WARREN, NJ – Aquestive Therapeutics , Inc. (NASDAQ:AQST), a pharmaceutical company specializing in the development of treatments for diseases with unmet medical needs, announced the results of its Annual Meeting of Stockholders held on Wednesday.
During the meeting, shareholders elected three Class III directors to the company's Board of Directors for a three-year term extending to the 2027 Annual Meeting. Santo J. Costa, Julie Krop, M.D., and Marco Taglietti, M.D., were elected with a significant majority, receiving 24,888,723, 21,612,732, and 24,940,348 votes for, respectively.
Each director's election saw abstentions ranging from 628,295 to 680,370, with no votes cast against them. Additionally, a substantial number of broker non-votes were recorded for each director, totaling 26,244,609.
In advisory votes, the stockholders approved the executive compensation with 23,574,514 votes in favor, 1,566,897 against, and 427,232 abstentions. Furthermore, the frequency of the advisory vote on executive compensation was set to occur every year, as endorsed by a majority of 24,588,404 votes for, and 267,927 abstentions.
The appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with an overwhelming majority of 50,666,378 votes in favor, 895,258 against, and 251,616 abstentions.
Aquestive Therapeutics, previously known as MonoSol Rx, Inc. until its name change in 2007, is headquartered in Warren, New Jersey. The company's focus lies in the pharmaceutical preparations sector, as indicated in the SEC filing.
This news is based on a press release statement and reflects the company's continued commitment to transparency and governance as it advances its mission in the pharmaceutical industry.
In other recent news, Aquestive Therapeutics reported a significant progress in its first-quarter earnings call of 2024. The company highlighted positive Phase 3 results for its Anaphylm epinephrine sublingual film and FDA approval for Libervant diazepam Buccal Film.
Aquestive raised over $75 million in new capital and saw an 8% increase in total revenues, primarily due to higher revenue from out-licensed products. However, it reported a net loss of $12.8 million for the quarter.
These recent developments include Aquestive's plans to file the NDA for Anaphylm by the end of 2024. The company forecasts total revenues for 2024 to be between $48 million and $51 million, and anticipates a non-GAAP adjusted EBITDA loss of approximately $22 million to $26 million. Furthermore, Aquestive is actively working on the clinical progression of Anaphylm, with the expectation to complete three supportive studies by the end of the third quarter.
In the meantime, the company is focusing on launch activities for Libervant and advancing its Adrenaverse platform and AQST-108 program. Aquestive Therapeutics is also considering licensing Libervant to another company, and sees potential for business development activities in Europe.
InvestingPro Insights
In light of Aquestive Therapeutics' recent Annual Meeting of Stockholders, investors may find the real-time data and insights from InvestingPro particularly pertinent. With a market capitalization of approximately $233.97 million, Aquestive holds a notable position in the pharmaceutical sector.
Despite the challenges, InvestingPro Tips indicate that the company holds more cash than debt on its balance sheet and has liquid assets that exceed short-term obligations, showcasing a degree of financial resilience.
From a performance perspective, Aquestive's stock price has experienced significant fluctuations. In the last six months, there was a large price uptick of 31.58%, yet the stock has fared poorly over the last month with a 21.38% decline. These movements align with the company's volatile stock price behavior, as noted in InvestingPro Tips. Moreover, the Relative Strength Index (RSI) suggests that the stock is currently in oversold territory, which could be of interest to potential investors looking for entry points.
For those considering an investment in Aquestive Therapeutics, it is worth noting that analysts do not anticipate the company will be profitable this year, and net income is expected to drop. Furthermore, the company does not pay a dividend, which may influence investment decisions depending on individual strategies. For more in-depth analysis and additional InvestingPro Tips, investors can explore https://www.investing.com/pro/AQST, and take advantage of the special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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