WARREN, NJ - Aquestive Therapeutics , Inc. (NASDAQ:AQST), a pharmaceutical company based in Warren, New Jersey, disclosed a reshuffle in its board of directors this week. The company announced the departure of board member and Compensation Committee Chairman Santo J. Costa on Monday (NASDAQ:MNDY). Costa, who stepped down for personal reasons effective Thursday, did not indicate any disagreement with company operations or policies as a reason for his resignation.
Following Costa's departure, Aquestive's board will decrease from eight to seven directors. John S. Cochran, who already serves on the board and the Compensation Committee, will assume the role of Chairman of the Compensation Committee. Additionally, Timothy E. Morris, Chair of the Audit Committee, will be appointed to the Compensation Committee.
Aquestive Therapeutics expressed gratitude to Mr. Costa for his years of service and dedication to the company. The changes in the board's composition come at a time when the company continues to navigate the competitive pharmaceutical industry landscape.
In other recent news, Aquestive Therapeutics reported a growth in its Q3 2024 financial results with total revenue reaching $13.5 million, a 4% increase from the same period last year. This growth was primarily driven by license and royalty revenues. However, excluding one-time revenue from a terminated agreement, revenues saw a 5% decline. The company also highlighted the progress of its product pipeline, including its lead product candidate, Anaphylm, which has received positive feedback from the FDA.
Aquestive announced the expansion of the Libervant launch for young children and the progress of its new product candidate, AQST-108, for alopecia areata. The company is preparing for Anaphylm's potential launch in Q1 2026 and AQST-108's launch before the end of 2028. Despite the positive developments, the company experienced a net loss of $11.5 million for Q3 2024, widening from a $2 million loss in Q3 2023.
InvestingPro Insights
As Aquestive Therapeutics navigates these board changes, InvestingPro data provides additional context for investors. The company's market capitalization stands at $464.55 million, reflecting its current position in the pharmaceutical sector. Despite recent challenges, Aquestive has shown impressive revenue growth of 22.56% over the last twelve months, with total revenue reaching $58.9 million.
InvestingPro Tips highlight some key aspects of Aquestive's financial situation. The company holds more cash than debt on its balance sheet, which could provide financial flexibility as it adapts to the board restructuring. Additionally, liquid assets exceed short-term obligations, potentially offering a buffer during this transition period.
However, it's worth noting that analysts do not anticipate the company will be profitable this year, which aligns with the reported operating income of -$21.1 million over the last twelve months. This financial backdrop may influence how the new board composition approaches strategic decisions moving forward.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips that could provide deeper insights into Aquestive Therapeutics' financial health and market position.
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