Aquestive Therapeutics Inc美股招股说明书(2025-08-14版)

21,250,000 Shares Common Stock We are offering 21,250,000 shares of our common stock, par value $0.001 per share. Our common stock is listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “AQST.” OnAugust13, 2025, the last reported sale price of our common stock on Nasdaq was $4.01 per share. Investing in our securities involves substantial risks. Please read “Risk Factors” beginning on pageS-5of this prospectus supplement and the risk factors included in the accompanying base prospectus and inthe documents filed with the U.S. Securities and Exchange Commission (the “SEC”), and incorporated byreference herein and therein to read about certain factors you should consider before investing in ourcommon stock. Neither the SEC nor any state securities commission has approved or disapproved of these securitiesor passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus.Any representation to the contrary is a criminal offense. Per ShareTotalOffering price$4.00$85,000,000Underwriting discounts and commissions(1)$0.24$5,100,000Proceeds to us, before expenses$3.76$79,900,000 Lead Manager H.C. Wainwright & Co. Co-Manager TABLE OF CONTENTS PROSPECTUS SUPPLEMENT PageABOUT THIS PROSPECTUS SUPPLEMENTS-1PROSPECTUS SUPPLEMENT SUMMARYS-2THE OFFERINGS-4RISK FACTORSS-5SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSS-8USE OF PROCEEDSS-11DIVIDEND POLICYS-12DILUTIONS-13UNDERWRITINGS-14LEGAL MATTERSS-22EXPERTSS-22WHERE YOU CAN FIND MORE INFORMATIONS-22INCORPORATION BY REFERENCES-23 PROSPECTUS PageABOUT THIS PROSPECTUS1SUMMARY2RISK FACTORS6SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS7USE OF PROCEEDS10DESCRIPTION OF CAPITAL STOCK11DESCRIPTION OF DEBT SECURITIES15DESCRIPTION OF WARRANTS22DESCRIPTION OF RIGHTS24DESCRIPTION OF UNITS26PLAN OF DISTRIBUTION27LEGAL MATTERS30EXPERTS30WHERE YOU CAN FIND MORE INFORMATION30INCORPORATION OF CERTAIN INFORMATION BY REFERENCE31 TABLE OF CONTENTS ABOUT THIS PROSPECTUS SUPPLEMENT This prospectus supplement is part of a registration statement that we have filed with the SEC, utilizing a“shelf” registration process, and relates to the offering of the securities. Before buying any of the securities that weare offering, we urge you to carefully read this prospectus supplement and accompanying base prospectus, togetherwith the information incorporated by reference as described under the headings “Where You Can Find MoreInformation” and “Incorporation by Reference” and “Incorporation of Certain Information by Reference” in thisprospectus supplement and the accompanying base prospectus. These documents contain important information thatyou should consider when making your investment decision. We provide information to you about this offering of our securities in two separate documents that are boundtogether: (1) this prospectus supplement, which describes the specific details regarding this offering; and (2) theaccompanying base prospectus, which provides general information, some of which may not apply to this offering.Generally, when we refer to this “prospectus,” we are referring to both documents combined. This prospectussupplement and accompanying prospectus add to and update information contained in the documents incorporatedby reference into this prospectus supplement and accompanying prospectus. To the extent there is a conflict betweenthe information contained in this prospectus supplement and accompanying prospectus, on the one hand, and theinformation contained in any document incorporated by reference into this prospectus supplement andaccompanying prospectus that was filed with the SEC before the date of this prospectus supplement andaccompanying prospectus, on the other hand, you should rely on the information in this prospectus supplement andaccompanying prospectus. If any statement in one of these documents is inconsistent with a statement in anotherdocument having a later date (for example, a document incorporated by reference into this prospectus supplementand accompanying prospectus) the statement in the document having the later date modifies or supersedes the earlierstatement. You should rely only on the information contained in or incorporated by reference in this prospectussupplement and accompanying prospectus and in any free writing prospectus that we have authorized for use inconnection with this offering. We have not, and Leerink Partners LLC, Cantor Fitzgerald & Co. and Oppenheimer &Co. Inc. have not, authorized anyone to provide you with different information. If anyone provides you withdifferent or inconsistent information, you should not rely on it. We are not, and the underwriters are not, making anoffer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that theinformation appearing in this prospectus supplement and accompanying prospectus, the documents incorporated byreference in this prospectus supplement and accompanying prospectus, and in any