Aquestive Therapeutics, Inc. (AQST) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 13, 2026

Risk Assessment Details

Potential Dilution: 25.81% of current shares
Recent Dilution: 34.96% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
120M
Potential Supply
32M
Additional shares possible
Splits
None
Past 2 years

Summary

AQST currently has 123M outstanding shares. with moderate dilution risk from 31.6M authorized shares representing 25.8% potential dilution. The company has significantly diluted shareholders by 34.96% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 13, 2026

10-Q filing | 122.6M shares outstanding

120M 32M
Nov 05, 2025

10-Q filing | 110.6M shares outstanding

110M 44M
Aug 11, 2025

10-Q filing | 99.3M shares outstanding

99M 55M
May 12, 2025

10-Q filing | 95.5M shares outstanding

95M 59M
Mar 05, 2025

10-K filing | 98.9M shares outstanding

99M 55M
Nov 04, 2024

10-Q filing | 91.1M shares outstanding

91M 63M
Aug 06, 2024

10-Q filing | 90.9M shares outstanding

91M 63M
May 07, 2024

10-Q filing | 91.0M shares outstanding

91M 63M
Apr 22, 2024

8-K filing: Aquestive Therapeutics, Inc. completed a public offering on March 22, 2024, selling 16,666,667 shares of common stock at $4.50 per share, and on April 22, 2024, the Underwriters purchased 559,801 additional shares to cover over-allotments, bringing the total gross proceeds to approximately $77.5 million. ($77.52M proceeds)

69M 86M
Apr 03, 2024

S-3 filing: Aquestive Pharmaceuticals, Inc. files an S-3 form to offer up to $250,000,000 of common stock, preferred stock, and debt securities from time to time.

69M 86M
Mar 21, 2024

8-K filing: Aquestive Therapeutics, Inc. entered into an underwriting agreement for a public offering of 16,666,667 shares of common stock at $4.50 per share, with an option for underwriters to purchase an additional 2,500,000 shares, expecting net proceeds of approximately $69.8 million. ($69.8M proceeds)

73M 21M
Mar 05, 2024

10-K filing | 73.3M shares outstanding

73M 21M
Nov 06, 2023

10-Q filing | 64.7M shares outstanding

65M 29M
Sep 21, 2023

S-3 filing: This prospectus relates to the resale of up to 2,750,000 shares of Aquestive Therapeutics, Inc. common stock by the selling stockholder.

62B 0
Aug 07, 2023

10-Q filing | 61726.7M shares outstanding

62B 0
Aug 02, 2023

8-K filing: Aquestive Therapeutics executed an agreement to issue 5,000,000 shares of common stock upon the exercise of existing warrants at $0.96 per share, receiving gross proceeds of $4,800,000.00 and issuing new warrants to purchase up to 2,750,000 shares of common stock. ($8.34M proceeds)

56M 35M
May 02, 2023

10-Q filing | 55.6M shares outstanding

56M 35M
Mar 31, 2023

10-K filing | 55.9M shares outstanding

56M 35M
Nov 01, 2022

10-Q filing | 53.4M shares outstanding

53M 38M
Aug 10, 2022

8-K filing: Aquestive Therapeutics, Inc. granted an inducement equity award under the 2022 Equity Inducement Plan to Kenneth Truitt, M.D., consisting of non-qualified options to purchase 100,000 unregistered shares of the Company's common stock, effective on September 6, 2022.

53M 38M
Aug 02, 2022

10-Q filing | 53.4M shares outstanding

53M 38M
May 04, 2022

10-Q filing | 41.5M shares outstanding

41M 50M
Apr 13, 2022

8-K filing: Aquestive Therapeutics, Inc. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, allowing the Company to sell up to $40,000,000 of shares of its common stock over a 36-month period; also issued 225,310 shares to Lincoln Park as consideration for its commitment.

38M 53M
Mar 08, 2022

10-K filing | 38.1M shares outstanding

38M 53M
Nov 02, 2021

10-Q filing | 39.2M shares outstanding

39M 52M
Aug 03, 2021

10-Q filing | 38.9M shares outstanding

39M 52M
May 04, 2021

10-Q filing | 33.6M shares outstanding

34M 58M
Mar 26, 2021

S-3 filing: Aquestive Pharmaceuticals, Inc. may offer up to $250,000,000 of any combination of common stock, preferred stock and debt securities from time to time.

34M 58M
Mar 09, 2021

10-K filing | 33.6M shares outstanding

34M 220K
Jan 08, 2021

S-3 filing: This S-3 filing registers for resale up to 143,000 shares of common stock issuable upon the exercise of warrants and up to 16,000 shares of common stock held by selling stockholders.

34M 160K
Nov 23, 2020

8-K filing: Aquestive Therapeutics, Inc. received $50.0 million in gross proceeds pursuant to its Purchase and Sale Agreement with MAM Pangolin Royalty, LLC, completed the repurchase of $22.5 million aggregate principal amount of Notes, issued $4.0 million aggregate principal amount of additional Notes, made an additional $2.25 million cash payment to certain holders of the Notes, and issued warrants to purchase up to 143,000 shares of the Company's common stock.

34M 0
Nov 04, 2020

10-Q filing | 33.6M shares outstanding

34M 0
Nov 03, 2020

8-K filing: Aquestive Therapeutics, Inc. entered into a First Supplemental Indenture to its Base Indenture, issuing an additional $4.0 million aggregate principal amount of Notes, agreeing to repurchase $22.5 million aggregate principal amount of Notes, and issuing warrants to purchase up to 857,000 shares of common stock.

34M 0
Aug 04, 2020

10-Q filing | 33.6M shares outstanding

34M 0
May 05, 2020

10-Q filing | 33.6M shares outstanding

34M 0
Mar 11, 2020

10-K filing | 33.6M shares outstanding

34M 0
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