Aquestive Therapeutics, Inc.

AQST • NASDAQ

Aquestive Therapeutics, Inc. is a drug manufacturers - specialty & generic company in the healthcare sector on NASDAQ, led by Daniel Barber, with a market cap of $785.7M. As of Q3 2025, 55% of shares are held by 151 institutional investors, with Bratton Capital Management, L.P. as the largest holder at 8.11%.

Chief Executive OfficerDaniel Barber

Market Cap$785.7M

Drug Manufacturers - Specialty & Generic

Healthcare

Employees135.0

Websiteaquestive.com

Country

United States of America

Overview

Overview of institutional ownership in AQST as of Q3 2025 with a market cap of $676.2M

All Institutions

Institutions: 151
Value Held: $369.4M
Shares Held: 66.1M
Avg Position: $2.4M
Median Position: $220.4K

Hedge Funds

Hedge Funds: 25
Value Held: $109.1M
Shares Held: 19.5M
Avg Position: $4.4M
Median Position: $777.4K

Ownership Breakdown

Institutional (non-HF)

38.5%

$260.3M

Hedge Funds

16.13%

$109.1M

Retail & Other

45.38%

$306.9M

Based on market cap of $676.2M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in AQST as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B Bratton Capital Management, L.P. Institution	-	$54.8M 100.00% of portfolio	8.11% 9.8M shares	Q4 2018 Held for 6y 11m	$54.8M
B BlackRock, Inc. Institution	-	$36.5M 0.00% of portfolio	5.39% 6.5M shares	Q3 2018 Held for 7y 2m	$5.67T
RTW INVESTMENTS, LLC Hedge Fund•Sector	Peter M Fong President	$34.9M 0.43% of portfolio	5.17% 6.3M shares	Q3 2025 Held for 2 months	$8.1B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$31.7M 0.00% of portfolio	4.68% 5.7M shares	Q3 2018 Held for 7y 2m	$6.69T
PERCEPTIVE ADVISORS LLC Hedge Fund•Long/Short	Joseph Eric Edelman CEO	$21.0M 0.61% of portfolio	3.11% 3.8M shares	Q1 2025 Held for 8 months	$3.5B
EcoR1 Capital, LLC Hedge Fund•Sector	Scott Eric Perlen CFO	$14.7M 0.70% of portfolio	2.17% 2.6M shares	Q3 2025 Held for 2 months	$2.1B
Samsara BioCapital, LLC Venture Capital	Miran Nasruddin Ahmad CFO	$14.0M 1.82% of portfolio	2.07% 2.5M shares	Q3 2025 Held for 2 months	$765.9M
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$11.7M 0.00% of portfolio	1.73% 2.1M shares	Q3 2018 Held for 7y 2m	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$9.0M 0.00% of portfolio	1.32% 1.6M shares	Q2 2020 Held for 5y 5m	$2.88T
Sio Capital Management, LLC Hedge Fund•Long/Short	Judah Zvi Drillick CEO	$8.4M 2.12% of portfolio	1.24% 1.5M shares	Q1 2025 Held for 8 months	$395.2M

Net Capital Flow

Institutional buying and selling activity for AQST in Q3 2025

Net Flow: +$16.3M
Buyers: 58
Sellers: 43
Total Bought: +$45.5M
Total Sold: −$29.2M
Avg Position: $2.3M

Biggest Buyers

Institution	Net Bought	Current Position
PERCEPTIVE ADVISORS LLC Hedge Fund•Long/Short	+$8.8M +1.6M shares	$21.0M 3.8M shares
VANGUARD GROUP INC Institution	+$7.5M +1.3M shares	$31.7M 5.7M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$3.5M +621.9K shares	$6.1M 1.1M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$3.4M +616.3K shares	$4.3M 768.5K shares
H HRT FINANCIAL LLC Institution	+$3.1M +560.2K shares	$3.1M 560.2K shares
Sio Capital Management, LLC Hedge Fund•Long/Short	+$3.1M +550.6K shares	$8.4M 1.5M shares
D DAFNA Capital Management LLC Hedge Fund•Event Driven	+$2.1M +370.6K shares	$2.9M 512.6K shares
N Nuveen, LLC Institution	+$1.9M +343.2K shares	$3.0M 544.6K shares
B Blue Owl Capital Holdings LP Institution	+$1.8M +330.0K shares	$7.0M 1.3M shares
Marshall Wace LLP Institution	+$1.7M +298.5K shares	$2.1M 371.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$9.4M −1.7M shares	$7.2M 1.3M shares
P Pale Fire Capital SE Institution	−$8.9M −1.6M shares	$520.6K 93.1K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$1.8M −551.7K shares	Sold Off 0 shares
Everstar Asset Management, LLC Hedge Fund•Multi-Strategy	−$1.6M −290.3K shares	$2.1M 368.3K shares
Woodline Partners LP Hedge Fund•Long/Short	−$1.3M −407.7K shares	Sold Off 0 shares
F Financial Engines Advisors L.L.C. Institution	−$989.1K −176.9K shares	$535.3K 95.8K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$794.1K −239.9K shares	Sold Off 0 shares
GOLDMAN SACHS GROUP INC Institution	−$724.1K −129.5K shares	$2.2M 395.2K shares
E EntryPoint Capital, LLC Hedge Fund•Long/Short	−$673.1K −120.4K shares	$160.7K 28.7K shares
BANK OF AMERICA CORP /DE/ Institution	−$341.0K −61.0K shares	$6.8M 1.2M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited AQST in Q3 2025

New Positions: 28
New Value: $78.6M
Exited Positions: 11
Exited Value: $4.7M

New Positions

Institution	Position Value
RTW INVESTMENTS, LLC Hedge Fund•Sector	$34.9M 6.3M shares
EcoR1 Capital, LLC Hedge Fund•Sector	$14.7M 2.6M shares
Samsara BioCapital, LLC Venture Capital	$14.0M 2.5M shares
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	$5.9M 1.1M shares
S Standard Life Aberdeen plc Institution	$3.5M 625.0K shares
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	$3.4M 600.0K shares
L Longaeva Partners L.P. Institution	$397.0K 71.0K shares
A AXQ CAPITAL, LP Hedge Fund•Market Neutral	$387.0K 69.2K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$259.7K 46.5K shares
VERUS CAPITAL PARTNERS, LLC RIA/Wealth	$187.8K 33.6K shares

Exited Positions

Institution	Previous Position
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$1.8M 551.7K shares
Woodline Partners LP Hedge Fund•Long/Short	$1.3M 407.7K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$794.1K 239.9K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	$211.7K 64.0K shares
Beacon Pointe Advisors, LLC RIA/Wealth	$198.6K 60.0K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$86.2K 26.0K shares
S SG Americas Securities, LLC Institution	$77.0K 23.3K shares
P PKS Advisory Services, LLC RIA/Wealth	$58.4K 17.7K shares
G GROUP ONE TRADING, L.P. Institution	$40.3K 12.2K shares
USAdvisors Wealth Management, LLC RIA/Wealth	$33.1K 10.0K shares

Options Activity

Institutions with the largest Call and Put options positions in AQST as of Q3 2025

Call Positions: 5
Call Value: $4.4M
Put Positions: 2
Put Value: $2.6M

Call Positions

Institution	Position Value
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$2.8M 5.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$874.8K 1.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$358.9K 642.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	$279.5K 500.0 contracts
J JANE STREET GROUP, LLC Institution	$129.7K 232.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.4M 2.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.1M 2.0K contracts

Most Committed Institutions

Institutions with AQST as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B Bratton Capital Management, L.P. Institution	-	100.00% $54.8M	8.11% 9.8M shares	Q4 2018 Held for 6y 11m	$54.8M
B Blue Owl Capital Holdings LP Institution	-	2.19% $7.0M	1.03% 1.3M shares	Q1 2024 Held for 1y 8m	$318.8M
Sio Capital Management, LLC Hedge Fund•Long/Short	Judah Zvi Drillick CEO	2.12% $8.4M	1.24% 1.5M shares	Q1 2025 Held for 8 months	$395.2M
Samsara BioCapital, LLC Venture Capital	Miran Nasruddin Ahmad CFO	1.82% $14.0M	2.07% 2.5M shares	Q3 2025 Held for 2 months	$765.9M
Everstar Asset Management, LLC Hedge Fund•Multi-Strategy	Lee Christopher Larson CEO	1.17% $2.1M	0.30% 368.3K shares	Q3 2024 Held for 1y 2m	$176.3M
Bracebridge Capital, LLC Hedge Fund•Credit Arb	Nancy Gail Zimmerman Founder	1.12% $2.6M	0.38% 459.2K shares	Q4 2019 Held for 5y 11m	$228.8M
L Latash Investments, LLC Private Equity	Gary Jay Dalton CEO	0.99% $1.4M	0.20% 243.1K shares	Q2 2021 Held for 4y 5m	$137.2M
D DAFNA Capital Management LLC Hedge Fund•Event Driven	Nathan Fischel CEO	0.72% $2.9M	0.42% 512.6K shares	Q1 2024 Held for 1y 8m	$397.7M
EcoR1 Capital, LLC Hedge Fund•Sector	Scott Eric Perlen CFO	0.70% $14.7M	2.17% 2.6M shares	Q3 2025 Held for 2 months	$2.1B
PERCEPTIVE ADVISORS LLC Hedge Fund•Long/Short	Joseph Eric Edelman CEO	0.61% $21.0M	3.11% 3.8M shares	Q1 2025 Held for 8 months	$3.5B

Hedge Fund Spotlight

Discover hedge funds investing in AQST

Everstar Asset Management, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerLee Christopher Larson

Portfolio Value: $176.3M
Positions: 189
Last Reported: Q3 2025

Sector Allocation

Position in Aquestive Therapeutics, Inc.

Market Value: $2.1M
Shares Held: 368.3K
Portfolio Weight: 1.17%
Owned Since: 2024-Q3

Top Holding	Sector	Market Value	Weight
1 SPDR Bloomberg 1-3 Month T-Bill ETF BIL	ETF ETF	$9.9M	5.59%
2 iShares 1-3 Year Treasury Bond SHY	ETF ETF	$8.7M	4.96%
3 iShares 3-7 Year Treasury Bond IEI	ETF ETF	$7.9M	4.49%