Aquestive Therapeutics (AQST) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Aquestive Therapeutics, Inc.
Entity Central Index Key	0001398733
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		24,975,139
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 39,934	$ 60,599
Trade and other receivables, net	7,489	6,481
Inventories, net	5,137	5,441
Prepaid expenses and other current assets	3,398	1,680
Total current assets	55,958	74,201
Property and equipment, net	11,594	12,207
Intangible assets, net	191	204
Other assets	236	239
Total assets	67,979	86,851
Current liabilities:
Accounts payable and accrued expenses	22,088	27,631
Deferred revenue, current	700	721
Loans payable, current	6,850	4,600
Total current liabilities	29,638	32,952
Loans payable, net	40,742	42,603
Deferred revenue, net of current portion	2,405	0
Asset retirement obligations	1,250	1,216
Total liabilities	74,035	76,771
Commitments and contingencies (Note 17)
Shareholders' (deficit)/equity:
Common stock, $.001 par value. Authorized 250,000,000 shares; 24,975,139 and 24,957,309 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	25	25
Additional paid-in capital	72,873	71,431
Accumulated deficit	(78,954)	(61,376)
Total shareholders' (deficit)/equity	(6,056)	10,080
Total liabilities and shareholders' (deficit)/equity	$ 67,979	$ 86,851

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018	Apr. 30, 2018	Mar. 31, 2018
Shareholders/members equity/(deficit):
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000	350,000,000	25,000
Common stock, shares issued (in shares)	24,975,139	24,957,309
Common stock, shares outstanding (in shares)	24,975,139	24,957,309

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income (Unaudited) [Abstract]
Revenues	$ 12,643	$ 23,411
Cost and expenses:
Manufacture and supply	3,506	5,636
Research and development	4,303	4,901
Selling, general and administrative	17,908	7,569
Total costs and expenses	25,717	18,106
(Loss)/income from operations	(13,074)	5,305
Other income/(expenses):
Interest expense	(1,926)	(1,927)
Interest income	274	24
Change in fair value of warrant	0	697
Net (loss)/income before income taxes	(14,726)	4,099
Income taxes	0	0
Net (loss)/income	(14,726)	4,099
Comprehensive (loss)/income	$ (14,726)	$ 4,099
Net (loss)/income per share - basic and diluted (in dollars per share)	$ (0.59)	$ 0.27
Weighted-average number of common shares outstanding - basic and diluted (in shares)	24,963,603	15,077,647

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' (Deficit)/Equity (Unaudited) - USD ($) $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings/Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2017	[1]	$ 0	$ (26,495)	$ 0	$ (26,495)
Balance (in shares) at Dec. 31, 2017	[1]	5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of stock split		$ 15	(15)	0	0
Effect of stock split (in shares)		15,072,647
Net (loss) income		$ 0	0	4,099	4,099
Balance at Mar. 31, 2018		$ 15	(26,510)	4,099	(22,396)
Balance (in shares) at Mar. 31, 2018		15,077,647
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2014-09 and ASU 2018-07 (Note 3.C.) | ASU 2014-09 and ASU 2018-07 [Member]		$ 0	20	(2,852)	(2,832)
Balance at Dec. 31, 2018		$ 25	71,431	(61,376)	10,080
Balance (in shares) at Dec. 31, 2018		24,957,309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		$ 0	1,422	0	1,422
Share-based compensation (in shares)		17,830
Net (loss) income		$ 0	0	(14,726)	(14,726)
Balance at Mar. 31, 2019		$ 25	$ 72,873	$ (78,954)	$ (6,056)
Balance (in shares) at Mar. 31, 2019		24,975,139
[1]	Represents balances as of December 31, 2017 as adjusted for the reorganization from LLC to C corporation business structure effective at the close of business on that date.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net (loss)/income	$ (14,726)	$ 4,099
Adjustments to reconcile net (loss)/income to net cash (used for)/provided by operating activities:
Depreciation and amortization	736	940
Change in fair value of warrant	0	(697)
Share-based compensation	1,520	0
Asset retirement obligation accretion	34	34
Amortization of intangible	13	13
Amortization of debt issuance costs and discounts	389	458
Non-cash interest expense	527
Non-cash interest income		(16)
Bad debt provision	6	39
Other, net	(51)	0
Changes in operating assets and liabilities:
Trade receivables and other receivables, net	(963)	(3,301)
Inventories, net	304	165
Prepaid expenses and other current assets	(1,715)	(51)
Accounts payable and accrued expenses	(3,306)	(721)
Deferred revenue	(448)	(177)
Net cash (used for)/provided by operating activities	(17,680)	785
Cash flows from investing activities:
Capital expenditures	(376)	(259)
Net cash (used for) investing activities	(376)	(259)
Cash flows from financing activities:
Payments for deferred financing costs	0	(1,417)
Payments for taxes on share-based compensation	(2,609)	0
Net cash (used for) financing activities	(2,609)	(1,417)
Net decrease in cash and cash equivalents	(20,665)	(891)
Cash and cash equivalents:
Beginning of period	60,599	17,379
End of period	39,934	16,488
Supplemental disclosures of cash flow information:
Cash payments for interest	1,009	1,485
Net (decrease)/increase in accrued capital expenditures	(253)	15
Net increase in financing costs included in accounts payable and accrued expenses	311	0
Accrued withholding tax for share based compensation	$ (4)	$ 0

Corporate Organization and Comp

Corporate Organization and Company Overview	3 Months Ended
	Mar. 31, 2019
Corporate Organization and Company Overview [Abstract]
Corporate Organization and Company Overview	Note 1. Corporate Organization and Company Overview (A) Company Overview Aquestive Therapeutics, Inc. (“Aquestive”, “the Company”) is a specialty pharmaceutical company focused on identifying, developing and commercializing differentiated products to address unmet medical needs and solve critical healthcare challenges, having been formed effective on January 1, 2018 via the conversion of MonoSol Rx, LLC, a Delaware limited liability company, to a Delaware corporation and a simultaneous name change. The Company has a late-stage proprietary product pipeline focused on the treatment of diseases of the central nervous system, or CNS, and is developing orally administered complex molecules as alternatives to more invasive therapies. Aquestive is pursuing its business objectives through both in-licensing and out-licensing arrangements, as well as the commercialization of its own products. Production facilities are located in Portage, Indiana, and corporate headquarters, sales, commercialization operations and primary research laboratory facilities are based in Warren, New Jersey. The Company’s major customer and primary commercialization licensee has global operations headquartered in the United Kingdom with principal operations in the United States; other customers are principally located in the United States. (B) Corporate Conversion and Reorganization, Stock Splits and IPO Corporate Conversion and Reorganization Effective on January 1, 2018, the Company converted from a Delaware limited liability company (LLC) into a Delaware corporation pursuant to a statutory conversion and changed its name from MonoSol Rx, LLC ( “MonoSol”) Stock Splits During 2018, the Board of Directors approved the Amended and Restated Certificate of Incorporation of the Company to: (i) increase the authorized number of shares of capital stock from 25,000 to 350,000,000 shares, and subsequently reduced that authorized total to 250,000,000, (ii) authorize certain non-voting common stock for use in settlement of performance incentive obligations, and (iii) effect a stock split of the Company’s common stock, par value $0.001 per share, such that each share be subdivided and reclassified into 37,212 shares of voting common stock, par value $0.001 per share. Subsequent to this split, and in connection to pricing considerations related to the Company’s initial public offering (“IPO”), a reverse split was executed such that each 12.34 shares outstanding converted into one share of common stock, par value $0.001 per share. The net effect of these stock splits is reflected in these financial statements as if they had occurred on January 1, 2018. Initial Public Offering of Common Stock and Authorized Number of Capital Stock On July 27, 2018, the Company closed the IPO of 4,500,000 shares of common stock at an offering price of $15.00 per share. The Company received net proceeds of approximately $57,543 after deducting underwriting discounts, commissions, and offering-related transaction costs of approximately $9,957. On August 15, 2018, the Company was informed that the underwriters exercised their over-allotment option and the Company issued 425,727 additional shares of common stock at $15.00 per share. Upon the closing of such exercise, the Company received additional net proceeds of approximately $5,939, after deducting underwriter discounts of approximately $447. The IPO and overallotment option resulted in total net proceeds of $63,482. Immediately prior to the consummation of the IPO, all of the Company’s outstanding shares of non-voting common stock were automatically converted to 4,922,353 shares of voting common stock.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Basis of Presentation [Abstract]
Basis of Presentation	Note 2. Basis of Presentation The Any reference in these notes to applicable guidance refers to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies (A) Principles of Consolidation The interim condensed consolidated financial statements presented herein include the accounts of Aquestive Therapeutics, Inc. and its wholly owned subsidiary, MonoSol Rx, Inc. Other than corporate formation activities, MonoSol Rx, Inc. has conducted no commercial, developmental or operational activities and has no customers or vendors. (B) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and contingent liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to estimates and assumptions include allowances for rebates from proprietary product sales, the allowance for sales returns, the useful lives of fixed assets, valuation of share-based compensation, and contingencies. (C) Recent Accounting Pronouncements As an emerging growth company, the Company has elected to take advantage of the extended transition period afforded by the Jumpstart Our Business Startups Act for the implementation of new or revised accounting standards and, as a result, the Company will comply with new or revised accounting standards no later than the relevant dates on which adoption of such standards is required for emerging growth companies. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In May 2014, the FASB, issued ASU 2014-09, Revenue from Contracts with Customers The Company adopted this standard on January 1, 2019, using the modified retrospective method and recorded a cumulative effect adjustment of $2,832 to increase the opening balance of accumulated deficit. The impact was primarily related to deferral of a portion of the original upfront and milestone payments of its collaborative licensing arrangements resulting in a deferral of $3,100 of previously recognized revenue as of the adoption date. The cumulative adjustment also reflects $151 net acceleration of revenue related to feasibility and development arrangements with its customers and acceleration of $117 of revenue recognition of its manufacturing and supply product sales. Under the modified retrospective method of adoption, the comparative information in the consolidated financial statements have not been revised and continues to be reported under the previously applicable revenue accounting guidance, ASC 605. If ASC 605 had been applied to the first quarter of 2019, deferred revenue would have been $2,683 lower on the condensed consolidated balance sheet, with $278 lower in current portion of deferred revenue and $2,405 Deferred revenue, net of current portion. For additional information regarding the Company’s revenue, see Note 5, Revenues and Trade Receivables, Net In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Non-Employee Share-Based Payment Accounting, Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees In January 2016, the FASB issued revised guidance governing accounting and reporting of financial instruments (ASU 2016-01) and in 2018 issued technical corrections (ASU 2018-03). This guidance requires that equity investments with readily determinable fair values that are classified as available-for-sale be measured at fair value with changes in value reflected in current earnings. This guidance also simplifies the impairment testing of equity investments without readily determinable fair values and alters certain disclosure requirements. ASU No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Recent Accounting Pronouncements Not Adopted as of March 31, 2019: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework. Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or not significant to the condensed consolidated financial statements of the Company.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2019
Risks and Uncertainties [Abstract]
Risks and Uncertainties	Note 4. Risks and Uncertainties The Company’s cash requirements for 2019 and beyond include expenses related to continuing development and clinical evaluation of its products, costs of regulatory filings, patent prosecution expenses and litigation expenses, expenses related to commercialization of its products, as well as costs to comply with the requirements of being a public company. As of March 31, 2019, working capital totaled $26,320. The Company believes that its revenues from licensed products, its proprietary product and cash on hand, including remaining funds received from the July 2018 IPO, are adequate to meet its operating, investing, and financing needs for at least the next twelve months. To the extent additional funds are necessary to meet long-term liquidity needs as the Company continues to execute its business strategy, the Company anticipates that these additional funding requirements will be obtained through additional debt or equity financings, or through monetization of certain royalty streams, or via a combination of these potential sources of funds, although the Company can provide no assurance that these sources of funding will be available on reasonable terms, if at all.

Revenues and Trade Receivables,

Revenues and Trade Receivables, Net	3 Months Ended
	Mar. 31, 2019
Revenues and Trade Receivables, Net [Roll Forward]
Revenues and Trade Receivables, Net	Note 5. Revenues and Trade Receivables, Net Our revenues to date have been earned from our product development pipeline, marketed product activities and self-developed medicines. These activities generate revenues in four primary categories: manufacturing and supply revenue, co-development and research fees, license and royalty revenue, and proprietary product sales, net. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in the current revenue standard. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At contract inception, we assess the goods promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good that is distinct. When identifying our performance obligations, we consider all goods or services promised in the contract regardless of whether explicitly stated in the customer contract or implied by customary business practices. The Company’s performance obligations consist mainly of transferring control of goods and services identified in the contracts, purchase orders or invoices. The Company’s performance obligation with respect to its proprietary product sales is satisfied at a point in time, which transfers control upon delivery of the product to its customers. The Company considers control to have transferred upon delivery because the customer has legal title to the asset, physical possession of the asset has been transferred, the customer has significant risks and rewards of ownership of the asset and the Company has a present right to payment at that time. With respect to manufacturing and supply revenue stream, a quantity is ordered and manufactured according to customer’s specifications and represents a single performance obligation. The products manufactured are exclusively for specific customers and have no alternative use. Under the customer arrangements, the Company is entitled to receive payments for progress made to date once the acceptance requirements surrounding quality control are satisfied. Thus, revenues related to this product stream is recognized at a point in time, which is when the manufactured product passes quality control. Royalty revenues are estimated based on the provisions of contracts with customers and recognized in the same period that the royalty-based products are sold to the Company’s strategic partners, as all royalties are directly attributable to the Company’s manufacturing activities, and are therefore recognizable at the same time the manufacturing revenue is recognizable. In addition to usage-based royalties, licensing contracts may contain provisions for one-time payments related to certain license fees and milestone achievements. Revenue recognition of these license fees and milestone payments depend on the nature of the specific contract, typically license and milestone payments are recognized at a point in time in the period they are achieved. However, there are limited instances where upon review of the contract, it licensing fees are recognized over time (typically the length of the contract). Co-development and research fee revenue is recorded over time based upon the progress of services provided in order complete the specific performance obligation identified in the related contract. Revenues from sale of products and services and the subsequent related payments are evidenced by a contract with the customer, which includes all relevant terms of sale. For manufacturing and supply and proprietary product sales, invoices are generally issued upon the transfer of control and co-development and research revenue is typically invoiced based on the contractual payment schedule, or upon completion of the service. Invoices are typically payable 30 to 60 days after the invoice date, however some payment terms may reach 105 days depending on the customer. The Company performs a review of each specific customer’s credit worthiness and ability to pay prior to acceptance as a customer. Further, the Company performs periodic reviews of its customers’ creditworthiness prospectively. Contract Assets In limited situations, certain customer contractual payment terms require us to bill in arrears; thus, we satisfy some, or all, of our performance obligations before we are contractually entitled to bill the customer. In these situations, billing occurs subsequent to revenue recognition, which results in a contract asset. We reflect these contract assets as a component of Other receivables within Trade and other receivables on the Condensed Consolidated Balance Sheet. As of March 31, 2019, and January 1, 2019, such contract assets were $275, and $284, respectively. Contract Liabilities In other limited situations, certain customer contractual payment terms allow us to bill in advance; thus, we receive customer cash payment before satisfying some or all of its performance obligations. In these situations, billing occurs in advance of revenue recognition, which results in contract liabilities. We reflect these contract liabilities as Deferred revenue on our Consolidated Balance Sheet. As we satisfy our remaining performance obligations, we release a portion of the deferred revenue balance. As of March 31, 2019, and January 1, 2019, such contract liabilities were $3,105 and $3,762, respectively. Revenue recognized for the three-month period ended March 31, 2019 that was reflected in the deferred revenue balance as of January 1, 2019 was $657. The Company’s revenues were comprised of the following: Three Months Ended March 31, 2019 2018 Manufacture and supply revenue $ 6,669 $ 11,560 License and royalty revenue 4,622 9,500 Co-development and research fees 770 2,351 Proprietary product sales, net 582 — Total revenues $ 12,643 $ 23,411 Disaggregation of Revenue The following table provides disaggregated net revenue by geographic area: Three Months Ended March 31, 2019 2018 United States $ 12,394 $ 23,197 Non-United States 249 214 Total revenues $ 12,643 $ 23,411 Non-United States revenues is derived primarily from products manufactured for the Australian and Malaysian markets. Trade and other receivables, net consist of the following: March 31, December 31, 2019 2018 Trade receivables $ 7,327 $ 6,610 Other receivables 279 33 Less: allowance for bad debt (64 ) (58 ) Less: sales-related allowances (53 ) (104 ) Trade and other receivables, net $ 7,489 $ 6,481 Other receivables totaled $279 as of March 31, 2019, consisting primarily of contract assets related to the adoption of ASC 606. Other receivables totaled $33 as of December 31, 2018, consisting primarily of reimbursable costs incurred on behalf of a customer. Sales-related allowances for both periods presented are estimated in relation to revenues recognized for sales of Sympazan® beginning with the launch of this product in December 2018. The following table presents the changes in the allowance for bad debt: March 31, December 31, 2019 2018 Allowance for doubtful accounts at beginning of period $ 58 $ 55 Additions charged to bad debt expense 6 53 Write-downs charged against the allowance — (50 ) Allowance for doubtful accounts at end of period $ 64 $ 58 Sales Related Allowances and Accruals Revenues from sales of products are recorded net of prompt payment discounts, wholesaler service fees, returns allowances, rebates and Co-pay card redemptions. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The calculation of some of these items requires management to make estimates based on sales data, historical return data, contracts and other related information that may become known in the future. The adequacy of these provisions is reviewed on a quarterly basis. The following table provides a summary of activity with respect to our sales related allowances and accruals for the three months ended March 31, 2019: Total Sales Related Allowances and Accruals Balance at December 31, 2018 585 Provision related to sales during the period 423 Reversals of prior provisions (89 ) Credits and payments (225 ) Balance at March 31, 2019 694 Total reductions of gross product sales from sale-related allowances and accruals were $423 for the three months ended March 31, 2019. Reversals of prior provisions recorded during this period totaled $89, resulting in a net effect on reported proprietary product sales of $334. The were no related allowances and accruals at March 31, 2018, as Sympazan was launched in December 2018. Concentration of Major Customers Customers are considered major customers when sales exceed 10% of total net sales for the period or outstanding receivable balances exceed 10% of total receivables. For the year ended December 31, 2018, Indivior, Inc. (“Indivior”) provided 89% of the total revenues for the period, and as of that date, the Company’s outstanding receivable balance from Indivior represented approximately 78% gross receivables. For the three months ended March 31, 2019, revenues provided by Indivior represented approximately 88% of total revenue, and outstanding accounts receivable due from Indivior represented approximately 80% of gross receivables.

Material Agreements

Material Agreements	3 Months Ended
	Mar. 31, 2019
Material Agreements [Abstract]
Material Agreements	Note 6. Material Agreements Commercial Exploitation Agreement with Indivior In August 2008, the Company entered into a Commercial Exploitation Agreement with Reckitt Benckiser Pharmaceuticals, Inc. (with subsequent amendments, collectively, the “Indivior License Agreement”). Reckitt Benckiser Pharmaceuticals, Inc. was later succeeded to in interest by Indivior, Inc. Pursuant to the Indivior License Agreement, the Company agreed to manufacture and supply Indivior’s requirements for Suboxone, a sublingual film formulation, both inside and outside the United States on an exclusive basis. Under the terms of the Indivior License Agreement, the Company is required to manufacture Suboxone in accordance with current Good Manufacturing Practice standards and according to the specifications and processes set forth in the related quality agreements the Company entered into with Indivior. Additionally, the Company is required to obtain Active Pharmaceutical Ingredients (“API”) for the manufacture of Suboxone directly from Indivior. The Indivior License Agreement specifies a minimum annual threshold quantity of Suboxone that the Company is obligated to fill and requires Indivior to provide the Company with a forecast of its requirements at various specified times throughout the year. The Indivior License Agreement provides for payment by Indivior of a purchase price per unit that is subject to adjustment based on our ability to satisfy minimum product thresholds. Additionally, in the event Indivior purchases certain large quantities of Suboxone during a specified period, Indivior will be entitled to scaled rebates on its purchases. In addition to the purchase price for the Suboxone supplied, Indivior is required to make certain single digit percentage royalty payments tied to net sales value (as provided for in the Indivior License Agreement) in each of the United States and in the rest of the world subject to annual maximum amounts and limited to the life of the related United States or international patents. Indivior exercised its right to buy out its future royalty obligations in the United States under the Indivior License Agreement in 2012. Indivior remains obligated to pay royalties for all sales outside the United States. The Indivior License Agreement contains customary contractual termination provisions, including those for breach, a filing for bankruptcy or corporate dissolution, an invalidation of the intellectual property surrounding Suboxone, or commission of a material breach of the Indivior License Agreement by either party. Additionally, Indivior may terminate if the U.S. Food and Drug Administration (“FDA”) or other applicable regulatory authority declares the Company’s manufacturing site to no longer be suitable for the manufacture of Suboxone or Suboxone is no longer suitable to be manufactured due to health or safety reasons. The initial term of the Indivior License Agreement was seven years from the commencement date. Thereafter, the Indivior License Agreement automatically renews for successive one-year periods, unless either party provides the other with written notice of its intent not to renew at least one year prior to the expiration of the initial or renewal term. Supplemental Agreement with Indivior On September 24, 2017, the Company entered into an agreement with Indivior, or the Indivior Supplemental Agreement. Pursuant to the Indivior Supplemental Agreement, we conveyed to Indivior all of our existing and future rights in the settlement of various ongoing patent enforcement legal actions and disputes related to the Suboxone product. We also conveyed to Indivior the right to sublicense manufacturing and marketing capabilities to enable an Indivior licensed generic buprenorphine product to be produced and sold by parties unrelated to Indivior or us. Under the Indivior Supplemental Agreement, we are entitled to receive certain payments from Indivior commencing on the date of the agreement through January 1, 2023. Once paid, all payments made under the Indivior Supplemental Agreement are non-refundable, and total payments under this agreement are capped at $75,000. Through February 20, 2019, the at-risk launch date of the competing generic products of Dr. Reddy’s Labs and Alvogen, we received an aggregate of $40,750 from Indivior under the Indivior Supplemental Agreement, of which $4,250 was collected during the three months ended March 31, 2019. Further payments under the Indivior Supplemental Agreement are suspended until adjudication of related patent infringement litigation occurs. If such litigation is successful, in addition to the amounts already received as described in the foregoing, we may receive up to an additional $34,250, consisting of (i) up to $33,000 in the aggregate from any combination of (a) performance or event-based milestone payments and (b) single digit percentage royalties on net revenue earned by Indivior on sales of Suboxone and (ii) and an additional $1,250 that was earned through the issuance to the Company of additional process patent rights. All payments made by Indivior to the Company pursuant to the Indivior Supplemental Agreement are in addition to, and not in place of, any amounts owed by Indivior to the Company pursuant to the Indivior License Agreement. Indivior’s payment obligations under the Indivior Supplemental Agreement are subject to certain factors affecting the market for Suboxone and may terminate prior to January 1, 2023 in the event certain contingencies relating to such market occur. License Agreement with Sunovion Pharmaceuticals, Inc. In April 2016, we entered into a license agreement with Cynapsus Therapeutics Inc. (which was later succeeded to in interest by Sunovion), referred to as the Sunovion License Agreement, pursuant to which we granted Sunovion an exclusive, worldwide license (with the right to sub-license) to certain intellectual property, including existing and future patents and patent applications, covering all oral films containing APL-130277 (apomorphine) for the treatment of off episodes in Parkinson’s disease patients, as well as two other fields. Our licensee, Sunovion, as sponsor of APL-130277, submitted an NDA to the FDA on March 29, 2018. According to statements by Sunovion, following the January 2019 PDUFA date, Sunovion received a Complete Response Letter from the FDA which requires additional data, but does not require additional clinical studies. In consideration for the rights granted to Sunovion under the Sunovion License Agreement, we received aggregate payments totaling $18,000 to date. In addition to the upfront payment of $5,000, we have also earned an aggregate of $13,000 in connection with specified regulatory and development milestones in the United States and Europe (the “Initial Milestone Payments”), all of which of which has been received to date. No payments were received during the three months ended March 31, 2019. We are also entitled to receive certain contingent one-time milestone payments related to product availability and regulatory approval in the United States and Europe, certain one-time milestone payments based on the achievement of specific annual net sales thresholds of APL-130277, and ongoing mid-single digit percentage royalty payments related to the net sales of APL-130277 (subject to reduction to low-single digit percentage royalty payments in certain circumstances), subject to certain minimum payments. The maximum aggregate milestone payments that may be paid to us pursuant to the Sunovion License Agreement is equal to $45,000. With the exception of the Initial Milestone Payments, there can be no guarantee that any such milestones will in fact be met or that additional milestone payments will be payable . This Sunovion License Agreement will continue until terminated by us or Sunovion in accordance with the termination provisions of the Sunovion License Agreement. Absent early termination, the Sunovion License Agreement continues (on a country-by-country basis) until the expiration of all applicable licensed patents. Upon termination, all rights to intellectual property granted to Sunovion to develop and commercialize products will revert to the Company and Sunovion must continue to pay royalties to the Company on each sale of Sunovion's remaining inventory of products which include apomorphine as their API. Agreement to Terminate CLA with KemPharm In March 2012, the Company entered into an agreement with KemPharm, Inc. (“KemPharm”) to terminate a Collaboration and License Agreement entered into in April 2011. Under this termination arrangement, we have the right to participate in any and all value that KemPharm may derive from the commercialization or any other monetization of KP 415 and KP 484 compounds or their derivatives. Among these monetization transactions are those related to any business combinations involving KemPharm and collaborations, royalty arrangements, or other transactions from which KemPharm may realize value from these compounds. The Company has not received payments under this arrangement during any of the periods presented herein.

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Financial Instruments - Fair Value Measurements [Abstract]
Financial Instruments - Fair Value Measurements	Note 7. Financial Instruments – Fair Value Measurements Certain assets and liabilities are reported on a recurring basis at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To increase consistency and comparability in such measurements, the FASB established a three-level hierarchy which requires maximization of the use of observable inputs and minimization of the use of unobservable inputs when estimating fair value. The three levels of the fair value hierarchy include: • Level 1 — Observable quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs (other than Level 1 quoted prices) that are not quoted on active markets but that can be corroborated by market data. • Level 3 — Unobservable inputs that are supported by little or no market activity, such as pricing models, discounted cash flow methodologies and similar techniques. The Company’s Level 1 assets for the periods presented included cash and cash equivalents, including money market funds. The Company held no Level 2 or Level 3 assets or liabilities as of either balance sheet date presented herein. Prior to exercise in connection with the July 2018 IPO, outstanding warrants held by Perceptive Credit Opportunities Fund were categorized as Level 3 liabilities. This warrant liability was estimated at fair value based primarily on independent third-party appraisals prepared an reported periodically, consistent with generally-accepted valuation methods of the Uniform Standards of Professional Appraisal Practice, the American Society of Appraisers and the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation. The carrying amounts reported in the balance sheets for Trade and other receivables, Prepaid and other current assets, Accounts payable and accrued expenses, and deferred revenue approximate fair value based on the short-term maturity of these assets and liabilities.

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2019
Inventories, Net [Abstract]
Inventories, Net	Note 8. Inventories, Net The components of Inventory, net is as follows: March 31, December 31, 2019 2018 Raw material $ 1,431 $ 1,283 Packaging material 2,534 2,975 Finished goods 1,172 1,183 Total inventories, net $ 5,137 $ 5,441

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2019
Property and Equipment, Net [Abstract]
Property and Equipment, Net	Note 9. Property and Equipment, Net March 31, December 31, Useful Lives 2019 2018 Machinery 3-15 yrs $ 20,905 $ 20,681 Furniture and fixtures 3-15 yrs 1,150 1,150 Leasehold improvements (a) 21,333 21,333 Computer, network equipment and software 3-7 yrs 2,657 2,579 Construction in progress 1,476 1,655 47,521 47,398 Less: accumulated depreciation and amortization (35,927 ) (35,191 ) Total property and equipment, net $ 11,594 $ 12,207 Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives. Total depreciation and amortization related to property and equipment was $736 and $940 for the three-month periods ended March 31, 2019 and 2018, respectively.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
Intangible Assets [Abstract]
Intangible Assets	Note 10. Intangible Assets The following table provides the components of identifiable intangible assets, all of which are finite lived: March 31, December 31, 2019 2018 Purchase technology-based intangible $ 2,358 $ 2,358 Purchased patent 509 509 2,867 2,867 Less: accumulated amortization (2,676 ) (2,663 ) Intangible assets, net $ 191 $ 204 Amortization expense was $13 for each of the three-month periods ended March 31, 2019 and 2018. During the remaining life of the purchased patent, estimated annual amortization expense is $50 for each of the years from 2019 to 2022.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2019
Accounts Payable and Accrued Expenses [Abstract]
Accounts Payable and Accrued Expenses	Note 11. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: March 31, December 31, 2019 2018 Accounts payable $ 19,145 $ 20,436 Accrued compensation 1,754 3,604 Accrued withholding tax for share-based compensation — 2,515 Real estate and personal property taxes 356 388 Accrued distribution expenses 641 481 Other 192 207 Total accounts payable and accrued expenses $ 22,088 $ 27,631

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2019
Loans Payable [Abstract]
Loans Payable	Note 12. Loans Payable On August 16, 2016, the Company entered into a Loan Agreement and Guaranty (the “Loan Agreement”) On May 21, 2018, the Company and Perceptive agreed to make certain amendments to the loan agreement then in effect. In the event that a qualified IPO could be consummated on or before December 31, 2018, the Company and Perceptive agreed to postpone the initial loan principal payments, delay the loan maturity date to December 16, 2020 and retain interest rate terms, payable monthly, at one-month LIBOR or approximately 2% plus 9.75%, subject to a minimum rate of 11.75%. Accordingly, commencing on May 31, 2019, seven monthly loan principal payments are due in the amount of $550. Thereafter, monthly principal payments in the amount of $750 are due through the maturity date, December 16, 2020, at which time the full amount of the remaining outstanding loan balance is due. At March 31, 2019 and December 31, 2018, respectively, $6,850 and $4,600 was classified as current debt. The Company’s tangible and intangible assets are subject to first priority liens to the extent of the outstanding debt. Further, under the Loan Agreement, as amended, the Company is permitted, subject to Perceptive’s consent, to monetize the royalty and fees derived from sales of certain apomorphine products and, in connection with such monetization, Perceptive has agreed to release liens related to these royalties and fees. Other significant terms of the Loan Agreement, as amended, of the Loan Agreement, as amended, The Company capitalizes legal and other third-party costs incurred in connection with obtaining debt as deferred debt issuance costs and applies the unamortized portion as a reduction of the outstanding face amount of the related loan in accordance with ASU 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs

Warrants

Warrants	3 Months Ended
	Mar. 31, 2019
Warrants [Abstract]
Warrants	Note 13. Warrants The warrant issued to Perceptive in connection with the Agreement was, by its terms, set to expire on August 16, 2023 and provided certain rights and preferences including anti-dilution adjustments so that, upon exercise, they would represent 4.5% of the Company’s fully diluted common stock on an as converted basis, subject to dilution for certain financing including the issuance of shares upon termination of our PUPs. The warrant also provided Perceptive with a put right which, if exercised under certain circumstances, would require the Company to purchase the warrant for $3,000 within the first year of the loan or $5,000 thereafter. Because these re-purchase terms could have required net-cash settlement, the appraised value of this warrant at the time of issuance of $5,800 was classified as a liability, rather than as a component of equity, and was treated as a debt discount, with the unamortized portion applied to reduce the face amount of the loan in the accompanying Condensed Consolidated Balance Sheet. Immediately prior to pricing of the Company’s IPO, Perceptive received 863,400 shares of common stock issuable pursuant to the automatic exercise of warrants at a total price of $116. As a result, the warrant liability of $12,951 was reclassified to Additional paid-in capital during the third quarter of 2018. A Level 1 market price of $15.00, the initial price at which the Company’s common stock was publicly offered, was used in determining fair value as of the warrants’ conversion date. During interim periods, the Company used an independent third-party valuation to assist in determining the fair value of these warrants due to the absence of available Level 1 and Level 2 inputs. During the three-month period ended March 31, 2018, as a result of a decline in the estimated fair value of this warrant liability, net income included a non-cash gain of $697. No gain or loss was recognizable for any periods subsequent to the date of exercise of the warrants in July 2018. The fair values at both the date of the issuance and the dates of all interim balance sheets prior to exercise were based on unobservable Level 3 inputs. Fair value was based on the aggregate equity of the Company, which was estimated utilizing the income and market valuation approaches. A probability weighted return model was then utilized to allocate the resulting aggregate equity value of the Company to the underlying securities. Estimates and assumptions impacting the fair value measurement included the following factors: the then-current state of development of the Company’s pipeline product candidates, including status of clinical trials; the Company’s progress towards an IPO, including selection of investment bankers, assessment of the IPO marketplace and other funding alternatives and a discount rate of 26.5% and a volatility rate of 90%.

Net (Loss)_Income Per Share

Net (Loss)/Income Per Share	3 Months Ended
	Mar. 31, 2019
Net (Loss)/Income Per Share [Abstract]
Net (Loss)/Income Per Share	Note 14. Net (Loss)/Income Per Share Basic net (loss)/income per share is calculated by dividing net (loss)/income by the weighted-average number of common shares. As a result of the Company’s net loss incurred for the quarter ended March 31, 2019, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations for this period. Therefore, basic and diluted net loss per share were the same, as reflected below. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Numerator: Net (loss) income $ (14,726 ) $ 4,099 Denominator: Weighted-average number of common shares – basic and diluted 24,963,603 15,077,647 Net (loss) income per common share – basic and diluted $ (0.59 ) $ 0.27 As of March 31, 2019, the Company’s potentially dilutive instruments included 1,732,426 options to purchase common shares and 172,655 unvested restricted stock units (“RSUs”) that were excluded from the computation of diluted weighted average shares outstanding because these securities had an anti-dilutive impact due to the loss reported. No such equity securities were issued as of March 31, 2018.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2019
Share-Based Compensation [Abstract]
Share-Based Compensation	Note 15. Share-Based Compensation The Company’s share-based incentive plan costs reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the period ended March 31, 2019 included those related to RSU awards and stock option grants. The Aquestive Therapeutics, Inc. 2018 Equity Incentive Plan (“the Plan”) was first adopted by the Board of Directors on June 15, 2018, and accordingly, no charges to earnings were recorded in 2018 prior to the fiscal quarter ended June 30, 2018. The Company recognized share-based compensation in its Condensed Expense classification: Three-Months Ended March 31, 2019 Manufacturing and supply $ 44 Research and development 208 Selling, general and administrative 1,268 Total share-based compensation expenses $ 1,520 Share-based compensation from: Restricted Stock Units 463 Stock Options 1,057 Total share-based compensation expenses $ 1,520 Share-Based Compensation Equity Awards Restricted Stock Unit Awards (RSUs) No new RSU awards were granted during either of the three-month periods ended March 31, 2019 or 2018. The following table summarizes activity relative to the Company’s awards of RSUs for the three-month period ended March 31, 2019. Number of Units Weighted Average Grant Date Fair Value Per Share (In thousands) Unvested at December 31, 2018 205 $ 14.77 Granted — — Vested (30 ) 15.03 Forfeited (3 ) 13.00 Unvested, March 31, 2019 172 $ 14.75 The total grant date fair value of shares vested in the period ended March 31, 2019 was $448. As of March 31, 2019, there was approximately $2,077 of unrecognized compensation costs related to awards of RSUs. These costs are expected to be recognized over a weighted-average period of less than three years. Stock option awards No stock options were granted during the three-month period ended March 31, 2018 and accordingly, the following table summarizes the Company’s stock option activity only during the three-month period ended March 31, 2019: Number of Options Weighted Average Exercise Price (In thousands) Outstanding at December 31, 2018 1,033 $ 14.72 Granted 845 $ 7.96 Exercised, Forfeited, Expired — Outstanding at March 31, 2019 1,878 $ 11.68 Vested or expected to vest at March 31, 2019 1,745 $ 11.68 Exercisable at March 31, 2019 146 $ 15.04 The weighted average grant date fair value of stock options granted during 2019 was $5.81 . Three Months Ended March 31, 2019 Expected dividend yield None Expected volatility 85 % Expected term (years) 6.1 Risk-free interest rate 2.5 - 2.6 % During the three months ended March 31, 2019, options were granted with exercise prices ranging from $7.18 to $8.05, and accordingly, given Aquestive’s share price of $6.91 at the close of the Company’s first quarter of 2019, these options provided no intrinsic value at that date. Certain shares granted in 2018 provided intrinsic value of $30 at March 31, 2019. As of March 31, 2019, $12,375 of total unrecognized compensation expenses related to non-vested stock options is expected to be recognized Employee stock purchase plan The Company’s Board of Directors adopted the Aquestive Therapeutics, Inc. Employee Stock Purchase Plan ( “ESPP”

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes [Abstract]
Income Taxes	Note 16. Income Taxes The Company has accounted for income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts and respective tax bases of existing assets and liabilities, as well as net operating loss carryforwards and research and development credits. Valuation allowances are provided if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. For the three months ended March 31, 2019 and 2018, the Company recorded no income tax benefit from its pretax loss of $14,726 and pretax income of $4,099, respectively, due to realization uncertainties. The Company’s U.S. Federal statutory rate is 21%. The primary factor impacting the effective tax rate for the three months ended March 31, 2019 is the anticipated full year operating loss which will require full valuation allowances against any associated net deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 17. Commitments and Contingencies (A) Operating Leases The Company has entered into various lease agreements for production and research facilities and offices. Most leases contain renewal options. Certain leases contain purchase options and require the Company to pay for taxes, maintenance and operating expenses. All of the Company’s leases are classified as operating leases. Rent expense for all leased manufacturing facilities and sales, laboratory and office space was $372 and $331 for the three-month periods ended March 31, 2019 and 2018, respectively. (B) Litigation and Contingencies From time to time, the Company has been and may again become involved in legal proceedings arising in the ordinary course of business, including product liability, intellectual property, commercial litigation, or environmental or other regulatory matters. Except as described below, Aquestive is not presently a party to any litigation or legal proceedings that is believed to be material. Patent-Related Litigation Beginning in August 2013, we were informed of ANDA filings in the United States by Watson Laboratories, Inc. (now Actavis Laboratories, Inc., or “Actavis”), Par Pharmaceutical, Inc.(“Par”), Alvogen Pine Brook, Inc. (“Alvogen”), Teva Pharmaceuticals USA, Inc. (“Teva”), Sandoz Inc. (“Sandoz”), and Mylan Technologies Inc. (“Mylan”), for the approval by the FDA of generic versions of Suboxone Sublingual Film in the United States. We filed patent infringement lawsuits against all six generic companies in the U.S. District Court for the District of Delaware. After the commencement of the ANDA patent litigation against Teva, Dr. Reddy’s Laboratories (“DRL”) acquired the ANDA filings for Teva’s buprenorphine and naloxone sublingual film that are at issue in these trials. Of these, cases against three of the six generic companies have been resolved. • Mylan Sandoz • All cases against Par • Actavis • DRL Alvogen Teva Subsequent to the above, all potential generic competitors without a settlement agreement were also sued for infringement of two additional new patents that contain new claims not adjudicated in the original case against DRL and Alvogen. All previously decided cases are on appeal and oral arguments were heard on April 1, 2019. The case(s) regarding the additional asserted patents have not been finally resolved. The case against Actavis, pending in the U.S. District Court for the District of Delaware, is scheduled for trial in December 2019. No trial date has been set in the cases against DRL and Alvogen, which are pending in the U.S. District Court for the District of New Jersey. On February 19, 2019, the Federal Circuit issued its mandate reversing the District of New Jersey’s preliminary injunction against Dr. Reddy’s. Following issuance of the mandate, the District of New Jersey vacated preliminary injunctions against both Dr. Reddy’s and Alvogen. Thereafter, on February 19, 2019, Indivior launched the authorized generic of Suboxone Sublingual Film, which we manufacture exclusively for sale and marketing by Sandoz, a sublicensee of Indivior. Dr. Reddy’s, Alvogen, and Mylan all launched generic versions of Suboxone Sublingual Film, and the launches by Dr. Reddy’s and Alvogen are “at risk” because the products are the subject of the ongoing patent infringement litigations. On March 22, 2019, we and Indivior brought suit against Aveva Drug Delivery Systems, Inc., Apotex Corp., and Apotex Inc. for infringement of the ‘150, ‘514, ‘454, and ‘305 patents, seeking an injunction and potential monetary damages. The case is pending in the Southern District of Florida, and the defendants have not yet filed their answers to the complaint. We are also seeking to enforce our patent rights in multiple cases against BioDelivery Sciences International, Inc. (“BDSI”). Two cases are currently pending but stayed in the U.S. District Court for the Eastern District of North Carolina: • T • The second was filed by us and Indivior related to BDSI’s infringing Bunavail product, and alleges infringement of our patent, U.S. Patent No. 8,765,167, or the ‘167 patent, and seeks an injunction and potential monetary damages. Shortly after the case was filed, BDSI filed four (4) IPR’s challenging the asserted ‘167 patent. On March 24, 2016, the Patent Trial and Appeal Board, or the PTAB, issued a final written decision finding that all claims of the ‘167 patent were valid. The case was stayed in May 2016 pending the final determination of the appeals on those decisions. Following the PTAB’s February 7, 2019 decisions on remand denying institution, we and Indivior submitted a notice to the Court on February 15, 2019 notifying the Court that the stay should be lifted as result of the PTAB’s decisions. We are awaiting further action from the Court. • On January 13, 2017, we also sued BDSI asserting infringement of the ‘167 patent by BDSI’s Belbuca product and seeking an injunction and potential monetary damages. Following the PTAB’s February 7, 2019 decisions on remand denying institution, the Company submitted a notice to the Court on February 15, 2019 notifying the Court that BDSI’s motion to stay should be denied as moot. BDSI also sent a letter to the Court on February 13, 2019 indicating its intent to appeal the PTAB’s decisions. The parties are awaiting further action from the Court. BDSI appealed the PTAB’s remand decisions to the Federal Circuit, and on March 20, 2019, we moved to dismiss the appeal for lack of jurisdiction. Antitrust Litigation On September 22, 2016, forty-one states and the District of Columbia, or the States, brought suit against Indivior and us in the U.S. District Court for the Eastern District of Pennsylvania, alleging violations of federal and state antitrust statutes and state unfair trade and consumer protection laws relating to Indivior’s launch of Suboxone Sublingual Film in 2010 and seeking an injunction, civil penalties, and disgorgement. After filing, the case was consolidated for pre-trial purposes with the In re Suboxone (Buprenorphine Hydrochloride and Naloxone) Antitrust Litigation

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Basis of Presentation [Abstract]
Basis of Presentation	The Any reference in these notes to applicable guidance refers to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	(A) Principles of Consolidation The interim condensed consolidated financial statements presented herein include the accounts of Aquestive Therapeutics, Inc. and its wholly owned subsidiary, MonoSol Rx, Inc. Other than corporate formation activities, MonoSol Rx, Inc. has conducted no commercial, developmental or operational activities and has no customers or vendors.
Use of Estimates	(B) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and contingent liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to estimates and assumptions include allowances for rebates from proprietary product sales, the allowance for sales returns, the useful lives of fixed assets, valuation of share-based compensation, and contingencies.
Recent Accounting Pronouncements	(C) Recent Accounting Pronouncements As an emerging growth company, the Company has elected to take advantage of the extended transition period afforded by the Jumpstart Our Business Startups Act for the implementation of new or revised accounting standards and, as a result, the Company will comply with new or revised accounting standards no later than the relevant dates on which adoption of such standards is required for emerging growth companies. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In May 2014, the FASB, issued ASU 2014-09, Revenue from Contracts with Customers The Company adopted this standard on January 1, 2019, using the modified retrospective method and recorded a cumulative effect adjustment of $2,832 to increase the opening balance of accumulated deficit. The impact was primarily related to deferral of a portion of the original upfront and milestone payments of its collaborative licensing arrangements resulting in a deferral of $3,100 of previously recognized revenue as of the adoption date. The cumulative adjustment also reflects $151 net acceleration of revenue related to feasibility and development arrangements with its customers and acceleration of $117 of revenue recognition of its manufacturing and supply product sales. Under the modified retrospective method of adoption, the comparative information in the consolidated financial statements have not been revised and continues to be reported under the previously applicable revenue accounting guidance, ASC 605. If ASC 605 had been applied to the first quarter of 2019, deferred revenue would have been $2,683 lower on the condensed consolidated balance sheet, with $278 lower in current portion of deferred revenue and $2,405 Deferred revenue, net of current portion. For additional information regarding the Company’s revenue, see Note 5, Revenues and Trade Receivables, Net In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Non-Employee Share-Based Payment Accounting, Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees In January 2016, the FASB issued revised guidance governing accounting and reporting of financial instruments (ASU 2016-01) and in 2018 issued technical corrections (ASU 2018-03). This guidance requires that equity investments with readily determinable fair values that are classified as available-for-sale be measured at fair value with changes in value reflected in current earnings. This guidance also simplifies the impairment testing of equity investments without readily determinable fair values and alters certain disclosure requirements. ASU No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Recent Accounting Pronouncements Not Adopted as of March 31, 2019: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework. Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or not significant to the condensed consolidated financial statements of the Company.

Revenues and Trade Receivable_2

Revenues and Trade Receivables, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Revenues and Trade Receivables, Net [Roll Forward]
Revenue	The Company’s revenues were comprised of the following: Three Months Ended March 31, 2019 2018 Manufacture and supply revenue $ 6,669 $ 11,560 License and royalty revenue 4,622 9,500 Co-development and research fees 770 2,351 Proprietary product sales, net 582 — Total revenues $ 12,643 $ 23,411
Disaggregation of Revenue	The following table provides disaggregated net revenue by geographic area: Three Months Ended March 31, 2019 2018 United States $ 12,394 $ 23,197 Non-United States 249 214 Total revenues $ 12,643 $ 23,411
Trade and Other Receivables, Net	Trade and other receivables, net consist of the following: March 31, December 31, 2019 2018 Trade receivables $ 7,327 $ 6,610 Other receivables 279 33 Less: allowance for bad debt (64 ) (58 ) Less: sales-related allowances (53 ) (104 ) Trade and other receivables, net $ 7,489 $ 6,481
Changes in Allowance for Bad Debt	The following table presents the changes in the allowance for bad debt: March 31, December 31, 2019 2018 Allowance for doubtful accounts at beginning of period $ 58 $ 55 Additions charged to bad debt expense 6 53 Write-downs charged against the allowance — (50 ) Allowance for doubtful accounts at end of period $ 64 $ 58
Sales Related Allowances and Accruals	The following table provides a summary of activity with respect to our sales related allowances and accruals for the three months ended March 31, 2019: Total Sales Related Allowances and Accruals Balance at December 31, 2018 585 Provision related to sales during the period 423 Reversals of prior provisions (89 ) Credits and payments (225 ) Balance at March 31, 2019 694

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Inventories, Net [Abstract]
Inventory, net	The components of Inventory, net is as follows: March 31, December 31, 2019 2018 Raw material $ 1,431 $ 1,283 Packaging material 2,534 2,975 Finished goods 1,172 1,183 Total inventories, net $ 5,137 $ 5,441

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Property and Equipment, Net [Abstract]
Property and Equipment, Net	March 31, December 31, Useful Lives 2019 2018 Machinery 3-15 yrs $ 20,905 $ 20,681 Furniture and fixtures 3-15 yrs 1,150 1,150 Leasehold improvements (a) 21,333 21,333 Computer, network equipment and software 3-7 yrs 2,657 2,579 Construction in progress 1,476 1,655 47,521 47,398 Less: accumulated depreciation and amortization (35,927 ) (35,191 ) Total property and equipment, net $ 11,594 $ 12,207

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Intangible Assets [Abstract]
Components of Identifiable Intangible Assets	The following table provides the components of identifiable intangible assets, all of which are finite lived: March 31, December 31, 2019 2018 Purchase technology-based intangible $ 2,358 $ 2,358 Purchased patent 509 509 2,867 2,867 Less: accumulated amortization (2,676 ) (2,663 ) Intangible assets, net $ 191 $ 204

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2019
Accounts Payable and Accrued Expenses [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: March 31, December 31, 2019 2018 Accounts payable $ 19,145 $ 20,436 Accrued compensation 1,754 3,604 Accrued withholding tax for share-based compensation — 2,515 Real estate and personal property taxes 356 388 Accrued distribution expenses 641 481 Other 192 207 Total accounts payable and accrued expenses $ 22,088 $ 27,631

Net (Loss)_Income Per Share (Ta

Net (Loss)/Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Net (Loss)/Income Per Share [Abstract]
Basic and Diluted Net Loss Per Share	As a result of the Company’s net loss incurred for the quarter ended March 31, 2019, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations for this period. Therefore, basic and diluted net loss per share were the same, as reflected below. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Numerator: Net (loss) income $ (14,726 ) $ 4,099 Denominator: Weighted-average number of common shares – basic and diluted 24,963,603 15,077,647 Net (loss) income per common share – basic and diluted $ (0.59 ) $ 0.27

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Share-Based Compensation [Abstract]
Share-based Compensation Expense	The Company recognized share-based compensation in its Expense classification: Three-Months Ended March 31, 2019 Manufacturing and supply $ 44 Research and development 208 Selling, general and administrative 1,268 Total share-based compensation expenses $ 1,520 Share-based compensation from: Restricted Stock Units 463 Stock Options 1,057 Total share-based compensation expenses $ 1,520
Restricted Stock Units Awards	The following table summarizes activity relative to the Company’s awards of RSUs for the three-month period ended March 31, 2019. Number of Units Weighted Average Grant Date Fair Value Per Share (In thousands) Unvested at December 31, 2018 205 $ 14.77 Granted — — Vested (30 ) 15.03 Forfeited (3 ) 13.00 Unvested, March 31, 2019 172 $ 14.75
Stock Option Activity	No stock options were granted during the three-month period ended March 31, 2018 and accordingly, the following table summarizes the Company’s stock option activity only during the three-month period ended March 31, 2019: Number of Options Weighted Average Exercise Price (In thousands) Outstanding at December 31, 2018 1,033 $ 14.72 Granted 845 $ 7.96 Exercised, Forfeited, Expired — Outstanding at March 31, 2019 1,878 $ 11.68 Vested or expected to vest at March 31, 2019 1,745 $ 11.68 Exercisable at March 31, 2019 146 $ 15.04
Valuation Assumptions for Determination of Fair Value of Options	The fair values of stock options granted were estimated using the Black-Scholes-Merton pricing model based on the following assumptions: Three Months Ended March 31, 2019 Expected dividend yield None Expected volatility 85 % Expected term (years) 6.1 Risk-free interest rate 2.5 - 2.6 %

Corporate Organization and Co_2

Corporate Organization and Company Overview (Details) $ / shares in Units, $ in Thousands	Aug. 15, 2018USD ($)$ / sharesshares	Jul. 27, 2018USD ($)$ / sharesshares	Aug. 15, 2018USD ($)$ / shares	Apr. 30, 2018$ / sharesshares	Mar. 31, 2018shares	Mar. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares	Jun. 30, 2018shares
Corporate Conversion, Reorganization, Stock Splits and IPO [Abstract]
Common stock, shares issued (in shares)						24,975,139	24,957,309
Conversion ratio, stock				0.08
Common stock, shares authorized (in shares)				350,000,000	25,000	250,000,000	250,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.001	$ 0.001
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Share price (in dollars per share) | $ / shares						$ 15
Net proceeds from initial public offering | $			$ 63,482
Common stock, shares outstanding (in shares)						24,975,139	24,957,309
Initial Public Offering [Member]
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Number of common shares issued (in shares)		4,500,000
Share price (in dollars per share) | $ / shares		$ 15
Net proceeds from initial public offering | $		$ 57,543
Stock issuance costs | $		$ 9,957
Over-Allotment Option [Member]
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Number of common shares issued (in shares)	425,727
Share price (in dollars per share) | $ / shares	$ 15		$ 15
Net proceeds from initial public offering | $	$ 5,939
Stock issuance costs | $	$ 447
Voting Common Stock [Member]
Corporate Conversion, Reorganization, Stock Splits and IPO [Abstract]
Common stock, par value (in dollars per share) | $ / shares				$ 0.001
Effect of stock split (in shares)				37,212
Nonvoting Common Stock [Member]
Initial Public Offering of Common Stock and Authorized Number of Capital Stock [Abstract]
Common stock, shares outstanding (in shares)								4,922,353
Aquestive Partners, LLC [Member] | Voting Common Stock [Member]
Corporate Conversion, Reorganization, Stock Splits and IPO [Abstract]
Common stock, shares issued (in shares)						5,000
Common Stock [Member]
Corporate Conversion, Reorganization, Stock Splits and IPO [Abstract]
Common stock, par value (in dollars per share) | $ / shares				$ 0.001
Effect of stock split (in shares)					15,072,647

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue	$ 3,105	$ 3,762
Deferred revenue, current portion	700	721
Deferred revenue, non-current portion	2,405	0
ASU 2014-09 and ASU 2018-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accumulated deficit		(2,832)
ASU 2014-09 [Member] | Adjustments Due to Adoption of ASU 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue	(2,683)	3,100
Deferred revenue, current portion	(278)
Deferred revenue, non-current portion	$ (2,405)
ASU 2014-09 [Member] | Adjustments Due to Adoption of ASU 2014-09 [Member] | Manufacture and Supply Revenue [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue		(151)
ASU 2014-09 [Member] | Adjustments Due to Adoption of ASU 2014-09 [Member] | Co-Development and Research Fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue		(117)
Additional Paid-in Capital [Member] | ASU 2014-09 and ASU 2018-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accumulated deficit		20
Retained Earnings/Accumulated Deficit [Member] | ASU 2014-09 and ASU 2018-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment of accumulated deficit		$ (2,852)

Risks and Uncertainties (Detail

Risks and Uncertainties (Details) $ in Thousands	Mar. 31, 2019USD ($)
Risks and Uncertainties [Abstract]
Working capital	$ 26,320

Revenues and Trade Receivable_3

Revenues and Trade Receivables, Net, Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Invoices payable term	105 days
Contract assets	$ 275		$ 284
Contract liabilities	3,105		$ 3,762
Deferred revenue, recognized	657
Revenue [Abstract]
Total revenues	$ 12,643	$ 23,411
Minimum [Member]
Contract with Customer, Asset and Liability [Abstract]
Invoices payable term	30 days
Maximum [Member]
Contract with Customer, Asset and Liability [Abstract]
Invoices payable term	60 days
Manufacture and Supply Revenue [Member]
Revenue [Abstract]
Total revenues	$ 6,669	11,560
License and Royalty Revenue [Member]
Revenue [Abstract]
Total revenues	4,622	9,500
Co-Development and Research Fees [Member]
Revenue [Abstract]
Total revenues	770	2,351
Proprietary Product Sales, Net [Member]
Revenue [Abstract]
Total revenues	$ 582	$ 0

Revenues and Trade Receivable_4

Revenues and Trade Receivables, Net, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues by Geographic Market [Abstract]
Total revenues	$ 12,643	$ 23,411
United States [Member]
Revenues by Geographic Market [Abstract]
Total revenues	12,394	23,197
Non-United States [Member]
Revenues by Geographic Market [Abstract]
Total revenues	$ 249	$ 214

Revenues and Trade Receivable_5

Revenues and Trade Receivables, Net, Trade and other receivables, net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Trade and other receivables, net [Abstract]
Trade receivables	$ 7,327	$ 6,610
Other receivables	279	33
Less: allowance for bad debt	(64)	(58)	$ (55)
Less: sales-related allowances	(53)	(104)
Trade and other receivables, net	$ 7,489	$ 6,481

Revenues and Trade Receivable_6

Revenues and Trade Receivables, Net, Changes in Allowance for Bad Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance for doubtful accounts at beginning of period	$ 58	$ 55
Additions charged to bad debt expense	6	53
Write-downs charged against the allowance	0	(50)
Allowance for doubtful accounts at end of the period	$ 64	$ 58

Revenues and Trade Receivable_7

Revenues and Trade Receivables, Net, Summary of Activity with Sales Related Allowances and Accruals (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenues and Trade Receivables, Net [Roll Forward]
Beginning balance	$ 585
Provision related to sales during the period	423
Reversals of prior provisions	(89)
Credits and payments	(225)
Ending balance	694
Provision related to sales after reversals of prior provisions	334
Accrued balances - Trade and other receivables, net	53	$ 104
Accrued balances - Accounts payable and accrued expense	$ 641	$ 481

Revenues and Trade Receivable_8

Revenues and Trade Receivables, Net, Concentration of Major Customers (Details) - Indivior [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue [Member]
Customer Concentration [Abstract]
Concentrations of risk	88.00%	89.00%
Receivables [Member]
Customer Concentration [Abstract]
Concentrations of risk	80.00%	78.00%

Material Agreements (Details)

Material Agreements (Details) - USD ($) $ in Thousands	3 Months Ended	182 Months Ended	183 Months Ended
	Mar. 31, 2019	Feb. 20, 2019	Mar. 31, 2019
Commercial Exploitation Agreement with Indivior [Member]
Agreements [Abstract]
License agreement term	7 years
Automatic renewal period of agreement	1 year
Commercial Exploitation Agreement with Indivior [Member] | Minimum [Member]
Agreements [Abstract]
Notice period of intent not to renew agreement	1 year
Supplemental Agreement with Indivior [Member]
Agreements [Abstract]
Contingent payments receivable in the future	$ 34,250		$ 34,250
Revenues	4,250	$ 40,750
Supplemental Agreement with Indivior [Member] | Maximum [Member]
Agreements [Abstract]
Contingent payments receivable in the future	75,000		75,000
Supplemental Agreement with Indivior Performance or Event-Based Milestones [Member]
Agreements [Abstract]
Contingent payments receivable in the future	33,000		33,000
Supplemental Agreement with Indivior Additional Process Patent Rights to the Company [Member]
Agreements [Abstract]
Contingent payments receivable in the future	1,250		1,250
License Agreement with Sunovion Pharmaceuticals, Inc. [Member]
Agreements [Abstract]
Revenues	0		18,000
License Agreement with Sunovion Pharmaceuticals, Inc Milestones [Member]
Agreements [Abstract]
Revenues			13,000
License Agreement with Sunovion Pharmaceuticals, Inc Milestones [Member] | Maximum [Member]
Agreements [Abstract]
Contingent payments receivable in the future	$ 45,000		45,000
License Agreement with Sunovion Pharmaceuticals, Inc. Upfront [Member]
Agreements [Abstract]
Revenues			$ 5,000

Financial Instruments - Fair _2

Financial Instruments - Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2019USD ($)
Level 2 [Member]
Fair Value of Financial Instruments [Abstract]
Assets, fair value	$ 0
Liabilities, fair value	0
Level 3 [Member]
Fair Value of Financial Instruments [Abstract]
Assets, fair value	0
Liabilities, fair value	$ 0

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventories, Net [Abstract]
Raw material	$ 1,431	$ 1,283
Packaging material	2,534	2,975
Finished goods	1,172	1,183
Total inventories, net	$ 5,137	$ 5,441

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property and Equipment, Net [Abstract]
Property and equipment, gross		$ 47,521		$ 47,398
Less: accumulated depreciation and amortization		(35,927)		(35,191)
Total property and equipment, net		11,594		12,207
Property Plant and Equipment Income Statement Disclosures [Abstract]
Depreciation and amortization		736	$ 940
Machinery [Member]
Property and Equipment, Net [Abstract]
Property and equipment, gross		$ 20,905		20,681
Machinery [Member] | Minimum [Member]
Property and Equipment, Net [Abstract]
Useful lives		3 years
Machinery [Member] | Maximum [Member]
Property and Equipment, Net [Abstract]
Useful lives		15 years
Furniture and Fixtures [Member]
Property and Equipment, Net [Abstract]
Property and equipment, gross		$ 1,150		1,150
Furniture and Fixtures [Member] | Minimum [Member]
Property and Equipment, Net [Abstract]
Useful lives		3 years
Furniture and Fixtures [Member] | Maximum [Member]
Property and Equipment, Net [Abstract]
Useful lives		15 years
Leasehold Improvements [Member]
Property and Equipment, Net [Abstract]
Property and equipment, gross	[1]	$ 21,333		21,333
Computer, Network Equipment and Software [Member]
Property and Equipment, Net [Abstract]
Property and equipment, gross		$ 2,657		2,579
Computer, Network Equipment and Software [Member] | Minimum [Member]
Property and Equipment, Net [Abstract]
Useful lives		3 years
Computer, Network Equipment and Software [Member] | Maximum [Member]
Property and Equipment, Net [Abstract]
Useful lives		7 years
Construction in Progress [Member]
Property and Equipment, Net [Abstract]
Property and equipment, gross		$ 1,476		$ 1,655
[1]	Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Identifiable Intangible Assets [Abstract]
Intangible assets, gross	$ 2,867		$ 2,867
Less: accumulated amortization	(2,676)		(2,663)
Intangible assets, net	191		204
Amortization expense	13	$ 13
Estimated Annual Amortization Expense [Abstract]
2019	50
2020	50
2021	50
2022	50
Purchase Technology-based Intangible [Member]
Identifiable Intangible Assets [Abstract]
Intangible assets, gross	2,358		2,358
Purchased Patent [Member]
Identifiable Intangible Assets [Abstract]
Intangible assets, gross	$ 509		$ 509

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts Payable and Accrued Expenses [Abstract]
Accounts payable	$ 19,145	$ 20,436
Accrued compensation	1,754	3,604
Accrued withholding tax for share-based compensation	0	2,515
Real estate and personal property taxes	356	388
Accrued distribution expenses	641	481
Other	192	207
Total accounts payable and accrued expenses	$ 22,088	$ 27,631

Loans Payable (Details)

Loans Payable (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2019USD ($)Payment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Abstract]
Loans payable, current		$ 6,850		$ 4,600
Amortization expense, deferred debt issuance costs and debt discounts		389	$ 458
Unamortized deferred debt issuance cost and deferred debt discounts		2,408		2,797
Perceptive Credit Opportunities Fund, LP [Member] | Line of Credit [Member]
Line of Credit Facility [Abstract]
Borrowing amount		$ 45,000
Warrant to purchase senior common equity interest ratio to fully diluted common units		4.50%
Credit facility, remaining borrowing capacity	$ 5,000
Credit facility, maximum borrowing capacity		$ 50,000
Debt maturity date		Dec. 16, 2020
Debt instrument base rate		2.00%
Debt instrument variable interest rate		9.75%
Loans payable, current		$ 6,850		$ 4,600
Financial covenant requirement, Consecutive period for maintaining minimum revenues		12 months
Perceptive Credit Opportunities Fund, LP [Member] | Line of Credit [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Debt instrument effective interest rate		11.75%
Financial covenant requirement, monthly cash balance		$ 4,000
Perceptive Credit Opportunities Fund, LP [Member] | Line of Credit [Member] | May 2019 [Member]
Line of Credit Facility [Abstract]
Frequency of periodic principal payment		Monthly
Number of loan principal payments | Payment		7
Monthly principal payment amount		$ 550
Perceptive Credit Opportunities Fund, LP [Member] | Line of Credit [Member] | December 2020 [Member]
Line of Credit Facility [Abstract]
Frequency of periodic principal payment		Monthly
Monthly principal payment amount		$ 750
Perceptive Credit Opportunities Fund, LP [Member] | Line of Credit [Member] | LIBOR [Member]
Line of Credit Facility [Abstract]
Term of variable rate		1 month
White Oaks Global Advisors, LLC [Member] | Line of Credit [Member]
Line of Credit Facility [Abstract]
Payment of existing debt obligation	$ (37,500)

Warrants (Details)

Warrants (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)
Warrants [Abstract]
Exercise of warrants		$ (12,951)
Initial price of common stock offered (in dollars per share) | $ / shares	$ 15
Change in fair value of warrant	$ 0		$ (697)
Discount Rate [Member]
Warrants [Abstract]
Measurement input of warrants			0.265
Volatility Rates [Member]
Warrants [Abstract]
Measurement input of warrants			0.9
Perceptive Credit Opportunities Fund, LP [Member]
Warrants [Abstract]
Number of shares received upon automatic exercise of warrant (in shares) | shares	863,400
Cash received for warrant exercise	$ 116
Perceptive Credit Opportunities Fund, LP [Member] | Line of Credit [Member]
Warrants [Abstract]
Warrant to purchase senior common equity interest ratio to fully diluted common units	4.50%
Purchase price of warrant within first year of the loan	$ 3,000
Purchase price of warrant after first year	5,000
Warrant liability, fair value	$ 5,800

Net (Loss)_Income Per Share (De

Net (Loss)/Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator [Abstract]
Net (loss) income	$ (14,726)	$ 4,099
Denominator [Abstract]
Weighted-average number of common shares - basic and diluted (in shares)	24,963,603	15,077,647
Net (loss) income per common share - basic and diluted (in dollars per share)	$ (0.59)	$ 0.27
Stock Options [Member]
Dilutive Instruments [Abstract]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	1,732,426	0
Unvested Restricted Stock Units [Member]
Dilutive Instruments [Abstract]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	172,655	0

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation expenses [Abstract]
Share-based compensation	$ 1,520
Additional Disclosures [Abstract]
Share price (in dollars per share)	$ 15
Manufacturing and Supply [Member]
Share-based Compensation expenses [Abstract]
Share-based compensation	$ 44
Research and Development [Member]
Share-based Compensation expenses [Abstract]
Share-based compensation	208
Selling, General and Administrative [Member]
Share-based Compensation expenses [Abstract]
Share-based compensation	1,268
Restricted Stock Units [Member]
Share-based Compensation expenses [Abstract]
Share-based compensation	$ 463
Number of Units [Roll Forward]
Unvested, at beginning of period (in shares)	205,000
Granted (in shares)	0
Vested (in shares)	(30,000)
Forfeited (in shares)	(3,000)
Unvested, at end of period (in shares)	172,000
Weighted Average Grant Date Fair Value Per Share [Abstract]
Unvested, at beginning of period (in dollars per share)	$ 14.77
Granted (in dollars per share)	0
Vested (in dollars per share)	15.03
Forfeited (in dollars per share)	13
Unvested, at end of period (in dollars per share)	$ 14.75
Additional Disclosures [Abstract]
Grant date fair value	$ 488
Vesting period	3 years
Compensation Cost Not yet Recognized [Abstract]
Unrecognized stock-based compensation expense related to awards of RSU	$ 2,077
Stock Options [Member]
Share-based Compensation expenses [Abstract]
Share-based compensation	$ 1,057
Number of Options [Roll Forward]
Outstanding at beginning of period (in shares)	1,033,000
Granted (in shares)	845,000	0
Exercised, Forfeited, Expired (in shares)	0
Outstanding at end of period (in shares)	1,878,000
Vested or expected to vest at end of period (in shares)	1,745,000
Exercisable at end of period (in shares)	146,000
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (In dollars per share)	$ 14.72
Granted (in dollars per share)	7.96
Outstanding at end of period (In dollars per share)	11.68
Vested or expected to vest at end of period (in dollars per share)	11.68
Exercisable at end of period (in dollars per share)	15.04
Additional Disclosures [Abstract]
Share price (in dollars per share)	$ 6.91
Intrinsic value of options granted	$ 30
Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation expenses related to non-vested stock options	$ 12,375
Weighted average grant date fair value (in dollars per share)	$ 5.81
Unrecognized compensation cost, recognition period	2 years 7 months 6 days
Fair Value Assumptions [Abstract]
Expected dividend yield	0.00%
Expected volatility	85.00%
Expected term (years)	6 years 1 month 6 days
Stock Options [Member] | Minimum [Member]
Weighted Average Exercise Price [Abstract]
Granted (in dollars per share)	$ 7.18
Fair Value Assumptions [Abstract]
Risk-free interest rate	2.50%
Stock Options [Member] | Maximum [Member]
Weighted Average Exercise Price [Abstract]
Granted (in dollars per share)	$ 8.05
Fair Value Assumptions [Abstract]
Risk-free interest rate	2.60%
Employee Stock Purchase Plan [Member]
Employee Stock Purchase Plan [Abstract]
Purchase price of common stock as percentage of fair market value	85.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Taxes [Abstract]
Income tax benefit	$ 0	$ 0
Net (loss)/income before income taxes	$ (14,726)	$ 4,099
Federal statutory tax rate	21.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2013Company	Mar. 31, 2019USD ($)CasePatentStates	Mar. 31, 2018USD ($)
Operating Leases [Abstract]
Rent expense | $		$ 372	$ 331
Litigation and Contingencies [Abstract]
Number of companies patent infringement lawsuits filed | Company	6
Number of cases resolved		3
Number of additional infringement on patents | Patent		2
Number of cases pending		2
Number of cases filed		4
Number of states in the antitrust litigation | States		41