Aquestive Therapeutics, Inc.

AI-generated fair value estimate for this company.

Method: Sum-of-parts valuation: $67.15M net cash + $58.9M Gordon-growth value of the core existing commercial/royalty film business (normalized $5M FCF, 6% growth, 12% discount rate, 3% terminal growth) + $212.5M risked NPV for the Anaphylm epinephrine sublingual-film program (60% probability-weighted peak revenue of roughly $240M/yr at a 30% net margin, 13% discount rate, 2-year launch delay); 125.51M shares outstanding.

Reasoning: Aquestive's current P&L (TTM FCF of -$45.95M on $54.09M revenue) is dominated by R&D spend on its lead pipeline asset Anaphylm, a needle-free epinephrine rescue product targeting the >$1B autoinjector-replacement market; the estimate is deliberately risk-adjusted and conservative relative to the optimism apparently embedded in the $4.70 market price.