Aquestive Therapeutics, Inc. · NASDAQ:AQST
Aquestive Therapeutics — Investor Presentation (September 2026)
27 slides from Aquestive Therapeutics's investor presentation, Sep 25, 2026
Slide 1: Corporate Presentation September 23, 2026
Corporate Presentation September 23, 2026
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral commentary have been prepared by Aquestive Therapeutics, Inc. (“Aquestive,” the “Company,” “we,” “our” or “us”) and contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statem
Slide 3: Who we are
3 Who we are A publicly traded pharmaceutical company (NASDAQ: AQST) focused on advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies.
Slide 4: Advancing Medicines to Bring Meaningful Improvement to Patients' Lives
Advancing Medicines to Bring Meaningful Improvement to Patients’ Lives 41. Aquestive Therapeutics data on file. 6 FDA approvals with products available on six continents 2.5+ billion PharmFilm® doses shipped worldwide 100+ patents filed in the U.S. and worldwide 20+ years Since the company was found
Slide 5: Our Technologies
Our Technologies PharmFilm® 5 PharmFilm® is a unique and versatile technology for high-performance drug delivery. Aquestive scientists combine the customizable features of PharmFilm® with patented formulation and engineering processes to optimize the delivery of active pharmaceutical ingredients (AP
Slide 6: Our Products
Our Products 1. Ondif collaboration with Hypera-Pharma (Brazil). 2. Sympazan collaboration with Cosette Pharmaceuticals, Inc. (worldwide). 3. Emylif collaboration with Zambon (EU). 4. Suboxone collaboration with Indivior (worldwide). 6 Aquestive is the go-to formulation development and commercial ma
Slide 7: Diversified Pipeline Fuels Our Growth Plan
Diversified Pipeline Fuels Our Growth Plan 7 1. Aquestive Therapeutics data on file. 2. Potential annual revenue after anticipated launch in 2027. Anaphylm (dibutepinephrine) sublingual film (SEVERE ALLERGIES, ANAPHYLAXIS) Received CRL on January 30; NDA resubmitted to FDA on September 17, 2026 >$1B
Slide 8: Dedicated and Experienced Leadership Team
Dedicated and Experienced Leadership Team 8 Daniel Barber President, CEO & Director Matthew Greenhawt Chief Medical Officer Peter Boyd Chief People Officer Melina Cioffi SVP, Regulatory Affairs Sherry Korczynski Chief Commercial Officer Matthew Davis Chief Development Officer Ernie Toth Chief Financ
Slide 9: Cash Position Supports Anaphylm Review and Launch Preparation
Cash Position Supports Anaphylm Review and Launch Preparation 9 $98.5 million in cash and cash equivalents as of June 30, 2026 Access to $75 million if Anaphylm is approved by the FDA through a Strategic funding agreement with RTW Investments An additional $20 million available under the debt facili
Slide 10: Lead Asset Anaphylm (dibutepinephrine) sublingual film
Lead Asset Anaphylm (dibutepinephrine) sublingual film 10 ANAPHYLM (dibutepinephrine) sublingual film is an investigational product candidate that has not been approved by the U.S. Food and Drug Administration. Safety and efficacy have not been established. Statements regarding potential benefits, c
Slide 11: A Novel Approach to Epinephrine Delivery
A Novel Approach to Epinephrine Delivery Anaphylm (dibutepinephrine) sublingual film Needle-Free Easy to Use Designed to Work Quickly1 Device-Free Easy to Carry 1. Aquestive Therapeutics data on file. First and only non-device, orally delivered epinephrine product candidate 11 ANAPHYLM (dibutepineph
Slide 12: Anaphylaxis
Anaphylaxis: 12 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.2019.10.027 2. Shaw, Maggie L, Gaps in Anaphylaxis Care, Epinephrine Use Highlight R
Slide 13: The epinephrine market continues to grow
1. U.S. Epinephrine for Anaphylaxis Treatment Market Size, Share & Industry Analysis; Fortune Business Insights, Mar 23, 2026; https://www.fortunebusinessinsights.com/u-s-epinephrine-for-anaphylaxis- treatment-market-110494 2. Symphony Health Data through 12/31/2025, Metys National Projected Data, A
Slide 14: Challenges with Current Epinephrine Auto-Injectors (EAIs)
Challenges with Current Epinephrine Auto-Injectors (EAIs) 1. Golden DBK, et al. (2024). Ann Allergy Asthma Immunol, 132(2), 124–176. 2. Pouessel G, et al. (2025). Clin Exp Allergy, 55(1), 36–51. 3. Lieberman JA, et al. (2023). Ann Allergy Asthma Immunol, 131(2), 185–193.e10. 4. Wang J. (2024). J Foo
Slide 15: Rapid Relief Needed When It Matters Most
Rapid Relief Needed When It Matters Most1 1. Aquestive Therapeutics, Inc. data results on file, excluding T-max data results for Neffy®, which can be found in the prescribing information located in the approved product label; no head-to-head comparison studies have been conducted with Anaphylm and N
Slide 16: 96% of Survey Respondents Preferred Anaphylm
96% of Survey Respondents Preferred Anaphylm In a Hands-on Epinephrine Preference Survey¹,² 51 1 1 PREFER FILM PREFER FILM & NASAL EQUALLY PREFER NASAL Survey Results 1. Aquestive Therapeutics data on file. 2. Survey results reflect stated respondent preferences under controlled survey conditions an
Slide 17: Anaphylm Launch Preparation
Anaphylm Launch Preparation 2026 2027 Plans for a Commercial Launch • Facilitate access with payers • Focus on key prescribers in the initial launch • Leverage Anaphylm’s unique product attributes to engage HCPs, patients, caregivers, and advocacy groups • Optimize marketing mix that works smarter,
Slide 18: Anaphylm Regulatory Milestones
Anaphylm Regulatory Milestones 18 1. The FDA will determine the classification of the NDA resubmission and establish the applicable review timeline following its initial review of the resubmission. The Company intends to request expedited review, but there can be no assurance that expedited review w
Slide 19: Pipeline
Pipeline Products a < Aquestive'| «>
Slide 20: AQST-108 (epinephrine) Topical Gel
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/inves
Slide 21: AQST-108 has the potential to harness the benefits of a topical gel with prodrug technology
AQST-108 has the potential to harness the benefits of a topical gel with prodrug technology1 Administration process • Topical gel applied to affected skin (epidermis) • AQST-108 penetrates to dermis layer and converts slowly over time • AQST-108 converts to via interstitial esterases • Localized eff
Slide 22: AQST-108 has the potential to weaken the inflammatory amplification loop
22 AQST-108 has the potential to weaken the inflammatory amplification loop Dermatological Inflammation and downstream immunological effects TSLP (Thymic stromal lymphopoietin) Skin Barrier Disruption IL-4 (Interleukin-4) Keratinocyte Activation IL-8 (CXCL8) Antigen-Presenting Cell / Dendritic Cell
Slide 23: Atopic Dermatitis (AD) Treatment Landscape
Atopic Dermatitis (AD) Treatment Landscape 23
Slide 24: ~27.5M prevalent AD patients, ~3M actively managed
~27.5M prevalent AD patients, ~3M of whom are actively managed; ~90% of patients have mild-moderate AD, which is historically pharmacologically underserved 1. Chiesa Fuxench ZC et al., Atopic Dermatitis in America Study: A Cross-Sectional Study J Invest Dermatol. 2019 Mar;139(3):583-590. doi: 10.101
Slide 25: The AD market remains receptive to therapies that address unmet needs
The AD market remains receptive to therapies that address unmet needs and offer improvements over existing treatment attributes *Does not specify mild-moderate on-label TEAEs = Treatment-Emergent Adverse Events; FDA on-label indications, accessed May 2026; AQST-108 TPP; Market Research Interviews co
Slide 26: AQST-108 has the potential for expansion into additional dermatologic and immunologic indications
AQST-108 has the potential for expansion into additional dermatologic and immunologic indications 1. EvaluatePharma, accessed July 2026; Vtama sales not reported by EP $359M $416M $303M $390M $167M $105M $293M $150M $259M $917M $1,525M 2026 2030 (projected) Psoriasis Atopic Dermatitis Future Indicat
Slide 27: Thank You
i Thank You re § Aquestive Xb Aquestive | »
Aquestive Therapeutics — Investor Presentation (September 2026) on 6ix