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Possible new AQST shares

AQSTDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: converts, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($292M float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3 of Jun 26, 2026: not limited by the baby-shelf rule, because the $292M public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3 Jun 26, 2026, effective Jul 8, 2026 · public float, as of Jun 30, 2025.

What could become new Aquestive Therapeutics (AQST) shares: warrants and options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

AQST dilution ladder

Every source of new shares on record, from the filings that created it.

125.7M outstanding; up to 139.6M fully diluted, +11%

  1. Outstandingas of Oct 30, 2026 (10-Q filed Nov 3) · share count on the cover page
    125.7M
  2. Warrants2.8M10-Q Nov 3, 2026 · securities left out of diluted EPS
    +2.8M
  3. Options and RSUs7.8M options, 3.3M RSUs10-Q Nov 3, 2026 · securities left out of diluted EPS
    +11.1M

Not stated in the filings we read: an ATM program, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Nov 3, 2026.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.

Shares outstanding

126M

Mar 2025 to Oct 2026: from 98.9M to 126M.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.