
Net loss before income taxes	(83,784)	(44,151)
Income taxes benefit	0	14
Net loss	(83,784)	(44,137)
Comprehensive loss	$ (83,784)	$ (44,137)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.78)	$ (0.51)
Diluted (in dollars per share)	$ (0.78)	$ (0.51)
Weighted-average number of common shares outstanding:
Basic (in shares)	106,926,528	86,726,211
Diluted (in shares)	106,926,528	86,726,211

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, the Company has been and may again become involved in legal proceedings arising in the course of its business, including product liability, intellectual property, securities, civil tort, and commercial litigation, and environmental or other regulatory matters. California Litigation Neurelis, Inc. v. Aquestive Therapeutics, Inc. On December 5, 2019, Neurelis, Inc. ("Neurelis") filed a civil tort lawsuit against the Company in the Superior Court of California, County of San Diego. In December 2025, the parties reached a mutual out-of-court settlement agreement resolving all claims related to the matter, the terms of which settlement agreement are confidential. In the settlement agreement, the Company did not concede liability and settled the matter for business reasons. The Company does not consider this settlement material to its financial condition. We anticipate that the court will enter in the records an order of dismissal of the lawsuit with prejudice in the first quarter of 2026. The settlement of the matter was recorded within Selling, general, and administrative expenses on the Company's Statements of Operations and Comprehensive Loss for the year ended December 31, 2025. The current liability was recorded within Accounts payable and the non-current liability was recorded within Other non-current liabilities on the Company's Balance Sheets as of December 31, 2025. Neurelis FDA Lawsuit Neurelis, Inc. v. Califf, et al., U.S. District Court for the District of Columbia In May 2024, Neurelis filed a complaint in the U.S. District Court for the District of Columbia against the U.S. Food and Drug Administration, the U.S. Department of Health and Human Services, and certain government officials. The complaint in this matter alleges that the defendants violated the Administrative Procedure Act by approving the Company's NDA for Libervant for ARS patients aged between two and five years, and asked the Court to vacate that approval and enjoin the defendants from approving Libervant for this pediatric patient population until January 10, 2027, the scheduled date for the expiration of the U.S. orphan drug market exclusivity (ODE) granted by the FDA to the Valtoco nasal spray product of Neurelis (the "ODE Expiration"). The Company intervened in this litigation to defend the approval of Libervant for this ARS pediatric patient population. Following submission of briefs and filings of respective motions by the parties for summary judgment, on February 14, 2025, the Court entered a final appealable judgment in favor of Neurelis, and against the FDA's and the Company's cross-motions for summary judgment, and directed the FDA to vacate the approval of Libervant. On February 18, 2025, the Company filed an appeal of the District Court's decision with the U.S. Circuit Court of Appeals for the District of Columbia (the "DC Appellate Court") and, on the same day, filed an emergency motion with the District Court to stay its order pending a decision on the appeal with the DC Appellate Court. The District Court denied the motion for a stay. On March 27, 2025, the DC Appellate Court denied the Company's emergency motion for stay. The FDA filed an appeal of the District Court's decision to the DC Appellate Court and the Company withdrew its appeal. As a result of the District Court's ruling, the FDA converted the approval of Libervant to a "tentative approval" and the Company has ceased marketing activities in the United States. After a delay of the proceedings at the DC Appellate Court caused by the government shutdown beginning in October 2025, on November 21, 2025, the DC Appellate Court entered a schedule for briefing and oral arguments on the appeal. Subsequently, on February 3, 2026, Congress adopted and the President signed into law legislation that amended the Orphan Drug Act to provide that ODE applies only to the extent a subsequent applicant seeks approval for the same approved use or indication within the designated rare disease or condition to which the ODE applies. As applied, this legislation would confirm the FDA's long-standing interpretation of the Orphan Drug Act and its authority to approve another sponsor’s orphan drug for a different use or indication than that of an approved drug with ODE, such as the FDA's prior approval of Libervant for ARS patients aged between two and five years. On February 16, 2026, the Company filed a motion with the DC Appellate Court requesting that the DC Appellate Court order all parties to submit simultaneous briefs regarding appropriate next steps regarding this legislation and its intended application to this case, including the possibility of a summary disposition of the matter by the DC Appellate Court. On February 18, 2026, Neurelis filed a brief opposing the Company's motion. On the DC Appellate Court's own motion filed on February 17, 2026, the DC Appellate Court suspended briefing by the parties in this case pending further order from the court. On March 2, 2026, the DC Appellate Court entered an order directing the parties to address their positions on the effect on the appeal resulting from the amendment to the Orphan Drug Act recently enacted by March 20, 2026. The Company is not able to determine or predict the ultimate outcome of these proceedings or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter or whether the FDA will grant U.S. market access to Libervant for ARS patients aged between two and five years in advance of the ODE Expiration. Suboxone Product Liability Litigation The Company was named as a defendant in a multitude of product liability lawsuits, along with Indivior and several other named defendants, in which the individual plaintiffs in those cases allege that their use of Suboxone® Sublingual Film, a prescription drug product for opioid use disorder, caused them dental injuries. On February 2, 2024, this litigation became a Multidistrict Litigation (“MDL") consolidated in the U.S District Court for the Northern District of Ohio. One case alleging the same allegations as contained in the MDL has been filed in a state court in the State of New Jersey. The parties to the MDL have agreed to a tolling of unfiled claimants in several states. Indivior has agreed to defend the Company in these litigation matters. Discovery is underway and no trial date has been set in the MDL matter. The Company's motion to dismiss the MDL matter was granted as to all claims against Aquestive by plaintiffs except design defect claims and claims for punitive damages. The Company is not able to determine or predict the ultimate outcome of this litigation or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter. The Company was named as a defendant in three proposed class action lawsuits filed in Canada, along with Indivior and several other named defendants, in which the individual plaintiffs in those cases allege that their use of Suboxone® products caused them dental injuries. Two of these cases have been filed in British Columbia, and the plaintiffs in those cases are seeking assignment of a case management judge. The anticipated next step in British Columbia will involve applications by the plaintiffs to determine which of the two cases will proceed towards a certification hearing and which will be stayed. The third case has been filed in Quebec and is proceeding towards an authorization hearing, the date of which has not yet been set. The authorization and certification hearings will determine whether the Courts will allow the cases to proceed as class actions. Pre-discovery and case management proceedings are underway and no trial date has yet been set. Given the early stages of these proceedings, the Company is not able to determine or predict the ultimate outcome of this litigation or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this litigation.

Warrants (Details) - USD ($)			12 Months Ended
Warrants (Details) - USD ($)	Jun. 14, 2023	Jul. 15, 2019	Dec. 31, 2025	Dec. 31, 2024	Aug. 01, 2023	Jun. 30, 2022
Class of Warrant or Right [Line Items]
Class of warrant or right, exercises (in shares)			0
Proceeds from exercise of warrants, net			$ 1,430,000	$ 165,000
Warrants and rights outstanding (in shares)						$ 5,874,000
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)						4,000,000
Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)						8,850,000
Warrants issued to purchase common stock (in shares)	3,689,452
Proceeds from warrant exercises	$ 3,542,000
Existing Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share)					$ 0.96
Class of warrant or right, outstanding (in shares)					5,000,000
New Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)			2,200,000		2,750,000
Proceeds from exercise of warrants, net			$ 1,430,000
Exercise price of warrants (in usd per share)					$ 2.60
Class of warrant or right, warrants exercised (in shares)			550,000	0
Warrants issued to purchase common stock (in shares)			160,548
Fair value of warrants					$ 4,671,000
Warrants, $0.96 Exercise Price
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share)			$ 0.96
New Warrants, $2.60 Exercise Price
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share)			$ 2.60
Minimum \| Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share)						$ 0.96
Senior Secured Notes Due 2025
Class of Warrant or Right [Line Items]
Interest rate (as a percent)		12.50%
Warrants issued (in shares)				1,683,784
Fair value of warrants issued		$ 6,800,000
Senior Secured Notes Due 2025 \| Warrants, $4.25 Exercise Price
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share)				$ 4.25
Class of warrant or right, outstanding (in shares)				1,571,429
Senior Secured Notes Due 2025 \| Warrants, $5.38 Exercise Price
Class of Warrant or Right [Line Items]
Exercise price of warrants (in usd per share)				$ 5.38
Class of warrant or right, outstanding (in shares)				112,355
Senior Secured Notes Due 2025 - First Additional Offering \| Additional Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right, exercises (in shares)				30,645
Proceeds from exercise of warrants, net				$ 165,000
Senior Secured Notes Due 2025 - First Additional Offering \| Maximum
Class of Warrant or Right [Line Items]
Warrants issued (in shares)		2,143,000
2020 Additional Notes
Class of Warrant or Right [Line Items]
Fair value of warrants issued		$ 735,000

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net


				December 31,
	Useful Lives			2025		2024
Machinery	3	-	15 years	$	20,383	$	20,317
Furniture and fixtures	3	-	15 years	769		769
Leasehold improvements	(a)			21,419		21,419
Computer, network equipment and software	3	-	7 years	3,140		2,685
Construction in progress				2,203		2,110
				47,914		47,300
Less: accumulated depreciation and amortization				(44,021)		(43,501)
Total property and equipment, net				$	3,893	$	3,799

(a)Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

Total depreciation and amortization related to property and equipment was $548 and $640 for the years ended December 31, 2025 and 2024, respectively. No impairment losses were recognized for the years ended December 31, 2025 and 2024.

Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw material	$ 3,143	$ 3,266
Packaging material	2,362	2,135
Finished goods	664	643
Total inventory	$ 6,169	$ 6,044

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The Company recognized share-based compensation in its Statements of Operations and Comprehensive Loss during the periods presented as follows:


	Year Ended December 31,
Expense classification:	2025		2024
Manufacture and supply	$	481	$	374
Research and development	1,875		1,215
Selling, general and administrative	5,268		5,510
Total share-based compensation expenses	$	7,624	$	7,099
Share-based compensation from:
Restricted Stock Units	5,401		4,545
Stock Options	2,142		2,512
Employee Stock Purchase Plan	81		42
Total share-based compensation expenses	$	7,624	$	7,099

Schedule of Restricted Stock Units

The following tables summarize the Company’s awards of service-based and market conditions vesting-based restricted stock units during the years ended December 31, 2025 and 2024:


Restricted Stock Unit Awards (RSUs) - Service-based:	Number of Units	Weighted Average Grant Date Fair Value Per Share
	(In thousands)
Unvested as of December 31, 2023	1,948	$	0.97
Granted	1,470	5.52
Forfeited	(43)	1.58
Vested	(765)	1.45
Unvested as of December 31, 2024	2,610	$	3.38
Granted	1,602	2.91
Forfeited	(465)	3.33
Vested	(1,063)	3.04
Unvested as of December 31, 2025	2,684	$	3.24
Expected to vest as of December 31, 2025	2,548	$	3.22

Schedule of Stock Option Activity


Restricted Stock Unit Awards (RSUs) - Market conditions vesting-based:	Number of Units	Weighted Average Grant Date Fair Value Per Share
	(In thousands)
Unvested as of December 31, 2023	1,332	$	2.40
Granted	—
Forfeited	—	—
Vested	(250)	2.41
Unvested as of December 31, 2024	1,082	$	2.40
Granted	784	2.82
Forfeited	(138)	2.82
Vested	—	—
Unvested as of December 31, 2025	1,728	$	2.55
Expected to vest as of December 31, 2025	1,641	$	2.54

The following table summarizes the Company’s stock option activity during the years ended December 31, 2025 and 2024:


(in 000s, except share price data)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Outstanding as of December 31, 2023	5,733	$	5.58	6.41	$	1,082
Granted	1,024	4.83
Exercised	(357)	2.05
Forfeited and Expired	(99)	3.84
Outstanding as of December 31, 2024	6,301	5.68		6.08	4,009
Granted	1,040	2.98
Exercised	(568)	2.24
Forfeited and Expired	(215)	4.60
Outstanding as of December 31, 2025	6,558	5.59		5.58	14,918
Expected to vest as of December 31, 2025	6,482	5.61		5.54	14,705
Exercisable as of December 31, 2025	5,136	$	6.07	4.65	$	11,185

Schedule of Stock Option Valuation Assumptions

The Company’s estimates of the fair value of the 2025 market conditions vesting-based awards at their grant or valuation dates were based on a Monte Carlo simulation and considered various variables and the following assumptions:


			Year Ended December 31, 2025
Expected dividend yield			0%
Expected volatility			91.5%
Risk-free interest rate			3.9%
Stock price at grant date			$2.65

The fair values of stock options granted were estimated using the Black-Scholes model based on the following assumptions:


	Year Ended December 31,
	2025			2024
Expected dividend yield	0%			0%
Expected volatility	96%	-	97%	104%	-	107%
Expected term (years)	5.5	-	6.1	5.5	-	6.1
Risk-free interest rate	3.8%	-	4.2%	4.1%	-	4.5%
Exercise prices	$2.65	-	$5.58	$2.50	-	$5.68

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Year Ended December 31,
	2025		2024
Numerator:
Net loss	$	(83,784)	$	(44,137)
Denominator:
Weighted-average number of common shares – basic and diluted	106,926,528		86,726,211
Loss per common share – basic and diluted	$	(0.78)	$	(0.51)

(a)For the years ended December 31, 2025 and 2024, outstanding stock options of 6,557,979 and 6,301,364 to purchase shares of Common Stock, respectively, were anti-dilutive.

(b)For the years ended December 31, 2025 and 2024, outstanding restricted stock units of 4,411,776 and 3,692,876 to purchase shares of Common Stock, respectively were anti-dilutive.

(c)For the years ended December 31, 2025 and 2024, outstanding warrants of 2,360,548 and 4,594,332 to purchase shares of Common Stock, respectively, were anti-dilutive.

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 121,169	$ 71,546
Trade and other receivables, net	17,763	7,344
Inventories, net	6,169	6,044
Prepaid expenses and other current assets	4,168	3,286
Total current assets	149,269	88,220
Property and equipment, net	3,893	3,799
Right-of-use assets, net	4,621	5,182
Other non-current assets	2,642	4,223
Total assets	160,425	101,424
Current liabilities:
Accounts payable	29,862	10,287
Accrued expenses	5,029	5,907
Lease liabilities, current	631	510
Deferred revenue, current	1,092	1,048
Liability related to the sale of future revenue, current	1,000	1,000
Royalty obligations, current	0	87
Loans payable, current	9,994	26
Total current liabilities	47,608	18,865
Notes payable, net	27,519	32,500
Royalty obligations, net	25,941	20,129
Liability related to the sale of future revenue, net	62,023	62,718
Lease liabilities	4,337	4,968
Deferred revenue, net of current portion	19,390	20,005
Other non-current liabilities	7,269	2,395
Total liabilities	194,087	161,580
Contingencies (Note 23)
Stockholders’ deficit:
Common stock, $0.001 par value. Authorized 250,000,000 shares; 122,044,299 and 91,413,742 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	122	91
Additional paid-in capital	413,214	302,967
Accumulated deficit	(446,998)	(363,214)
Total stockholders’ deficit	(33,662)	(60,156)
Total liabilities and stockholders’ deficit	$ 160,425	$ 101,424

Right-of-Use Assets and Lease Obligations

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Right-of-Use Assets and Lease Obligations

The Company leases all realty used at its production and warehouse facilities, corporate headquarters, commercialization operations center and research and laboratory facilities. None of these three leases include the characteristics specified in ASC 842, Leases, that require classification as financing leases and, accordingly, these leases are accounted for as operating leases. These leases, as amended, provide remaining terms between 2.2 years and 7.8 years, including renewal options expected to be exercised to extend the lease periods. Commitments under finance leases are not significant, and are included in Property and equipment, net, and Notes Payable, net on the Balance Sheets. See Part II, Properties for details.

The Company does not recognize a right-to-use asset and lease liability for short-term leases, which have terms of 12 months or less on its Balance Sheets. For longer-term lease arrangements that are recognized on the Company's Balance sheets, the right-of-use asset and lease liability is initially measured at the commencement date based upon the present value of the lease payments due under the lease. These payments represent the combination of the fixed lease and fixed non-lease components that are due under the arrangement. The costs associated with the Company’s short-term leases, as well as variable costs relating to the Company’s lease arrangements, are not material to the financial results.

The implicit interest rates of the Company’s lease arrangements are generally not readily determinable and as such, the Company applies an incremental borrowing rate, which is established based upon the information available at the lease commencement date, to determine the present value of lease payments due under an arrangement. Measurement of the operating lease liability reflects a range of an estimated discount rate of 14.8% to 15.6% applied to minimum lease payments, including expected renewals, based on the incremental borrowing rate experienced in the Company’s collateralized debt refinancing.

The Company’s lease costs are recorded in manufacture and supply, R&D and selling, general and administrative expenses in its Statements of Operations and Comprehensive Loss. For the years ended December 31, 2025 and 2024, total operating lease expenses totaled $1,783 and $1,814, respectively, including variable lease expenses such as common area maintenance and operating costs of $449 and $487, respectively.

The Company’s payments due under its operating leases are as follows:



2026	$	1,318
2027	1,346
2028	1,180
2029	1,000
2030 and thereafter	2,915

Total lease payments	7,759
Less: imputed interest	(2,791)
Total operating lease liabilities	$	4,968

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company provides certain employees, non-employee directors and consultants with performance incentives under the Aquestive Therapeutics, Inc. Equity Incentive Plan (“the Plan”), adopted by the Board of Directors on June 15, 2018. Under this Plan, the Company may grant restricted stock units, stock options, or other stock-based awards in order to align the long-term financial interests of selected participants with those of its stockholders, strengthen the commitment of such persons to the Company, and attract and retain competent and dedicated persons whose efforts will enhance long-term growth, profitability and share value.

The service-based restricted stock units and stock options that have been awarded are subject to graded vesting over a service period, which is typically three years. The restricted stock units with vesting based on market conditions were awarded in 2023 and 2025 and vest in three years on the anniversary of the first tranche award. Compensation cost is recognized for restricted stock units, both service-based awards and market conditions vesting-based awards, on a straight line basis over the requisite service period for each award granted. Compensation cost for stock option awards is recognized based on a pro-rata basis over the requisite period for each award granted.

At December 31, 2025, there were approximately 4.0 million shares available for grant.

The Company recognized share-based compensation in its Statements of Operations and Comprehensive Loss during the periods presented as follows:


	Year Ended December 31,
Expense classification:	2025		2024
Manufacture and supply	$	481	$	374
Research and development	1,875		1,215
Selling, general and administrative	5,268		5,510
Total share-based compensation expenses	$	7,624	$	7,099
Share-based compensation from:
Restricted Stock Units	5,401		4,545
Stock Options	2,142		2,512
Employee Stock Purchase Plan	81		42
Total share-based compensation expenses	$	7,624	$	7,099

The following tables provide information about the Company’s restricted stock unit and stock option activity during the years ended December 31, 2025 and 2024.

Restricted Stock Units

The following tables summarize the Company’s awards of service-based and market conditions vesting-based restricted stock units during the years ended December 31, 2025 and 2024:


Restricted Stock Unit Awards (RSUs) - Service-based:	Number of Units	Weighted Average Grant Date Fair Value Per Share
	(In thousands)
Unvested as of December 31, 2023	1,948	$	0.97
Granted	1,470	5.52
Forfeited	(43)	1.58
Vested	(765)	1.45
Unvested as of December 31, 2024	2,610	$	3.38
Granted	1,602	2.91
Forfeited	(465)	3.33
Vested	(1,063)	3.04
Unvested as of December 31, 2025	2,684	$	3.24
Expected to vest as of December 31, 2025	2,548	$	3.22

The Company granted 1,602,050 service-based restricted stock units during the year ended December 31, 2025. The Company granted 1,470,300 service-based restricted stock units during the year ended December 31, 2024. During 2025, the total grant date fair market value of shares vested was $3,236.

As of December 31, 2025, $5,021 of total unrecognized compensation expenses related to unvested service-based restricted stock units are expected to be recognized over a remaining weighted average period of 1.49 years. The service-based restricted stock units granted to employees are subject to a three-year graduated vesting schedule and are not subject to performance-based criteria other than continued employment.


Restricted Stock Unit Awards (RSUs) - Market conditions vesting-based:	Number of Units	Weighted Average Grant Date Fair Value Per Share
	(In thousands)
Unvested as of December 31, 2023	1,332	$	2.40
Granted	—
Forfeited	—	—
Vested	(250)	2.41
Unvested as of December 31, 2024	1,082	$	2.40
Granted	784	2.82
Forfeited	(138)	2.82
Vested	—	—
Unvested as of December 31, 2025	1,728	$	2.55
Expected to vest as of December 31, 2025	1,641	$	2.54

The Company granted 784,350 market conditions vesting-based restricted stock units during the year ended December 31, 2025. There were no market conditions vesting-based restricted stock units granted during the year ended December 31, 2024.

As of December 31, 2025, $1,450 of total unrecognized compensation expenses related to unvested market conditions vesting-based restricted stock units are expected to be recognized over a remaining weighted average period of 1.03 years.

The 2023 market conditions vesting-based restricted stock units vest based on a Performance Price measured as the 30-day average of the closing prices of the Company’s common stock as reported on the Nasdaq Stock Market immediately prior to and including the last calendar day of the three-year performance period (which ends on the third anniversary of the grant

date). To the extent the Performance Price is less than $1.75, the Vesting Percentage will be zero. To the extent the Performance Price is $1.75, the Vesting Percentage will be 50%. To the extent the Performance Price is $1.76 or greater, but less than $2.50, the Vesting Percentage will be a prorated amount between 50.01% and 99.99%, based on straight-line interpolation. To the extent the Performance Price is $2.50, the Vesting Percentage will be 100%. To the extent the Performance Price is $2.51 or greater, but less than $3.25, the Vesting Percentage will be a prorated amount between 100.01% and 149.99%, based on straight-line interpolation. To the extent the Performance Price is $3.25 or greater, the Vesting Percentage will be 150%. In no event will the Vesting Percentage exceed 150%.

The 2025 market conditions vesting-based restricted stock units were measured over a three-year performance period. The performance period is split into two pricing periods. The first pricing period commences on the grant date and ends on the calendar day immediately proceeding the second anniversary of the grant date. The second pricing period commences on the second anniversary of the grant date and ends on the third anniversary of the grant date, The performance price for the first pricing period is calculated based on the 30-day average price observed for the last 30 days of the first pricing period. The performance price for the second pricing period is calculated based on the highest 30-day average for any 30-day period throughout the second pricing period. To the extent the Performance Price is less than $6.00, the Vesting Percentage will be zero. To the extent the Performance Price is $6.00, the Vesting Percentage will be 50%. To the extent the Performance Price is $6.01 or greater, but less than $7.00, the Vesting Percentage will be a prorated amount between 50.01% and 99.99%, based on straight-line interpolation. To the extent the Performance Price is $7.00, the Vesting Percentage will be 100%. To the extent the Performance Price is $7.01 or greater, but less than $8.00, the Vesting Percentage will be a prorated amount between 100.01% and 149.99%, based on straight-line interpolation. To the extent the Performance Price is $8.00 or greater, the Vesting Percentage will be 150%. In no event will the Vesting Percentage exceed 150%.


			Year Ended December 31, 2025
Expected dividend yield			0%
Expected volatility			91.5%
Risk-free interest rate			3.9%
Stock price at grant date			$2.65

Stock option awards

The following table summarizes the Company’s stock option activity during the years ended December 31, 2025 and 2024:


(in 000s, except share price data)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Outstanding as of December 31, 2023	5,733	$	5.58	6.41	$	1,082
Granted	1,024	4.83
Exercised	(357)	2.05
Forfeited and Expired	(99)	3.84
Outstanding as of December 31, 2024	6,301	5.68		6.08	4,009
Granted	1,040	2.98
Exercised	(568)	2.24
Forfeited and Expired	(215)	4.60
Outstanding as of December 31, 2025	6,558	5.59		5.58	14,918
Expected to vest as of December 31, 2025	6,482	5.61		5.54	14,705
Exercisable as of December 31, 2025	5,136	$	6.07	4.65	$	11,185

The weighted average grant date fair value of stock options granted during the years ended December 31, 2025 and 2024 was $2.38 and $3.98, respectively. During the year ended December 31, 2025, 1,040,000 stock options were granted with an exercise price of $2.98 and accordingly, given the Company’s share price of $6.46 at December 31, 2025, the aggregate

intrinsic value provided by certain shares granted during this period was approximately $3,600. During the year ended December 31, 2024, 1,023,900 stock options were granted with an exercise price of $4.83 and accordingly, given the Company’s share price of $3.56 at December 31, 2024, the intrinsic value provided by certain shares granted during this period was de minimis.

The fair values of stock options granted were estimated using the Black-Scholes model based on the following assumptions:


	Year Ended December 31,
	2025			2024
Expected dividend yield	0%			0%
Expected volatility	96%	-	97%	104%	-	107%
Expected term (years)	5.5	-	6.1	5.5	-	6.1
Risk-free interest rate	3.8%	-	4.2%	4.1%	-	4.5%
Exercise prices	$2.65	-	$5.58	$2.50	-	$5.68

The Company anticipates reinvesting earnings for the foreseeable future in product development and other avenues of share-value growth and therefore used a dividend yield of zero. The estimate of volatility was determined based on an estimate of stock price volatility using the historical trading data of the Company's publicly-traded Common Stock at the time of grant. The expected term of the award was calculated using the simplified method and weighted average was utilized taking into account the vesting periods and contractual life. The risk-free interest rates are derived from the U.S. Treasury yield curve in effect on the date of grant for instruments with a remaining term similar to the expected term of the options.

As of December 31, 2025, $2,964 of total unrecognized compensation expenses related to non-vested stock options is expected to be recognized over a remaining weighted average period of 1.56 years. These option grants provided a maximum contract term of 10 years from grant date, with a weighted average remaining contract life of 5.58 years. Options granted to senior management and key employees are subject to a 3-year graded vesting schedule while options granted to the Board of Directors are subject to a one year cliff vesting schedule. These stock options are not subject to performance-based criteria other than continued employment.

2022 Inducement Equity Incentive Plan

In accordance with NASDAQ Listing Rule 5635(c)(4), the Company adopted the 2022 Equity Inducement Plan approved by the Compensation Committee of the Board of Directors of the Company effective as of July 29, 2022. There were 50,000 service-based awards and 50,000 options granted and outstanding under this Plan as of December 31, 2025. The options and service-based awards granted under this Plan are included in the tables above. As of December 31, 2025, 900,000 shares remained available for grant under this Plan.

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (the "ESPP"), as amended and restated effective as of January 1, 2019, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31. Under the ESPP, employees of the Company may elect to purchase the Company’s Common Stock at the lower of 85% of the fair value of shares on either the first or last day of the offering period. During the years ended December 31, 2025 and 2024, 38,377 and 35,374 shares were purchased and issued through the ESPP at total discounts of $81 and $42, respectively. As of December 31, 2025, 307,845 shares remained available for issuance under the ESPP.

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Operating segments are defined as components of an entity for which separate discrete financial information is available for evaluation by the CODM in deciding how to allocate resources and in assessing performance. For the years ended December 31, 2025 and 2024, the Company has identified one operating and reportable segment. The Company defines its operating segment based on internally reported financial information that is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company's CEO is the CODM. The Company manages its operations as a single segment for purposes of assessing performance and making operating decisions. This segment encompasses the development and advancement of a product pipeline for the treatment of severe allergic reactions, including anaphylaxis, and the Adrenaverse epinephrine prodrug pipeline platform. Additionally, the Company serves as the exclusive manufacturer for its proprietary product, Libervant, while it had U.S. market access, and four licensed commercialized products.

The CODM reviews the segment's profit or loss based on net loss reported on the Statements of Operations and Comprehensive Loss. The CODM also considers forecast-to-actual variances on a monthly basis for expenses deemed significant. Furthermore, the CODM reviews the segment's assets based on total assets reported on the Balance Sheets. All long-lived assets are held in the United States. While the Company generated $44,545 and $57,561 in revenues for the years ended December 31, 2025, and 2024, respectively, management expects the Company to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials, ultimately seeking regulatory approval and commencing commercialization activities for Anaphylm, if approved by the FDA. The CODM uses cash forecast models to guide investment decisions and assess entity-wide operating results and performance. Net loss is used to monitor budget and rolling forecasts versus actual results. The CODM views specific categories within R&D expenses, selling expenses, and general and administrative expenses as significant due to their direct correlation with cash burn and profitability.

The following table reconciles reported revenues to net loss under the significant expense principle for the years ended December 31, 2025, and 2024:


	Year Ended December 31,
	2025		2024
Revenues	$	44,545	$	57,561
Costs and expenses:


Total Manufacture and Supply Expenses	18,555		17,872

R&D Project expenses:
Anaphylm project expenses	5,815		9,471
AQST-108 project expenses	497		786
Libervant project expenses	—		2
R&D other expenses:
Personnel costs1	8,650		7,724
Other2	2,230		2,297
Total Research and Development Expenses	17,192		20,280

Selling expenses:
Personnel costs3	3,719		2,382
Other4	14,765		5,164
Total Selling expenses	18,484		7,546

General & Administrative expenses:

Personnel costs5	19,823		21,064
Other6	41,542		21,570
Total General and Administrative Expenses	61,365		42,634

Total Selling, General and Administrative Expenses	79,849		50,180

Total costs and expenses	115,596		88,332
Loss from operations	(71,051)		(30,771)
Other income/(expenses), net	(12,733)		(13,380)
Net loss before income taxes	(83,784)		(44,151)
Income taxes benefit	—		14
Net loss	$	(83,784)	$	(44,137)
Comprehensive loss	$	(83,784)	$	(44,137)

1 - R&D Personnel costs include payroll expenses, share-based compensation expenses and severance

2 - Other R&D expenses include preclinical, consulting, maintenance, and testing fees

3 - Selling Personnel costs include payroll expenses, share-based compensation expenses and severance

4 - Other Selling expenses include commercialization and other related expenses

5 - G&A Personnel costs include payroll expenses, share-based compensation expenses and severance

6 - Other General and Administrative expenses include legal/patent fees, legal expenditures, insurance fees, IT expenses, investor relations expenses, regulatory fees, facility and other costs

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
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+ Details

Other Non-Current Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation	$ 2,065	$ 2,039	$ 2,016
Severance liability		356
Depreciation expense related to ARO	$ 11	$ 11

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	December 31,
	2025		2024
Accrued compensation	$	3,707	$	4,732
Real estate and personal property taxes	349		365
Accrued distribution expenses and sales returns provision	906		665
Interest payable	17		17
Other	50		128
Total accrued expenses	$	5,029	$	5,907

The decrease in Accrued compensation is mostly related to a decrease in the current portion of accrued severance as of December 31, 2025 and timing of payroll-related payments. The increase in Accrued distribution expenses and sales return provision reflects a reclassification from Trade receivables and other receivables, net. Refer to Note 6, Revenues and Trade Receivables, Net. Accrued distribution expenses and sales returns provision mostly represent estimated liabilities for returns, wholesaler service fees, co-pay support redemptions and other rebates related to the proprietary product Libervant and returns and other expenses related to the proprietary product Sympazan (prior to outlicensing to Assertio in October 2022).

Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($) segment	Nov. 01, 2023	Jul. 15, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of operating segments \| segment	1	1
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value \| $	$ 40,241	$ 0
Senior Secured Notes Due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)				12.50%
Senior Secured Notes Due 2025 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	12.50%
Senior Secured Notes, 13.5% due November 1, 2028 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	13.50%		13.50%
Effective annual interest rate (as a percent)	2.64%	0.56%

Financial Instruments – Fair Value Measurements	12 Months Ended
Financial Instruments – Fair Value Measurements	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Financial Instruments – Fair Value Measurements	Financial Instruments – Fair Value Measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1 — Observable quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable prices that are based on inputs not quoted on active markets but corroborated by market data. •Level 3 — Unobservable inputs that are supported by little or no market activity, such as pricing models, discounted cash flow methodologies and similar techniques. The carrying amounts reported in the balance sheets for trade and other receivables, prepaid and other current assets, accounts payable and accrued expenses, and deferred revenue approximate their fair values based on the short-term maturity of these assets and liabilities. The Company granted warrants to certain noteholders in connection with its debt repayment and debt refinancing of the 12.5% Notes during 2020 and 2019, respectively. Those warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation. The warrants expired on June 30, 2025. See Note 16, Warrants for further information on these warrants. In June 2022, the Company issued pre-funded warrants to purchase up to 4,000,000 shares of Common Stock and Common Stock Warrants to purchase up to 8,850,000 shares of Common Stock in connection with its Securities Purchase Agreements with certain purchasers. Those warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide. See Note 16, Warrants for further information on these warrants. On August 1, 2023, the Company entered into the Letter Agreement with the Exercising Holder of the remaining warrants to purchase 5,000,000 of the shares of Common Stock. Pursuant to the Letter Agreement, the Exercising Holder and the Company agreed that the Exercising Holder would exercise all of its Existing Warrants for shares of Common Stock underlying the Existing Warrants at $0.96 per share of Common Stock, the current exercise price of the Existing Warrants. Under the Letter Agreement, in consideration of the Exercising Holder exercising the Existing Warrants, the Company issued to the Exercising Holder new warrants to purchase up to an aggregate of 2,750,000 shares of New Warrants at $2.60 per share. Those warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide. See Note 16, Warrants for further information on these warrants. On November 1, 2023, in connection with the issuance of the 13.5% Notes, the Company and the Note Holders entered into the Royalty Right Agreements dated as of November 1, 2023, which provides the Note Holders: a.a tiered royalty between 1.0% and 2.0% of annual worldwide net sales of Anaphylm (epinephrine) Sublingual Film for a period of eight years from the first sale of Anaphylm on a global basis, and b.a tiered royalty between 1.0% to 2.0% of annual worldwide net sales of Libervant (diazepam) Buccal Film until the earlier of (1) the first sale of Anaphylm and (2) eight years from the first sale of Libervant. Those Royalty Agreements were valued based on Level 3 inputs and their fair value was based primarily on internal management estimates developed based on third-party data and reflect management’s judgments, current market conditions, and forecasts. The initial fair value measurement of the Royalty Right Agreements was determined based on significant unobservable inputs, including the discount rate, estimated probabilities of success, and the estimated amount of future sales of Anaphylm and Libervant. See Note 15, Long-Term Debt for further discussion.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Right-of-Use Assets and Lease Obligations - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) lease	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Number of leases \| lease	3
Lease cost	$ 1,783	$ 1,814
Variable lease expense	$ 449	$ 487
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term (in years)	2 years 2 months 12 days
Discount rate (as a percent)	14.80%
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term (in years)	7 years 9 months 18 days
Discount rate (as a percent)	15.60%

Summary of Significant Accounting Policies - Royalty Obligations, net (Details) - USD ($) $ in Thousands	Nov. 01, 2023	Dec. 31, 2025
Debt Instrument [Line Items]
Royalty payment term (in years)	8 years
Minimum
Debt Instrument [Line Items]
Royalty interest percent interest (as a percent)	1.00%
Maximum
Debt Instrument [Line Items]
Royalty interest percent interest (as a percent)	2.00%
Senior Secured Notes, 13.5% due November 1, 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	13.50%	13.50%
Principal amount	$ 45,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1F
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
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-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Inventories, Net

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories, Net

Inventory consists of the following:


	December 31,
	2025		2024
Raw material	$	3,143	$	3,266
Packaging material	2,362		2,135
Finished goods	664		643
Total inventory	$	6,169	$	6,044

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) pricing_period offering_period $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares) \| shares	4,000,000.0
Intrinsic value of grants in period \| $	$ 3,600
Share price (in dollars per share)	$ 6.46	$ 3.56
Expected dividend yield (as a percent)	0.00%
Total share-based compensation expenses \| $	$ 7,624	$ 7,099
Common stock, capital shares reserved for future issuance (in shares) \| shares	307,845
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under employee stock purchase plan (in shares) \| shares	38,377	35,374
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)	$ 2.65
2022 Inducement Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares) \| shares	900,000
Granted (in shares) \| shares	50,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for restricted stock units and stock options (in years)	3 years
Weighted average recognition period (in years)	1 year 6 months 21 days
Weighted average grant date fair value (in dollars per share)	$ 2.38	$ 3.98
Exercise price granted (in dollars per share)	$ 2.98	$ 4.83
Granted (in shares) \| shares	1,040,000	1,023,900
Expected dividend yield (as a percent)	0.00%
Cost not yet recognized, amount \| $	$ 2,964
Weighted average remaining contract life (in years)	5 years 6 months 29 days	6 years 29 days	6 years 4 months 28 days
Total share-based compensation expenses \| $	$ 2,142	$ 2,512
Stock Options \| Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Stock Options \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contract life (in years)	10 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	1,602,050	1,470,300
Grant date fair value \| $	$ 3,236
Average closing prices period (in days)	30 days
Award vesting rights, percentage	150.00%
Total share-based compensation expenses \| $	$ 5,401	$ 4,545
Restricted Stock Units \| Market Condition Range One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 1.75
Award vesting rights, percentage	0.00%
Restricted Stock Units \| Market Condition Range Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 1.75
Award vesting rights, percentage	50.00%
Restricted Stock Units \| Market Condition Range Three \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 1.76
Award vesting rights, percentage	50.01%
Restricted Stock Units \| Market Condition Range Three \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 2.50
Award vesting rights, percentage	99.99%
Restricted Stock Units \| Market Condition Range Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 2.50
Award vesting rights, percentage	100.00%
Restricted Stock Units \| Market Condition Range Five \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 2.51
Award vesting rights, percentage	100.01%
Restricted Stock Units \| Market Condition Range Five \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 3.25
Award vesting rights, percentage	149.99%
Restricted Stock Units \| Market Condition Range Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 3.25
Award vesting rights, percentage	150.00%
Restricted Stock Units \| Service Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	1,602,000	1,470,000
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount \| $	$ 5,021
Weighted average recognition period (in years)	1 year 5 months 26 days
Vesting period (in years)	3 years
Weighted average grant date fair value (in dollars per share)	$ 2.91	$ 5.52
Restricted Stock Units \| Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	784,350	0
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount \| $	$ 1,450
Weighted average recognition period (in years)	1 year 10 days
Vesting period (in years)	3 years
Weighted average grant date fair value (in dollars per share)	$ 2.82
Performance Shares \| 2025 Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Average closing prices period (in days)	30 days
Number of pricing periods \| pricing_period	2
Average closing price, number of days utilized in pricing period (in days)	30 days
Performance Shares \| 2025 Market Based \| Vesting Condition Range Seven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 6.00
Award vesting rights, percentage	0.00%
Performance Shares \| 2025 Market Based \| Vesting Condition Range Eight
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 6.00
Award vesting rights, percentage	50.00%
Performance Shares \| 2025 Market Based \| Vesting Condition Range Ten
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 7.00
Award vesting rights, percentage	100.00%
Performance Shares \| 2025 Market Based \| Vesting Condition Range Twelve
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 8.00
Award vesting rights, percentage	150.00%
Performance Shares \| 2025 Market Based \| Minimum \| Vesting Condition Range Nine
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 6.01
Award vesting rights, percentage	50.01%
Performance Shares \| 2025 Market Based \| Minimum \| Vesting Condition Range Eleven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 7.01
Award vesting rights, percentage	100.01%
Performance Shares \| 2025 Market Based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	150.00%
Performance Shares \| 2025 Market Based \| Maximum \| Vesting Condition Range Nine
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 7.00
Award vesting rights, percentage	99.99%
Performance Shares \| 2025 Market Based \| Maximum \| Vesting Condition Range Eleven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold, per share (in dollars per share)	$ 8.00
Award vesting rights, percentage	149.99%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of yearly offering periods \| offering_period	2
Offering period term (in months)	6 months
Employee stock purchase plan, purchase price percentage	85.00%
Total share-based compensation expenses \| $	$ 81	$ 42

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	December 31,
	2025		2024
Accrued compensation	$	3,707	$	4,732
Real estate and personal property taxes	349		365
Accrued distribution expenses and sales returns provision	906		665
Interest payable	17		17
Other	50		128
Total accrued expenses	$	5,029	$	5,907

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense		$ 0	$ 78
Gain (loss) on disposition of intangible assets	$ 1,500
Impairment of intangible assets, finite-lived	$ 1,200
Gain on contract termination		$ 0	$ 300
ImpairmentOfIntangibleAssetFiniteLivedStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag		intangible asset

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

The following table provides the components of identifiable intangible assets, all of which are finite lived.


	December 31,
	2025		2024
Purchased intangible	$	3,858	$	3,858
Purchased patent	509		509
	4,367		4,367
Less: accumulated amortization	(4,367)		(4,367)
Intangible assets, net	$	—	$	—

There was no amortization expense incurred during the year ended December 31, 2025. Amortization expense was $78 for the year ended December 31, 2024.

In June 2024, in connection with a termination of an agreement, the Company recorded a gain on termination of the contract in the amount of $1,500, which was partially offset by an adjustment to the remaining balance of $1,200 of the intangible asset. The net gain of $300 was recorded within Other income, net on the Statements of Operations and Comprehensive Loss for the year ended December 31, 2024. See Note 7, Material Agreements.

Sale of Future Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Sale of Future Revenue

On November 3, 2020, the Company entered into the Monetization Agreement with Marathon. Under the terms of the Monetization Agreement, the Company sold all of its contractual rights to receive royalties and milestone payments due under the Sunovion License Agreement related to Sunovion’s apomorphine product, KYNMOBI, an apomorphine film therapy for the treatment of off episodes in Parkinson’s disease patients, which received approval from the FDA on May 21, 2020. In exchange for the sale of these rights, the Company received an upfront payment of $40,000 and an additional payment of $10,000 through the achievement of the first milestone. The Company has received an aggregate amount of $50,000 through December 31, 2025 under the Monetization Agreement.

Under the Monetization Agreement, additional contingent payments of up to $75,000 may be due to the Company upon the achievement of worldwide royalty and other commercial targets within a specified timeframe, which could result in total potential proceeds of $125,000.

The Company recorded the upfront proceeds of $40,000 and subsequent first milestone of $10,000, reduced by $2,909 of transaction costs, as a liability related to the sale of future revenue that will be amortized using the effective interest method over the life of the Monetization Agreement. As future contingent payments are received, they will increase the balance of the liability related to the sale of future revenue. Although the Company sold all of its rights to receive royalties and milestones, as a result of ongoing obligations related to the generation of these royalties, the Company will account for these royalties as revenue. Its ongoing obligations include the maintenance and defense of the intellectual property and to provide assistance to Marathon in executing a new license agreement for KYNMOBI in the event Sunovion terminates the Sunovion License Agreement in one or more jurisdictions of the licensed territory under the Sunovion License Agreement. The accounting liabilities, as adjusted over time, resulting from this transaction and any non-cash interest expenses associated with those liabilities do not and will not represent any obligation to pay or any potential future use of cash.

As royalties are remitted to Marathon from Sunovion, the collection of the royalty receivable and balance of the liability related to the sale of future revenue will be effectively repaid over the life of the agreement. In order to determine the amortization of the liability related to the sale of future revenue, the Company is required to estimate the total amount of future royalty and milestone payments to Marathon over the life of the Monetization Agreement and contingent milestone payments from Marathon to the Company. The sum of future royalty payments less the $50,000 in proceeds received and future contingent payments will be recorded as interest expense over the life of the Monetization Agreement. At execution, the estimate of this total interest expense resulted in an effective annual interest rate of approximately 24.9%. This estimate contains significant assumptions that impact both the amount recorded at execution and the interest expense that will be recognized over the life of the Monetization Agreement. The Company assesses the estimated royalty and milestone payments to Marathon from Sunovion and contingent milestone payments from Marathon to the Company. To the extent the amount or timing of such payments is materially different from the original estimates, an adjustment will be recorded prospectively to

increase or decrease interest expense. There are a number of factors that could materially affect the amount and timing of royalty and milestone payments to Marathon from Sunovion and, correspondingly, the amount of interest expense recorded by the Company, most of which are not under the Company’s control. Such factors include, but are not limited to, changing standards of care, the initiation of competing products, manufacturing or other delays, generic competition, intellectual property matters, adverse events that result in government health authority imposed restrictions on the use of products, significant changes in foreign exchange rates as the royalties remitted to Marathon are made in U.S. dollars (USD) while a portion of the underlying sales of KYNMOBI will be made in currencies other than USD, and other events or circumstances that are not currently foreseen. Changes to any of these factors could result in increases or decreases to both royalty revenue and interest expense related to the sale of future revenue.

In June 2023, Sunovion announced that it has voluntarily withdrawn KYNMOBI from the U.S. and Canadian markets. Therefore, the Company likely will not receive any of the additional contingent payments under the Monetization agreement. Further, the Company discontinued recording interest expense related to the sale of future revenue during the fourth quarter of 2022.

The following table shows the activity of the Liability related to the sale of future revenue:


	December 31,
	2025		2024
Liability related to the sale of future revenue, net at beginning of the period	$	63,718	$	64,490
Royalties related to the sale of future revenue	(938)		(1,008)
Amortization of issuance costs	243		236

Liability related to the sale of future revenue, net at end of the period (includes current portion of $1,000 and $1,000, respectively)	$	63,023	$	63,718

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is calculated by dividing net loss by the weighted-average number of shares of Common Stock.

Diluted EPS is adjusted by the effect of dilutive securities, including options and awards under the Company’s equity compensation plans, warrants and ESPP. As a result of the Company’s net loss incurred for the years ended December 31, 2025 and 2024, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations. Therefore, basic and diluted net loss per share are the same for the years ended December 31, 2025 and 2024 as reflected below.


	Year Ended December 31,
	2025		2024
Numerator:
Net loss	$	(83,784)	$	(44,137)
Denominator:
Weighted-average number of common shares – basic and diluted	106,926,528		86,726,211
Loss per common share – basic and diluted	$	(0.78)	$	(0.51)

(a)For the years ended December 31, 2025 and 2024, outstanding stock options of 6,557,979 and 6,301,364 to purchase shares of Common Stock, respectively, were anti-dilutive.

(b)For the years ended December 31, 2025 and 2024, outstanding restricted stock units of 4,411,776 and 3,692,876 to purchase shares of Common Stock, respectively were anti-dilutive.

(c)For the years ended December 31, 2025 and 2024, outstanding warrants of 2,360,548 and 4,594,332 to purchase shares of Common Stock, respectively, were anti-dilutive.

Company Overview and Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended		76 Months Ended
	Aug. 14, 2025	Apr. 22, 2024	Apr. 03, 2024	Mar. 22, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Equity Distribution Agreement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)							27,315,145
Consideration received on sale of stock							$ 81,753
Payments of stock issuance costs							3,890
Amended Equity Distribution Agreement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)					7,457,627	4,557,220
Consideration received on sale of stock					$ 21,229	$ 11,821
Sale of stock, maximum transaction amount			$ 250
Underwriting discounts					771	$ 564
Remaining authorized amount					$ 78		$ 78
Amended Equity Distribution Agreement \| Minimum
Subsidiary, Sale of Stock [Line Items]
Sale of stock, aggregate offering price			$ 100,000
Underwritten Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)	21,250,000			16,666,667
Consideration received on sale of stock	$ 79,900	$ 72,868
Payments of stock issuance costs	440			$ 894
Underwriting discounts	$ 5,100
Sale of stock, (in USD per share)	$ 4.00			$ 4.50
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares)		559,801
Underwriting discounts		$ 4,651

Material Agreements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands									2 Months Ended	12 Months Ended		62 Months Ended
	Mar. 03, 2026	Aug. 13, 2025	Mar. 27, 2023	Oct. 26, 2022	Sep. 26, 2022	Nov. 03, 2020	Oct. 23, 2020	May 21, 2020	Dec. 31, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Mar. 03, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues										$ 44,545	$ 57,561
Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants issued (in shares)	375
Exercise price of warrants (in usd per share)	$ 4.00
Aggregate shares committed, aggregate value	$ 5,000
Share commitment, purchase period following effective date (in days)	90 days
Assertio Holdings, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from collaborators				$ 9,000
Contingent consideration, milestone payments				$ 6,000
Manufacture and supply revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues										40,225	39,976
License and royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues										$ 3,519	15,345
Commercial Exploitation Agreement with Indivior
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License agreement term (in years)										7 years
Automatic renewal period of agreement (in years)										1 year
License Agreement with Sunovion Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payments received							$ 22
License Agreement with Sunovion Pharmaceuticals, Inc Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payments received							17
License Agreement with Sunovion Pharmaceuticals, Inc Milestones \| License and royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues								$ 4
License Agreement with Sunovion Pharmaceuticals, Inc. Upfront
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payments received							$ 5
Marathon Pangolin Royalty LLC \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenues, net						$ 125,000
Marathon Pangolin Royalty LLC \| Monetization Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenues, net						40,000			$ 10,000			$ 50,000
Additional proceeds from sale of future revenues						10,000
Proceeds from debt, contingent on additional milestones						$ 75,000
Haisco Pharmaceutical Group Co., Ltd, Upfront Payment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, receivable, after allowance for credit loss													$ 7
Sales commissions and fees											134
Contract with customer, liability, revenue recognized											7
Atnahs Pharma UK Limited \| License & Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenues, net					$ 3,500
Mitsubishi Tanabe Pharma America, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sales commissions and fees											57
Contract with customer, liability, revenue recognized											$ 3,317
Atnahs Pharma UK Limited, Amended Agreement \| License & Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenues, net			$ 2
RTW Investments LP \| Purchase And Sale Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exchange for the Purchaser’s payment		$ 75
Revenue sharing percentage		9.50%
Revenue share payments year ten		$ 187,500
Revenue share payments thereafter		$ 225
Capitalized legal fees										$ 700		$ 700
RTW Investments LP \| Purchase And Sale Agreement \| Senior Notes
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest rate (as a percent)		13.50%
RTW Investments LP \| Purchase And Sale Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue sharing percentage		7.50%
RTW Investments LP \| Purchase And Sale Agreement \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue sharing percentage		1.00%

Revenues and Trade Receivables, Net - Schedule of Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 0	$ 14
Allowance reduction	0	(14)
Balance at end of the period	$ 0	$ 0

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 548	$ 640
Impairment, long-lived asset	$ 0	$ 0

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 44,545	$ 57,561
Costs and expenses:
Total Manufacture and Supply Expenses	18,555	17,872
R&D Project expenses:	17,192	20,280
General & Administrative expenses:
Selling, general and administrative	79,849	50,180
Total costs and expenses	115,596	88,332
Loss from operations	(71,051)	(30,771)
Net loss before income taxes	(83,784)	(44,151)
Income taxes benefit	0	14
Net loss	(83,784)	(44,137)
Comprehensive loss	(83,784)	(44,137)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	44,545	57,561
Costs and expenses:
Total Manufacture and Supply Expenses	18,555	17,872
R&D Project expenses:	17,192	20,280
Selling expenses:
Total Selling expenses	18,484	7,546
General & Administrative expenses:
Total General and Administrative Expenses	61,365	42,634
Selling, general and administrative	79,849	50,180
Total costs and expenses	115,596	88,332
Loss from operations	(71,051)	(30,771)
Other income/(expenses), net	(12,733)	(13,380)
Net loss before income taxes	(83,784)	(44,151)
Income taxes benefit	0	14
Net loss	(83,784)	(44,137)
Comprehensive loss	(83,784)	(44,137)
Reportable Segment \| Anaphylm project expenses
Costs and expenses:
R&D Project expenses:	5,815	9,471
Reportable Segment \| AQST-108 project expenses
Costs and expenses:
R&D Project expenses:	497	786
Reportable Segment \| Libervant project expenses
Costs and expenses:
R&D Project expenses:	0	2
Reportable Segment \| Personnel costs
Costs and expenses:
R&D Project expenses:	8,650	7,724
Selling expenses:
Total Selling expenses	3,719	2,382
General & Administrative expenses:
Total General and Administrative Expenses	19,823	21,064
Reportable Segment \| Other
Costs and expenses:
R&D Project expenses:	2,230	2,297
Selling expenses:
Total Selling expenses	14,765	5,164
General & Administrative expenses:
Total General and Administrative Expenses	$ 41,542	$ 21,570

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net


				December 31,
	Useful Lives			2025		2024
Machinery	3	-	15 years	$	20,383	$	20,317
Furniture and fixtures	3	-	15 years	769		769
Leasehold improvements	(a)			21,419		21,419
Computer, network equipment and software	3	-	7 years	3,140		2,685
Construction in progress				2,203		2,110
				47,914		47,300
Less: accumulated depreciation and amortization				(44,021)		(43,501)
Total property and equipment, net				$	3,893	$	3,799

(a)Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

Revenues and Trade Receivables, Net - Schedule of Changes in Sales-Related Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 0	$ 14
Provision	0	(14)
Balance at end of the period	0	0
Trade Accounts Receivable, Sales Related
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	48	0
Provision	568	71
Payments / credits	(34)	(23)
Reclassifications into Accrued distribution expenses and sales-related allowances	(582)	0
Balance at end of the period	$ 0	$ 48

Sale of Future Revenue - Schedule of Royalty Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Sale of Future Revenue [Roll Forward]
Liability related to the sale of future revenue, net at beginning of the period	$ 63,718	$ 64,490
Royalties related to the sale of future revenue	(44,545)	(57,561)
Amortization of issuance costs	243	236
Liability related to the sale of future revenue, net at end of the period (includes current portion of $1,000 and $1,000, respectively)	63,023	63,718
Current portion of liability related to sale of future revenue	1,000	1,000
Royalty
Sale of Future Revenue [Roll Forward]
Royalties related to the sale of future revenue	$ (938)	$ (1,008)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Short Hills, New Jersey

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The Company adopted ASU 2023-09 for the year ending December 31, 2025 and added the required disclosures on a prospective basis.

The components of the provision for income taxes are as follows:


Expense classification:	Year Ended December 31,
	2025		2024
Current
Federal	$	—	$	(14)
State	—		—
Total	—		(14)
Deferred
Federal	—		—
State	—		—
Total	—		—
Provision for Income Tax	$	—	$	(14)


	December 31,
	2025		2024
Deferred tax assets:

Inventory	$	435	$	337
Accrued expenses	178		186
NOL carryforwards	48,764		34,689
Interest limitation imposed by the TCJA	11,392		11,594
Stock Compensation	2,966		6,862
Deferred Revenue	5,144		5,157
Royalty Monetization	16,289		16,117
Property and Equipment	2,324		2,690
Orphan Drug and R&D Tax Credits	7,528		5,099

Intangible Assets	1,212		137
Section 174 R&D Capitalization	6,906		7,263
Sales of Royalty Rights	5,055		3,438
OID and Deferred Financing Cost	2,004		1,636
Other	4,724		143
	114,921		95,348
Deferred tax liabilities:


Right of use assets	(1,161)		—
Prepaid expenses	(586)		(795)
	(1,747)		(795)

Valuation Allowance	(113,174)		(94,553)

Net deferred tax asset/(liability)	$	—	$	—

At December 31, 2025 and 2024, the Company had federal net operating loss carryforwards of $184,246 and $128,658, respectively, which can be carried forward for an indefinite period. At December 31, 2025 and 2024, the Company also had state net operating loss carryforwards of $212,690 and $139,189, respectively, which begin expiring in 2035. At

December 31, 2025 the Company had $7,214 of federal R&D credits and $398 of state R&D credits, which begin expiring in 2037 and 2031, respectively.

The Company has determined, based upon available evidence, that it is more likely than not that the net deferred tax asset will not be realized and accordingly, has provided a full valuation allowance against its net deferred tax assets. Valuation allowances of $113,174, and $94,553 have been established at December 31, 2025 and 2024, respectively. The Company may also be subject to the net operating loss utilization provisions of Section 382 of the Internal Revenue Code due to ownership changes. As a result, the use of NOL carry forwards from the current and prior periods are subject to annual limitations.

On July 4, 2025, the President signed H.R. 1, the Budget Reconciliation Bill, into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. These changes were reflected in the income tax provision for the year ended December 31, 2025. As the result of the Company maintaining a full valuation allowance against its U.S. federal and state deferred tax assets, the changes introduced by this legislation did not result in a material impact to the Company’s income tax provision or deferred tax balances for the current reporting period. The Company will continue to monitor the potential future impacts of the legislation, including any changes to its valuation allowance assessment, as further guidance becomes available and as facts and circumstances evolve.

The Company has analyzed its tax positions and has concluded that there were no uncertain positions as of December 31, 2025 and 2024.

A reconciliation of income tax expense computed at the statutory federal tax rate to income taxes as reflected in the financial statements is as follows:


	December 31, 2025
	Rate		Tax
At U.S. federal statutory rate	21.0	%	$	(17,595)
Research and development credit	2.5		(2,115)
Changes in valuation allowances	(18.1)		15,174
Stock compensation	(4.7)		3,923
Other items	(0.7)		613
Total	0.0	%	$	—


	December 31, 2024
	Presented under prior guidance
At U.S. federal statutory rate	21.0	%
State taxes, net of federal effect	3.3
Permanent differences	(1.1)

Tax rate changes	(0.7)
Change in valuation allowance	(23.5)
FDII deduction	—

Provison to return adjustments	1.0
Effective tax rate	0.0	%

During the year ended December 31, 2025, the Company received an ERTC refund of $1,402, which is included in Interest income and other income, net on the Company's Statements of Operations and Comprehensive Loss. The Company also received a refund of $65, including interest, related to the 2023 tax year.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and contingent liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions often involve assessments of matters that are inherently uncertain and accordingly actual results could differ from those estimates. Significant items subject to estimates and assumptions include those related to revenue recognition, inventory costs, allowances for rebates from proprietary product sales of Libervant for patients between two to five years of age, allowances for sales returns, the useful lives of fixed assets and the valuations of royalty obligations, sale of future revenues, share-based compensation, and contingencies. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments purchased with original maturities of three months or less to be cash equivalents. At December 31, 2025 and 2024, cash and cash equivalents consisted of cash in bank accounts, Treasury bills and money market Treasury mutual funds. Concentration of Credit Risk Cash and cash equivalents are held and managed by multiple financial institutions that management believes are of high credit quality. The Company has not experienced any losses in such accounts and such amounts may exceed federally-insured limits of $250. Concentration of the Company’s significant customers as of December 31, 2025 and 2024 is outlined in Note 6, Revenues and Trade Receivables, Net. Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company grants credit to customers in the normal course of business, but generally does not require collateral or any other security to support its receivables. The Company’s credit terms generally range from 30 to 60 days, depending on the customer and type of invoice. The Company maintains an allowance for credit losses on accounts receivable, which is recorded as a reduction to accounts receivable. Changes in the allowance are classified as Selling, general and administrative expenses in the Statements of Operations and Comprehensive Loss. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when it identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. It also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. On an ongoing basis, management evaluates the adequacy of these reserves. The allowance for credit losses was $0 as of December 31, 2025 and 2024. Inventories Inventories, consisting of purchased materials, direct labor and manufacturing overhead, are stated at the lower of cost, determined by the first-in, first-out method, or net realizable value. The Company regularly reviews its inventories for impairment and reserves are established when necessary. At each balance sheet date, the Company evaluates inventories for excess quantities, obsolescence and shelf life expiration. This evaluation includes analysis of historical sales levels by product, projections of future demand, the risk of competitive obsolescence for products, general market conditions, and a review of the shelf life expiration dates for products. To the extent that management determines there are excess or obsolete inventory or quantities with a shelf life that is too near its expiration for the Company to reasonably expect that it can sell those products, or use them in production, prior to their expiration, the Company records allowances to adjust the carrying value to estimated net realizable value as necessary. The Company expenses inventory related to the Company’s R&D activities when the Company purchases or manufactures it. Before the regulatory approval of the Company’s product candidates, the Company recognizes R&D expense for the manufacture of drug products that could potentially be available to support the commercial launch of the Company’s drug candidates, if approved by regulatory authorities. Property and Equipment Property and equipment are stated at cost net of accumulated depreciation and amortization, which is computed by the straight-line method based on the estimated useful lives of the respective assets, as discussed below. Leasehold improvements are amortized over the shorter of the lease terms or the estimated useful lives of the leased assets. Maintenance and repair costs are charged to expense as incurred, and expenditures for major renewals and improvements are capitalized. Upon disposition of property and equipment, the related cost and accumulated depreciation and amortization are removed from the accounts, and any gain or loss is reflected in the Statements of Operations and Comprehensive Loss. Intangible Assets Intangible assets included the costs of acquired composition and process technologies, the costs of purchased patents used in the manufacture of orally soluble film and the costs of acquired NDA. The Company amortized these assets using the straight-line method over the shorter of their legal lives or estimated useful lives. As of December 31, 2025 and 2024, the balance of the Company's intangible assets was zero, see Note 12, Intangible Assets, Net for additional information. Impairment of Long-Lived Assets Long lived assets, such as property, plant, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In these circumstances, the Company compares undiscounted cash flows expected to be generated by that asset or asset group to the corresponding carrying amounts. If this comparison is indicative of impairment, an impairment charge is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered most appropriate. No impairment was recognized for the years ended December 31, 2025 and 2024. Leases Determination if an arrangement is a lease is made at inception. An arrangement is determined to contain a lease if the contract conveys the right to control the use of an identified property and equipment for a period of time in exchange for consideration. If the Company can benefit from the various underlying assets of a lease on their own or together with other resources that are readably available, or if the various underlying assets are neither highly dependent nor highly interrelated with underlying assets in the arrangements, they are considered to be a separate lease component. In the event multiple underlying assets are identified, the lease consideration is allocated to the various components based on each on the component’s relative fair value. Operating lease assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease arrangement. Operating lease assets and operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, in determining the operating lease liability, the Company uses an estimate of its incremental borrowing rate. The calculation of the operating lease assets includes any lease payments made and excludes any lease incentives. Our lease terms may include options to extend or terminate the lease and are included when it is reasonably certain that the Company will exercise the option. The Company records operating lease assets and lease liabilities in its Balance Sheets. Lease expenses for lease payments are recognized on a straight-line bases over the lease term. Short-term leases, or leases that have a lease term of 12 months or less at consummation date, are excluded from this treatment and are recognized on a straight-line basis over the term of the lease. Commitments under finance leases are not significant, and are included in Property and equipment, net; Loans payable, current and Notes payable, net on the Balance Sheets. Royalty Obligations, net On November 1, 2023, in connection with the issuance of the 13.5% Notes, the Company and the Note Holders entered into the Royalty Rights Agreements, which provide the Note Holders a tiered royalty between 1.0% and 2.0% of annual worldwide net sales of Anaphylm (epinephrine) Sublingual Film for a period of eight years from the first sale of Anaphylm on a global basis. The Note Holders are also entitled to a tiered royalty between 1.0% to 2.0% of annual worldwide net sales of Libervant (diazepam) Buccal Film until the earlier of (1) the first sale of Anaphylm and (2) eight years from the first sale of Libervant. The Royalty Rights Agreements are classified as debt, and the value of the $45,000 13.5% Notes has been allocated between debt and the royalty obligations based on their relative fair market values. The fair value of the royalty obligation is being amortized over the life of the Royalty Rights Agreements and such amortization is reflected as interest expense related to royalty obligations in the Statements of Operations and Comprehensive Loss. The 13.5% Notes are discussed in Note 15, Long-Term Debt.. Liability Related to the Sale of Future Revenue The Company treats the liability related to the sale of future revenue as debt financing, amortized under the effective interest rate method over the estimated life of the related expected royalty stream. The liability related to the sale of future revenue and the related interest expense are based on its current estimates of future royalties expected to be paid over the life of the arrangement. The Company periodically assesses the expected royalty payments using a combination of internal projections and forecasts from external resources. To the extent its future estimates of royalty payments are greater or less than previous estimates or the timing of such payments is materially different than its previous estimates, the Company will prospectively recognize related interest expense. Amortization of debt is reflected as interest expense related to the sale of future revenue in the Statements of Operations and Comprehensive Loss. For further discussion of the sale of the future revenue, see Note 17, Sale of Future Revenue. Revenue Recognition The Company’s revenues include (i) sales of manufactured products pursuant to contracts with commercialization licensees, (ii) license and royalty revenues, (iii) co-development and research fees generally in the form of milestone payments, and (iv) sales of its proprietary CNS product, Libervant, for patients between two to five years of age while Libervant had U.S. market access through April 2025. The Company recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this core principle, a five-step model is applied that includes (1) identifying the contract with a customer, (2) identifying the performance obligation in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing when, or as, an entity satisfies a performance obligation. Performance Obligations - a performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the current revenue recognition standard. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a distinct good. When identifying performance obligations, the Company considers all goods or services promised in a contract regardless of whether explicitly stated in the contract or implied by customary business practice. The Company’s performance obligations consist mainly of transferring goods and services identified in the contracts, purchase orders, invoices or statements of work. Manufacture and supply revenue – this revenue is derived from products manufactured exclusively for specific customers according to their strictly-defined specifications, subject only to specified quality control inspections. Accordingly, at the point in time when quality control requirements are satisfied, revenue net of related discounts is recorded. License and Royalty Revenue – license revenues are determined based on an assessment of whether the license is distinct from any other performance obligations that may be included in the underlying licensing arrangement. If the customer is able to benefit from the license without provision of any other performance obligations by the Company and the license is thereby viewed as a distinct or functional license, the Company then determines whether the customer has acquired a right to use the license or a right to access the license. For functional licenses that do not require further development or other ongoing activities by the Company, the customer is viewed as acquiring the right to use the license as, and when, transferred and revenues are generally recorded at a point in time, subject to contingencies or constraints. For symbolic licenses providing substantial value only in conjunction with other performance obligations to be provided by the Company, revenues are generally recorded over the term of the license agreement. Such other obligations provided by the Company generally include manufactured products, additional development services or other deliverables that are contracted to be provided during the license term. Payments received in excess of amounts ratably or otherwise earned are deferred and recognized over the term of the license or as contingencies or other performance obligations are met. Royalty revenue is estimated and recognized when sales under supply agreements with commercial licensees are recorded, absent any contractual constraints or collectability uncertainties. Royalties based on sales of licensed products have been recorded in this manner. Revenue recognition arising from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Milestone payments based on a non-sales metric such as a development-based milestone (i.e., an NDA filing or obtaining regulatory approval) represent variable consideration and are included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience and the significance a third party has on the outcome. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales occur or the performance obligation to which the sales relate to has been satisfied. Co-development and Research Fees – co-development and research fees are earned through performance of specific tasks, activities or completion of stages of development defined within a contractual development or feasibility study agreement with a customer. The nature of these performance obligations, broadly referred to as milestones or deliverables, are usually dependent on the scope and structure of the project as contracted, as well as the complexity of the product and the specific regulatory approval path necessary for that product. Accordingly, the duration of the Company’s R&D projects may range from several months to approximately three years. Although each contractual arrangement is unique, common milestones included in these arrangements include those for the performance of efficacy and other tests, reports of findings, formulation of initial prototypes, production of stability clinical and/or scale-up batches, and stability testing of those batches. Additional milestones may be established and linked to clinical results of the product submission and/or approval of the product by the FDA and the commercial launch of the product. Proprietary product revenue, net - this net revenue is recognized when product is shipped and title passes to the customer, typically at time of delivery. At the time of sale, estimates for various revenue allowances are recorded based on historical trends and judgmental estimates. For sales of Libervant for patients between two to five years of age while Libervant had U.S. market access through April 2025, returns allowances and prompt pay discounts are estimated based on contract terms and historical return rates, if available, and these estimates are recorded as a reduction of receivables. Once receivables are collected, allowances are reclassified and treated as accrued liabilities. Similarly determined estimates are recorded relating to wholesaler service fees, co-pay support redemptions, and other rebates, and these estimates are reflected as a component of accrued liabilities. Once related variable considerations are resolved and uncertainties as to incurred amounts are eliminated, estimates are adjusted to actual allowance amounts. Provisions for these estimated amounts are reviewed and adjusted on no less than a quarterly basis. Contract Assets - in certain situations, customer contractual payment terms provide for invoicing in arrears. Accordingly, some or all performance obligations may be completely satisfied before the customer may be invoiced under such agreements. In these situations, billing occurs after revenue recognition, which results in a contract asset supported by the estimated value of the completed portion of the performance obligation. These contract assets are reflected as a component of other receivables within Trade and other receivables, net within the Balance Sheets. As of December 31, 2025 and 2024, such contract assets were $627 and $578, respectively, consisting primarily of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with third parties. Contract Liabilities - in certain situations, customer contractual payment terms are structured to permit invoicing in advance of delivery of a good or service. In such instances, the customer’s cash payment may be received before satisfaction of some, or any, performance obligations that are specified. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. These contract liabilities are reflected as deferred revenue within the Balance Sheets. As remaining performance obligations are satisfied, an appropriate portion of the deferred revenue balance is credited to earnings. As of December 31, 2025 and 2024, such contract liabilities were $20,482 and $21,053, respectively. Costs to Obtain Contracts - in certain situations, the Company may incur incremental costs of obtaining a contract with a customer. These costs, if expected to be recovered, are recognized as an asset and reflected as other assets within the Balance Sheets. The asset is amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. As of December 31, 2025 and 2024, such costs to obtain contracts were $449 and $480, respectively. Research and Development R&D expenses are recorded in accordance with ASC 730, Research and Development and are expensed as incurred. R&D expenses include R&D activities, services of external CROs, costs of their clinical research sites, scale-up and validation costs, and other activities. Internal R&D activity expenses include laboratory supplies, salaries, benefits, and non-cash share-based compensation expenses. CROs activities include preclinical laboratory experiments and clinical studies. Other activity expenses include regulatory consulting and other costs. The activities undertaken by regulatory consultants that were classified as R&D expense include assisting, communicating with, and advise its in-house staff with respect to various FDA submission processes, clinical trial processes and scientific writing matters, including preparing protocols and FDA submissions. These consulting expenses were direct costs associated with preparing, receiving and understanding work for its clinical trials and investigative drugs. Payments made to CROs based on agreed-upon terms, which may include payments in advance of a study start date. The Company expenses non-refundable advance payments for goods and services that will be used in future R&D activities when the activity has been performed or when goods or services have been received rather than when payment was made. The Company reviews and accrues CROs expenses and clinical trial study expenses based on services performed and rely on estimates of those costs applicable to the completion state of study as provided by CROs. Estimated CROs costs subject to revisions as such studies progress to completion. The Company charges revisions to expense in the period when the facts that give rise to the revision become known. Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes, or ASC 740, which provides for deferred taxes using an asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Tax benefits are recognized when it is more likely than not that a tax position will be sustained during an audit. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Uncertain tax positions are accounted for in accordance with the provision of ASC 740. When uncertain tax positions exist, the tax benefit is recognized to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. To date, the Company has not had any significant uncertain tax positions. Share-Based Compensation The Company records share-based compensation expenses for awards of stock options and RSUs under ASC 718, Compensation — Stock Compensation. For awards to non-employees for periods prior to the adoption of ASU 2018-07, Compensation-Stock Compensation: Improvements to Non-employee Share-Based Payment Accounting, on January 1, 2019, the Company had applied ASC 505-50, Equity-based Payments to Non-Employees. ASC 718 establishes guidance for the recognition of expenses arising from the issuance of stock-based compensation awards at their fair value at the grant date. The Company’s stock-based compensation includes grants of stock options and RSUs to employees, consultants and non-employee directors. Beginning in 2019, the Company also offered employees an opportunity to participate in an employee stock purchase plan. The Company’s estimates of the fair value of options at their grant dates are based on the Black-Scholes option valuation model and considers various variables and assumptions, including: •the stock price at the grant date, •exercise price, •both the contractual and estimated expected term of the option, •an estimate of stock price volatility based on that of an industry peer group, •expected dividends, if any, and •risk-free interest rate. The Company’s estimates of the fair value of RSUs at their grant or valuation dates vary based on whether the awards' vesting conditions are based on market conditions or service conditions. For 2023 awards with the vesting based on market conditions, the Company uses a Monte Carlo simulation that considers various variables and assumptions, including: •simulated 30-day average at the end of the requisite service period, •discount period based on the vesting term of the awards, •an estimate of stock price volatility based on that of an industry peer group, •expected dividends, if any, and •risk-free interest rate For 2025 awards with the vesting based on market conditions, the Company uses a Monte Carlo simulation that considers various variables and assumptions, including: •simulated 30-day average for the last 30 days of the first pricing period, •simulated highest 30-day average for any 30-day period throughout the second pricing period, •discount period based on the vesting term of the awards, •an estimate of stock price volatility based on the Company's historical volatility, •expected dividends, if any, and •risk-free interest rate These assumptions require estimates and judgments and changes in those inputs could impact the amount of expenses that are charged to earnings. The Company recognizes compensation expense for the fair value of RSUs and stock option awards over the requisite service period of the awards. All excess tax benefits, taxes and tax deficiencies from stock-based compensation are included in the provision for income taxes in the Company's Statements of Operations and Comprehensive Loss. As part of the Company’s share-based compensation plan, shares are withheld to satisfy tax withholding obligations upon the vesting of RSUs. During the years ended December 31, 2025 and 2024, the fair value of the shares withheld was $809 and $1,351, respectively, and was recorded a reduction of Additional paid-in capital in the Statements of Changes in Stockholders’ Deficit and as a financing activity in the Statements of Cash Flows. The portion of shares yet to be remitted as of December 31, 2025 and 2024 was $0 and $250 and is disclosed as a non-cash financing activity in the Statements of Cash Flows. Per Share Data Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted net income per common share is calculated by dividing net income available to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of shares of Common Stock and dilutive Common Stock outstanding during the period. Potentially dilutive common shares include the shares of Common Stock issuable upon the exercise of outstanding stock options and warrants, the shares of issued but unvested RSUs and the purchase of shares from the Company’s employee stock purchase plan (using the treasury stock method). For all periods presented, potential common shares have been excluded from the calculation of EPS because their effect would be anti-dilutive. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ deficit that may result from transactions and economic events other than those with stockholders, such as unrealized gains or losses on investments. For the years ended December 31, 2025 and 2024, the Company’s comprehensive loss included only its net loss. Fair Value Measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1 — Quoted prices in active markets for identical assets or liabilities. Cash and cash equivalents consisted of cash in bank accounts, and money market Treasury mutual funds which are all Level 1 assets. •Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. The Company's Level 2 assets consisted of Treasury bills of $40,241 and $0 as of December 31, 2025 and 2024, respectively. •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying amounts reported in the balance sheets for trade and other receivables, prepaid and other current assets, accounts payable, accrued expenses and deferred revenue approximate fair value based on the short-term maturity of these assets and liabilities. In connection with the issuance of the 13.5% Notes on November 1, 2023, the Company and the Note Holders entered into the Royalty Right Agreements. The Royalty Right Agreements were valued based on Level 3 inputs, and their fair value is estimated by applying probability-weighted cash flows for future sales, which are then discounted to present value. Changes to fair value of the Royalty Rights Agreements can result from changes to one or a number of the aforementioned inputs. A significant change in unobservable inputs could result in a material increase or decrease to the effective interest rate of the Royalty Right Agreements liability. During the year ended December 31, 2025, the Company updated the probability-weighted cash flows for future sales, which decreased the royalty obligation to $51,886 and decreased the unamortized discount to $25,945. The effective interest rate changed by 2.64%, and the Company updated the projected years of payments to 2035. During the year ended December 31, 2024, there were no material changes to the probability-weighted cash flows for future sales used to recognize the Royalty Right Agreements liability. The Company had used 75% probability of success factor and updated the projected years of payments to 2034 and the effective interest rate by 0.56%. See Note 15, Long-Term Debt for further discussion. Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company manages its operations as a single segment for purposes of assessing performance and making operating decisions. See Note 5, Segment Reporting for additional information. Recent Accounting Pronouncements The Company complies with new or revised accounting standards by the relevant dates on which adoption of such standards is required for smaller reporting companies. From time to time, new accounting pronouncements are issued by the FASB and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recently Adopted Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU modifies the effective tax rate reconciliation table and requires disaggregation of income taxes. The Company adopted ASU 2023-09 for the year ending December 31, 2025 and added the required disclosures on a prospective basis in Note 22, Income Taxes. Recent Accounting Pronouncements Not Adopted as of December 31, 2025: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Statements of Operations, and Comprehensive Loss as well as qualitatively describe the remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. These disclosure requirements will be effective for the Company for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact from the adoption of ASU 2024-03 on disclosures to its financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software to provide clarification and improvements to the accounting for internal-use software costs under ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. The guidance includes amendments related to capitalization of implementation costs, subsequent measurement, and related presentation and disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on its financial statements and related disclosures.

Other Non-Current Assets - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2025 USD ($) royalty_payment payment	Dec. 31, 2024 USD ($) payment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues		$ 44,545	$ 57,561
Number of guaranteed royalty payments \| royalty_payment		8
License Agreement with Sunovion Pharmaceuticals, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Minimum royalty receivable	$ 1,000	$ 1
Number of annual royalty payments receivable \| payment		3	4
Mitsubishi Tanabe Pharma America, Inc And Haisco For Exarvan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sales commissions and fees			$ 191
Royalty
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues		$ 938	$ 1,008
Royalty \| License Agreement with Sunovion Pharmaceuticals, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 8,000

- Definition

+ References

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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Line Items]
Valuation allowance	$ 113,174	$ 94,553
Employee retention tax credit, refund	1,402
Cash refunds received for income taxes	65	0
Tax Year 2023
Income Tax Disclosure [Line Items]
Cash refunds received for income taxes	65
Domestic Tax Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards	184,246	128,658
Domestic Tax Jurisdiction \| Research Tax Credit Carryforward
Income Tax Disclosure [Line Items]
Tax credit carryforward, amount	7,214
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards	212,690	$ 139,189
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax Disclosure [Line Items]
Tax credit carryforward, amount	$ 398

Other Non-Current Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Non-Current Assets

The following table provides the components of other non-current assets:


	December 31,
	2025		2024
Royalty receivable	$	2,000	$	3,000
Other	642		1,223
Total other non-current assets	$	2,642	$	4,223

During the second quarter of 2020, under the Sunovion License Agreement, the Company recognized $8,000 of royalty revenue and corresponding royalty receivable, related to the eight $1,000 annual minimum guaranteed royalty payments that are due to the Company. In connection with the Monetization Agreement, the Company performed an assessment under ASC 860, Transfer and Servicing to determine whether the existing receivable was transferred to Marathon and concluded it was not transferred. As of December 31, 2025 and 2024, Royalty receivable consists of three and four, respectively, annual minimum payments due from Sunovion, the last of which is due in March, 2028. The current portion of the royalty receivable is included in Trade and other receivables, net. See Note 17, Sale of Future Revenue for further details on how this receivable relates to the Monetization Agreement transaction.

The non-current portion of costs to obtain contracts capitalized under ASC 340, Other Assets and Deferred Costs, is recorded within Other non-current assets on the Balance Sheets as of December 31, 2025 and 2024. Commissions of $191 were expensed in Selling, general, and administrative expenses on the Statements of Operations and Comprehensive Loss for the year ended December 31, 2024 due to the termination of contracts.

Contingencies (Details) - Suboxone Produce Liability Litigation - pending_case	Oct. 15, 2024	Feb. 02, 2024
Loss Contingencies [Line Items]
Pending claim	3	1
BRITISH COLUMBIA
Loss Contingencies [Line Items]
Pending claim	2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory, net

Inventory consists of the following:


	December 31,
	2025		2024
Raw material	$	3,143	$	3,266
Packaging material	2,362		2,135
Finished goods	664		643
Total inventory	$	6,169	$	6,044

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Intangible assets, net	$ 0	$ 0
Impairment, long-lived asset	$ 0	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Material Agreements	12 Months Ended
Material Agreements	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Material Agreements	Material Agreements Purchase and Sale agreement with RTW Investments LP On August 13, 2025, the Company entered into a purchase and sale agreement ("Purchase and Sale Agreement") with funds managed by RTW Investments LP ("RTW" or "Purchaser"). Under the terms of the Purchase and Sale Agreement, in exchange for the Purchaser's payment to the Company of a purchase price of $75,000, upon approval of Anaphylm by the FDA by a specified date, the refinancing of the Company’s existing 13.5% Notes and certain other customary conditions, the Company agreed to a sale of assigned interests to the Purchaser, including a right for the Purchaser to tiered revenue share payments ranging from 7.5% to 1.0% of net sales as defined in the Purchase Agreement (and 9.5% for the subsequent calendar year period if net sales do not achieve specified level in a calendar year period beginning in 2027) in the United States. Revenue share payments commence in the first fiscal quarter in which the first commercial sale of Anaphylm in the United States after the closing of the transaction. Revenue share payments will cease upon the Purchaser's receipt of $187,500 by December 31, 2035 or $225,000 thereafter. The Purchase and Sale Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, incur indebtedness (which restrictions are eliminated after the achievement by the Purchaser of a specified return on its investment), and other provisions customary for transactions of this nature, in each case subject to certain exceptions set forth in the Purchase and Sale Agreement. As this financing is contingent on events that have not occurred yet and are outside of the Company's control, the accounting consequences for this transaction as of and for the year ended December 31, 2025 have been limited to capitalized legal fees of approximately $700 recorded within Other current assets on the Balance Sheets. On March 3, 2026, the Company entered into Amendment No. 1 to the Purchase and Sale Agreement, dated August 13, 2025, with funds managed by RTW. The Amendment extends the Marketing Approval Deadline from its original date to June 30, 2027. Concurrently, the Company entered into a Warrant Issuance Agreement with funds managed by RTW, pursuant to which the Company agreed to issue a warrant to purchase up to 375,000 shares of the Company's Common Stock at an exercise price of $4.00 per share, expiring on March 3, 2029. On March 3, 2026, the Company also entered into a Share Purchase Commitment Agreement with certain RTW-affiliated funds, pursuant to which such funds committed to purchase, in the aggregate, not less than $5.0 million of Common Stock during the 90-day period following the effective date of the agreement, at prices determined in accordance with Rule 415(a)(4) under the Securities Act. Commercial Exploitation Agreement with Indivior In August 2008, the Company entered into the Indivior License Agreement (with subsequent amendments) with Reckitt Benckiser Pharmaceuticals, Inc. who was later succeeded to in interest by Indivior. Pursuant to the Indivior License Agreement, the Company agreed to manufacture and supply Indivior’s requirements for Suboxone, a sublingual film formulation, both inside and outside the United States on an exclusive basis. Under the terms of the Indivior License Agreement, the Company is required to manufacture Suboxone in accordance with current Good Manufacturing Practice standards and according to the specifications and processes set forth in the related quality agreements the Company entered into with Indivior. Additionally, the Company is required to obtain API for the manufacture of Suboxone directly from Indivior. The Indivior License Agreement specifies a minimum annual threshold quantity of Suboxone that the Company is obligated to fill and requires Indivior to provide the Company with a forecast of its requirements at various specified times throughout the year. The Indivior License Agreement provides for payment by Indivior of an agreed upon purchase price per unit until January 1, 2025 and, thereafter, that is subject to annual adjustments based on changes in an agreed upon price index. In addition to the purchase price for the Suboxone supplied, Indivior is required to make certain single digit percentage royalty payments tied to net sales value (as provided for in the Indivior License Agreement) outside of the U.S., subject to annual maximum amounts and limited to the life of the related patents. The Indivior License Agreement contains customary contractual termination provisions, including with respect to a filing for bankruptcy or corporate dissolution, an invalidation of the intellectual property surrounding Suboxone, and commission of a material breach of the Indivior License Agreement by either party. Additionally, Indivior may terminate the Indivior License Agreement if the FDA or other applicable regulatory authority declares the Company’s manufacturing site to no longer be suitable for the manufacture of Suboxone or Suboxone is no longer suitable to be manufactured due to health or safety reasons. The initial term of the Indivior License Agreement was seven years from the commencement date. Thereafter, the Indivior License Agreement automatically renewed for successive one-year periods. Effective as of March 2, 2023, the Company and Indivior entered into the Indivior Amendment to the Indivior License Agreement. The Indivior Amendment was entered into for the primary purpose of amending the Agreement as follows: (i) extending the term of the Agreement until August 16, 2026 and thereafter providing for automatic renewal terms of successive one-year periods unless Indivior delivers notice to the Company, at least twelve months prior to the expiration of the then current term, of Indivior’s intent not to renew, subject to the earlier termination rights of the parties under the Agreement, and providing that the Agreement will not automatically renew for any renewal term beginning after the expiration of the last to expire of the product patents covered under the Indivior License Agreement; and (ii) agreeing to transfer pricing and payment terms for supplied product under the Indivior License Agreement. License Agreement with Sunovion Pharmaceuticals, Inc. On April 1, 2016, the Company entered into a license agreement with Cynapsus Therapeutics Inc. (which was later succeeded to in interest by Sunovion), referred to as the Sunovion License Agreement, pursuant to which Sunovion obtained an exclusive, worldwide license (with the right to sub-license) to certain intellectual property, including existing and future patents and patent applications, covering all oral films containing apomorphine for the treatment of off episodes in Parkinson’s disease patients. Sunovion used this intellectual property to develop its apomorphine product KYNMOBI, which was approved by the FDA on May 21, 2020. This approval triggered Sunovion’s obligation to remit a payment of $4,000, due on the earlier of: (a) the first day of product availability at a pharmacy in the United States; or (b) within six months of FDA approval of the product. This amount was received as of September 30, 2020 and was included in License and royalty revenues for the twelve months ended December 31, 2020. Effective March 16, 2020, the Company entered into the First Amendment. The First Amendment was entered into for the primary purpose of amending the Sunovion License Agreement as follows: (i) including the United Kingdom and any other country currently in the EU which later withdraws as a member country in the EU for purpose of determining the satisfaction of the condition triggering the obligation to pay the third milestone due under the Sunovion License Agreement, (ii) extending the date after which Sunovion has the right to terminate the Sunovion License Agreement for convenience from December 31, 2024 to March 31, 2028, (iii) modifying the effective inception date of the first minimum annual royalty due from Sunovion to the Company form January 1, 2020 to April 1, 2020, and (iv) modifying the termination provision to reflect the Company’s waiver of the right to terminate the Sunovion License Agreement in the event that KYNMOBI was not commercialized by January 1, 2020. This Sunovion License Agreement will continue until terminated by Sunovion in accordance with the termination provisions of the First Amendment. The Sunovion License Agreement continues (on a country-by-country basis) until the expiration of all applicable licensed patents unless earlier terminated under the termination provisions contained therein. Upon termination of the Sunovion License Agreement, all rights to intellectual property granted to Sunovion to develop and commercialize apomorphine-based products will revert to the Company. On October 23, 2020, the Company amended the Sunovion License Agreement to clarify the parties' agreement with respect to certain provisions in the Sunovion License Agreement, specifically the date after which Sunovion has the right to terminate the Sunovion License Agreement and the rights and obligations of the parties regarding the prosecution and maintenance of the Company’s patents covered under the Sunovion License Agreement. In consideration of the rights granted to Sunovion under the Sunovion License Agreement, the Company received aggregate payments totaling $22,000 to date. In addition to the upfront payment of $5,000, the Company has also earned an aggregate of $17,000 in connection with specified regulatory and development milestones in the United States and Europe (the “Initial Milestone Payments”), all of which have been received to date. With the Monetization Agreement (defined below) entered into on November 3, 2020 relating to KYNMOBI as described in the paragraph below, the Company is no longer entitled to receive any payments under the Sunovion License Agreement. Purchase and Sale Agreement with an affiliate of Marathon On November 3, 2020, the Company entered into the Monetization Agreement with Marathon. Under the terms of the Monetization Agreement, the Company sold to Marathon all of its contractual rights to receive royalties and milestone payments due under the Sunovion License Agreement related to Sunovion’s apomorphine product, KYNMOBI. In exchange for the sale of these rights, the Company received an upfront payment from Marathon of $40,000 and an additional payment of $10,000 through the achievement of the first milestone. The Company has received an aggregate amount of $50,000 through December 31, 2025 under the Monetization Agreement. Under the Monetization Agreement, additional contingent payments of up to $75,000 may be due to the Company upon the achievement of worldwide royalty and other commercial targets within a specified timeframe, which could result in total potential proceeds of $125,000. In June 2023, Sunovion announced that it has voluntarily withdrawn KYNMOBI from the U.S. and Canadian markets, therefore, the Company likely will not receive any of the additional contingent payments under the Monetization agreement. See Note 17, Sale of Future Revenue for further details on the accounting for the Monetization Agreement. Agreement to Terminate CLA with Zevra Therapeutics, Inc. (formerly KemPharm) In March 2012, the Company entered into an agreement with Zevra to terminate a Collaboration and License Agreement entered into by the Company and Zevra in April 2011. Under this termination arrangement, the Company has the right to participate in any and all value that Zevra may derive from the commercialization or any other monetization of KP-415 and KP-484 compounds or their derivatives. Among these monetization transactions are those related to any business combinations involving Zevra and collaborations, royalty arrangements, or other transactions from which Zevra may realize value from these compounds, including the product Azstarys®. Licensing and Supply Agreement with Haisco for Exservan™ (Riluzole Oral Film) for ALS Treatment in China The Company entered into the Haisco Agreement with Haisco, effective as of March 3, 2022, pursuant to which Aquestive granted Haisco an exclusive license to develop and commercialize Exservan™ (riluzole oral film) for the treatment of ALS in China. Under the terms of the Haisco Agreement, Aquestive was the exclusive sole manufacturer and supplier for Exservan in China. Under the Haisco Agreement, as amended, the Company received a $7,000 upfront cash payment in September 2022 and was entitled to receive regulatory milestone payments and double-digit royalties on net sales of Exservan in China and earn manufacturing revenue upon the sale of Exservan in China. In June 2024, the Haisco Agreement was terminated, and the Company will not receive any contingent payments under the Haisco Agreement. The termination agreement released all parties from any existing or ongoing obligations. Commissions of $134 that had been capitalized were expensed immediately in Selling, general, and administrative expenses on the Statements of Operations and Comprehensive Loss for the year ended December 31, 2024. The Company recognized previously deferred revenue of $7,000 for the upfront payment received in September 2022 on the Company's financial statements for the year ended December 31, 2024. Licensing and Supply Agreement with Atnahs Pharma UK Limited The Company entered into the Pharmanovia Agreement, effective as of September 26, 2022, pursuant to which the Company granted Pharmanovia an exclusive license to certain of the Company’s intellectual property to develop and commercialize Libervant (diazepam) Buccal Film for the treatment of prolonged or acute, convulsive seizures in all ages in the Territory during the term of the Pharmanovia Agreement. Under the Pharmanovia Agreement, Pharmanovia will lead the regulatory and commercialization activities for Libervant in the Territory and the Company will serve as the exclusive sole manufacturer and supplier of Libervant in the Territory. Pursuant to the Pharmanovia Agreement, the Company received $3,500 upon agreement execution and upon the occurrence of certain conditions set forth in the Pharmanovia Agreement, will receive additional milestone payments and profit shares, as well as manufacturing fees and royalty fees through the expiration of the Pharmanovia Agreement. Effective March 27, 2023, the Company amended the Pharmanovia Agreement to expand the scope of territory for the license of Libervant to cover the rest of the world, excluding the U.S., Canada and China. Under the Pharmanovia Amendment, Pharmanovia will be responsible for seeking applicable regulatory approval in the expanded territories, which include Latin America, Africa and Asia Pacific. Pursuant to the terms of the Pharmanovia Amendment, the Company received a non-refundable payment of $2,000 from Pharmanovia in connection with the execution of the Pharmanovia Amendment. Licensing Agreement with Assertio Holdings, Inc. Effective as of October 26, 2022, the Company entered into the Assertio Agreement to license Sympazan (clobazam) oral film for the adjunctive treatment of seizures associated with Lennox‐Gastaut syndrome in patients aged two years of age and older. Under the terms of the Assertio Agreement, the Company granted to Assertio an exclusive, worldwide license of its intellectual property for Sympazan to Assertio during the term of the Assertio License Agreement for an upfront payment of $9,000. In addition, Aquestive received a $6,000 milestone payment subsequent to Aquestive’s receipt of a notice of allowance from the PTO of the Company’s patent application U.S. Serial No. 16/561,573, and payment by the Company of the related allowance fee. The Company received the notice of allowance from the PTO and paid the related allowance fee on October 27, 2022. Further, under the Assertio Agreement, the Company will receive royalties from Assertio for the sale of the product through the expiration of the Assertio Agreement. The Company also entered into a long-term supply agreement with Assertio for Sympazan pursuant to which the Company is the exclusive sole worldwide manufacturer and supplier of the product and will receive manufacturing fees from Assertio for the product through the expiration of such supply agreement. Licensing Agreement with Mitsubishi Tanabe Pharma America, Inc. In January 2021, the Company announced that Aquestive granted an exclusive license to MTPA for the commercialization of Exservan in the United States. MTPA is a multinational pharmaceutical company with a focus on patients with ALS. The product was launched by MTPA in June 2021. Under the terms of the MTPA license agreement, Aquestive was the exclusive manufacturer and supplier of Exservan for MTPA in the United States. In June 2024, under the Second Amendment to the License and Supply Agreement, MTPA and the Company mutually agreed to terminate the agreement. As of June 30, 2024 and as part of the termination, the parties were released from any existing or ongoing obligations (except for certain limited non-material post-termination obligations). Upon termination, previously deferred revenue of $3,317 was recognized for milestone payments that had been received on the Company's financial statements for the year ended December 31, 2024. Commissions of $57 that had been capitalized were expensed immediately in Selling, general, and administrative expenses on the Statements of Operations and Comprehensive Loss for the year ended December 31, 2024.

Revenues and Trade Receivables, Net - Schedule of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 44,545	$ 57,561
Manufacture and supply revenue
Disaggregation of Revenue [Line Items]
Total revenues	40,225	39,976
License and royalty revenue
Disaggregation of Revenue [Line Items]
Total revenues	3,519	15,345
Co-development and research fees
Disaggregation of Revenue [Line Items]
Total revenues	1,279	1,925
Proprietary product revenue, net
Disaggregation of Revenue [Line Items]
Total revenues	$ (478)	$ 315

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Sale of Future Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Royalty Obligation Activity

The following table shows the activity of the Liability related to the sale of future revenue:


	December 31,
	2025		2024
Liability related to the sale of future revenue, net at beginning of the period	$	63,718	$	64,490
Royalties related to the sale of future revenue	(938)		(1,008)
Amortization of issuance costs	243		236

Liability related to the sale of future revenue, net at end of the period (includes current portion of $1,000 and $1,000, respectively)	$	63,023	$	63,718

Right-of-Use Assets and Lease Obligations - Schedule of Operating Lease Liabilities Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 1,318
2027	1,346
2028	1,180
2029	1,000
2030 and thereafter	2,915
Total lease payments	7,759
Less: imputed interest	(2,791)
Total operating lease liabilities	$ 4,968

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	122,044,299	91,413,742
Common stock, shares outstanding (in shares)	122,044,299	91,413,742

Share-Based Compensation - Schedule of Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Options
Outstanding at beginning of period (in shares)	6,301,000	5,733,000
Granted (in shares)	1,040,000	1,023,900
Exercised (in shares)	(568,000)	(357,000)
Forfeited and Expired (in shares)	(215,000)	(99,000)
Outstanding at end of period (in shares)	6,558,000	6,301,000	5,733,000
Expected to vest (in shares)	6,482,000
Exercisable at end of period (in shares)	5,136,000
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 5.68	$ 5.58
Granted (in dollars per share)	2.98	4.83
Exercised (in dollars per share)	2.24	2.05
Forfeited and Expired (in dollars per share)	4.60	3.84
Outstanding at end of period (in dollars per share)	5.59	$ 5.68	$ 5.58
Vested or expected to vest at end of period (in dollars per share)	5.61
Exercisable at end of period (in dollars per share)	$ 6.07
Weighted Average Remaining Contractual Term in Years
Outstanding (in years)	5 years 6 months 29 days	6 years 29 days	6 years 4 months 28 days
Weighted average remaining contractual term, vested or expected to vest (in years)	5 years 6 months 14 days
Weighted average remaining contractual term, exercisable (in years)	4 years 7 months 24 days
Aggregate Intrinsic Value
Intrinsic value	$ 14,918	$ 4,009	$ 1,082
Vested or expected to vest at end of period	14,705
Exercisable at end of period	$ 11,185

Long-Term Debt - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 9,540
2027	14,535
2028	20,925
Total outstanding notes	$ 45,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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-Name Accounting Standards Codification
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+ Details

Revenues and Trade Receivables, Net - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Revenues	$ 44,545	$ 57,561
United States
Disaggregation of Revenue [Line Items]
Revenues	29,604	39,930
Ex-United States
Disaggregation of Revenue [Line Items]
Revenues	$ 14,941	$ 17,631

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

- Definition

+ References

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+ Details

Long-Term Debt - Narrative (Details) $ in Thousands		12 Months Ended
Long-Term Debt - Narrative (Details) $ in Thousands	Nov. 01, 2023 USD ($)	Dec. 31, 2025 USD ($) instrument	Dec. 31, 2024 USD ($)	Jul. 15, 2019
Debt Instrument [Line Items]
Royalty payment term (in years)	8 years
Minimum
Debt Instrument [Line Items]
Royalty interest percent interest (as a percent)	1.00%
Maximum
Debt Instrument [Line Items]
Royalty interest percent interest (as a percent)	2.00%
Senior Notes \| Redemption Scenario 1
Debt Instrument [Line Items]
Debt instrument, redemption price, basis points above treasury rate	1.00%
Senior Secured Notes, 13.5% due November 1, 2028
Debt Instrument [Line Items]
Amortization of debt discount		$ 5,016	$ 5,019
Senior Secured Notes, 13.5% due November 1, 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	13.50%	13.50%
Principal amount	$ 45,000
Proceeds from issuance of debt	$ 4,326
Repurchase price percentage	108.50%
Effective annual interest rate (as a percent)		2.64%	0.56%
Number of equity instruments \| instrument		2
Debt Instrument, Unamortized Discount		$ (7,630)	$ (12,646)
Senior Secured Notes, 13.5% due November 1, 2028 \| Senior Notes \| Redemption Scenario 1
Debt Instrument [Line Items]
Repurchase price percentage	100.00%
Debt instrument, redemption price, percentage of principal amount redeemed	1.00%
Senior Secured Notes, 13.5% due November 1, 2028 \| Senior Notes \| Redemption Scenario 2
Debt Instrument [Line Items]
Repurchase price percentage	108.50%
Senior Secured Notes Due 2025
Debt Instrument [Line Items]
Interest rate (as a percent)				12.50%
Senior Secured Notes Due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		12.50%
Royalty Obligations \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, exit fee	$ 2,000
Fair value	(13,856)
Unamortized discount, net	1,125
Debt issuance costs gross	3,517
Unamortized deferred debt issuance cost and deferred debt discounts	20,498
Royalty Obligations \| Unsecured Debt
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount		$ (25,945)	(36,706)
ABL Facility
Debt Instrument [Line Items]
Line of credit facility, accordion feature, net revenue threshold	100
Line of credit facility, accordion feature, increase limit	$ 10
Royalty Right Agreements
Debt Instrument [Line Items]
Amortization of debt discount		$ 5,736	$ 5,459

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Significant Unobservable Inputs used in Initial Fair Value Measurement of the Royalty Right Agreement

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Royalty Right Agreements:

Valuation Methodology

Significant Unobservable Input

Weighted Average (range, if applicable)

Discount Rate

15%

Royalty Right Agreements

Probability weighted
income approach

Probability of Success

95%

Projected Years of Payments

2025

2035

Schedule of Debt

Long-term notes and unamortized debt discount balances are as follows:


	December 31,
	2025		2024
Total outstanding notes	$	45,000	$	45,000
Unamortized discount, including Exit Fee	(7,630)		(12,646)

Notes payable, current	(9,964)		—
Notes payable, long-term	27,406		32,354
Finance lease, long-term	113		146
Notes payable, net	$	27,519	$	32,500


	December 31,
	2025		2024
Royalty obligations	$	51,886	$	56,922
Unamortized discount	(25,945)		(36,706)
Current portion of royalty obligation	—		(87)
Royalty obligations, net	$	25,941	$	20,129

Schedule of Debt Maturities

Scheduled principal payments net of exit fee on the 13.5% Notes as of December 31, 2025 are as follows:



2026	9,540
2027	14,535
2028	20,925

Total	$	45,000

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite Lived - Intangible Assets

The following table provides the components of identifiable intangible assets, all of which are finite lived.


	December 31,
	2025		2024
Purchased intangible	$	3,858	$	3,858
Purchased patent	509		509
	4,367		4,367
Less: accumulated amortization	(4,367)		(4,367)
Intangible assets, net	$	—	$	—

Summary of Significant Accounting Policies - Trade Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ 0	$ 0	$ 14
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables, period for credit term (in days)	30 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables, period for credit term (in days)	60 days

Revenues and Trade Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The Company’s revenue was comprised of the following:


	Year Ended December 31,
	2025		2024
Manufacture and supply revenue	$	40,225	$	39,976
License and royalty revenue	3,519		15,345
Co-development and research fees	1,279		1,925
Proprietary product revenue, net	(478)		315
Total revenues	$	44,545	$	57,561

Schedule of Disaggregation of Revenue

The following table provides disaggregated net revenue by geographic area:


	Year Ended December 31,
	2025		2024
United States	$	29,604	$	39,930
Ex-United States	14,941		17,631
Revenues	$	44,545	$	57,561

Schedule of Accounts Receivable, Net

Trade and other receivable, net consist of the following:


	December 31,
	2025		2024
Trade receivables	$	8,013	$	4,919
Contract and other receivables	9,750		2,473
Less: sales-related allowances	(582)		(48)
Reclassification into Accrued distribution expenses and sales-related allowances	582		—
Trade and other receivables, net	$	17,763	$	7,344

Schedule of Accounts Receivable, Allowance for Credit Loss

The following table presents the changes in the allowance for credit losses:


	December 31,
	2025		2024
Balance at beginning of the period	$	—	$	14
Allowance reduction	—		(14)

Balance at end of the period	$	—	$	—

Schedule of Sales-related Allowances

The following table presents the changes in sales-related allowances:


	December 31,
	2025		2024
Balance at beginning of period	$	48	$	—
Provision	568		71
Payments / credits	(34)		(23)
Reclassifications into Accrued distribution expenses and sales-related allowances	(582)		—
Balance at end of period	$	—	$	48

Other Non-Current Liabilities - Schedule of Company's Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 2,039	$ 2,016
Additions	0	0
Accretion	26	23
Balance at ending of period	2,065	2,039
Asset Retirement Obligations Depreciation Expense	$ 11	$ 11

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors a defined-contribution 401(k) plan covering all full-time employees and makes matching employer contributions as defined by the terms of that plan. The Company may also make discretionary contributions. Total contributions made to the plan by the Company for the years ended December 31, 2025 and 2024 were $920 and $849, respectively.

Other Non-Current Assets - Schedule of Components of Other Non-Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Royalty receivable	$ 2,000	$ 3,000
Other	642	1,223
Total other non-current assets	$ 2,642	$ 4,223

Long-Term Debt - Schedule Of Royalty Right Agreements (Details)	Dec. 31, 2025
Measurement Input, Discount Rate
Line of Credit Facility [Line Items]
Royalty rights agreement, measurement input (as a percent)	15.00%
Measurement Input, Probability Of Success
Line of Credit Facility [Line Items]
Royalty rights agreement, measurement input (as a percent)	95.00%

Revenues and Trade Receivables, Net - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 8,013	$ 4,919
Contract and other receivables	9,750	2,473
Less: sales-related allowances	(582)	(48)
Reclassification into Accrued distribution expenses and sales-related allowances	582	0
Trade and other receivables, net	$ 17,763	$ 7,344

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Other Non-Current Liabilities

The Company’s other non-current liabilities at December 31, 2025 consisted of a confidential legal settlement net liability and AROs of $2,065. The Company’s other non-current liabilities at December 31, 2024 consisted of AROs of $2,039 and severance liabilities of $356.

AROs consists of estimated future spending related to removing certain leasehold improvements at the Company’s facilities in Portage, Indiana and Warren, New Jersey, and returning all facilities to their original condition. Depreciation expense related to the ARO assets included in overall depreciation expense were $11 for the years ended December 31, 2025 and 2024.

Below is a schedule of activity in the Company’s liability for AROs for the years ended December 31, 2025 and 2024.


Balance at December 31, 2023	$	2,016
Additions	—
Accretion	23
Balance at December 31, 2024	2,039
Additions	—
Accretion	26
Balance at December 31, 2025	$	2,065

Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands	Total	Public Equity Offering - ATM	Public Equity Offering	Common Stock	Common Stock Public Equity Offering - ATM	Common Stock Public Equity Offering	Additional Paid-in Capital	Additional Paid-in Capital Public Equity Offering - ATM	Additional Paid-in Capital Public Equity Offering	Accumulated Deficit
Balance (in shares) at Dec. 31, 2023				68,533,085
Beginning balance at Dec. 31, 2023	$ (106,487)			$ 69			$ 212,521			$ (319,077)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of common stock issued under public equity offering (in shares)					4,557,220	17,226,468
Common Stock issued under public equity offering		$ 12,385	$ 77,520		$ 4	$ 18		$ 12,381	$ 77,502
Costs of common stock issued under public equity offering-ATM		(602)						(602)
Costs of common stock issued under public equity offering			(5,546)						(5,546)
Common stock issued upon warrant exercises (in shares)				30,645
Common Stock issued upon warrant exercises	165						165
Shares issued under employee stock purchase plan (in shares)				35,374
Shares issued under employee stock purchase plan	109						109
Share-based compensation expense	7,056						7,056
Vested restricted stock units, net (in shares)				673,925
Vested restricted stock units, net	(1,351)						(1,351)
Options, exercised, net (in shares)				357,025
Options exercised, net	732						732
Net loss	(44,137)									(44,137)
Balance (in shares) at Dec. 31, 2024				91,413,742
Ending balance at Dec. 31, 2024	(60,156)			$ 91			302,967			(363,214)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of common stock issued under public equity offering (in shares)					7,457,627	21,250,000
Common Stock issued under public equity offering		22,000	85,000		$ 8	$ 21		21,992	84,979
Costs of common stock issued under public equity offering-ATM		$ (806)						$ (806)
Costs of common stock issued under public equity offering			$ (5,540)						$ (5,540)
Common stock issued upon warrant exercises (in shares)				550,000
Common Stock issued upon warrant exercises	1,430			$ 1			1,429
Shares issued under employee stock purchase plan (in shares)				38,377
Shares issued under employee stock purchase plan	191						191
Share-based compensation expense	7,541						7,541
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(808)			$ 1			(809)
Vested restricted stock units, net (in shares)				767,053
Options, exercised, net (in shares)				567,500
Options exercised, net	1,270						1,270
Net loss	(83,784)									(83,784)
Balance (in shares) at Dec. 31, 2025				122,044,299
Ending balance at Dec. 31, 2025	$ (33,662)			$ 122			$ 413,214			$ (446,998)

Share-Based Compensation - Schedule of Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expenses	$ 7,624	$ 7,099
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expenses	5,401	4,545
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expenses	2,142	2,512
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expenses	81	42
Manufacture and supply
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expenses	481	374
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expenses	1,875	1,215
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expenses	$ 5,268	$ 5,510

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Share Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash financing activities: accrued taxes on share-based compensation	$ 0	$ 250
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average closing prices period (in days)	30 days
Withholding taxes on share-based compensation		$ 1,351
Restricted Stock Units \| 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in days)	30 days
Restricted Stock Units \| 2025 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in days)	30 days
Average closing price, number of days utilized in pricing period (in days)	30 days
Average closing prices period (in days)	30 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Cassie Jung [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Chief Operating Officer Cassie Jung adopted a written sales plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act (the "Jung Plan") on November 26, 2025. The Jung Plan will commence on March 9, 2026 and ends on December 31, 2026. The maximum number of shares to be sold under the Jung Plan is 248,587 shares and no shares have been sold as of the date of this Report; the actual number of shares sold will be dependent on the satisfaction of certain conditions set forth in the Jung Plan.
Name	Cassie Jung
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 26, 2025
Expiration Date	December 31, 2026
Arrangement Duration	400 days
Aggregate Available	248,587

Segment Reporting - Narrative (Details) $ in Thousands	12 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($) segment
Segment Reporting [Abstract]
Number of operating segments	1	1
Number of reportable segments	1	1
Revenues \| $	$ 44,545	$ 57,561

- Definition

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+ Details

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Mar. 02, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38599
Entity Registrant Name	Aquestive Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3827296
Entity Address, Address Line One	30 Technology Drive
Entity Address, City or Town	Warren
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07059
City Area Code	908
Local Phone Number	941-1900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AQST
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 291.6
Entity Common Stock, Shares Outstanding		122,045,049
Entity Central Index Key	0001398733
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	The registrant intends to file a definitive proxy statement pursuant to Regulation 14A in connection with its 2026 Annual Meeting of Shareholders within 120 days of the end of its fiscal year ended December 31, 2025. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.

Basis of Presentation and Principles of Consolidation	12 Months Ended
Basis of Presentation and Principles of Consolidation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These financial statements have been prepared in accordance with GAAP in the United States of America, and in accordance with the rules and regulations of the SEC. Certain reclassifications were made to conform to the current year presentation. As of March 31, 2024, the Company dissolved its subsidiaries and no longer prepares its financial statements on a consolidated basis. The dissolution of the subsidiaries did not have a material impact on the Company’s financial statements as of December 31, 2025 and 2024. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the ASC and ASU of FASB.

Warrants	12 Months Ended
Warrants	Dec. 31, 2025
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants Warrants Issued to 12.5% Senior Secured Noteholders Warrants that were issued in conjunction with the Initial Notes (the “Initial Warrants”) and Additional Notes (the “Additional Warrants”) entitled the noteholders to purchase up to 2,143,000 shares of Common Stock and included specified registration rights. Management estimated the fair value of the Initial Warrants to be $6,800 and the Additional Warrants to be $735, each based on an assessment by an independent third-party appraiser. The fair value of the respective warrants was treated as a debt discount, amortizable over the term of the respective warrants, with the unamortized 12.5% Notes portion applied to reduce the aggregate principal amount of the 12.5% Notes. Additionally, since the Initial Warrants and Additional Warrants issued do not provide warrant redemption or put rights within the control of the holders that could require the Company to make a payment of cash or other assets to satisfy the obligations under the warrants, except in the case of a “cash change in control”, the fair value attributed to the warrants is presented in Additional Paid-in Capital in the Company’s Balance Sheets. There were no warrants exercised as it relates to the Initial Warrants and the Additional Warrants during the years ended December 31, 2025. During the year ended December 31, 2024, 30,645 of the Additional Warrants were exercised with the Company receiving proceeds of $165. Warrants to purchase a total of 1,683,784 shares of Common Stock with exercise prices of $4.25 and $5.38 for 1,571,429 warrants and 112,355 warrants, respectively, remained outstanding as of December 31, 2024. See Note 15, Long-Term Debt. The Initial Warrants and Additional Warrants expired on June 30, 2025. Warrants Issued Under Securities Purchase Agreements In June 2022, the Company issued pre-funded warrants and Common Stock Warrants to certain purchasers in connection with the Securities Purchase Agreements. The pre-funded warrants entitled purchasers to purchase up to 4,000,000 shares of Common Stock and were exercised in full during the year ended as of December 31, 2022. The Common Stock Warrants expire on June 8, 2027 and entitle the purchasers to purchase up to 8,850,000 shares of Common Stock at an exercise price of $0.96 per share. Management estimated the fair value of the pre-funded warrants and Common Stock warrants to be $5,874 based on an assessment by an independent third-party appraiser. The fair value of the pre-funded and Common Stock warrants is treated as equity and is presented in Additional Paid-in Capital in the Company’s Balance Sheets. On June 14, 2023, 3,689,452 Common Stock warrants issued pursuant to the Securities Purchase Agreements were exercised with proceeds of approximately $3,542. On August 1, 2023, the Company entered into the Letter Agreement with the Exercising Holder of 5,000,000 of the remaining Common Stock Warrants. Pursuant to the Letter Agreement, the Exercising Holder and the Company agreed that the Exercising Holder would exercise all of its Existing Warrants for shares of Common Stock underlying the Existing Warrants at $0.96 per share of Common Stock, the current exercise price of the Existing Warrants. Under the Letter Agreement, in consideration of the Exercising Holder exercising the Existing Warrants, the Company issued to the Exercising Holder New Warrants to purchase up to an aggregate of 2,750,000 shares of Common Stock. The New Warrants are exercisable after February 2, 2024, expire on February 2, 2029 and are issuable only for cash, subject to exception if the shares of Common Stock underlying the New Warrants are not registered in accordance with the terms of the Letter Agreement, in which case the New Warrants may also be exercised, in whole or in part, at such time by means of a "cashless exercise". The New Warrants have an exercise price of $2.60 per share. Management estimated the fair value of the warrants to be $4,671 based on an assessment by an independent third-party appraiser. The fair value of the New warrants is treated as equity and is presented in Additional Paid-in Capital in the Company’s Balance Sheets. During the year ended December 31, 2025, 550,000 shares were issued upon the exercise of warrants, with the Company receiving proceeds of $1,430 as it relates to the Warrants issued under Securities Purchase Agreements. There were no warrants issued or exercised as it relates to the Warrants issued under Securities Purchase Agreements during the year ended December 31, 2024. As of December 31, 2025, in addition to the remaining warrants to purchase 2,200,000 shares of Common Stock with an exercise price of $2.60 per share described above, there remained outstanding warrants to purchase 160,548 shares of Common Stock at an exercise price of $0.96.

Subsequent Events (Details) - Subsequent Event $ / shares in Units, shares in Thousands, $ in Millions	Mar. 03, 2026 USD ($) $ / shares shares
Subsequent Event [Line Items]
Warrants issued (in shares) \| shares	375
Exercise price of warrants (in usd per share) \| $ / shares	$ 4.00
Aggregate shares committed, aggregate value \| $	$ 5.0
Share commitment, purchase period following effective date (in days)	90 days