Aquestive Therapeutics, Inc. · NASDAQ:AQST
Aquestive Therapeutics — Investor Presentation (February 2026)
24 slides from Aquestive Therapeutics's investor presentation, Feb 26, 2026
Slide 1: Corporate Presentation February 2026
Advancing medicines. Solving problems. Improving lives. September 2024 Corporate Presentation February 2026
Slide 2: Disclaimer
© 2026 Aquestive Therapeutics, Inc. 2 Disclaimer This presentation and the accompanying oral commentary have been prepared by Aquestive Therapeutics, Inc. (“Aquestive”, the “Company”, “our” or “us”) and contains forward-looking statements within the meaning of the Private Securities Litigation Refor
Slide 3: Who We Are
3 A publicly traded pharmaceutical company (NASDAQ: AQST) focused on advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. Who We Are…
Slide 4: Company key facts and figures
6 150+ 20+ years since the company was founded Products available in6 continents Over $1.5 billion1 in potential peak annual net sales from pipeline assets drug approvals 1.Aquestive Therapeutics data on file. 2.5 billion PharmFilm® doses shipped worldwide U.S, manufacturer with more than employees
Slide 5: Our Technologies
5 Our Technologies AdrenaVerseTM platform contains a library of over 20 epinephrine prodrugs that demonstrate control of absorption and conversion rates across a variety of dosage forms including lotions, creams, and ointments (LCOs) and delivery sites. The AdrenaVerse platform enables us to pursue
Slide 6: Go-to formulation development and manufacturing partner for oral thin film
6 Aquestive is the go-to formulation development and commercial manufacturing partner for oral thin film products worldwide Our Products 1. Ondif collaboration with Hypera-Pharma (Brazil). 2. Sympazan collaboration with Otter Pharmaceuticals (worldwide). 3. Emylif collaboration with Zambon (EU). 4.
Slide 7: Diversified Pipeline Fuels Our Growth Plan
7 Anaphylm (dibutepinephrine) sublingual film (SEVERE ALLERGIES, ANAPHYLAXIS) Received CRL on January 30, 2026 – expect to resubmit in Q3 2026 Libervant® (diazepam) buccal film (ACUTE REPETITIVE SEIZURES) AQST-108 (epinephrine) topical gel (ALOPECIA AREATA) Diversified Pipeline Fuels Our Growth Plan
Slide 8: Dedicated and Experienced Leadership Team
8 Cassie Jung Chief Operating Officer Dedicated and Experienced Leadership Team Daniel Barber President, CEO & Director Lori J. Braender Chief Legal Officer, Chief Compliance Officer, Corporate Secretary Peter Boyd Chief People Officer Melina Cioffi SVP, Regulatory Affairs Matthew Greenhawt Chief Me
Slide 9: We Have Significantly Strengthened Our Balance Sheet
9 Q3 2025 capital raise validated the belief in the commercial promise of Anaphylm Well-capitalized to address Anaphylm Complete Response Letter and expecting to finish 2026 with significant cash We Have Significantly Strengthened Our Balance Sheet Finished 2025 with $121.2M in cash and cash equival
Slide 10: Lead Asset Anaphylm (dibutepinephrine) sublingual film
10 Lead Asset Anaphylm (dibutepinephrine) sublingual film
Slide 11: A Novel Approach to Epinephrine Delivery
11 A Novel Approach to Epinephrine Delivery First and only non-device based, orally delivered epinephrine product candidate Needle-Free Easy to Use Designed to Work Quickly1 Device-Free Easy to Carry + + Anaphylm (dibutepinephrine) sublingual film 1. Aquestive Therapeutics, Inc. data on file.
Slide 12: Anaphylaxis: A rapid-onset, life-threatening allergic reaction
12 Anaphylaxis: A rapid-onset, life-threatening allergic reaction requiring immediate intervention 1. Xiaowei Liu , Sangil Lee , Christine M Lohse , Cassandra T Hardy , Ronna L Campbell Biphasic Reactions in Emergency Department Anaphylaxis Patients: A Prospective Cohort Study, DOI: 10.1016/j.jaip.2
Slide 13: U.S. Market Potential to Grow to ~$2B by 2031
13 U.S. Market has the Potential to Grow to ~$2B in Value by 20311 Current Market Size (2025)² ~$850M Projected Market Size (2031) ~$2B 3,164 3,260 3,048 3,975 4,000 4,671 4,940 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A Epinephrine Ma
Slide 14: Top Reasons Why People Don't Carry Epinephrine Autoinjectors
14 Top Reasons Why People Don’t Carry Epinephrine Autoinjectors (EAI) Devices1 1. https://community.kidswithfoodallergies.org/blog/new-epinephrine-study-shows-alarming-results; survey results reflect EAIs only. 2.Fromer L., The American Journal of Medicine (2016) 129, 1244-1250. Inconvenience of car
Slide 15: Rapid Relief Needed When It Matters Most
15 Rapid Relief Needed When It Matters Most1 Anaphylm reaches peak absorption in just 12 minutes Observed to achieve therapeutic blood concentrations in as little as 5 minutes (over 100 pg/ml) Observed to deliver a median T- max of 12 minutes 1. Aquestive Therapeutics, Inc. data results on file, exc
Slide 16: 96% of Survey Respondents Preferred Anaphylm
16 Survey Methodology: • Double-blinded survey with 27 adult patients and 26 caregivers of pediatric patients at risk for anaphylaxis • Respondents were mailed an envelope containing one empty, non-labeled nasal spray device and one non-labeled placebo film strip • Respondents kept envelopes sealed
Slide 17: Anaphylm Launch Preparation
17 2026 2027 Anaphylm Launch Preparation Launch Readiness • Unbranded medical education • Continue to increase awareness • Identifying epinephrine prescribers • Work with payers to raise awareness • Engagement with advocacy groups • Congress attendance • Publications • Commercial infrastructure is b
Slide 18: Planned Anaphylm Key Milestones
18 Planned Anaphylm Key Milestones Q1 2026 Type A Meeting with FDA Q2 2026 Q3 2026 Q4 2026 Q1 2027 Human Factors Validation Study2 NDA Resubmitted1 Ex-US filings (Canada, Europe) Clinical PK Study2 1. Typical FDA response time is six (6) months; Aquestive intends to request expedited review of the N
Slide 19: Pipeline Products
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Slide 20: AQST-108 (epinephrine) topical gel
20 AQST-108 (epinephrine) topical gel 1. Jeong, W.Y., Kwon, M., Choi, H.E. et al. Recent advances in transdermal drug delivery systems: a review. Biomater Res 25, 24 (2021). 2. Aquestive Therapeutics data on file. 3. See Investor Day Presentation dated September 27, 2024, located at Aquestive.com/in
Slide 21: Alopecia Areata Represents a Potentially Significant Opportunity
21 Alopecia Areata Represents a Potentially Significant Opportunity¹ R E A S O N S T O B E L I E V E Patient unmet need is well- documented and understood Planned development endpoints that are potentially achievable Competitive landscape indicates pricing should continue to be reasonable Commercial
Slide 22: AQST-108 Phase 1 Clinical Study
22 AQST-108 Phase 1 Clinical Study1 Phase 1 Study Design 16 subjects with or without alopecia, randomized to AQST-108 or placebo applied to the scalp or thigh Once daily administration of AQST-108 (or placebo) over 7 days Assess the local tolerability and pharmacokinetics and pharmacodynamics of onc
Slide 23: Planned AQST-108 Key Milestones
23 Planned AQST-108 Key Milestones Q4 2025 Q1 2026 Q2 2026 2H 2026 Opened IND MTD/Biomarker TrialPhase 1 One Week Safety & PK trial Regulatory Preclinical Clinical Maximum Tolerate Dose (MTD) Finding Study 90-day Sub Chronic Toxicology Study
Slide 24: Thank You
Thank You « Aquestive> i
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