AQST - Aquestive Therapeutics: Back From The Brink ~57% Upside Potential In New Asset Structuring

• Aquestive Therapeutics are back from the brink, with key advancements in Libervant resubmission and longevity in shareholder value creation.
• The company entered into a royalty agreement for KYNMOBI, which will drive long-tailed asset returns for the creation of value for shareholders.
• The capital runway has been extended for Aquestive following the agreement, and management will build on additional pipeline conversions in the near-term.
• We believe the market is unfairly discounting Aquestive shares based on sales potential and asset value, and see a fair value of $11.90, ~57% upside potential.
• We hold a bullish outlook on the company and build on previous commentary provided earlier in the year.

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