Shares of Aquestive Therapeutics Inc. (NASDAQ: AQST) plunged 8.74% in after-hours trading on November 4, 2024, after the pharmaceutical company reported a wider net loss for the third quarter of 2024 and higher expenses related to clinical development and commercial preparations.
For the third quarter ended September 30, 2024, Aquestive reported a net loss of $11.5 million, or $0.13 per share, compared to a net loss of $2.0 million, or $0.03 per share, in the same period last year. The wider loss was driven by an increase in research and development expenses to $5.3 million, up from $3.2 million a year ago, due to clinical trial costs and product research expenses associated with the continued advancement of the Anaphylm development program.
Selling, general and administrative expenses also rose to $12.1 million in the third quarter, up from $7.4 million a year earlier. The increase was partially driven by higher commercial spending and regulatory fees related to the approval of Libervant and commercial preparations for the potential launch of Anaphylm.
Aquestive's non-GAAP adjusted EBITDA loss widened to $6.6 million in the third quarter, compared to a non-GAAP adjusted EBITDA loss of $1.3 million in the same period last year.
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