Aquestive Therapeutics Inc. (NASDAQ:AQST) has announced its Q3 2020 financial results and provided recent business development updates.
Aquestive posts revenue of $8.3 million
The company reported total revenues of $8.3 million in Q3 2020, which is a drop from $12.4 million reported in Q3 2019. The drop was a result of lower Suboxone manufacturing and supply revenue and decreased licence and royalty revenue partially offset by Sympazan revenue growth. In Q3, the company reported 102% QoQ growth in Sympazan revenue which is the first of its novel products to launch.
Aquestive has updated its FY2020 financial guidance, but the guidance doesn’t include the monetization of the KKYNMOBI royalty Stream. For the full year, the company is expecting revenue to be between $42 million and $46 million. It also expects a cash burn of around $45 million to $50 million. The pandemic continues to impact the company’s financial results, resources and business operations. Therefore the success of commercial products such as Libervant depending on future development remains uncertain.
Aquestive continues to execute well despite COVID-19 pandemic
Keith Kendall, the company’s CEO, said that despite the COVID-19 pandemic-induced uncertainty, the company made progress in Q3 in advancing its CNS product portfolio and other therapeutics. The completion of dosing in Phase 1 pharmacokinetic trial of AQST-108 highlighted this progress. AQST-108 is the company’s first of its kin oral, sublingual film formulation for delivery of systemic epinephrine. Kendall also confirmed that the company is on track to evaluate the quality and validity of data from the study in the coming weeks.
Aquestive is also advancing its lead product candidate Libervant™ Baccal Film in management of seizure clusters through an approval process with the FDA. Kendall said that the company received confirmation from the FDA regarding a review meeting set for November 12. The company is looking forward to collaborating with the FDA to seek clarity and feedback regarding the approval pathway for Libervant. The company signed an agreement for royalty monetization of KYNMOBI which will close at the end of this month.