AQST - Aquestive Therapeutics: Sell-Off Prompts A Change In Tactics

• Over the past couple of years, my Aquestive Therapeutics (AQST) thesis has been fixated on valuation and their two most important value drivers, Libervant and AQST-109.
• AQST-109 is the first and only oral epinephrine candidate to establish grades comparable to epinephrine auto-injectors. Aquestive expects to start the pivotal study before year-end.
• Aquestive continues to discuss their NDA submission and orphan drug review with the FDA, which is now 5 months late from the original PDUFA date of December 23rd of 2021.
• For 2022, the Street expects Aquestive to pull in $46.46M in 2022, which is less than 1x price-to-sales. AQST is trading for a discount for their current revenue and could be trading an absurd discount if Libervant or AQST-109 are approved.
• I have been waiting for Libervant's approval to load my position, but I am looking to change my game plan and will start to accumulate shares at this discounted valuation.

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