Aquestive Therapeutics reports strong financial results with positive developments in medical products
From GlobeNewswire: 2024-11-04 16:36:00
Aquestive Therapeutics reported financial results for the third quarter of 2024, ending September 30, with approximately $78 million in cash. The company reaffirmed its cash runway into 2026. They are developing Anaphylm™, an oral epinephrine treatment for severe allergic reactions, and AQST-108, a potential treatment for alopecia areata. Libervant® is already available for patients aged 2-5.
Positive topline data was reported for the oral epinephrine product Anaphylm™, showing rapid symptom resolution for severe allergic reactions. The Company presented results from a pivotal study at the ACAAI 2024 Annual Meeting. A pre-New Drug Application meeting with the FDA is scheduled for the fourth quarter of 2024. AQST-108, a topical gel for alopecia areata, is advancing towards a potential Phase 2a study.
Libervant® Buccal Film, the first FDA-approved orally administered rescue product for seizure clusters in patients aged 2-5, is available through retail channels. The NDA for older patients is tentatively approved, with an orphan drug market exclusivity block until January 2027. The Company plans to file for approval for patients aged 6-12 before the block expires.
Aquestive continues to manufacture products for licensing collaborations, including Sympazan® and other oral films. Total revenues increased to $13.5 million in the third quarter of 2024, with a 4% rise primarily due to increases in license and royalty revenue. Research and development expenses increased to $5.3 million, driven by costs for the Anaphylm development program.
The Company’s net loss for the third quarter of 2024 was $11.5 million, with a non-GAAP adjusted EBITDA loss of $6.6 million. The outlook for full-year 2024 includes total revenue of $57 to $60 million and a non-GAAP adjusted EBITDA loss of $20 to $23 million. A conference call will be held on November 5, 2024, to discuss financial results and recent developments.
Read more at GlobeNewswire:: Aquestive Therapeutics Reports Third Quarter 2024 Financial