0001398733-26-000042 | 10-Q | XBRL Viewer | Aquestive Therapeutics INC

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	0.00%	0.00%	0.00%
Income taxes (benefit) expense	$ 0	$ 0	$ 0	$ 0
Net (loss)/income before income taxes	$ (22,864)	$ (13,548)	$ (30,921)	$ (36,478)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Diluted EPS is adjusted by the effect of dilutive securities, including options and awards under the Company’s equity compensation plans, warrants and ESPP. As a result of the Company’s net loss incurred for the three and six months ended June 30, 2026 and 2025, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations. Therefore, basic and diluted net loss per share are the same for the three and six months ended June 30, 2026 and 2025 as reflected below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(22,864)	$	(13,548)	$	(30,921)	$	(36,478)
Denominator:
Weighted-average number of common shares – basic and diluted	124,994,165		99,326,701		123,808,666		97,422,458






Loss per common share – basic and diluted	$	(0.18)	$	(0.14)	$	(0.25)	$	(0.37)

(a)For the three and six months ended June 30, 2026 and 2025, outstanding stock options of 7,844,729 and 7,186,867 to purchase shares of Common Stock, respectively, were anti-dilutive.

(b)For the three and six months ended June 30, 2026 and 2025, outstanding restricted stock units of 3,271,940 and 5,156,701 to purchase shares of Common Stock, respectively, were anti-dilutive.

(c)For the three and six months ended June 30, 2026 and 2025, outstanding warrants of 2,965,819 and 2,910,548 to purchase shares of Common Stock, respectively, were anti-dilutive.

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Short-Term Debt [Line Items]
Accrued compensation	$ 3,222	$ 3,707
Real estate and personal property taxes	328	349
Interest payable	16	17
Other	53	50
Total accrued expenses	4,518	5,029
Other Receivables And Accrued Expenses
Short-Term Debt [Line Items]
Accrued distribution expenses and sales returns provision	$ 899	$ 906

Right-of-Use Assets and Lease Obligations - Schedule of Operating Lease Liabilities Maturities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
Remainder of 2026	$ 662
2027	1,668
2028	1,738
2029	1,568
2030 and thereafter	10,603
Total future lease payments	16,239
Less: imputed interest	(7,894)
Total operating lease liabilities	$ 8,345

Share-Based Compensation - Schedule of Stock Option Activity (Details) - Stock options - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2026
Number of Options
Outstanding at beginning of period (in shares)	6,558
Granted (in shares)	1,324
Exercised (in shares)	(36)
Forfeited/expired (in shares)	(1)
Outstanding at end of period (in shares)	7,845
Vested or expected to vest at end of period (in shares)	7,696
Exercisable at end of period (in shares)	5,806
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 5.59
Granted (in dollars per share)	4.21
Exercised (in dollars per share)	0.76
Forfeited/expired (in dollars per share)	3.84
Outstanding at end of period (in dollars per share)	5.38
Vested or expected to vest at end of period (in dollars per share)	5.40
Exercisable at end of period (in dollars per share)	$ 5.83

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is calculated by dividing net loss by the weighted-average number of Common Stock.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(22,864)	$	(13,548)	$	(30,921)	$	(36,478)
Denominator:
Weighted-average number of common shares – basic and diluted	124,994,165		99,326,701		123,808,666		97,422,458






Loss per common share – basic and diluted	$	(0.18)	$	(0.14)	$	(0.25)	$	(0.37)

(a)For the three and six months ended June 30, 2026 and 2025, outstanding stock options of 7,844,729 and 7,186,867 to purchase shares of Common Stock, respectively, were anti-dilutive.

(b)For the three and six months ended June 30, 2026 and 2025, outstanding restricted stock units of 3,271,940 and 5,156,701 to purchase shares of Common Stock, respectively, were anti-dilutive.

(c)For the three and six months ended June 30, 2026 and 2025, outstanding warrants of 2,965,819 and 2,910,548 to purchase shares of Common Stock, respectively, were anti-dilutive.

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, the Company has been and may again become involved in legal proceedings arising in the course of its business, including product liability, intellectual property, securities, civil tort, and commercial litigation, and environmental or other regulatory matters. California Litigation Neurelis, Inc. v. Aquestive Therapeutics, Inc. On December 5, 2019, Neurelis, Inc. ("Neurelis") filed a civil tort lawsuit against the Company in the Superior Court of California, County of San Diego. In December 2025, the parties reached a mutual out-of-court settlement agreement resolving all claims related to the matter, the terms of which settlement agreement are confidential. In the settlement agreement, the Company did not concede liability and settled the matter for business reasons. The Company does not consider this settlement material to its financial condition. The settlement of the matter was recorded within Selling, general, and administrative expenses on the Company's Statements of Operations and Comprehensive Loss for the year ended December 31, 2025. The current liability was recorded within Accounts payable and the non-current liability was recorded within Other non-current liabilities on the Company's Balance Sheets as of June 30, 2026 and December 31, 2025. On April 3, 2026 the court signed the Order dismissing the case with prejudice. Neurelis FDA Lawsuit Neurelis, Inc. v. Califf, et al., U.S. District Court for the District of Columbia In May 2024, Neurelis filed a complaint in the U.S. District Court for the District of Columbia against the U.S. Food and Drug Administration, the U.S. Department of Health and Human Services, and certain government officials. The complaint in this matter alleges that the defendants violated the Administrative Procedure Act by approving the Company's NDA for Libervant for ARS patients aged between two and five years, and asked the Court to vacate that approval and enjoin the defendants from approving Libervant for this pediatric patient population until January 10, 2027, the scheduled date for the expiration of the U.S. orphan drug market exclusivity (ODE) granted by the FDA to the Valtoco® nasal spray product of Neurelis (the "ODE Expiration"). The Company intervened in this litigation to defend the approval of Libervant for this ARS pediatric patient population. Following submission of briefs and filings of respective motions by the parties for summary judgment, on February 14, 2025, the Court entered a final appealable judgment in favor of Neurelis, and against the FDA's and the Company's cross-motions for summary judgment, and directed the FDA to vacate the approval of Libervant. On February 18, 2025, the Company filed an appeal of the District Court's decision with the U.S. Court of Appeals for the District of Columbia Circuit (the "DC Appellate Court") and, on the same day, filed an emergency motion with the District Court to stay its order pending a decision on the appeal with the DC Appellate Court. The District Court denied the motion for a stay. On March 27, 2025, the DC Appellate Court denied the Company's emergency motion for stay. The FDA filed an appeal of the District Court's decision to the DC Appellate Court and the Company withdrew its appeal. As a result of the District Court's ruling, the FDA converted the approval of Libervant to a "tentative approval" and the Company has ceased marketing activities in the United States for Libervant for these ARS pediatric patients. Subsequently, on February 3, 2026, Congress adopted and the President signed into law legislation that amended the Orphan Drug Act to provide that ODE applies only to the extent a subsequent applicant seeks approval for the same approved use or indication within the designated rare disease or condition to which the ODE applies. As applied, this legislation would confirm the FDA's long-standing interpretation of the Orphan Drug Act and its authority to approve another sponsor’s orphan drug for a different use or indication than that of an approved drug with ODE, such as the FDA's prior approval of Libervant for ARS patients aged between two and five years. On February 16, 2026, the Company filed a motion with the DC Appellate Court requesting that the DC Appellate Court order all parties to submit simultaneous briefs regarding appropriate next steps regarding this legislation and its intended application to this case, including the possibility of a summary disposition of the matter by the DC Appellate Court. The parties are submitting briefs to the DC Appellate Court and a decision is expected later this year. The Company is not able to determine or predict the ultimate outcome of these proceedings or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter or whether the FDA will grant U.S. market access to Libervant for ARS patients aged between two and five years in advance of the ODE Expiration. Suboxone Product Liability Litigation The Company was named as a defendant in a multitude of product liability lawsuits, along with Indivior and several other named defendants, in which the individual plaintiffs in those cases allege that their use of Suboxone® sublingual film, a prescription drug product for opioid use disorder, caused them dental injuries. On February 2, 2024, this litigation became a MDL consolidated in the U.S District Court for the Northern District of Ohio. One case alleging the same allegations as contained in the MDL has been filed in a state court in the State of New Jersey. The parties to the MDL have agreed to a tolling of unfiled claimants in several states. Contractual indemnification obligation of Indivior remains in effect, and Indivior continues to assume defense costs associated with these matters. The Company's motion to dismiss the MDL matter was granted as to all claims against Aquestive by plaintiffs except design defect claims and claims for punitive damages. Discovery is ongoing and no trial date has been set in the MDL matter. The Company is not able to determine or predict the ultimate outcome of this litigation or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter. The Company was named as a defendant in three proposed class action lawsuits filed in Canada, along with Indivior and several other named defendants, in which the individual plaintiffs in those cases allege that their use of Suboxone® products caused them dental injuries. Two of these cases have been filed in British Columbia and the third case has been filed in Quebec and is proceeding towards an authorization hearing, the date of which has not yet been set. Pre-discovery and case management proceedings are underway and no trial date has yet been set. The Company is not able to determine or predict the ultimate outcome of this litigation or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this litigation. Federal Securities Class Action On March 5, 2026, a putative securities class action lawsuit was filed against the Company and Daniel Barber in the United States District Court for the District of New Jersey, captioned Modica v. Aquestive Therapeutics, Inc. and Daniel Barber. The complaint purports to seek relief on behalf of a class of investors who purchased or otherwise acquired the Company’s publicly traded securities between June 16, 2025 and January 8, 2026, and asserts violations of Section 10(b) of the Exchange Act against all defendants and Section 20(a) of the Exchange Act against the individual defendant. The complaint alleges, among other things, that during the proposed class period, defendants made misstatements and/or failed to disclose certain facts regarding the NDA for Anaphylm. The complaint seeks various forms of relief, including monetary damages in an unspecified amount. The lead plaintiff selection process is pending with the court. Following selection of the lead plaintiff the Company anticipates filing a motion to dismiss. The Company is not able to determine or predict the ultimate outcome of this proceeding or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter. Shareholder Derivative Litigation On April 15, 2026, a shareholder derivative lawsuit was filed by a purported shareholder on behalf of the Company against certain individual directors and officers of the Company, naming the Company as a nominal defendant, in the United States District Court for the District of New Jersey, captioned Wilson v. Brown, et al. The complaint asserts claims for violation of Section 14(a) of the Exchange Act against the director defendants, and breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and waste of corporate assets against all individual defendants. The complaint alleges, among other things, that the individual defendants failed to exercise adequate oversight of, and misrepresented and/or failed to disclose certain facts regarding the NDA for Anaphylm. The derivative action has been designated as related to the securities class action described above. The complaint seeks various forms of relief, including monetary damages in an unspecified amount and corporate governance reforms. This case has been stayed, pending a ruling on that anticipated motion to dismiss the securities class action. The Company is not able to determine or predict the ultimate outcome of this proceeding or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter.

Other Non-current Assets (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Non-Current Assets

The following table provides the components of other non-current assets:


	June 30, 2026		December 31, 2025
Royalty receivable	$	1,000	$	2,000
Other	701		642
Total other non-current assets	$	1,701	$	2,642

Risks and Uncertainties	6 Months Ended
Risks and Uncertainties	Jun. 30, 2026
Risks and Uncertainties [Abstract]
Risks and Uncertainties	Risks and Uncertainties The Company assesses liquidity in terms of its ability to generate cash to fund its operating, investing and financing activities. The Company’s cash requirements for the remainder of 2026 and beyond include expenses related to continuing development and clinical evaluation of its products, manufacture and supply costs, costs of regulatory filings, patent prosecution expenses and litigation expenses, expenses related to commercialization of its products, as well as costs to comply with the requirements of being a public company operating in a highly regulated industry. As of June 30, 2026, the Company had $98,490 of cash and cash equivalents. The Company has experienced a history of net losses. The Company’s accumulated deficits totaled $477,919 as of June 30, 2026. The net losses and accumulated deficits were partially offset by gross margins from sales of commercialized licensed and proprietary products, license fees, milestone and royalty payments from commercial licensees and co-development parties. The Company’s funding requirements have been met by its cash and cash equivalents, as well as its equity and debt offerings, including the issuance of the Term Loan Facility in May 2026 as further discussed in Note 13, Long-Term Debt, the ATM facility and other equity offerings, including the 2025 Underwritten Public Offering as discussed in Note 1, Company Overview and Basis of Presentation, Part B, Equity Transactions. While the Company’s ability to execute its business objectives and achieve profitability over the longer term cannot be assured, the Company’s on-going business, existing cash and cash equivalents, expense management activities including, but not limited to, the ceasing of certain R&D activities, as well as access to the equity capital markets through its ATM facility, provide near term liquidity for the Company to fund its operating needs for at least the next twelve months as it continues to execute its business strategy.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Long-Term Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Long-Term Debt

13.5% Senior Secured Notes

On November 1, 2023, the Company entered into an Indenture Agreement with certain institutional investors (the “Note Holders”) and issued $45,000 aggregate principal amount of its 13.5% Notes. The Company received net proceeds of approximately $4,326 from this transaction after the repayment of the Company's 12.5% Notes and deduction of debt discount, and debt issuance costs.

The 13.5% Notes were senior secured obligations of the Company and were set to mature on November 1, 2028. The 13.5% Notes bore interest at a fixed rate of 13.5% per year, payable quarterly commencing on December 30, 2023. On each payment date commencing on June 30, 2026, the Company was to pay an installment of principal of the 13.5% Notes pursuant to a fixed amortization schedule, along with the applicable exit fee. The exit fee totaled $2,000.

On May 12, 2026, the Company issued the Term Loan Facility and used the proceeds from the issuance to repay the outstanding principal balance under the 13.5% Notes of $45,000, and $2,000 exit fee. The Company also incurred a prepayment penalty of $3,825 equal to 108.5% of the principal amount due to the timing of the redemption, and other transaction expenses. The Company recognized a loss on extinguishment of debt of $11,683 on the Condensed Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2026.

Royalty Right Agreements

In connection with the issuance of 13.5% Notes, the Company and the Note Holders entered into the Royalty Right Agreements dated as of November 1, 2023, which provides Note Holders:

a.a tiered royalty between 1.0% and 2.0% of annual worldwide net sales of Anaphylm™ (dibutepinephrine) sublingual film for a period of eight years from the first sale of Anaphylm on a global basis, and

b.a tiered royalty between 1.0% to 2.0% of annual worldwide net sales of Libervant® (diazepam) buccal film until the earlier of (1) the first sale of Anaphylm and (2) eight years from the first sale of Libervant.

Both the 13.5% Notes and Royalty Right Agreements, represent freestanding instruments which were issued in conjunction with each other. They are classified as debt within the scope of ASC 470, Debt and are subsequently measured on an amortized cost basis.

The initial fair value measurement of the Royalty Right Agreements was determined based on significant unobservable inputs, including the discount rate, estimated probabilities of success, and the estimated amount of future sales of Anaphylm and Libervant. These inputs are derived using internal management estimates developed based on third-party data and reflect management’s judgment, current market conditions, and forecasts.

The Royalty Right Agreements’ fair value is estimated by applying probability-weighted cash flows for future sales, which are then discounted to present value. Changes to fair value of the Royalty Rights Agreements can result from changes to one or a number of the aforementioned inputs. A significant change in unobservable inputs could result in a material increase or decrease to the effective interest rate of the Royalty Right Agreements liability.

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Royalty Right Agreements:

Valuation Methodology

Significant Unobservable Input

Weighted Average (range, if applicable)

Discount Rate

15%

Royalty Right Agreements

Probability weighted
income approach

Probability of Success

95%

Projected Years of Payments

2027

2035

During the six months ended June 30, 2026, there were no changes to the significant unobservable inputs used to recognize the Royalty Right Agreements liability. During the year ended December 31, 2025, the Company updated the probability-weighted cash flows for future sales, which decreased the royalty obligation to $51,886 and decreased the unamortized discount to $25,945. The effective interest rate changed by 2.64%, and the Company updated the projected years of payments to 2035.

Since the Royalty Right Agreements were issued in connection with the 13.5% Notes, the Company allocated the proceeds to the two instruments based on their relative fair values. The Company allocated approximately $13,856 to the Royalty Right Agreements. The Company determined the allocated fair value by calculating the present value of estimated future royalties to be paid to Note Holders over the life of the arrangement.

The excess of future estimated royalty payments over the allocated fair value is recognized as a discount related to the Royalty Right Agreements and is amortized as interest expense using the effective interest method.

The allocated amounts of $13,856 when combined with the exit fee of $2,000, original issue discount of $1,125 and debt issuance costs of $3,517, resulted in the 13.5% Notes discount of $20,498. This debt discount was amortized over the term of 13.5% Notes using the effective interest method.

The Royalty Right Agreements remained outstanding as of June 30, 2026 after the redemption of the 13.5% Notes.

Amortization expense arising from the discounts related to the 13.5% Notes prior to redemption for the three and six months ended June 30, 2026 was $580 and $1,834, respectively. Amortization expense arising from the discounts related to the Royalty Right Agreements for the three and six months ended June 30, 2026 was $972 and $1,945, respectively.

Amortization expense arising from the discounts related to the 13.5% Notes for the three and six months ended June 30, 2025 was $1,254 and $2,508, respectively. Amortization expense arising from the discounts related to the Royalty Right Agreements for the three and six months ended June 30, 2025 was $1,434 and $2,871, respectively.

Unamortized discounts totaled $24,000 for the Royalty obligations as of June 30, 2026. Unamortized discounts totaled $7,630 for the 13.5% Notes and $25,945 for the Royalty obligations as of December 31, 2025, respectively.

Term Loan Facility

On May 12, 2026, the Company entered into the Credit Agreement with funds managed by Oaktree Capital Management, L.P., which provided a Term Loan Facility of up to $150,000. The Term Loan Facility includes an initial funded Tranche A of $55,000 and additional delayed draw term loan commitments of up to $95,000, which are available subject to the satisfaction of specified conditions. Amounts repaid under the Term Loan Facility may not be reborrowed. The Term Loan Facility matures on May 12, 2031 and does not require principal installment payments. Accordingly, the total outstanding principal balance is payable at maturity. The obligations under the Credit Agreement are secured by a first-priority lien on substantially all of the Company’s assets, including intellectual property, subject to customary exceptions.

On May 12, 2026, in connection with the Credit Agreement with Oaktree, the Company also entered into the Oaktree Warrant Issuance Agreement. Pursuant to this agreement, the Company issued to Oaktree, the Tranche A Warrant to purchase up to an aggregate of 230,271 shares of the Company's Common Stock at an exercise price of $4.18 per share. The Warrant is exercisable at any time from the issuance date through May 12, 2031. Management estimated the fair value of the Tranche A Warrants to be $663. Pursuant to the Oaktree Warrant Issuance Agreement, the Company will be obligated to issue additional warrants if additional tranches are drawn down under the Term Loan Facility. See Note 14, Warrants for additional information.

As the Term Loan Facility and the Tranche A Warrants were issued in conjunction with the Credit Agreement, the total proceeds of $55,000 have been allocated on the Statements of Cashflows for the six months ended June 30, 2026 among the two financial instruments.

Borrowings under the Credit Agreement accrue interest at a floating rate equal to three-month SOFR, subject to a floor of 2.75%, plus an applicable margin of 6.25%, which decreases to 6.00% upon the potential funding of Tranche B. Interest is payable quarterly in arrears. Subject to certain conditions, a portion of the interest, not to exceed 2.00% per annum, may be paid in kind for an initial period. In the event of default, the interest rate is increased by 2.00% per annum.

Upon any repayment including at maturity, upon acceleration or by prepayment, the Company shall pay an exit fee to Oaktree ranging from 1.00% to 2.00% depending on the date of the repayment. The exit fee is subject to a reduction specified in the Credit Agreement (i) if the Company achieves a specified net sales milestone by June 30, 2029 or if a payment is mandatory as a result of the Company failing to receive FDA Approval by December 31, 2027, or (ii) if the applicable repayment is made in connection with a change of control on or prior to the second anniversary of the Credit Agreement. The maximum exit fee totals $1,100.

The Company may voluntarily prepay the Term Loan Facility in full or in part subject to certain conditions. Provided that the Company pays on the date of such prepayment (a) all outstanding principal to be prepaid plus accrued and unpaid interest, (b) a yield protection premium, which, (i) prior to and including the first anniversary of the Effective Date, includes a make-whole fee (as calculated in the Credit Agreement) with respect to the interest that would have accrued on the aggregate principal amount of the Term Loans so prepaid up to (but not including) the first anniversary of the Effective Date and (ii) after the first anniversary of the Effective Date, a premium ranging from 5.00% to 1.00% depending on the date of such repayment. The Prepayment Premium is subject to a reduction specified in the Credit Agreement (x) if the Company achieves a specified net sales milestone by June 30, 2029 or if a payment is mandatory as a result of the Company failing to receive FDA Approval by December 31, 2027 or (y) if the applicable prepayment is made in connection with a change of control on or prior to the second anniversary of the Effective Date. The Prepayment Premium shall be 0% if paid after the fourth anniversary of the Effective Date.

The Company is required to maintain a minimum amount of unrestricted cash and/or permitted cash equivalent investments in controlled accounts, as set forth in the Credit Agreement., which amount lowers after the funding of the Tranche B Term Loans and if FDA approval is not received by December 31, 2027. In addition, the Company is required to achieve a minimum amount of net sales, which is applicable only if the Company draws from the Tranche B Term Loan. The Minimum Net Sales Covenant is not tested if the Company maintains specified cash levels or if it achieves a specified market capitalization.

At inception the estimated debt discount of the Term Loan Facility totaled $4,594, which includes the exit fee related to the Term Loan Facility, fair value of the Tranche A Warrants, and other estimated transaction expenses. The debt discount is presented as a direct deduction from the carrying amount of the Term Loan Facility and is amortized to interest expense over the term of the agreement using the effective interest method.

Amortization expense arising from the discounts related to the Term Loan Facility was $153 for the three and six months ended June 30, 2026. There was no amortization expense arising from the discounts related to the Term Loan Facility for the three and six months ended June 30, 2025. Unamortized discounts totaled $4,441 for the Term Loan Facility as of June 30, 2026.

Long-term debt and unamortized debt discount balances are as follows:


	June 30,		December 31,
	2026		2025
Total Outstanding Debt	$	55,000	$	45,000
Unamortized discount, including exit fee	(4,441)		(7,630)
Debt, current	—		(9,964)
Debt, long-term	50,559		27,406

Finance lease	95		113
Debt, long-term, net	$	50,654	$	27,519

Royalty obligations and unamortized discount balances are as follows:


	June 30,		December 31,
	2026		2025
Total Royalty obligations	$	51,886	$	51,886
Unamortized discount	(24,000)		(25,945)
Current portion of royalty obligation	(51)		—
Royalty obligations, long term	$	27,835	$	25,941

Scheduled principal payments on the Term Loan Facility as of June 30, 2026 are as follows:








2031	$	55,000

Total	$	55,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss	$ (22,864)	$ (8,057)	$ (13,548)	$ (22,930)	$ (30,921)	$ (36,478)
Denominator:
Weighted-average number of common shares – basic (in shares)	124,994,165		99,326,701		123,808,666	97,422,458
Weighted-average number of common shares – diluted (in shares)	124,994,165		99,326,701		123,808,666	97,422,458
Loss per common share – basic (in dollars per share)	$ (0.18)		$ (0.14)		$ (0.25)	$ (0.37)
Loss per common share – diluted (in dollars per share)	$ (0.18)		$ (0.14)		$ (0.25)	$ (0.37)
Stock options
Denominator:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	7,844,729		7,186,867		7,844,729	7,186,867
Restricted stock units
Denominator:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,271,940		5,156,701		3,271,940	5,156,701
Warrants on common shares outstanding
Denominator:
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,965,819		2,910,548		2,965,819	2,910,548

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-38599
Entity Registrant Name	Aquestive Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	30 Technology Drive
Entity Address, City or Town	Warren
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07059
Entity Tax Identification Number	82-3827296
City Area Code	908
Local Phone Number	941-1900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AQST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		125,511,648
Entity Central Index Key	0001398733
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Share-Based Compensation - Schedule of Stock Option Valuation Assumptions (Details) - Stock options	6 Months Ended
	Jun. 30, 2026 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected volatility	91.50%
Risk-free interest rate	3.90%
Stock price at grant date	$ 2.65
Valuation Technique, Black-Scholes-Merton Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	96.00%
Expected volatility, maximum	98.00%
Risk-free interest rate, minimum	3.80%
Risk-free interest rate, maximum	4.40%
Valuation Technique, Black-Scholes-Merton Model \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected term (years)	5 years 6 months
Valuation Technique, Black-Scholes-Merton Model \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected term (years)	6 years 1 month 6 days

Warrants	6 Months Ended
Warrants	Jun. 30, 2026
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants Warrants Issued to Oaktree Capital Management, L.P. On May 12, 2026, in connection with the Credit Agreement with Oaktree, the Company also entered into the Oaktree Warrant Issuance Agreement. Pursuant to this agreement, the Company issued to Oaktree, the Tranche A Warrant to purchase up to an aggregate of 230,271 shares of the Company's Common Stock at an exercise price of $4.18 per share. The Tranche A Warrant is exercisable at any time from the issuance date through May 12, 2031. Management estimated the fair value of the Tranche A Warrants to be $663, based on an assessment by an independent third-party appraiser. The fair value was estimated using the Black-Scholes pricing model, which utilized the Company's historical stock price to measure volatility and a holding period of five years based on the time period between the valuation date and the termination date as defined in the Credit Agreement. The fair value of the Tranche A Warrants is presented within Additional Paid-in Capital and the debt discount related to the Term Loan Facility on the Condensed Balance Sheets as of June 30, 2026. There were no warrants exercised as it relates to the Tranche A Warrants during the six months ended June 30, 2026. Pursuant to the Oaktree Warrant Issuance Agreement, the Company will be obligated to issue additional warrants if additional tranches are drawn down under the Term Loan Facility. See Note 13, Long-Term Debt for additional information regarding the Term Loan Facility. Warrants Issued to RTW Investments On March 3, 2026, in connection with the Amendment No. 1 to the Purchase and Sale Agreement and the Equity Commitment Agreement with RTW, the Company also entered into the Warrant Issuance Agreement with the RTW investors. Pursuant to this agreement, the Company issued to the RTW Investors the RTW Warrant to purchase up to an aggregate of 375,000 shares of the Company's Common Stock. The RTW Warrant entitles the holders to purchase shares of Common Stock at an exercise price of $4.00 per share. The Warrant is exercisable at any time from the issuance date through March 3, 2029. Management estimated the fair value of the RTW Warrants to be $916, based on an assessment by an independent third-party appraiser. The fair value was estimated using the Black-Scholes pricing model, which utilized the Company's historical stock price to measure volatility and a holding period of three years based on the time period between the valuation date and the termination date as defined in the Warrant Issuance Agreement. The fair value of the RTW Warrants is presented within Additional Paid-in Capital on the Condensed Balance Sheets as of June 30, 2026 and within Interest income and other income, net on the Condensed Statements of Operations and Comprehensive Loss for the six months ended June 30, 2026. There were no warrants exercised as it relates to the RTW Warrants during the six months ended June 30, 2026. Warrants Issued to 12.5% Senior Secured Noteholders Warrants that were issued in conjunction with the Initial Notes (the “Initial Warrants”) and Additional Notes (the “Additional Warrants”) entitled the noteholders of the Company's 12.5% Notes to purchase up to 2,143,000 shares of Common Stock and included specified registration rights. Management estimated the fair value of the Initial Warrants to be $6,800 and the Additional Warrants to be $735, each based on an assessment by an independent third-party appraiser. The fair value of the respective warrants was treated as a debt discount, amortizable over the term of the respective warrants, with the unamortized 12.5% Notes portion applied to reduce the aggregate principal amount of the 12.5% Notes. The 12.5% Notes were refinanced with the 13.5% Notes on November 1, 2023. Additionally, since the Initial Warrants and Additional Warrants issued do not provide warrant redemption or put rights within the control of the noteholders that could require the Company to make a payment of cash or other assets to satisfy the obligations under the warrants, except in the case of a “cash change in control”, the fair value attributed to the warrants is presented in Additional Paid-in Capital in the Company’s Condensed Balance Sheets. The Initial Warrants and Additional Warrants expired on June 30, 2025. There were no warrants exercised as it relates to the Initial Warrants and the Additional Warrants during the six months ended June 30, 2025. Warrants Issued Under Securities Purchase Agreements In June 2022, the Company issued pre-funded warrants and Common Stock warrants to certain purchasers in connection with the Securities Purchase Agreements. The pre-funded warrants entitled purchasers to purchase up to 4,000,000 shares of Common Stock and were exercised in full during the year ended December 31, 2022. The Common Stock warrants expire on June 8, 2027 and entitled the purchasers to purchase up to 8,850,000 shares of Common Stock at an exercise price of $0.96 per share. Management estimated the fair value of the pre-funded warrants and Common Stock warrants to be $5,874 based on an assessment by an independent third-party appraiser. The fair value of the pre-funded and Common Stock warrants is treated as equity and presented in Additional Paid-in Capital in the Company’s Condensed Balance Sheets. On June 14, 2023, 3,689,452 Common Stock warrants issued pursuant to the Securities Purchase Agreements were exercised with proceeds of approximately $3,542. On August 1, 2023, the Company entered into the Letter Agreement with the Exercising Holder of 5,000,000 of the remaining Common Stock Warrants. Pursuant to the Letter Agreement, the Exercising Holder and the Company agreed that the Exercising Holder would exercise all of its Existing Warrants for shares of Common Stock underlying the Existing Warrants at $0.96 per share of Common Stock, the then current exercise price of the Existing Warrants. Under the Letter Agreement, in consideration of the Exercising Holder exercising the Existing Warrants, the Company issued to the Exercising Holder New Warrants to purchase up to an aggregate of 2,750,000 shares of Common Stock. The New Warrants became exercisable after February 2, 2024, expire on February 2, 2029 and are issuable only for cash, subject to exception if the shares of Common Stock underlying the New Warrants are not registered in accordance with the terms of the Letter Agreement, in which case, the New Warrants may also be exercised, in whole or in part, at such time by means of a "cashless exercise". The New Warrants have an exercise price of $2.60 per share. Management estimated the fair value of the warrants to be $4,671 based on an assessment by an independent third-party appraiser. The fair value of the New Warrants is treated as equity and is presented in Additional Paid-in Capital in the Company’s Condensed Balance Sheets. There were no warrants issued or exercised as it relates to the Warrants issued under Securities Purchase Agreements during the six months ended June 30, 2026 and 2025. As of June 30, 2026, in addition to the remaining New Warrants to purchase 2,200,000 shares of Common Stock with an exercise price of $2.60 per share, the Tranche A Warrants to purchase 230,271 shares with an exercise price of $4.18 per share and the RTW Warrants to purchase 375,000 shares with an exercise price of $4.00 per share described above, there remain outstanding warrants to purchase 160,548 shares of Common Stock at an exercise price of $0.96.

Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw material	$ 4,205	$ 3,143
Packaging material	2,530	2,362
Finished goods	631	664
Total inventory	$ 7,366	$ 6,169

Material Agreements	6 Months Ended
Material Agreements	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Material Agreements	Material Agreements Credit Agreement with Oaktree Capital Management, L.P. On May 12, 2026, the Company entered into the Credit Agreement with funds managed by Oaktree Capital Management, L.P., which provided a Term Loan Facility of up to $150,000. The Term Loan Facility includes an initial funded Tranche A of $55,000 and additional delayed draw term loan commitments of up to $95,000, which are available subject to the satisfaction of specified conditions. Amounts repaid under the Term Loan Facility may not be reborrowed. The Term Loan Facility matures on May 12, 2031 and does not require principal installment payments. Accordingly, the total outstanding principal balance is payable at maturity. The obligations under the Credit Agreement are secured by a first-priority lien on substantially all of the Company’s assets, including intellectual property, subject to customary exceptions. See Note 13, Long-Term Debt for additional information. On May 12, 2026, in connection with the Credit Agreement with Oaktree, the Company also entered into the Oaktree Warrant Issuance Agreement. Pursuant to this agreement, the Company issued to Oaktree the Tranche A Warrant to purchase up to an aggregate of 230,271 shares of the Company's Common Stock at an exercise price of $4.18 per share. The Tranche A Warrant is exercisable at any time from the issuance date through May 12, 2031. Pursuant to the Oaktree Warrant Issuance Agreement, the Company will be obligated to issue additional warrants if additional tranches are drawn down under the Term Loan Facility. See Note 14, Warrants for additional information. Purchase and Sale Agreement with RTW Investments, L.P. On August 13, 2025, the Company entered into the Purchase Agreement with funds managed by RTW Investments LP. Under the terms of the Purchase Agreement, in exchange for the Purchaser's payment to the Company of a purchase price of $75,000, upon approval of Anaphylm by the FDA by a specified date, the refinancing of the Company’s existing 13.5% Notes and certain other customary conditions (the "Closing Conditions"), the Company agreed to a sale of assigned interests to the Purchaser, including a right for the Purchaser to tiered revenue share payments ranging from 1.0% to 7.5% of net sales (as defined in the Purchase Agreement) of Anaphylm (and 9.5% for the subsequent calendar year period if net sales do not achieve specified level in a calendar year period beginning in 2027) in the United States. Revenue share payments commence in the first fiscal quarter in which the first commercial sale of Anaphylm in the United States after the satisfaction of the Closing Conditions. Revenue share payments will cease upon the Purchaser's receipt of $187,500 by December 31, 2035 or $225,000 thereafter. The Purchase Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, incur indebtedness (which restrictions are eliminated after the achievement by the Purchaser of a specified return on its investment), and other provisions customary for transactions of this nature, in each case subject to certain exceptions set forth in the Purchase Agreement. As this financing is contingent on events that have not occurred yet and are outside of the Company's control, the accounting consequences for this transaction as of June 30, 2026 and December 31, 2025 have been limited to capitalized legal fees of approximately $752 and $700, respectively, recorded within Other current assets on the Condensed Balance Sheets. On March 3, 2026, the Company entered into the Amendment No. 1 to the Purchase Agreement. The Amendment extends the Marketing Approval Deadline from its original date in the Purchase Agreement to June 30, 2027. Concurrently, the Company entered into a Warrant Issuance Agreement with funds managed by RTW, pursuant to which the Company agreed to issue a warrant to purchase up to 375,000 shares of the Company's Common Stock at an exercise price of $4.00 per share, expiring on March 3, 2029. For information regarding the RTW Warrants, see Note 14, Warrants. On March 3, 2026, the Company also entered into a Share Purchase Commitment Agreement with certain RTW-affiliated funds, pursuant to which such funds committed to purchase, in the aggregate, not less than $5,000 of Common Stock during the 90-day period following the effective date of the Amendment, at prices determined in accordance with Rule 415(a)(4) under the Securities Act. Commercial Exploitation Agreement with Indivior In August 2008, the Company entered into the Indivior License Agreement (with subsequent amendments) with Reckitt Benckiser Pharmaceuticals, Inc. who was later succeeded to in interest by Indivior. Pursuant to the Indivior License Agreement, the Company agreed to manufacture and supply Indivior’s requirements for Suboxone®, a sublingual film formulation, both inside and outside the United States on an exclusive basis. Under the terms of the Indivior License Agreement, the Company is required to manufacture Suboxone in accordance with current Good Manufacturing Practice standards and according to the specifications and processes set forth in the related quality agreements the Company entered into with Indivior. Additionally, the Company is required to obtain API for the manufacture of Suboxone directly from Indivior. The Indivior License Agreement specifies a minimum annual threshold quantity of Suboxone that the Company is obligated to fill and requires Indivior to provide the Company with a forecast of its requirements at various specified times throughout the year. The Indivior License Agreement provides for payment by Indivior of an agreed upon purchase price per unit until January 1, 2025 and, thereafter, that is subject to annual adjustments based on changes in an agreed upon price index. In addition to the purchase price for the Suboxone supplied, Indivior is required to make certain single digit percentage royalty payments tied to net sales value (as provided for in the Indivior License Agreement) outside of the U.S., subject to annual maximum amounts and limited to the life of the related patents. The Indivior License Agreement contains customary contractual termination provisions, including with respect to a filing for bankruptcy or corporate dissolution, an invalidation of the intellectual property surrounding Suboxone, and commission of a material breach of the Indivior License Agreement by either party. Additionally, Indivior may terminate the Indivior License Agreement if the FDA or other applicable regulatory authority declares the Company’s manufacturing site to no longer be suitable for the manufacture of Suboxone or Suboxone is no longer suitable to be manufactured due to health or safety reasons. The initial term of the Indivior License Agreement was seven years from the commencement date. Thereafter, the Indivior License Agreement automatically renewed for successive one-year periods. Effective as of March 2, 2023, the Company and Indivior entered into the Indivior Amendment to the Indivior License Agreement. The Indivior Amendment was entered into for the primary purpose of amending the Agreement as follows: (i) extending the term of the Agreement until August 16, 2026 and thereafter providing for automatic renewal terms of successive one-year periods unless Indivior delivers notice to the Company, at least twelve months prior to the expiration of the then current term, of Indivior’s intent not to renew, subject to the earlier termination rights of the parties under the Agreement, and providing that the Agreement will not automatically renew for any renewal term beginning after the expiration of the last to expire of the product patents covered under the Indivior License Agreement; and (ii) agreeing to transfer pricing and payment terms for supplied product under the Indivior License Agreement. License Agreement with Sunovion Pharmaceuticals, Inc. On April 1, 2016, the Company entered into a license agreement with Cynapsus Therapeutics Inc. (which was later succeeded to in interest by Sunovion), referred to as the Sunovion License Agreement, pursuant to which Sunovion obtained an exclusive, worldwide license (with the right to sub-license) to certain intellectual property, including existing and future patents and patent applications, covering all oral films containing apomorphine for the treatment of off episodes in Parkinson’s disease patients. Sunovion used this intellectual property to develop its apomorphine product KYNMOBI®, which was approved by the FDA on May 21, 2020. This approval triggered Sunovion’s obligation to remit a payment of $4,000, due on the earlier of: (a) the first day of product availability at a pharmacy in the United States; or (b) within six months of FDA approval of the product. This amount was received as of September 30, 2020 and was included in License and royalty revenues for the twelve months ended December 31, 2020. Effective March 16, 2020, the Company entered into the First Amendment. The First Amendment was entered into for the primary purpose of amending the Sunovion License Agreement as follows: (i) including the United Kingdom and any other country currently in the EU which later withdraws as a member country in the EU for purpose of determining the satisfaction of the condition triggering the obligation to pay the third milestone due under the Sunovion License Agreement, (ii) extending the date after which Sunovion has the right to terminate the Sunovion License Agreement for convenience from December 31, 2024 to March 31, 2028, (iii) modifying the effective inception date of the first minimum annual royalty due from Sunovion to the Company from January 1, 2020 to April 1, 2020, and (iv) modifying the termination provision to reflect the Company’s waiver of the right to terminate the Sunovion License Agreement in the event that KYNMOBI was not commercialized by January 1, 2020. This Sunovion License Agreement will continue until terminated by Sunovion in accordance with the termination provisions of the First Amendment. The Sunovion License Agreement continues (on a country-by-country basis) until the expiration of all applicable licensed patents unless earlier terminated under the termination provisions contained therein. Upon termination of the Sunovion License Agreement, all rights to intellectual property granted to Sunovion to develop and commercialize apomorphine-based products will revert to the Company. On October 23, 2020, the Company amended the Sunovion License Agreement to clarify the parties' agreement with respect to certain provisions in the Sunovion License Agreement, specifically the date after which Sunovion has the right to terminate the Sunovion License Agreement and the rights and obligations of the parties regarding the prosecution and maintenance of the Company’s patents covered under the Sunovion License Agreement. In consideration of the rights granted to Sunovion under the Sunovion License Agreement, the Company received aggregate payments totaling $22,000 to date. In addition to the upfront payment of $5,000, the Company has also earned an aggregate of $17,000 in connection with specified regulatory and development milestones in the United States and Europe (the “Initial Milestone Payments”), all of which have been received to date. With the Monetization Agreement (defined below) entered into on November 3, 2020 relating to KYNMOBI as described in the paragraph below, the Company is no longer entitled to receive any payments under the Sunovion License Agreement. Purchase and Sale Agreement with an affiliate of Marathon On November 3, 2020, the Company entered into the Monetization Agreement with Marathon. Under the terms of the Monetization Agreement, the Company sold to Marathon all of its contractual rights to receive royalties and milestone payments due under the Sunovion License Agreement related to Sunovion’s apomorphine product, KYNMOBI. In exchange for the sale of these rights, the Company received an upfront payment from Marathon of $40,000 and an additional payment of $10,000 through the achievement of the first milestone. The Company has received an aggregate amount of $50,000 through June 30, 2026 under the Monetization Agreement. Under the Monetization Agreement, additional contingent payments of up to $75,000 may be due to the Company upon the achievement of worldwide royalty and other commercial targets within a specified timeframe, which could result in total potential proceeds of $125,000. In June 2023, Sunovion announced that it had voluntarily withdrawn KYNMOBI from the U.S. and Canadian markets; therefore, the Company likely will not receive any of the additional contingent payments under the Monetization Agreement. See Note 15, Sale of Future Revenue for further details on the accounting for the Monetization Agreement. Agreement to Terminate CLA with Zevra Therapeutics, Inc. (formerly KemPharm) In March 2012, the Company entered into an agreement with Zevra to terminate a Collaboration and License Agreement entered into by the Company and Zevra in April 2011. Under this termination arrangement, the Company has the right to participate in any and all value that Zevra may derive from the commercialization or any other monetization of KP-415 and KP-484 compounds or their derivatives. Among these monetization transactions are those related to any business combinations involving Zevra and collaborations, royalty arrangements, or other transactions from which Zevra may realize value from these compounds, including the product Azstarys®. In March 2026, Zevra sold Azstarys to Commave Therapeutics SA. In accordance with the Company's agreement with Zevra, the Company received a payment out of the proceeds of the Zevra Commave agreement and recognized royalty revenues of $5,000 during the six months ended June 30, 2026. Licensing and Supply Agreement with Atnahs Pharma UK Limited (Pharmanovia) The Company entered into the Pharmanovia Agreement, effective as of September 26, 2022, pursuant to which the Company granted Pharmanovia an exclusive license to certain of the Company’s intellectual property to develop and commercialize Libervant® (diazepam) buccal film for the treatment of prolonged or acute, convulsive seizures in all ages in the Territory during the term of the Pharmanovia Agreement. Under the Pharmanovia Agreement, Pharmanovia will lead the regulatory and commercialization activities for Libervant in the Territory and the Company will serve as the exclusive sole manufacturer and supplier of Libervant in the Territory. Pursuant to the Pharmanovia Agreement, the Company received $3,500 upon agreement execution and, upon the occurrence of certain conditions set forth in the Pharmanovia Agreement, will receive additional milestone payments and profit shares, as well as manufacturing fees and royalty fees through the expiration of the Pharmanovia Agreement. Effective March 27, 2023, the Company amended the Pharmanovia Agreement to expand the scope of territory for the license of Libervant to cover the rest of the world, excluding the U.S., Canada and China. Under the Pharmanovia Amendment, Pharmanovia will be responsible for seeking applicable regulatory approval in the expanded territories, which include Latin America, Africa and Asia Pacific. Pursuant to the terms of the Pharmanovia Amendment, the Company received a non-refundable payment of $2,000 from Pharmanovia in connection with the execution of the Pharmanovia Amendment. On April 20, 2026, the Company entered into a second amendment to the Pharmanovia Agreement relating to the license and supply of Libervant (diazepam) buccal film in territories outside the United States. The Pharmanovia Amendment No. 2 modifies certain commercial and operational terms of the agreement, including subcontracting rights, delivery terms, and minimum volume commitments in certain territories. All other terms and conditions of the Pharmanovia Agreement remain in full force and effect. Licensing Agreement with Assertio Holdings, Inc.(as assumed by Cosette Pharmaceuticals, Inc.) Effective as of October 26, 2022, the Company entered into the Assertio Agreement to license Sympazan® (clobazam) oral film for the adjunctive treatment of seizures associated with Lennox‐Gastaut syndrome in patients aged two years of age and older. Under the terms of the Assertio Agreement, the Company granted to Assertio an exclusive, worldwide license of its intellectual property for Sympazan to Assertio during the term of the Assertio Agreement for an upfront payment of $9,000. In addition, Aquestive received a $6,000 milestone payment subsequent to Aquestive’s receipt of a notice of allowance from the PTO of the Company’s patent application U.S. Serial No. 16/561,573, and payment by the Company of the related allowance fee. The Company received the notice of allowance from the PTO and paid the related allowance fee on October 27, 2022. Further, under the Assertio Agreement, the Company will receive royalties from Assertio for the sale of the product through the expiration of the Assertio Agreement. The Company also entered into a long-term supply agreement with Assertio for Sympazan pursuant to which the Company is the exclusive sole worldwide manufacturer and supplier of the product and will receive manufacturing fees from Assertio for the product through the expiration of such supply agreement. On April 8, 2026, Assertio entered into an Asset Purchase Agreement with Cosette, a United States-based, branded specialty pharmaceutical company, to divest a portfolio of products, including Sympazan, to Cosette. Under that Asset Purchase Agreement, Assertio assigned and transferred its rights and certain obligations arising post closing to Cosette. Cosette assumed the intellectual property license and rights to commercialize Sympazan and will continue to purchase product and pay royalties and milestones to Aquestive under the Assertio Agreement and the Company's long-term supply agreement with Assertio.

Other Non-Current Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation	$ 2,080	$ 2,052	$ 2,080	$ 2,052	$ 2,072	$ 2,065	$ 2,045	$ 2,039
Depreciation expense related to ARO	$ 8	$ 7	$ 15	$ 13

Condensed Statements of Cash Flows (Parenthetical)	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Nov. 01, 2023
13.5% Senior Secured Notes due November 1, 2028 \| Senior Notes
Statement [Line Items]
Interest rate (as a percent)	13.50%	13.50%	13.50%	13.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-Term Debt - Schedule Of Royalty Right Agreements (Details)	Jun. 30, 2026
Measurement Input, Discount Rate
Line of Credit Facility [Line Items]
Royalty rights agreement, measurement input (as a percent)	15.00%
Measurement Input, Probability Of Success
Line of Credit Facility [Line Items]
Royalty rights agreement, measurement input (as a percent)	95.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other Non-Current Liabilities - Schedule of Liability for Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 2,072	$ 2,065	$ 2,045	$ 2,039
Additions	0	0	0	0
Accretion	8	7	7	6
Balance at ending of period	$ 2,080	$ 2,072	$ 2,052	$ 2,045

Material Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands										2 Months Ended	3 Months Ended		6 Months Ended		65 Months Ended	68 Months Ended
	Mar. 03, 2026	Aug. 13, 2025	Mar. 27, 2023	Mar. 02, 2023	Oct. 26, 2022	Sep. 26, 2022	Nov. 03, 2020	Oct. 23, 2020	May 21, 2020	Dec. 31, 2020	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Jun. 30, 2026	May 12, 2026	Dec. 31, 2025	Jun. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants issued (in shares)	375,000
Sale of stock, shares committed, aggregate amount	$ 5,000
Sale of stock, share commitment, period following effective date (in days)	90 days
Revenues											$ 13,819	$ 10,003	$ 28,265	$ 18,723
Assertio Holdings, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues					$ 6,000
Proceeds from collaborators					$ 9,000
License and royalty revenue (a)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues											1,326	$ 839	$ 6,721	$ 1,629
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant exercise price (in dollars per share)	$ 4.00
Commercial exploitation agreement with Indivior
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License agreement term (in years)													7 years
Automatic renewal period of agreement (in years)				1 year									1 year
License agreement with Sunovion Pharmaceuticals, Inc milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payment								$ 17,000
License agreement with Sunovion Pharmaceuticals, Inc milestones \| License and royalty revenue (a)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues									$ 4,000
License agreement with Sunovion Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payment								22,000
License agreement with Sunovion Pharmaceuticals, Inc. upfront
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate payment								$ 5,000
MAM Pangolin Royalty , LLC \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenue							$ 125,000
Zevra And Commave Therapeutics Agreement \| License and royalty revenue (a)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues											500		$ 5,000
Common Stock Warrants
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants issued (in shares)	375,000																		8,850,000
Common Stock Warrants \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant exercise price (in dollars per share)	$ 4.00																		$ 0.96
Purchase And Sale Agreement \| RTW Investments LP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exchange for the purchaser’s payment		$ 75
Revenue sharing percentage		9.50%
Revenue share payments year ten		$ 187,500
Revenue share payments thereafter		$ 225
Capitalized legal fees											$ 752		$ 752			$ 752		$ 700
Purchase And Sale Agreement \| RTW Investments LP \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue sharing percentage		1.00%
Purchase And Sale Agreement \| RTW Investments LP \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue sharing percentage		7.50%
Monetization Agreement \| MAM Pangolin Royalty , LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenue							40,000			$ 10,000					$ 50,000	$ 50,000
Additional proceeds from sale of future revenue							10,000
Proceeds from debt, contingent on additional milestones							$ 75,000
License & Supply Agreement \| Atnahs Pharma UK Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenue						$ 3,500
License & Supply Agreement \| Atnahs Pharma UK Limited, Amended Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of future revenue			$ 2,000
Senior Notes \| Purchase And Sale Agreement \| RTW Investments LP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest rate (as a percent)		13.50%
Oaktree Capital Management LP \| Line of Credit
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Credit facility, maximum borrowing capacity																	$ 150
Oaktree Capital Management LP \| Line of Credit \| Tranche A Warrant
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants issued (in shares)																	230,271
Warrant exercise price (in dollars per share)																	$ 4.18
Oaktree Capital Management LP \| Line of Credit \| Secured Debt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal amount																	$ 55,000
Oaktree Capital Management LP \| Line of Credit \| Delayed Draw Term Loan (DDTL)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential increase in available borrowing capacity upon pre determined achievement of milestones																	$ 95

Accrued Expenses

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	June 30, 2026		December 31, 2025
Accrued compensation	$	3,222	$	3,707
Real estate and personal property taxes	328		349
Accrued distribution expenses and sales returns provision	899		906
Interest payable	16		17
Other	53		50
Total accrued expenses	$	4,518	$	5,029

The reduction in Accrued compensation is mostly related to payments of accrued bonuses during the six months ended June 30, 2026, partially offset by the current year accrual of bonuses and an increase in accrued severance expenses. Accrued distribution expenses and sales returns provision mostly represent estimated liabilities for returns, wholesaler service fees, co-pay support redemptions and other rebates related to the proprietary product Libervant and returns and other expenses related to the proprietary product Sympazan (prior to outlicensing to Assertio in October 2022). See Note 6, Material Agreements for additional information regarding the Asset Purchase Agreement between Assertio and Cosette.

Financial Instruments – Fair Value Measurements	6 Months Ended
Financial Instruments – Fair Value Measurements	Jun. 30, 2026
Fair Value Disclosures [Abstract]
Financial Instruments – Fair Value Measurements	Financial Instruments – Fair Value Measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1 — Observable quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable prices that are based on inputs not quoted on active markets but corroborated by market data. •Level 3 — Unobservable inputs that are supported by little or no market activity, such as pricing models, discounted cash flow methodologies and similar techniques. The carrying amounts reported in the Condensed Balance Sheets for Trade and other receivables, prepaid and other current assets, accounts payable and accrued expenses, and deferred revenue approximate their fair values based on the short-term maturity of these assets and liabilities. In June 2022, the Company issued pre-funded warrants to purchase up to 4,000,000 shares of Common Stock and Common Stock Warrants to purchase up to 8,850,000 shares of Common Stock in connection with its Securities Purchase Agreements with certain purchasers. Those warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide. See Note 14, Warrants for further information on these warrants. On August 1, 2023, the Company entered into the Letter Agreement with the Exercising Holder of the remaining warrants to purchase 5,000,000 of the shares of Common Stock. Pursuant to the Letter Agreement, the Exercising Holder and the Company agreed that the Exercising Holder would exercise all of its Existing Warrants for shares of Common Stock underlying the Existing Warrants at $0.96 per share of Common Stock, the current exercise price of the Existing Warrants. Under the Letter Agreement, in consideration of the Exercising Holder exercising the Existing Warrants, the Company issued to the Exercising Holder new warrants to purchase up to an aggregate of 2,750,000 shares of new warrants at $2.60 per share. Those warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide. See Note 14, Warrants for further information on these warrants. On November 1, 2023, in connection with the issuance of the 13.5% Notes, the Company and the Note Holders (as defined below) entered into the Royalty Right Agreements dated as of November 1, 2023, which provides the Note Holders: a.a tiered royalty between 1.0% and 2.0% of annual worldwide net sales of Anaphylm™ (dibutepinephrine) sublingual film for a period of eight years from the first sale of Anaphylm on a global basis, and b.a tiered royalty between 1.0% to 2.0% of annual worldwide net sales of Libervant® (diazepam) buccal film until the earlier of (1) the first sale of Anaphylm and (2) eight years from the first sale of Libervant. Those Royalty Agreements were valued based on Level 3 inputs and their fair value was based primarily on internal management estimates developed based on third-party data and reflect management’s judgment, current market conditions, and forecasts. The initial fair value measurement of the Royalty Right Agreements was determined based on significant unobservable inputs, including the discount rate, estimated probabilities of success, and the estimated amount of future sales of Anaphylm and Libervant. See Note 13, Long-Term Debt for further discussion. On March 3, 2026, in connection with Amendment No.1 to the Purchase and Sale Agreement and the Equity Commitment Agreement with RTW, the Company also entered into the Warrant Issuance Agreement with the RTW investors. Pursuant to this agreement, the Company issued to the RTW Investors the RTW Warrant to purchase up to an aggregate of 375,000 shares of the Company's Common Stock. The RTW Warrant entitles the holders to purchase shares of Common Stock at an exercise price of $4.00 per share. Management estimated the fair value of the RTW Warrants to be $916, and it is presented within Additional Paid-in Capital on the Condensed Balance Sheets as of June 30, 2026, and within Interest income and other income, net on the Condensed Statements of Operations and Comprehensive Loss for the six months ended June 30, 2026. The RTW Warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide. See Note 14, Warrants for further information on these warrants. On May 12, 2026, in connection with the Credit Agreement with Oaktree, the Company also entered into the Oaktree Warrant Issuance Agreement. Pursuant to this agreement, the Company issued to Oaktree the Tranche A Warrant to purchase up to an aggregate of 230,271 shares of the Company's Common Stock at an exercise price of $4.18 per share. The Tranche A Warrant is exercisable at any time from the issuance date through May 12, 2031. Management estimated the fair value of the Tranche A Warrants to be $663, and it is presented within Additional Paid-in Capital and the debt discount related to the Term Loan Facility on the Condensed Balance Sheets as of June 30, 2026. The Tranche A Warrants were valued based on Level 3 inputs and their fair value was based primarily on an independent third-party appraisal prepared as of the grant date consistent with generally accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide. See Note 14, Warrants for further information on these warrants.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenues and Trade Receivables, Net - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 13,819	$ 10,003	$ 28,265	$ 18,723
United States
Disaggregation of Revenue [Line Items]
Total revenues	10,991	4,891	24,236	10,092
Ex-United States
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,828	$ 5,112	$ 4,029	$ 8,631

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 98,490	$ 121,169
Trade and other receivables, net	9,326	17,763
Inventories	7,366	6,169
Prepaid expenses and other current assets	3,312	4,168
Total current assets	118,494	149,269
Property and equipment, net	3,960	3,893
Right-of-use assets, net	7,949	4,621
Other non-current assets	1,701	2,642
Total assets	132,104	160,425
Current liabilities:
Accounts payable	8,965	29,862
Accrued expenses	4,518	5,029
Lease liabilities, current	820	631
Deferred revenue, current	1,092	1,092
Liability related to the sale of future revenue, current	1,000	1,000
Royalty obligations, current	51	0
Debt, current	32	9,994
Total current liabilities	16,478	47,608
Debt, long-term, net	50,654	27,519
Royalty obligations, net	27,835	25,941
Liability related to the sale of future revenue, net	61,168	62,023
Lease liabilities	7,525	4,337
Deferred revenue, net of current portion	18,845	19,390
Other non-current liabilities	6,185	7,269
Total liabilities	188,690	194,087
Contingencies (Note 20)
Stockholders’ deficit:
Common Stock, $0.001 par value. Authorized $250,000,000 shares; 125,511,648 and 122,044,299 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	126	122
Additional paid-in capital	421,207	413,214
Accumulated deficit	(477,919)	(446,998)
Total stockholders’ deficit	(56,586)	(33,662)
Total liabilities and stockholders’ deficit	$ 132,104	$ 160,425

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	June 30, 2026		December 31, 2025
Accrued compensation	$	3,222	$	3,707
Real estate and personal property taxes	328		349
Accrued distribution expenses and sales returns provision	899		906
Interest payable	16		17
Other	53		50
Total accrued expenses	$	4,518	$	5,029

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	$ 2,895	$ 1,884	$ 5,213	$ 3,471
Restricted stock units
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	1,821	1,407	3,476	2,509
Stock options
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	1,062	468	1,725	953
Employee stock purchase plan (ESPP)
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	12	9	12	9
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	66	128	135	228
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	313	408	549	738
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-based Compensation expenses [Abstract]
Share-based compensation expenses	$ 2,516	$ 1,348	$ 4,529	$ 2,505

Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment, Net


	Useful Lives	June 30, 2026		December 31, 2025
Machinery	3-15 years	$	22,517	$	20,383
Furniture and fixtures	3-15 years	769		769
Leasehold improvements (a)	(a)	21,419		21,419
Computer, network equipment and software	3-7 years	3,140		3,140
Construction in progress (b)		376		2,203
		48,221		47,914
Less: accumulated depreciation and amortization		(44,261)		(44,021)
Total property and equipment, net		$	3,960	$	3,893

(a)Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

(b)During the three months ended June 30, 2026, construction in progress decreased due to a new packaging assembly line been placed into service within the Machinery caption above.

For the three months ended June 30, 2026 and 2025, total depreciation and amortization related to property and equipment was $136 and $140, respectively. For the six months ended June 30, 2026 and 2025, these expenses totaled $249 and $279, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Jun. 14, 2023	Jul. 15, 2019	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	May 12, 2026	Mar. 03, 2026	Dec. 31, 2025	Nov. 01, 2023	Aug. 01, 2023	Jun. 30, 2022
Class of Warrant or Right [Line Items]
Warrants issued (in shares)							375,000
Warrants and rights outstanding			$ 916	$ 916							$ 5,874
Vesting period (in years)			3 years	3 years
Senior secured notes due 2025
Class of Warrant or Right [Line Items]
Interest rate (as a percent)		12.50%
Fair value of warrants issued		$ 6,800
Senior secured notes due 2025 \| Senior Notes
Class of Warrant or Right [Line Items]
Interest rate (as a percent)			12.50%	12.50%
2020 Additional Notes
Class of Warrant or Right [Line Items]
Fair value of warrants issued		$ 735
13.5% Senior Secured Notes due November 1, 2028 \| Senior Notes
Class of Warrant or Right [Line Items]
Interest rate (as a percent)			13.50%	13.50%	13.50%			13.50%	13.50%
Minimum
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)							$ 4.00
Tranche A Warrant
Class of Warrant or Right [Line Items]
Warrants and rights outstanding						$ 663
Vesting period (in years)						5 years
Exercise of warrants (in shares)					0
Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)							375,000				8,850,000
Warrants issued to purchase common stock (in shares)	3,689,452
Proceeds from warrant exercises	$ 3,542
Common Stock Warrants \| Minimum
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)							$ 4.00				$ 0.96
First Additional Warrant Offering \| Maximum
Class of Warrant or Right [Line Items]
Warrants issued (in shares)		2,143,000
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)											4,000,000
Existing Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)										$ 0.96
Class of warrant or right, outstanding (in shares)										5,000,000
New Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)			2,200,000	2,200,000						2,750,000
Warrant exercise price (in dollars per share)			$ 0.96	$ 0.96						$ 2.60
Warrants and rights outstanding										$ 4,671
Exercise of warrants (in shares)				0	0
Warrants issued to purchase common stock (in shares)			160,548

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (30,921)	$ (36,478)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation, amortization, and impairment	249	279
Share-based compensation	5,213	3,471
Loss on extinguishment of debt	11,683	0
Issuance of warrants under the Purchase Agreement	916	0
Amortization of debt issuance costs and discounts	4,053	5,498
Other, net	49	(11)
Changes in operating assets and liabilities:
Trade and other receivables, net	8,437	(4,476)
Inventories	(1,190)	(2,081)
Prepaid expenses and other assets	1,796	3,104
Accounts payable	(21,400)	1,582
Accrued expenses and other liabilities	(2,587)	(2,176)
Deferred revenue	(545)	(26)
Net cash used for operating activities	(24,247)	(31,314)
Investing activities:
Capital expenditures	(264)	(242)
Net cash used for investing activities	(264)	(242)
Financing activities:
Proceeds from Common Stock issued under public equity offering-ATM, net	4,680	21,236
Proceeds from issuance of long-term debt under the Credit Agreement	54,337	0
Proceeds from issuance of warrants under the Credit Agreement	663	0
Proceeds from shares issued under employee stock purchase plan	70	50
Proceeds from exercise of stock options, net	27	7
Repayment of debt principal - 13.5% Notes	(45,000)	0
Debt exit fee paid - 13.5% Notes	2,000	0
Premium paid to retire debt - 13.5% Notes	(3,887)	0
Payments for financing costs	(3,470)	0
Payments for lease liabilities	(18)	(14)
Payments for royalty obligations	0	(11)
Payments for taxes on share-based compensation, net	(3,570)	(722)
Net cash provided by financing activities	1,832	20,546
Net decrease in cash and cash equivalents	(22,679)	(11,010)
Cash and cash equivalents:
Cash and cash equivalents at beginning of period	121,169	71,546
Cash and cash equivalents at end of period	98,490	60,536
Supplemental disclosures of cash flow information:
Cash payments for interest	2,269	3,050
Non-cash investing activities: capital expenditures in Accounts Payable	43	83
Non-cash financing activities: Term Loan Facility costs in Accounts Payable	$ 461	$ 0

Other Non-Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Liability for Asset Retirement Obligations

For the three and six months ended June 30, 2025, these expenses totaled $7 and $13 respectively.


Balance at December 31, 2024	$	2,039
Additions	—
Accretion	6
Balance at March 31, 2025	2,045
Additions	—
Accretion	7
Balance at June 30, 2025	$	2,052

Balance at December 31, 2025	$	2,065
Additions	—
Accretion	7
Balance at March 31, 2026	2,072
Additions	—
Accretion	8
Balance at June 30, 2026	$	2,080

Contingencies (Details) - Suboxone Produce Liability Litigation - pending_case	Oct. 15, 2024	Feb. 02, 2024
Loss Contingencies [Line Items]
Number of cases pending	3	1
BRITISH COLUMBIA
Loss Contingencies [Line Items]
Number of cases pending	2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482645/405-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Inventories, Net

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories, Net

The components of Inventory are as follows:


	June 30, 2026		December 31, 2025
Raw material	$	4,205	$	3,143
Packaging material	2,530		2,362
Finished goods	631		664
Total inventory	$	7,366	$	6,169

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed financial statements were prepared in conformity with U.S. GAAP and with Article 10 of Regulation S-X for interim financial reporting. In compliance with those rules, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the fiscal year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 4, 2026 (the “2025 Annual Report on Form 10-K”). As included herein, the Condensed Balance Sheet as of December 31, 2025 is derived from the audited financial statements as of that date. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of interim periods have been included. The accompanying condensed financial statements reflect certain reclassifications from previously issued financial statements to conform to the current presentation. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying condensed financial statements. Any reference in the Notes to applicable guidance refers to the authoritative U.S. GAAP as found in the ASC and ASU of FASB.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recent Accounting Pronouncements Adopted as of June 30, 2026: In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU modifies the effective tax rate reconciliation table and requires disaggregation of income taxes. The Company adopted ASU 2023-09 for the year ending December 31, 2025 and added the required disclosures on a prospective basis. Recent Accounting Pronouncements Not Adopted as of June 30, 2026: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Statements of Operations, and Comprehensive Loss as well as qualitatively describe the remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. These disclosure requirements will be effective for the Company for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact from the adoption of ASU 2024-03 on disclosures to its financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software to provide clarification and improvements to the accounting for internal-use software costs under ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. The guidance includes amendments related to capitalization of implementation costs, subsequent measurement, and related presentation and disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on its financial statements and related disclosures.
Revenue Recognition and Performance Obligations	The Company’s revenues include (i) sales of manufactured products pursuant to contracts with commercialization licensees, (ii) license and royalty revenues, (iii) co-development and research fees generally in the form of milestone payments, and (iv) sales of its proprietary CNS product, Libervant, for patients between two to five years of age while Libervant had U.S. market access through April 2025. The Company recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this core principle, a five-step model is applied that includes (1) identifying the contract with a customer, (2) identifying the performance obligation in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing when, or as, an entity satisfies a performance obligation. Performance Obligations - a performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the current revenue recognition standard. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a distinct good. When identifying performance obligations, the Company considers all goods or services promised in a contract regardless of whether explicitly stated in the contract or implied by customary business practice. The Company’s performance obligations consist mainly of transferring goods and services identified in the contracts, purchase orders, invoices or statements of work. Manufacture and supply revenue – this revenue is derived from products manufactured exclusively for specific customers according to their strictly-defined specifications, subject only to specified quality control inspections. Accordingly, at the point in time when quality control requirements are satisfied, revenue net of related discounts is recorded. License and Royalty Revenue – license revenues are determined based on an assessment of whether the license is distinct from any other performance obligations that may be included in the underlying licensing arrangement. If the customer is able to benefit from the license without provision of any other performance obligations by the Company and the license is thereby viewed as a distinct or functional license, the Company then determines whether the customer has acquired a right to use the license or a right to access the license. For functional licenses that do not require further development or other ongoing activities by the Company, the customer is viewed as acquiring the right to use the license as, and when, transferred and revenues are generally recorded at a point in time, subject to contingencies or constraints. For symbolic licenses providing substantial value only in conjunction with other performance obligations to be provided by the Company, revenues are generally recorded over the term of the license agreement. Such other obligations provided by the Company generally include manufactured products, additional development services or other deliverables that are contracted to be provided during the license term. Payments received in excess of amounts ratably or otherwise earned are deferred and recognized over the term of the license or as contingencies or other performance obligations are met. Royalty revenue is estimated and recognized when sales under supply agreements with commercial licensees are recorded, absent any contractual constraints or collectability uncertainties. Royalties based on sales of licensed products have been recorded in this manner. Revenue recognition arising from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Milestone payments based on a non-sales metric such as a development-based milestone (i.e., an NDA filing or obtaining regulatory approval) represent variable consideration and are included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience and the significance a third party has on the outcome. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales occur or the performance obligation to which the sales relate to has been satisfied. Co-development and Research Fees – co-development and research fees are earned through performance of specific tasks, activities or completion of stages of development defined within a contractual development or feasibility study agreement with a customer. The nature of these performance obligations, broadly referred to as milestones or deliverables, are usually dependent on the scope and structure of the project as contracted, as well as the complexity of the product and the specific regulatory approval path necessary for that product. Accordingly, the duration of the Company’s R&D projects may range from several months to approximately three years. Although each contractual arrangement is unique, common milestones included in these arrangements include those for the performance of efficacy and other tests, reports of findings, formulation of initial prototypes, production of stability clinical and/or scale-up batches, and stability testing of those batches. Additional milestones may be established and linked to clinical results of the product submission and/or approval of the product by the FDA and the commercial launch of the product. Proprietary product revenue, net - this net revenue is recognized when product is shipped and title passes to the customer, typically at time of delivery. At the time of sale, estimates for various revenue allowances are recorded based on historical trends and judgmental estimates. For sales of Libervant for patients between two to five years of age while Libervant had U.S. market access through April 2025, returns allowances and prompt pay discounts are estimated based on contract terms and historical return rates, if available, and these estimates are recorded as a reduction of receivables. Once receivables are collected, allowances are reclassified and treated as accrued liabilities. Similarly determined estimates are recorded relating to wholesaler service fees, co-pay support redemptions, and other rebates, and these estimates are reflected as a component of accrued liabilities. Once related variable considerations are resolved and uncertainties as to incurred amounts are eliminated, estimates are adjusted to actual allowance amounts. Provisions for these estimated amounts are reviewed and adjusted on no less than a quarterly basis. Contract Assets - in certain situations, customer contractual payment terms provide for invoicing in arrears. Accordingly, some, or all performance obligations may be completely satisfied before the customer may be invoiced under such agreements. In these situations, billing occurs after revenue recognition, which results in a contract asset supported by the estimated value of the completed portion of the performance obligation. These contract assets are reflected as a component of other receivables within Trade and other receivables within the Condensed Balance Sheets. As of June 30, 2026, and December 31, 2025, such contract assets were $494 and $627, respectively, consisting primarily of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with third parties. Contract Liabilities - in certain situations, customer contractual payment terms are structured to permit invoicing in advance of delivery of a good or service. In such instances, the customer’s cash payment may be received before satisfaction of some, or any, performance obligations that are specified. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. These contract liabilities are reflected as deferred revenue within the Condensed Balance Sheets. As remaining performance obligations are satisfied, an appropriate portion of the deferred revenue balance is credited to earnings. As of June 30, 2026 and December 31, 2025, such contract liabilities were $19,937 and $20,482, respectively. Costs to Obtain Contracts - in certain situations, the Company may incur incremental costs of obtaining a contract with a customer. These costs, if expected to be recovered, are recognized as an asset and reflected as other assets within the Condensed Balance Sheets. The asset is amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. As of June 30, 2026 and December 31, 2025, such costs to obtain contracts were $434 and $449, respectively.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Share-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company recognized share-based compensation in its Condensed Statements of Operations and Comprehensive Loss during the three and six months ended June 30, 2026 and 2025 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Manufacture and supply	$	66	$	128	$	135	$	228
Research and development	313		408		549		738
Selling, general and administrative	2,516		1,348		4,529		2,505
Total share-based compensation expenses	$	2,895	$	1,884	$	5,213	$	3,471

Share-based compensation from:
Restricted stock units	$	1,821	$	1,407	$	3,476	$	2,509
Stock options	1,062		468		1,725		953

Employee stock purchase plan (ESPP)	12		9		12		9
Total share-based compensation expenses	$	2,895	$	1,884	$	5,213	$	3,471

Share-Based Compensation Equity Awards

The following tables provide information about the Company’s restricted stock unit and stock option activity during the six month period ended June 30, 2026:

Restricted Stock Units

The following tables summarize the Company’s awards of service-based and market conditions vesting-based restricted stock units for the six month period ended June 30, 2026:


Restricted Stock Unit Awards (RSUs) - Service-based:	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of December 31, 2025	2,684	$	3.24
Granted	1,418	$	4.28
Vested	(1,367)	$	2.63
Forfeited	(26)	$	4.12
Unvested as of June 30, 2026	2,709	$	4.08
Expected to vest as of June 30, 2026	2,504	$	4.09

As of June 30, 2026, $7,835 of total unrecognized compensation expenses related to unvested service-based restricted stock units are expected to be recognized over a remaining weighted average period of 2.06 years. The service-based restricted stock units granted to employees are subject to a three-year graduated vesting schedule and are not subject to performance-based criteria other than continued employment.


Restricted Stock Unit Awards (RSUs) - Market conditions vesting-based:	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of December 31, 2025	1,728	$	2.55
Granted (a)	541	2.40
Vested	(1,706)	2.28
Forfeited	—	—
Unvested as of June 30, 2026	563	$	2.82
Expected to vest as of June 30, 2026	517	$	2.82

(a) The 2023 market conditions vesting-based restricted stock units vested at 150% in May 2026. These additional units were granted during the three months ended June 30, 2026.

As of June 30, 2026, $819 of unrecognized compensation expense related to unvested market condition vesting- based restricted stock units are expected to be recognized over a remaining weighted average period of 1.68 years.

The 2023 market conditions vesting-based restricted stock units vest based on a Performance Price measured as the 30-day average of the closing prices of the Common Stock as reported on the Nasdaq Global Market immediately prior to and including the last calendar day of the three-year performance period (which ends on the third anniversary of the grant date). To the extent the Performance Price is less than $1.75, the Vesting Percentage will be zero. To the extent the Performance Price is $1.75, the Vesting Percentage will be 50%. To the extent the Performance Price is $1.76 or greater, but less than $2.50, the Vesting Percentage will be a prorated amount between 50.01% and 99.99%, based on straight-line interpolation. To the extent the Performance Price is $2.50, the Vesting Percentage will be 100%. To the extent the Performance Price is $2.51 or greater, but less than $3.25, the Vesting Percentage will be a prorated amount between 100.01% and 149.99%, based on straight-line interpolation. To the extent the Performance Price is $3.25 or greater, the Vesting Percentage will be 150%. In no event will the Vesting Percentage exceed 150%.

The 2025 market conditions vesting-based restricted stock units were measured over a three-year performance period. The performance period is split into two pricing periods. The first pricing period commences on the grant date and ends on the calendar day immediately preceding the second anniversary of the grant date. The second pricing period commences on the second anniversary of the grant date and ends on the third anniversary of the grant date, The performance price for the first pricing period is calculated based on the 30-day average price observed for the last 30 days of the first pricing period. The performance price for the second pricing period is calculated based on the highest 30-day average for any 30-day period throughout the second pricing period. To the extent the Performance Price is less than $6.00, the Vesting Percentage will be zero. To the extent the Performance Price is $6.00, the Vesting Percentage will be 50%. To the extent the Performance Price is $6.01 or greater, but less than $7.00, the Vesting Percentage will be a prorated amount between 50.01% and 99.99%, based on straight-line interpolation. To the extent the Performance Price is $7.00, the Vesting Percentage will be 100%. To the extent the Performance Price is $7.01 or greater, but less than $8.00, the Vesting Percentage will be a prorated amount between 100.01% and 149.99%, based on straight-line interpolation. To the extent the Performance Price is $8.00 or greater, the Vesting Percentage will be 150%. In no event will the Vesting Percentage exceed 150%.

The Company’s estimates of the fair value of the 2025 market conditions vesting-based awards at their grant or valuation dates were based on a Monte Carlo simulation and considered various variables and the following assumptions:


Expected dividend yield			0%
Expected volatility			91.5%
Risk-free interest rate			3.9%
Stock price at grant date			$2.65


Stock Option Awards:	Number of Options	Weighted Average Exercise Price
	(in thousands)
Outstanding as of December 31, 2025	6,558	$	5.59
Granted	1,324	4.21
Exercised	(36)	0.76
Forfeited/Expired	(1)	3.84
Outstanding as of June 30, 2026	7,845	$	5.38
Expected to vest as of June 30, 2026	7,696	$	5.40
Exercisable as of June 30, 2026	5,806	$	5.83

The fair values of stock options granted were estimated using the Black-Scholes pricing model based on the following assumptions:


	Six Months Ended June 30, 2026
Expected dividend yield	—%	—	—%
Expected volatility	96%	—	98%
Expected term (years)	5.5	—	6.1
Risk-free interest rate	3.8%	—	4.4%

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2026 was $3.34. During the six months ended June 30, 2026, stock options were granted with a weighted average exercise price of $4.21.

As of June 30, 2026, $5,404 of unrecognized compensation expense related to non-vested stock options is expected to be recognized over a remaining weighted average period of 1.94 years.

2022 Inducement Equity Incentive Plan (number of units in thousands)

In accordance with Nasdaq Listing Rule 5635(c)(4), the Company adopted the 2022 Equity Inducement Plan approved by the Compensation Committee of the Board of Directors of the Company effective as of July 29, 2022. There were 175 service-based awards and 125 options granted under this Plan during the six months ended June 30, 2026. The options and service-based awards granted under this Plan are included in the tables above. As of June 30, 2026, 600 shares remained available for grant under this Plan.

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation	$ 136	$ 140	$ 249	$ 279

Revenues and Trade Receivables, Net - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Concentration Risk [Line Items]
Current and non-current contract assets	$ 494		$ 627
Contract liabilities	19,937		20,482
Capitalized contract cost, net	434		449
Contract and other receivables	$ 1,608		$ 9,750
Indivior \| Revenues \| Customer concentration risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)	70.00%	67.00%
Indivior \| Receivables \| Customer concentration risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)	84.00%		69.00%
Zevra \| Revenues \| Customer concentration risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)	18.00%
Hypera \| Revenues \| Customer concentration risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)		23.00%
Hypera \| Receivables \| Customer concentration risk
Concentration Risk [Line Items]
Concentrations of risk (as a percent)			25.00%
Doubtful Accounts
Concentration Risk [Line Items]
Allowance for credit loss	$ 0		$ 0
Trade Accounts Receivable
Concentration Risk [Line Items]
Allowance for credit loss	0		0
Other Receivables And Accrued Expenses
Concentration Risk [Line Items]
Allowance for credit loss	$ 899		$ 906
Maximum
Concentration Risk [Line Items]
Research and development, project duration (in years)	3 years

Revenues and Trade Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The Company's revenues were comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Manufacture and supply revenue	$	11,911	$	9,583	$	20,704	$	16,776
License and royalty revenue (a)	1,326		839		6,721		1,629
Co-development and research fees	582		378		840		796
Proprietary product revenue, net	—		(797)		—		(478)
Total revenues	$	13,819	$	10,003	$	28,265	$	18,723

(a) Zevra-related royalty revenues of $500 and $5,000 were recognized during the three and six months ended June 30, 2026, respectively. For additional information, see Note 6, Material Agreements.

Schedule of Disaggregation of Revenue

The following table provides disaggregated net revenue by geographic area:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States	$	10,991	$	4,891	$	24,236	$	10,092
Ex-United States	2,828		5,112		4,029		8,631
Total revenues	$	13,819	$	10,003	$	28,265	$	18,723

Schedule of Trade and Other Receivables, Net

Trade and other receivables, net consist of the following:


	June 30, 2026		December 31, 2025
Trade receivables	$	7,718	$	8,013
Contract and other receivables	1,608		9,750

Less: sales-related allowances	—		(582)
Reclassification into Accrued distribution expenses and sales-related allowances	—		582
Trade and other receivables, net	$	9,326	$	17,763

Schedule of Sales-related Allowances

The following tables provide a summary of activity with respect to sales-related allowances:


	June 30, 2026		December 31, 2025
Balance at beginning of period	$	—	$	48
Provision	—		568
Payments / credits	—		(34)
Reclassification into Accrued distribution expenses and sales-related allowances	—		(582)
Balance at end of period	$	—	$	—

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 13,819	$ 10,003	$ 28,265	$ 18,723
Costs and expenses:
Manufacture and supply	$ 4,017	$ 4,561	$ 7,486	$ 8,213
Cost, Product and Service [Extensible Enumeration]	Manufactured Product, Other [Member]	Manufactured Product, Other [Member]	Manufactured Product, Other [Member]	Manufactured Product, Other [Member]
Research and development	$ 3,962	$ 4,105	$ 8,166	$ 9,466
Selling, general and administrative	14,063	12,705	25,040	31,777
Total costs and expenses	22,042	21,371	40,692	49,456
Loss from operations	(8,223)	(11,368)	(12,427)	(30,733)
Other income/(expenses):
Loss on extinguishment of debt	(11,683)	0	(11,683)	0
Interest expense	(2,807)	(2,781)	(5,710)	(5,563)
Interest expense related to royalty obligations	(972)	(1,434)	(1,945)	(2,871)
Interest expense related to the sale of future revenue	(61)	(61)	(121)	(120)
Interest income and other income, net	882	2,096	965	2,809
Net loss before income taxes	(22,864)	(13,548)	(30,921)	(36,478)
Net loss	(22,864)	(13,548)	(30,921)	(36,478)
Comprehensive loss	$ (22,864)	$ (13,548)	$ (30,921)	$ (36,478)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.18)	$ (0.14)	$ (0.25)	$ (0.37)
Diluted (in dollars per share)	$ (0.18)	$ (0.14)	$ (0.25)	$ (0.37)
Weighted average common shares outstanding:
Basic (in shares)	124,994,165	99,326,701	123,808,666	97,422,458
Diluted (in shares)	124,994,165	99,326,701	123,808,666	97,422,458

Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of Inventory are as follows:


	June 30, 2026		December 31, 2025
Raw material	$	4,205	$	3,143
Packaging material	2,530		2,362
Finished goods	631		664
Total inventory	$	7,366	$	6,169

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment


	Useful Lives	June 30, 2026		December 31, 2025
Machinery	3-15 years	$	22,517	$	20,383
Furniture and fixtures	3-15 years	769		769
Leasehold improvements (a)	(a)	21,419		21,419
Computer, network equipment and software	3-7 years	3,140		3,140
Construction in progress (b)		376		2,203
		48,221		47,914
Less: accumulated depreciation and amortization		(44,261)		(44,021)
Total property and equipment, net		$	3,960	$	3,893

(a)Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

(b)During the three months ended June 30, 2026, construction in progress decreased due to a new packaging assembly line been placed into service within the Machinery caption above.

Long-Term Debt - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	May 12, 2026 USD ($) $ / shares shares	Nov. 01, 2023 USD ($)	Jun. 30, 2026 USD ($) instrument	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 03, 2026 $ / shares shares	Dec. 31, 2025 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jul. 15, 2019
Debt Instrument [Line Items]
Repayments of debt					$ 45,000	$ 0
Loss on extinguishment of debt			$ (11,683)	$ 0	(11,683)	0
Royalty obligation, term (in years)		8 years
Royalty obligations								$ 51,886
Warrants issued (in shares) \| shares							375,000
Warrants and rights outstanding			916		916				$ 5,874
Tranche A Warrant
Debt Instrument [Line Items]
Warrants and rights outstanding	$ 663
Common Stock Warrants
Debt Instrument [Line Items]
Warrants issued (in shares) \| shares							375,000		8,850,000
Minimum
Debt Instrument [Line Items]
Royalty interest percent interest (as a percent)		1.00%
Warrant exercise price (in dollars per share) \| $ / shares							$ 4.00
Minimum \| Common Stock Warrants
Debt Instrument [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares							$ 4.00		$ 0.96
Maximum
Debt Instrument [Line Items]
Royalty interest percent interest (as a percent)		2.00%
13.5% Senior Secured Notes due November 1, 2028
Debt Instrument [Line Items]
Amortization of debt discount (premium)			$ 580	$ 1,254	$ 1,834	$ 2,508
13.5% Senior Secured Notes due November 1, 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		13.50%	13.50%	13.50%	13.50%	13.50%		13.50%
Principal amount		$ 45,000
Proceeds from issuance of debt		4,326
Debt instrument, exit fee					$ 2
Repayments of debt					45,000
Prepayment penalty					$ 3,825
Prepayment penalty price (as a percent)					108.50%
Unamortized discount								$ 7,630
Effective annual interest rate (as a percent)								2.64%
Number of equity instruments \| instrument			2
Senior secured notes due 2025
Debt Instrument [Line Items]
Interest rate (as a percent)										12.50%
Senior secured notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)			12.50%		12.50%
Royalty Obligations \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, exit fee		2,000
Fair value		13,856	$ 13,856		$ 13,856
Unamortized discount (premium), net		1,125
Debt issuance costs, net		3,517
Unamortized deferred debt issuance cost and deferred debt discounts		$ 20,498
Royalty Obligations \| Unsecured Debt
Debt Instrument [Line Items]
Unamortized discount			24,000		24,000			$ 25,945
Royalty Right Agreements
Debt Instrument [Line Items]
Amortization of debt discount (premium)			972	$ 1,434	1,945	$ 2,871
Oaktree Capital Management LP \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, exit fee	1,100
Unamortized discount	4,594		4,441		4,441
Amortization of debt discount (premium)			$ 153		$ 153
Credit facility, maximum borrowing capacity	$ 150
Debt instrument on subsequent tranches			6.00%		6.00%
Debt instrument maximum interest rate paid in kind (as a percent)			2.00%		2.00%
Debt instrument interest rate default event increase					2.00%
Oaktree Capital Management LP \| Line of Credit \| Period One
Debt Instrument [Line Items]
Prepayment premium (as a percent)			0.00%		0.00%
Oaktree Capital Management LP \| Line of Credit \| SOFR Floor
Debt Instrument [Line Items]
Interest accrued at floating rate (as percent)					2.75%
Oaktree Capital Management LP \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument variable rate (as a percent)					6.25%
Oaktree Capital Management LP \| Line of Credit \| Tranche A Warrant
Debt Instrument [Line Items]
Warrants issued (in shares) \| shares	230,271
Warrant exercise price (in dollars per share) \| $ / shares	$ 4.18
Oaktree Capital Management LP \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 55,000
Oaktree Capital Management LP \| Line of Credit \| Delayed Draw Term Loan (DDTL)
Debt Instrument [Line Items]
Potential increase in available borrowing capacity upon pre determined achievement of milestones	$ 95
Oaktree Capital Management LP \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Debt exit fee percentage					0.0100
Effective premium percentage (as percent)			1.00%		1.00%
Oaktree Capital Management LP \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt exit fee percentage					0.0200
Effective premium percentage (as percent)			5.00%		5.00%

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The Company recognized share-based compensation in its Condensed Statements of Operations and Comprehensive Loss during the three and six months ended June 30, 2026 and 2025 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Manufacture and supply	$	66	$	128	$	135	$	228
Research and development	313		408		549		738
Selling, general and administrative	2,516		1,348		4,529		2,505
Total share-based compensation expenses	$	2,895	$	1,884	$	5,213	$	3,471

Share-based compensation from:
Restricted stock units	$	1,821	$	1,407	$	3,476	$	2,509
Stock options	1,062		468		1,725		953

Employee stock purchase plan (ESPP)	12		9		12		9
Total share-based compensation expenses	$	2,895	$	1,884	$	5,213	$	3,471

Schedule of Restricted Stock Units Awards

The following tables summarize the Company’s awards of service-based and market conditions vesting-based restricted stock units for the six month period ended June 30, 2026:


Restricted Stock Unit Awards (RSUs) - Service-based:	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of December 31, 2025	2,684	$	3.24
Granted	1,418	$	4.28
Vested	(1,367)	$	2.63
Forfeited	(26)	$	4.12
Unvested as of June 30, 2026	2,709	$	4.08
Expected to vest as of June 30, 2026	2,504	$	4.09

Schedule of Stock Option Activity


Restricted Stock Unit Awards (RSUs) - Market conditions vesting-based:	Number of Units	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested as of December 31, 2025	1,728	$	2.55
Granted (a)	541	2.40
Vested	(1,706)	2.28
Forfeited	—	—
Unvested as of June 30, 2026	563	$	2.82
Expected to vest as of June 30, 2026	517	$	2.82

(a) The 2023 market conditions vesting-based restricted stock units vested at 150% in May 2026. These additional units were granted during the three months ended June 30, 2026.


Stock Option Awards:	Number of Options	Weighted Average Exercise Price
	(in thousands)
Outstanding as of December 31, 2025	6,558	$	5.59
Granted	1,324	4.21
Exercised	(36)	0.76
Forfeited/Expired	(1)	3.84
Outstanding as of June 30, 2026	7,845	$	5.38
Expected to vest as of June 30, 2026	7,696	$	5.40
Exercisable as of June 30, 2026	5,806	$	5.83

Schedule of Stock Option Valuation Assumptions


Expected dividend yield			0%
Expected volatility			91.5%
Risk-free interest rate			3.9%
Stock price at grant date			$2.65

The fair values of stock options granted were estimated using the Black-Scholes pricing model based on the following assumptions:


	Six Months Ended June 30, 2026
Expected dividend yield	—%	—	—%
Expected volatility	96%	—	98%
Expected term (years)	5.5	—	6.1
Risk-free interest rate	3.8%	—	4.4%

Sale of Future Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Royalty Obligation

The following table shows the activity of the liability related to the sale of future revenue:


	June 30,		December 31,
	2026		2025
Liability related to the sale of future revenue, net at beginning of the period	$	63,023	$	63,718
Royalties related to the sale of future revenue	(976)		(938)
Amortization of issuance costs	121		243

Liability related to the sale of future revenue, net at end of the period (includes current portion of $1,000 and $1,000, respectively)	$	62,168	$	63,023

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Stockholders’ deficit:
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	125,511,648	122,044,299
Common stock, shares outstanding (in shares)	125,511,648	122,044,299

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Right-of-Use Assets and Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Operating Lease Liabilities Maturities

The Company’s payments due under its operating leases are as follows:


Remainder of 2026	$	662
2027	1,668
2028	1,738
2029	1,568
2030 and thereafter	10,603
Total future lease payments	16,239
Less: imputed interest	(7,894)
Total operating lease liabilities	$	8,345

Sale of Future Revenue - Narrative (Details) - USD ($) $ in Thousands		2 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended	65 Months Ended	68 Months Ended
	Nov. 03, 2020	Dec. 31, 2020	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Mar. 31, 2026	Jun. 30, 2026
Disaggregation of Revenue [Line Items]
Payments for financing costs							$ 3,470	$ 0
Revenues			$ 13,819	$ 10,003			28,265	$ 18,723
Royalty
Disaggregation of Revenue [Line Items]
Revenues							976		$ 938
MAM Pangolin Royalty , LLC \| Maximum
Disaggregation of Revenue [Line Items]
Proceeds from sale of future revenue	$ 125,000
License agreement with Sunovion Pharmaceuticals, Inc.
Disaggregation of Revenue [Line Items]
Minimum annual royalty receivable			1,000			$ 1,000	$ 1,000				$ 1,000
License agreement with Sunovion Pharmaceuticals, Inc. \| Royalty
Disaggregation of Revenue [Line Items]
Revenues					$ 8,000	$ 8,000
Monetization Agreement
Disaggregation of Revenue [Line Items]
Payments for financing costs			$ 2,909
Effective annual interest rate (as a percent)	24.90%
Monetization Agreement \| MAM Pangolin Royalty , LLC
Disaggregation of Revenue [Line Items]
Proceeds from sale of future revenue	$ 40,000	$ 10,000								$ 50,000	$ 50,000
Proceeds from debt, contingent on additional milestones	$ 75,000

Other Non-current Assets - Narrative (Details) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($) payment	Jun. 30, 2025 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2026 USD ($) payment	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) payment
Intangible Asset, Finite-Lived, Acquired [Line Items]
Revenues	$ 13,819	$ 10,003			$ 28,265	$ 18,723
Number of guaranteed royalty payments \| payment	8
License agreement with Sunovion Pharmaceuticals, Inc.
Intangible Asset, Finite-Lived, Acquired [Line Items]
Minimum annual royalty receivable	$ 1,000			$ 1,000	$ 1,000
Number of annual royalty payments receivable \| payment	2				2		3
Royalty
Intangible Asset, Finite-Lived, Acquired [Line Items]
Revenues					$ 976		$ 938
Royalty \| License agreement with Sunovion Pharmaceuticals, Inc.
Intangible Asset, Finite-Lived, Acquired [Line Items]
Revenues			$ 8,000	$ 8,000

- Definition

+ References

+ Details

Revenues and Trade Receivables, Net - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 13,819	$ 10,003	$ 28,265	$ 18,723
Manufacture and supply revenue
Disaggregation of Revenue [Line Items]
Total revenues	11,911	9,583	20,704	16,776
License and royalty revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,326	839	6,721	1,629
License and royalty revenue \| Zevra And Commave Therapeutics Agreement
Disaggregation of Revenue [Line Items]
Total revenues	500		5,000
Co-development and research fees
Disaggregation of Revenue [Line Items]
Total revenues	582	378	840	796
Proprietary product revenue, net
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ (797)	$ 0	$ (478)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has accounted for income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts and respective tax bases of existing assets and liabilities, as well as net operating loss carryforwards and R&D credits. Valuation allowances are provided if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. For the three and six months ended June 30, 2026, the effective income tax rate was 0%, and the Company recorded no income tax expense from its pretax losses of $22,864 and $30,921, respectively. For the three and six months ended June 30, 2025, the effective income tax rate was 0%, and the Company recorded no income tax expense from its pretax losses of $13,548 and $36,478, respectively. The primary factors impacting the effective tax rate for the three and six months ended June 30, 2026 is the anticipated full year pre-tax book loss and a full valuation allowance against any associated net deferred tax assets. On July 4, 2025, the President signed H.R. 1, the Budget Reconciliation Bill, into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. These changes were reflected in the income tax provision for the three and six months ended June 30, 2026. As the result of the Company maintaining a full valuation allowance against its U.S. federal and state deferred tax assets, the changes introduced by this legislation did not result in a material impact to the Company’s income tax provision or deferred tax balances for the current reporting period. The Company will continue to monitor the potential future impacts of the legislation, including any changes to its valuation allowance assessment, as further guidance becomes available and as facts and circumstances evolve.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
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+ Details

Financial Instruments – Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Nov. 01, 2023	Jun. 30, 2022	Jun. 30, 2026	Mar. 03, 2026	Dec. 31, 2025	Jun. 30, 2025	Aug. 01, 2023
Class of Warrant or Right [Line Items]
Warrants issued (in shares)				375,000
Royalty payment term (in years)	8 years
Warrants and rights outstanding		$ 5,874	$ 916
Minimum
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)				$ 4.00
Royalty interest percent interest (as a percent)	1.00%
Maximum
Class of Warrant or Right [Line Items]
Royalty interest percent interest (as a percent)	2.00%
13.5% Senior Secured Notes due November 1, 2028 \| Senior Notes
Class of Warrant or Right [Line Items]
Interest rate (as a percent)	13.50%		13.50%		13.50%	13.50%
Existing Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right, outstanding (in shares)							5,000,000
Warrant exercise price (in dollars per share)							$ 0.96
New Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)			$ 0.96				$ 2.60
Warrants issued (in shares)			2,200,000				2,750,000
Warrants and rights outstanding							$ 4,671
Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)		8,850,000		375,000
Common Stock Warrants \| Minimum
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)		$ 0.96		$ 4.00
Securities purchase agreement
Class of Warrant or Right [Line Items]
Shares of common stock (in shares)		4,000,000
Shares of common stock in connection with securities purchase agreements (in shares)		8,850,000

Condensed Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands	Total	Public Equity Offering - ATM	Common Stock	Common Stock Public Equity Offering - ATM	Additional Paid-in Capital	Additional Paid-in Capital Public Equity Offering - ATM	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024			91,413,742
Beginning balance at Dec. 31, 2024	$ (60,156)		$ 91		$ 302,967		$ (363,214)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock issued under public equity offering-ATM (in shares)				7,457,627
Common Stock issued under public equity offering-ATM		$ 22,000		$ 8		$ 21,992
Costs of Common Stock issued under public equity offering-ATM		(729)				(729)
Share-based compensation expense	1,587				1,587
Vested restricted stock units, net (in shares)			445,784
Vested restricted stock units, net	(702)				(702)
Net loss	(22,930)						(22,930)
Ending balance (in shares) at Mar. 31, 2025			99,317,153
Ending balance at Mar. 31, 2025	(60,930)		$ 99		325,115		(386,144)
Beginning balance (in shares) at Dec. 31, 2024			91,413,742
Beginning balance at Dec. 31, 2024	(60,156)		$ 91		302,967		(363,214)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(36,478)
Ending balance (in shares) at Jun. 30, 2025			99,353,270
Ending balance at Jun. 30, 2025	(72,590)		$ 99		327,003		(399,692)
Beginning balance (in shares) at Mar. 31, 2025			99,317,153
Beginning balance at Mar. 31, 2025	(60,930)		$ 99		325,115		(386,144)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of Common Stock issued under public equity offering-ATM		(34)				(34)
Shares issued under employee stock purchase plan (in shares)			18,056
Shares issued under employee stock purchase plan	59				59
Share-based compensation expense	1,875				1,875
Vested restricted stock units, net (in shares)			10,561
Vested restricted stock units, net	(19)				(19)
Options exercises, net (in shares)			7,500
Options exercised, net	7				7
Net loss	(13,548)						(13,548)
Ending balance (in shares) at Jun. 30, 2025			99,353,270
Ending balance at Jun. 30, 2025	(72,590)		$ 99		327,003		(399,692)
Beginning balance (in shares) at Dec. 31, 2025			122,044,299
Beginning balance at Dec. 31, 2025	(33,662)		$ 122		413,214		(446,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock issued under public equity offering-ATM (in shares)				1,191,071
Common Stock issued under public equity offering-ATM		5,062		$ 1		5,061
Costs of Common Stock issued under public equity offering-ATM		(303)				(303)
Warrants issued under the Purchase Agreement	916				916
Share-based compensation expense	2,318				2,318
Vested restricted stock units, net (in shares)			1,048,422
Vested restricted stock units, net	(329)		$ 1		(330)
Options exercises, net (in shares)			750
Options exercised, net	1				1
Net loss	(8,057)						(8,057)
Ending balance (in shares) at Mar. 31, 2026			124,284,542
Ending balance at Mar. 31, 2026	(34,054)		$ 124		420,877		(455,055)
Beginning balance (in shares) at Dec. 31, 2025			122,044,299
Beginning balance at Dec. 31, 2025	(33,662)		$ 122		413,214		(446,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,921)
Ending balance (in shares) at Jun. 30, 2026			125,511,648
Ending balance at Jun. 30, 2026	(56,586)		$ 126		421,207		(477,919)
Beginning balance (in shares) at Mar. 31, 2026			124,284,542
Beginning balance at Mar. 31, 2026	(34,054)		$ 124		420,877		(455,055)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Costs of Common Stock issued under public equity offering-ATM		$ (79)				$ (79)
Warrants issued under the Credit Agreement	663				663
Shares issued under employee stock purchase plan (in shares)			19,660
Shares issued under employee stock purchase plan	82				82
Share-based compensation expense	2,880				2,880
Vested restricted stock units, net (in shares)			1,172,446
Vested restricted stock units, net	(3,241)		$ 2		(3,243)
Options exercises, net (in shares)			35,000
Options exercised, net	27				27
Net loss	(22,864)						(22,864)
Ending balance (in shares) at Jun. 30, 2026			125,511,648
Ending balance at Jun. 30, 2026	$ (56,586)		$ 126		$ 421,207		$ (477,919)

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 48,221	$ 47,914
Less: accumulated depreciation and amortization	(44,261)	(44,021)
Total property and equipment, net	3,960	3,893
Machinery
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 22,517	20,383
Machinery \| Minimum
Property, Plant, and Equipment [Line Items]
Useful Lives	3 years
Machinery \| Maximum
Property, Plant, and Equipment [Line Items]
Useful Lives	15 years
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 769	769
Furniture and fixtures \| Minimum
Property, Plant, and Equipment [Line Items]
Useful Lives	3 years
Furniture and fixtures \| Maximum
Property, Plant, and Equipment [Line Items]
Useful Lives	15 years
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 21,419	21,419
Computer, network equipment and software
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 3,140	3,140
Computer, network equipment and software \| Minimum
Property, Plant, and Equipment [Line Items]
Useful Lives	3 years
Computer, network equipment and software \| Maximum
Property, Plant, and Equipment [Line Items]
Useful Lives	7 years
Construction in progress
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 376	$ 2,203

Other Non-Current Liabilities

6 Months Ended

Jun. 30, 2026

Asset Retirement Obligation Disclosure [Abstract]

Other Non-Current Liabilities

The Company’s other non-current liabilities at June 30, 2026 and December 31, 2025 consisted of a confidential legal settlement net liability and AROs of $2,080 and $2,065, respectively.

AROs consist of estimated future spending related to removing certain leasehold improvements at the Company’s facilities in Portage, Indiana and Warren, New Jersey, and returning all facilities to their original condition. Depreciation expense related to the ARO assets included in overall depreciation expense for the three and six months ended June 30, 2026 was $8 and $15, respectively. For the three and six months ended June 30, 2025, these expenses totaled $7 and $13 respectively.


Balance at December 31, 2024	$	2,039
Additions	—
Accretion	6
Balance at March 31, 2025	2,045
Additions	—
Accretion	7
Balance at June 30, 2025	$	2,052

Balance at December 31, 2025	$	2,065
Additions	—
Accretion	7
Balance at March 31, 2026	2,072
Additions	—
Accretion	8
Balance at June 30, 2026	$	2,080

Other Non-current Assets

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Non-current Assets

The following table provides the components of other non-current assets:


	June 30, 2026		December 31, 2025
Royalty receivable	$	1,000	$	2,000
Other	701		642
Total other non-current assets	$	1,701	$	2,642

During the second quarter of 2020, under the Sunovion License Agreement, the Company recognized $8,000 of royalty revenue and corresponding royalty receivable, related to the eight $1,000 annual minimum guaranteed royalty payments that are due to the Company. In connection with the Monetization Agreement, the Company performed an assessment under ASC 860, Transfer and Servicing to determine whether the existing receivable was transferred to Marathon and concluded it was not transferred. As of June 30, 2026 and December 31, 2025, Royalty receivable consists of two and three, respectively, annual minimum payments due from Sunovion, the last of which is due in March 2028. The current portion of the royalty receivable is included in Trade and other receivables, net. See Note 15, Sale of Future Revenue for further details on how this receivable relates to the Monetization Agreement transaction.

Non-current portion of costs to obtain contracts capitalized under ASC 340, Other Assets and Deferred Costs, is recorded within Other non-current assets on the Condensed Balance Sheets as of June 30, 2026 and December 31, 2025.

Sale of Future Revenue - Schedule of Royalty Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Sale of Future Revenue [Roll Forward]
Liability related to the sale of future revenue, net at beginning of the period			$ 63,023	$ 63,718	$ 63,718
Royalties related to the sale of future revenue	$ (13,819)	$ (10,003)	(28,265)	$ (18,723)
Amortization of issuance costs			121		243
Liability related to the sale of future revenue, net at end of the period (includes current portion of $1,000 and $1,000, respectively)	62,168		62,168		63,023
Liability related to the sale of future revenue, current	$ 1,000		1,000		1,000
Royalty
Sale of Future Revenue [Roll Forward]
Royalties related to the sale of future revenue			$ (976)		$ (938)

- Definition

+ References

+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

Operating segments are defined as components of an entity for which separate discrete financial information is available for evaluation by the CODM in deciding how to allocate resources and in assessing performance. For the six months ended June 30, 2026 and 2025, the Company has identified one operating and reportable segment. The Company defines its operating segment based on internally reported financial information that is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company's CEO is the CODM. The Company manages its operations as a single segment for purposes of assessing performance and making operating decisions. This segment encompasses the development and advancement of a product pipeline for the treatment of severe allergic reactions, including anaphylaxis, and the AdrenaVerse epinephrine prodrug pipeline platform. Additionally, the Company served as the exclusive manufacturer for its proprietary product, Libervant, while it had U.S. market access, and four licensed commercialized products.

The CODM reviews the segment's profit or loss based on net loss reported on the Condensed Statements of Operations and Comprehensive Loss. The CODM also considers forecast-to-actual variances on a monthly basis for expenses deemed significant. Furthermore, the CODM reviews the segment's assets based on total assets reported on the Condensed Balance Sheets. All long-lived assets are held in the United States. While the Company generated $13,819 and $10,003 in revenues for the three months ended June 30, 2026 and 2025, respectively, and $28,265 and $18,723 for the six months ended June 30, 2026 and 2025, respectively, management expects the Company to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials, ultimately seeking regulatory approval and commencing commercialization activities for Anaphylm, if approved by the FDA. The CODM uses cash forecast models to guide investment decisions and assess entity-wide operating results and performance. Net loss is used to monitor budget and rolling forecasts versus actual results. The CODM views specific categories within R&D expenses, selling expenses, and general and administrative expenses as significant due to their direct correlation with cash burn and profitability.

The following table reconciles reported revenues to net loss under the significant expense principle for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues	$	13,819	$	10,003	$	28,265	$	18,723
Costs and expenses:


Total Manufacture and Supply Expenses	4,017		4,561		7,486		8,213

R&D Project expenses:
Anaphylm project expenses	1,055		1,204		2,140		3,692
AQST-108 project expenses	152		190		710		385

R&D other expenses:
Personnel costs1	2,181		2,218		4,423		4,350
Other2	574		493		893		1,039
Total Research and Development Expenses	3,962		4,105		8,166		9,466

Selling expenses:
Personnel costs3	1,730		608		3,374		1,302
Other4	444		2,912		721		5,174
Total Selling expenses	2,174		3,520		4,095		6,476

General & Administrative expenses:
Personnel costs5	6,602		5,176		12,111		10,016
Other6	5,287		4,009		8,834		15,285
Total General and Administrative Expenses	11,889		9,185		20,945		25,301

Total Selling, General and Administrative Expenses	14,063		12,705		25,040		31,777

Total costs and expenses	22,042		21,371		40,692		49,456
Loss from operations	(8,223)		(11,368)		(12,427)		(30,733)

Other income/(expenses), net	(14,641)		(2,180)		(18,494)		(5,745)
Net loss before income taxes	(22,864)		(13,548)		(30,921)		(36,478)

Net loss	$	(22,864)	$	(13,548)	$	(30,921)	$	(36,478)
Comprehensive loss	$	(22,864)	$	(13,548)	$	(30,921)	$	(36,478)

1 - R&D Personnel costs include payroll expenses, share-based compensation expenses and severance

2 - Other R&D expenses include preclinical, consulting, maintenance, and testing fees

3 - Selling Personnel costs include payroll expenses, share-based compensation expenses and severance

4 - Other Selling expenses include commercialization and other related expenses

5 - G&A Personnel costs include payroll expenses, share-based compensation expenses and severance

6 - Other General and Administrative expenses include legal/patent fees, insurance fees, IT expenses, investor relations expenses, regulatory fees, facility and other costs

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 26
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

Revenues and Trade Receivables, Net - Schedule of Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 7,718	$ 8,013
Contract and other receivables	1,608	9,750
Less: sales-related allowances	0	(582)
Reclassification into Accrued distribution expenses and sales-related allowances	0	582
Trade and other receivables, net	$ 9,326	$ 17,763

Share-Based Compensation - Schedule of Restricted Stock Units Awards (Details) - Restricted stock units - $ / shares shares in Thousands	1 Months Ended	6 Months Ended
	May 31, 2026	Jun. 30, 2026
Service Based
Number of Units
Unvested, at beginning of period (in shares)		2,684
Granted (in shares)		1,418
Vested (in shares)		(1,367)
Forfeited (in shares)		(26)
Unvested, at end of period (in shares)		2,709
Expected to vest at end of period (in shares)		2,504
Weighted Average Grant Date Fair Value
Unvested, at beginning of period (in dollars per share)		$ 3.24
Granted (in dollars per share)		4.28
Vested (in dollars per share)		2.63
Forfeited (in dollars per share)		4.12
Unvested, at end of period (in dollars per share)		4.08
Expected to vest at end of period (in dollars per share)		$ 4.09
Market Based
Number of Units
Unvested, at beginning of period (in shares)		1,728
Granted (in shares)		541
Vested (in shares)		(1,706)
Forfeited (in shares)		0
Unvested, at end of period (in shares)		563
Expected to vest at end of period (in shares)		517
Weighted Average Grant Date Fair Value
Unvested, at beginning of period (in dollars per share)		$ 2.55
Granted (in dollars per share)		2.40
Vested (in dollars per share)		2.28
Forfeited (in dollars per share)		0
Unvested, at end of period (in dollars per share)		2.82
Expected to vest at end of period (in dollars per share)		$ 2.82
Percentage of award vested	150.00%

Company Overview and Basis of Presentation	6 Months Ended
Company Overview and Basis of Presentation	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Overview and Basis of Presentation	Company Overview and Basis of Presentation (A) Company Overview Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. The worldwide leader in delivering trusted, quality medications on oral film, Aquestive operates as both a developer of its own proprietary products and a Contract Development and Manufacturing Organization (CDMO) for licensees, with its headquarters in New Jersey and U.S.-based manufacturing facilities in Indiana. The Company is the exclusive manufacturer of four commercialized products marketed by its licensees across six continents using proprietary, best-in-class technologies like PharmFilm®. Aquestive's AdrenaVerse™ platform contains a library of more than 20 epinephrine prodrugs enabling the pursuit of various potential allergy and dermatological indications. The Company is advancing Anaphylm™ (dibutepinephrine) sublingual film for the treatment of severe allergic reactions, including anaphylaxis, and AQST-108 (epinephrine) topical gel for various potential dermatological conditions. (B) Equity Transactions ATM Facility The Company established its first ATM facility in September 2019, and since inception to June 30, 2026, the Company has sold 28,506,216 shares of Common Stock under its ATM facility which has generated net cash proceeds of approximately $86,518, net of commissions and estimated other transactions costs of $4,188. On April 3, 2024, the Company filed a new shelf registration statement on Form S-3, the 2024 Registration Statement, which was declared effective by the SEC on April 23, 2024. Included as part of the 2024 Registration Statement are (i) a base prospectus registering the offer, issuance and sale of up to $250,000 worth of Common Stock, preferred stock, debt securities, warrants, rights and units and (ii) a $100,000 ATM facility prospectus. During the three months ended June 30, 2026, there were no shares of Common Stock sold under the ATM facility. During the six months ended June 30, 2026, the Company sold 1,191,071 shares of Common Stock pursuant to the ATM prospectus and the Amended Equity Distribution Agreement with Piper Sandler & Co. (successor to Piper Jaffray & Co.), which provided net proceeds of approximately $4,765 after deducting commissions and estimated other transaction costs of $297. During the three months ended June 30, 2025, there were no shares of Common Stock sold under the ATM facility. For the six months ended June 30, 2025, the Company sold 7,457,627 shares under the ATM facility, which provided net proceeds of approximately $21,271 after deducting commissions and other transaction costs of $729. The remaining authorized balance of the ATM facility was approximately $73,000 as of June 30, 2026. 2025 Underwritten Public Offering On August 14, 2025, the Company completed the 2025 Underwritten Public Offering of 21,250,000 shares of its Common Stock at the public offering price of $4.00 per share. Net proceeds from the 2025 Underwritten Public Offering were $79,900, after deducting underwriting discounts of $5,100. In addition to the underwriting discounts related to this offering, the Company incurred professional fees and other costs totaling $440. (C) Basis of Presentation The accompanying interim condensed financial statements were prepared in conformity with U.S. GAAP and with Article 10 of Regulation S-X for interim financial reporting. In compliance with those rules, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the fiscal year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 4, 2026 (the “2025 Annual Report on Form 10-K”). As included herein, the Condensed Balance Sheet as of December 31, 2025 is derived from the audited financial statements as of that date. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of interim periods have been included. The accompanying condensed financial statements reflect certain reclassifications from previously issued financial statements to conform to the current presentation. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying condensed financial statements. Any reference in the Notes to applicable guidance refers to the authoritative U.S. GAAP as found in the ASC and ASU of FASB.

Company Overview and Basis of Presentation (Details) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended		82 Months Ended
	Aug. 14, 2025 USD ($) $ / shares shares	Apr. 23, 2024 USD ($)	Apr. 03, 2024 USD ($)	Jun. 30, 2026 USD ($) product continent shares	Jun. 30, 2025 shares	Jun. 30, 2026 USD ($) product continent shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) product continent shares
Subsidiary, Sale of Stock [Line Items]
Number of products \| product				4		4		4
Number of marketed geographic areas \| continent				6		6		6
Equity distribution agreement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares								28,506,216
Consideration received on sale of stock								$ 86,518
Payments for stock issuance costs								4,188
Equity distribution agreement \| Maximum
Subsidiary, Sale of Stock [Line Items]
Sale of stock, aggregate offering price		$ 100,000
Amended Equity Distribution Agreement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares				0	0	1,191,071	7,457,627
Consideration received on sale of stock						$ 4,765	$ 21,271
Sale of stock, maximum transaction amount			$ 250
Underwriting discounts						297	$ 729
Remaining authorized amount				$ 73,000		$ 73,000		$ 73,000
Underwritten Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction (in shares) \| shares	21,250,000
Consideration received on sale of stock	$ 79,900
Payments for stock issuance costs	440
Underwriting discounts	$ 5,100
Price per share (in dollars per share) \| $ / shares	$ 4.00

Revenues and Trade Receivables, Net - Schedule of Sales-related Allowances (Details) - Trade Accounts Receivable, Sales Related - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 0	$ 48
Provision	0	568
Payments / credits	0	(34)
Reclassification into Accrued distribution expenses and sales-related allowances	0	(582)
Balance at end of period	$ 0	$ 0

Right-of-Use Assets and Lease Obligations

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Right-of-Use Assets and Lease Obligations

On May 8, 2026, the Company entered into a lease agreement which will serve as the Company’s corporate headquarters. The lease has an initial term of eleven years, inclusive of an initial rent abatement period of approximately twelve months, commencing on the earlier of the date the Company obtains a certificate of occupancy or September 1, 2026. The lease provides the Company with two successive five-year renewal options at fair market rental value and an option to expand into additional space. The Company accounted for the lease as an operating lease in accordance with ASC 842, Leases. The Company established at commencement a $3,658 right-of-use asset and a corresponding lease liability for this lease on the Condensed Balance Sheets.

The Company leases all realty used at its production and warehouse facilities, corporate headquarters, commercialization operations center and research and laboratory facilities. None of these four leases include the characteristics specified in ASC 842, Leases, which require classification as financing leases and, accordingly, these leases are accounted for as operating leases. These leases, as amended, provide remaining terms between 1.8 years and 15.9 years, including renewal options expected to be exercised to extend the lease periods. Commitments under finance leases are not significant, and are included in Property and equipment, net, and Debt on the Condensed Balance Sheets.

The Company does not recognize a right-of-use asset and lease liability for short-term leases, which have terms of 12 months or less on its Condensed Balance Sheets. For longer-term lease arrangements that are recognized on the Company’s Condensed Balance Sheets, the right-of-use asset and lease liability is initially measured at the commencement date based upon the present value of the lease payments due under the lease. These payments represent the combination of the fixed lease and fixed non-lease components that are due under the arrangement. The costs associated with the Company’s short-term leases, as well as variable costs relating to the Company’s lease arrangements, are not material to the Company’s financial results.

The implicit interest rates of the Company’s lease arrangements are generally not readily determinable and as such, the Company applies an incremental borrowing rate, which is established based upon the information available at the lease commencement date, to determine the present value of lease payments due under an arrangement. Measurement of the operating lease liability reflects a range of an estimated discount rate of 12.3% to 15.6% applied to minimum lease payments, including expected renewals, based on the incremental borrowing rate experienced in the Company’s collateralized debt refinancing.

The Company’s lease costs are recorded in manufacture and supply, R&D and selling, general and administrative expenses in its Condensed Statements of Operations and Comprehensive Loss. For the three and six months ended June 30, 2026, total operating lease expenses totaled $558 and $1,006, respectively, including variable lease expenses such as common area maintenance and operating costs of $140 and $254, respectively. For the three and six months ended June 30, 2025, total operating lease expenses totaled $457 and $884, respectively including variable lease expenses such as common area maintenance and operating costs of $124 and $217, respectively.

The Company’s payments due under its operating leases are as follows:


Remainder of 2026	$	662
2027	1,668
2028	1,738
2029	1,568
2030 and thereafter	10,603
Total future lease payments	16,239
Less: imputed interest	(7,894)
Total operating lease liabilities	$	8,345

Right-of-Use Assets and Lease Obligations - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) lease	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) lease	Jun. 30, 2025 USD ($)	May 08, 2026 USD ($) renewal_option	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 7,949		$ 7,949			$ 4,621
Lease liabilities	$ 8,345		$ 8,345
Number of leases \| lease	4		4
Operating lease expense	$ 558	$ 457	$ 1,006	$ 884
Variable lease expense	$ 140	$ 124	$ 254	$ 217
Rent Lease, Initial Term
Lessee, Lease, Description [Line Items]
Initial term					11 years
Initial rent abatement period					12 months
Number of renewal options \| renewal_option					2
Lessee, operating lease, renewal term					5 years
Right-of-use assets					$ 3,658
Lease liabilities					$ 3,658
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term (in years)	1 year 9 months 18 days		1 year 9 months 18 days
Estimated discount rate (as a percent)	12.30%		12.30%
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term (in years)	15 years 10 months 24 days		15 years 10 months 24 days
Estimated discount rate (as a percent)	15.60%		15.60%

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Royalty Right Agreements

The following table summarizes the significant unobservable inputs used in the fair value measurement of the Royalty Right Agreements:

Valuation Methodology

Significant Unobservable Input

Weighted Average (range, if applicable)

Discount Rate

15%

Royalty Right Agreements

Probability weighted
income approach

Probability of Success

95%

Projected Years of Payments

2027

2035

Schedule of Term Notes and Unamortized Debt Discount Balances

Long-term debt and unamortized debt discount balances are as follows:


	June 30,		December 31,
	2026		2025
Total Outstanding Debt	$	55,000	$	45,000
Unamortized discount, including exit fee	(4,441)		(7,630)
Debt, current	—		(9,964)
Debt, long-term	50,559		27,406

Finance lease	95		113
Debt, long-term, net	$	50,654	$	27,519

Royalty obligations and unamortized discount balances are as follows:


	June 30,		December 31,
	2026		2025
Total Royalty obligations	$	51,886	$	51,886
Unamortized discount	(24,000)		(25,945)
Current portion of royalty obligation	(51)		—
Royalty obligations, long term	$	27,835	$	25,941

Schedule of Debt Maturities

Scheduled principal payments on the Term Loan Facility as of June 30, 2026 are as follows:








2031	$	55,000

Total	$	55,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Matthew Davis [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Chief Development Officer Matthew Davis adopted a written sales plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act (the "Davis Plan") on May 26, 2026. The Davis Plan will commence on November 10, 2026 and ends on December 31, 2027. The maximum number of shares to be sold under the Davis Plan is 75,000 shares and no shares have been sold as of the date of this Report; the actual number of shares sold will be dependent on the satisfaction of certain conditions set forth in the Davis Plan.
Name	Matthew Davis
Title	Chief Development Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 26, 2026
Expiration Date	December 31, 2027
Arrangement Duration	584 days
Aggregate Available	75,000
Sherry Korczynski [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Chief Commercial Officer Sherry Korczynski adopted a written sales plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act (the "Korczynski Plan") on June 10, 2026. The Korczynski Plan will commence on October 9 2026 and ends on May 31, 2027. The maximum number of shares to be sold under the Korczynski Plan is 57,992 shares and no shares have been sold as of the date of this Report; the actual number of shares sold will be dependent on the satisfaction of certain conditions set forth in the Korczynski Plan.
Name	Sherry Korczynski
Title	Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 10, 2026
Expiration Date	May 31, 2027
Arrangement Duration	355 days
Aggregate Available	57,992

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table reconciles reported revenues to net loss under the significant expense principle for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues	$	13,819	$	10,003	$	28,265	$	18,723
Costs and expenses:


Total Manufacture and Supply Expenses	4,017		4,561		7,486		8,213

R&D Project expenses:
Anaphylm project expenses	1,055		1,204		2,140		3,692
AQST-108 project expenses	152		190		710		385

R&D other expenses:
Personnel costs1	2,181		2,218		4,423		4,350
Other2	574		493		893		1,039
Total Research and Development Expenses	3,962		4,105		8,166		9,466

Selling expenses:
Personnel costs3	1,730		608		3,374		1,302
Other4	444		2,912		721		5,174
Total Selling expenses	2,174		3,520		4,095		6,476

General & Administrative expenses:
Personnel costs5	6,602		5,176		12,111		10,016
Other6	5,287		4,009		8,834		15,285
Total General and Administrative Expenses	11,889		9,185		20,945		25,301

Total Selling, General and Administrative Expenses	14,063		12,705		25,040		31,777

Total costs and expenses	22,042		21,371		40,692		49,456
Loss from operations	(8,223)		(11,368)		(12,427)		(30,733)

Other income/(expenses), net	(14,641)		(2,180)		(18,494)		(5,745)
Net loss before income taxes	(22,864)		(13,548)		(30,921)		(36,478)

Net loss	$	(22,864)	$	(13,548)	$	(30,921)	$	(36,478)
Comprehensive loss	$	(22,864)	$	(13,548)	$	(30,921)	$	(36,478)

1 - R&D Personnel costs include payroll expenses, share-based compensation expenses and severance

2 - Other R&D expenses include preclinical, consulting, maintenance, and testing fees

3 - Selling Personnel costs include payroll expenses, share-based compensation expenses and severance

4 - Other Selling expenses include commercialization and other related expenses

5 - G&A Personnel costs include payroll expenses, share-based compensation expenses and severance

6 - Other General and Administrative expenses include legal/patent fees, insurance fees, IT expenses, investor relations expenses, regulatory fees, facility and other costs

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Paragraph 31
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Revenues and Trade Receivables, Net

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenues and Trade Receivables, Net

The Company’s revenues include (i) sales of manufactured products pursuant to contracts with commercialization licensees, (ii) license and royalty revenues, (iii) co-development and research fees generally in the form of milestone payments, and (iv) sales of its proprietary CNS product, Libervant, for patients between two to five years of age while Libervant had U.S. market access through April 2025. The Company recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this core principle, a five-step model is applied that includes (1) identifying the contract with a

customer, (2) identifying the performance obligation in the contract, (3) determining the transaction price, (4) allocating the transaction price to the performance obligations, and (5) recognizing when, or as, an entity satisfies a performance obligation.

Performance Obligations - a performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the current revenue recognition standard. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a distinct good. When identifying performance obligations, the Company considers all goods or services promised in a contract regardless of whether explicitly stated in the contract or implied by customary business practice. The Company’s performance obligations consist mainly of transferring goods and services identified in the contracts, purchase orders, invoices or statements of work.

Manufacture and supply revenue – this revenue is derived from products manufactured exclusively for specific customers according to their strictly-defined specifications, subject only to specified quality control inspections. Accordingly, at the point in time when quality control requirements are satisfied, revenue net of related discounts is recorded.

License and Royalty Revenue – license revenues are determined based on an assessment of whether the license is distinct from any other performance obligations that may be included in the underlying licensing arrangement. If the customer is able to benefit from the license without provision of any other performance obligations by the Company and the license is thereby viewed as a distinct or functional license, the Company then determines whether the customer has acquired a right to use the license or a right to access the license. For functional licenses that do not require further development or other ongoing activities by the Company, the customer is viewed as acquiring the right to use the license as, and when, transferred and revenues are generally recorded at a point in time, subject to contingencies or constraints. For symbolic licenses providing substantial value only in conjunction with other performance obligations to be provided by the Company, revenues are generally recorded over the term of the license agreement. Such other obligations provided by the Company generally include manufactured products, additional development services or other deliverables that are contracted to be provided during the license term. Payments received in excess of amounts ratably or otherwise earned are deferred and recognized over the term of the license or as contingencies or other performance obligations are met.

Royalty revenue is estimated and recognized when sales under supply agreements with commercial licensees are recorded, absent any contractual constraints or collectability uncertainties. Royalties based on sales of licensed products have been recorded in this manner.

Revenue recognition arising from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Milestone payments based on a non-sales metric such as a development-based milestone (i.e., an NDA filing or obtaining regulatory approval) represent variable consideration and are included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience and the significance a third party has on the outcome. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales occur or the performance obligation to which the sales relate to has been satisfied.

Co-development and Research Fees – co-development and research fees are earned through performance of specific tasks, activities or completion of stages of development defined within a contractual development or feasibility study agreement with a customer. The nature of these performance obligations, broadly referred to as milestones or deliverables, are usually dependent on the scope and structure of the project as contracted, as well as the complexity of the product and the specific regulatory approval path necessary for that product. Accordingly, the duration of the Company’s R&D projects may range from several months to approximately three years. Although each contractual arrangement is unique, common milestones included in these arrangements include those for the performance of efficacy and other tests, reports of findings, formulation of initial prototypes, production of stability clinical and/or scale-up batches, and stability testing of those batches. Additional milestones may be established and linked to clinical results of the product submission and/or approval of the product by the FDA and the commercial launch of the product.

Proprietary product revenue, net - this net revenue is recognized when product is shipped and title passes to the customer, typically at time of delivery. At the time of sale, estimates for various revenue allowances are recorded based on historical trends and judgmental estimates. For sales of Libervant for patients between two to five years of age while Libervant had U.S. market access through April 2025, returns allowances and prompt pay discounts are estimated based on contract terms and historical return rates, if available, and these estimates are recorded as a reduction of receivables. Once receivables are collected, allowances are reclassified and treated as accrued liabilities. Similarly determined estimates are recorded relating to wholesaler service fees, co-pay support redemptions, and other rebates, and these estimates are reflected as a component of accrued liabilities. Once related variable considerations are resolved and uncertainties as to incurred amounts are eliminated, estimates are adjusted to actual allowance amounts. Provisions for these estimated amounts are reviewed and adjusted on no less than a quarterly basis.

Contract Assets - in certain situations, customer contractual payment terms provide for invoicing in arrears. Accordingly, some, or all performance obligations may be completely satisfied before the customer may be invoiced under such agreements. In these situations, billing occurs after revenue recognition, which results in a contract asset supported by the estimated value of the completed portion of the performance obligation. These contract assets are reflected as a component of other receivables within Trade and other receivables within the Condensed Balance Sheets. As of June 30, 2026, and December 31, 2025, such contract assets were $494 and $627, respectively, consisting primarily of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with third parties.

Contract Liabilities - in certain situations, customer contractual payment terms are structured to permit invoicing in advance of delivery of a good or service. In such instances, the customer’s cash payment may be received before satisfaction of some, or any, performance obligations that are specified. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. These contract liabilities are reflected as deferred revenue within the Condensed Balance Sheets. As remaining performance obligations are satisfied, an appropriate portion of the deferred revenue balance is credited to earnings. As of June 30, 2026 and December 31, 2025, such contract liabilities were $19,937 and $20,482, respectively.

Costs to Obtain Contracts - in certain situations, the Company may incur incremental costs of obtaining a contract with a customer. These costs, if expected to be recovered, are recognized as an asset and reflected as other assets within the Condensed Balance Sheets. The asset is amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. As of June 30, 2026 and December 31, 2025, such costs to obtain contracts were $434 and $449, respectively.

The Company's revenues were comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Manufacture and supply revenue	$	11,911	$	9,583	$	20,704	$	16,776
License and royalty revenue (a)	1,326		839		6,721		1,629
Co-development and research fees	582		378		840		796
Proprietary product revenue, net	—		(797)		—		(478)
Total revenues	$	13,819	$	10,003	$	28,265	$	18,723

(a) Zevra-related royalty revenues of $500 and $5,000 were recognized during the three and six months ended June 30, 2026, respectively. For additional information, see Note 6, Material Agreements.

The following table provides disaggregated net revenue by geographic area:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States	$	10,991	$	4,891	$	24,236	$	10,092
Ex-United States	2,828		5,112		4,029		8,631
Total revenues	$	13,819	$	10,003	$	28,265	$	18,723

For the three months ended June 30, 2026, United States revenues were derived primarily from Indivior (manufacture and supply revenue, and co-development and research fees). Ex-United States revenues were derived primarily from Indivior (manufacture and supply revenue, license and royalty revenue and co-development and research fees) and Hypera (manufacture and supply revenue, and license and royalty revenue) for revenue markets outside of the United States.

For the six months ended June 30, 2026, United States revenues were derived primarily from Indivior (manufacture and supply revenue, and co-development and research fees), Zevra (license and royalty revenue), and Assertio (manufacture and supply revenue, license and royalty revenue and co-development and research fees). Ex-United States revenues were derived primarily from Indivior (manufacture and supply revenue, license and royalty revenue and co-development and research fees), Zambon (manufacture and supply revenue, license and royalty revenue, and co-development and research fees) and Hypera (manufacture and supply revenue, and license and royalty revenue) for revenue markets outside of the United States.

For the three months ended June 30, 2025, United States revenues were derived primarily from Indivior (manufacture and supply revenue, and co-development and research fees). Ex-United States revenues were derived primarily from Hypera

(manufacture and supply revenue, and license and royalty revenue), and Indivior (manufacture and supply revenue, license and royalty revenue and co-development and research fees) for revenue markets outside of the United States.

For the six months ended June 30, 2025, United States revenues were derived primarily from Indivior (manufacture and supply revenue, and co-development and research fees), and Assertio (manufacture and supply revenue, license and royalty revenue and co-development and research fees). Ex-United States revenues were derived primarily from Hypera (manufacture and supply revenue, and license and royalty revenue), and Indivior (manufacture and supply revenue, license and royalty revenue and co-development and research fees) for revenue markets outside of the United States.

Trade and other receivables, net consist of the following:


	June 30, 2026		December 31, 2025
Trade receivables	$	7,718	$	8,013
Contract and other receivables	1,608		9,750

Less: sales-related allowances	—		(582)
Reclassification into Accrued distribution expenses and sales-related allowances	—		582
Trade and other receivables, net	$	9,326	$	17,763

Contract and other receivables totaled $1,608 and $9,750 as of June 30, 2026 and December 31, 2025, respectively, consisting primarily of contract assets and other receivables. Contract assets consist of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with third parties. Other receivables include the current portion related to the Monetization royalty receivable and other receivables. As of December 31, 2025, other receivables also include an insurance reimbursement. Sales-related allowances as of December 31, 2025 were estimated in relation to revenues recognized for sales of Libervant for patients between two to five years of age while Libervant had U.S. market access.

Allowance for Credit Losses

The Company maintains an allowance for credit losses on accounts receivable, which is recorded as a reduction to accounts receivable. Changes in the allowance are classified as Selling, general and administrative expenses in the Statements of Operations and Comprehensive Loss. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when it identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. It also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. On an ongoing basis, management evaluates the adequacy of these reserves. The allowance for credit losses was $0 as of June 30, 2026 and December 31, 2025.

Sales-Related Allowances

Revenues from sales of products are recorded net of prompt payment discounts, wholesaler service fees, returns allowances, chargebacks, rebates and co-pay support redemptions. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The calculation of some of these items requires management to make estimates based on sales data, historical return data, contracts and other related information that may become known in the future. The adequacy of these provisions is reviewed on no less than a quarterly basis.

The following tables provide a summary of activity with respect to sales-related allowances:


	June 30, 2026		December 31, 2025
Balance at beginning of period	$	—	$	48
Provision	—		568
Payments / credits	—		(34)
Reclassification into Accrued distribution expenses and sales-related allowances	—		(582)
Balance at end of period	$	—	$	—

Accruals for returns allowances and prompt pay discounts are reflected as a direct reduction of trade receivables as of December 31, 2025 and accruals for wholesaler service fees, co-pay support redemptions and other rebates are reflected as

current liabilities. The accrued balances relative to these provisions included in Trade and other receivables, net and accrued expenses were $0 and $899, respectively, as of June 30, 2026, and $0 and $906, respectively, as of December 31, 2025. See Note 12, Accrued Expenses.

Concentration of Major Customers

Customers are considered major customers when net revenue exceeds 10% of total revenue for the period or outstanding receivable balances exceed 10% of total receivables. For the six months ended June 30, 2026, Indivior and Zevra, represented approximately 70% and 18%, of total revenue, respectively. As of June 30, 2026, Indivior exceeded the 10% threshold for outstanding receivable balances and represented approximately 84% of total trade and other receivables, respectively. For the six months ended June 30, 2025, Indivior and Hypera exceeded the 10% threshold for revenue and represented approximately 67% and 23% of total revenue, including the one-time recognition of deferred revenue, respectively. As of December 31, 2025, Indivior and Hypera exceeded the 10% threshold for outstanding receivable balances and represented 69% and 25% of total trade and other receivables, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Long-Term Debt - Schedule of Term Notes and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Debt, long-term, net	$ 50,654	$ 27,519
13.5% Senior Secured Notes due November 1, 2028 \| Senior Notes
Line of Credit Facility [Line Items]
Total Outstanding notes/Total Royalty obligations	55,000	45,000
Unamortized discount, including exit fee		(7,630)
Debt, current	0	(9,964)
Debt, long-term	50,559	27,406
Finance lease	95	113
Debt, long-term, net	50,654	27,519
Royalty Obligations \| Unsecured Debt
Line of Credit Facility [Line Items]
Total Outstanding notes/Total Royalty obligations	51,886	51,886
Unamortized discount, including exit fee	(24,000)	(25,945)
Current portion of royalty obligation	(51)	0
Debt, long-term	$ 27,835	$ 25,941

Sale of Future Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Sale of Future Revenue

On November 3, 2020, the Company entered into the Monetization Agreement with Marathon. Under the terms of the Monetization Agreement, the Company sold all of its contractual rights to receive royalties and milestone payments due under the Sunovion License Agreement related to Sunovion’s apomorphine product, KYNMOBI®, an apomorphine film therapy for the treatment of off episodes in Parkinson’s disease patients, which received approval from the FDA on May 21, 2020. In exchange for the sale of these rights, the Company received an upfront payment of $40,000 and an additional payment of $10,000 through the achievement of the first milestone. The Company has received an aggregate amount of $50,000 through June 30, 2026 under the Monetization Agreement.

Under the Monetization Agreement, additional contingent payments of up to $75,000 may be due to the Company upon the achievement of worldwide royalty and other commercial targets within a specified timeframe, which could result in total potential proceeds of $125,000.

The Company recorded the upfront proceeds of $40,000 and subsequent first milestone of $10,000, reduced by $2,909 of transaction costs, as a liability related to the sale of future revenue that will be amortized using the effective interest method over the life of the Monetization Agreement. As future contingent payments are received, they will increase the balance of the liability related to the sale of future revenue. Although the Company sold all of its rights to receive royalties and milestones, as a result of ongoing obligations related to the generation of these royalties, the Company will account for these royalties as revenue. Its ongoing obligations include the maintenance and defense of the intellectual property and to provide assistance to Marathon in executing a new license agreement for KYNMOBI in the event Sunovion terminates the Sunovion License Agreement in one or more jurisdictions of the licensed territory under the Sunovion License Agreement. The accounting liabilities, as adjusted over time, resulting from this transaction and any non-cash interest expenses associated with those liabilities do not and will not represent any obligation to pay or any potential future use of cash.

As royalties are remitted to Marathon from Sunovion, the collection of the royalty receivable and balance of the liability related to the sale of future revenue will be effectively repaid over the life of the agreement. In order to determine the amortization of the liability related to the sale of future revenue, the Company is required to estimate the total amount of future royalty and milestone payments to Marathon over the life of the Monetization Agreement and contingent milestone payments from Marathon to the Company. The sum of future royalty payments less the $50,000 in proceeds received and future contingent payments has been recorded as interest expense over the life of the Monetization Agreement. At execution, the estimate of this total interest expense resulted in an effective annual interest rate of approximately 24.9%. This estimate contained significant assumptions that impact both the amount recorded at execution and the interest expense that will be recognized over the life of the Monetization Agreement. The Company assesses the estimated royalty and milestone payments to Marathon from Sunovion and contingent milestone payments from Marathon to the Company. To the extent the amount or timing of such payments is materially different from the original estimates, an adjustment will be recorded prospectively to increase or decrease interest expense. There are a number of factors that could materially affect the amount and timing of royalty and milestone payments to Marathon from Sunovion and, correspondingly, the amount of interest expense recorded by the Company, most of which are not under the Company’s control. Such factors include, but are not limited to, changing standards of care, the initiation of competing products, manufacturing or other delays, generic competition, intellectual property matters, adverse events that result in government health authority imposed restrictions on the use of products, significant changes in foreign exchange rates as the royalties remitted to Marathon are made in U.S. dollars (USD) while a portion of the underlying sales of KYNMOBI will be made in currencies other than USD, and other events or circumstances that are not currently foreseen. Changes to any of these factors could result in increases or decreases to both royalty revenue and interest expense related to the sale of future revenue.

In June 2023, Sunovion announced that it had voluntarily withdrawn KYNMOBI from the U.S. and Canadian markets. Therefore, the Company likely will not receive any of the additional contingent payments under the Monetization agreement. Further, the Company discontinued recording interest expense related to the sale of future revenue during the fourth quarter of 2022.

The following table shows the activity of the liability related to the sale of future revenue:


	June 30,		December 31,
	2026		2025
Liability related to the sale of future revenue, net at beginning of the period	$	63,023	$	63,718
Royalties related to the sale of future revenue	(976)		(938)
Amortization of issuance costs	121		243

Liability related to the sale of future revenue, net at end of the period (includes current portion of $1,000 and $1,000, respectively)	$	62,168	$	63,023

Risks and Uncertainties (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Risks and Uncertainties [Abstract]
Cash and cash equivalents	$ 98,490	$ 121,169
Retained earnings (accumulated deficit)	$ (477,919)	$ (446,998)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recent Accounting Pronouncements Adopted as of June 30, 2026: In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU modifies the effective tax rate reconciliation table and requires disaggregation of income taxes. The Company adopted ASU 2023-09 for the year ending December 31, 2025 and added the required disclosures on a prospective basis. Recent Accounting Pronouncements Not Adopted as of June 30, 2026: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Statements of Operations, and Comprehensive Loss as well as qualitatively describe the remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. These disclosure requirements will be effective for the Company for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact from the adoption of ASU 2024-03 on disclosures to its financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software to provide clarification and improvements to the accounting for internal-use software costs under ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. The guidance includes amendments related to capitalization of implementation costs, subsequent measurement, and related presentation and disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on its financial statements and related disclosures.

Long-Term Debt - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Debt Disclosure [Abstract]
2031	$ 55,000
Total	$ 55,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 2
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-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenues	$ 13,819		$ 10,003		$ 28,265	$ 18,723
Costs and expenses:
Total Manufacture and Supply Expenses	4,017		4,561		7,486	8,213
Total Research and Development Expenses	3,962		4,105		8,166	9,466
General & Administrative expenses:
Total Selling, General and Administrative Expenses	14,063		12,705		25,040	31,777
Total costs and expenses	22,042		21,371		40,692	49,456
Loss from operations	(8,223)		(11,368)		(12,427)	(30,733)
Net loss before income taxes	(22,864)		(13,548)		(30,921)	(36,478)
Net loss	(22,864)	$ (8,057)	(13,548)	$ (22,930)	(30,921)	(36,478)
Comprehensive loss	(22,864)		(13,548)		(30,921)	(36,478)
Reportable Segment
Segment Reporting [Line Items]
Revenues	13,819		10,003		28,265	18,723
Costs and expenses:
Total Manufacture and Supply Expenses	4,017		4,561		7,486	8,213
Total Research and Development Expenses	3,962		4,105		8,166	9,466
Selling expenses:
Total Selling expenses	2,174		3,520		4,095	6,476
General & Administrative expenses:
Total General and Administrative Expenses	11,889		9,185		20,945	25,301
Total Selling, General and Administrative Expenses	14,063		12,705		25,040	31,777
Total costs and expenses	22,042		21,371		40,692	49,456
Loss from operations	(8,223)		(11,368)		(12,427)	(30,733)
Other income/(expenses), net	(14,641)		(2,180)		(18,494)	(5,745)
Net loss before income taxes	(22,864)		(13,548)		(30,921)	(36,478)
Net loss	(22,864)		(13,548)		(30,921)	(36,478)
Comprehensive loss	(22,864)		(13,548)		(30,921)	(36,478)
Reportable Segment \| Anaphylm project expenses
Costs and expenses:
Total Research and Development Expenses	1,055		1,204		2,140	3,692
Reportable Segment \| AQST-108 project expenses
Costs and expenses:
Total Research and Development Expenses	152		190		710	385
Reportable Segment \| Personnel costs
Costs and expenses:
Total Research and Development Expenses	2,181		2,218		4,423	4,350
Selling expenses:
Total Selling expenses	1,730		608		3,374	1,302
General & Administrative expenses:
Total General and Administrative Expenses	6,602		5,176		12,111	10,016
Reportable Segment \| Other
Costs and expenses:
Total Research and Development Expenses	574		493		893	1,039
Selling expenses:
Total Selling expenses	444		2,912		721	5,174
General & Administrative expenses:
Total General and Administrative Expenses	$ 5,287		$ 4,009		$ 8,834	$ 15,285

Share-Based Compensation - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) pricing_period $ / shares shares
2022 Inducement Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares) \| shares	600
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)	150.00%
Restricted stock units \| Market Condition Range One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 1.75
Award vesting rights (as a percent)	0.00%
Restricted stock units \| Market Condition Range Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 1.75
Award vesting rights (as a percent)	50.00%
Restricted stock units \| Market Condition Range Three \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 1.76
Award vesting rights (as a percent)	50.01%
Restricted stock units \| Market Condition Range Three \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 2.50
Award vesting rights (as a percent)	99.99%
Restricted stock units \| Market Condition Range Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 2.50
Award vesting rights (as a percent)	100.00%
Restricted stock units \| Market Condition Range Five \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 2.51
Award vesting rights (as a percent)	100.01%
Restricted stock units \| Market Condition Range Five \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 3.25
Award vesting rights (as a percent)	149.99%
Restricted stock units \| Market Condition Range Six
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 3.25
Award vesting rights (as a percent)	150.00%
Restricted stock units \| Service Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs of RSU awards \| $	$ 7,835
Unrecognized compensation cost, recognition period (in years)	2 years 21 days
Award vesting period (in years)	3 years
Granted (in shares) \| shares	1,418
Restricted stock units \| Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs of RSU awards \| $	$ 819
Unrecognized compensation cost, recognition period (in years)	1 year 8 months 4 days
Award vesting period (in years)	3 years
Average closing prices period (in days)	30 days
Granted (in shares) \| shares	541
Restricted stock units \| 2022 Inducement Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	175
Performance Shares \| 2025 Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Average closing prices period (in days)	30 days
Number of pricing periods \| pricing_period	2
Average closing price, number of days utilized in pricing period (in days)	30 days
Performance Shares \| 2025 Market Based \| Vesting Condition Range Seven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 6.00
Award vesting rights (as a percent)	0.00%
Performance Shares \| 2025 Market Based \| Vesting Condition Range Eight
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 6.00
Award vesting rights (as a percent)	50.00%
Performance Shares \| 2025 Market Based \| Vesting Condition Range Ten
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 7.00
Award vesting rights (as a percent)	100.00%
Performance Shares \| 2025 Market Based \| Vesting Condition Range Twelve
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 8.00
Award vesting rights (as a percent)	150.00%
Performance Shares \| 2025 Market Based \| Minimum \| Vesting Condition Range Nine
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 6.01
Award vesting rights (as a percent)	50.01%
Performance Shares \| 2025 Market Based \| Minimum \| Vesting Condition Range Eleven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 7.01
Award vesting rights (as a percent)	100.01%
Performance Shares \| 2025 Market Based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)	150.00%
Performance Shares \| 2025 Market Based \| Maximum \| Vesting Condition Range Nine
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 7.00
Award vesting rights (as a percent)	99.99%
Performance Shares \| 2025 Market Based \| Maximum \| Vesting Condition Range Eleven
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance price threshold (in dollars per share)	$ 8.00
Award vesting rights (as a percent)	149.99%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period (in years)	1 year 11 months 8 days
Weighted average grant date fair value (in dollars per share)	$ 3.34
Granted (in dollars per share)	$ 4.21
Unrecognized compensation expense related to non-vested stock options \| $	$ 5,404
Granted (in shares) \| shares	1,324
Stock options \| 2022 Inducement Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	125

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($) product	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) product segment	Jun. 30, 2025 USD ($) segment
Segment Reporting [Abstract]
Number of operating segments				1
Number of reportable segments			1
Number of products \| product	4		4
Revenues \| $	$ 13,819	$ 10,003	$ 28,265	$ 18,723

- Definition

+ References

+ Details

Other Non-current Assets - Schedule of Other Non-Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Royalty receivable	$ 1,000	$ 2,000
Other	701	642
Total other non-current assets	$ 1,701	$ 2,642