SCHEDULE: RTW Investments Discloses 5.2% Stake in Aquestive Therapeutics

RTW Investments, LP and Roderick Wong, M.D. have reported a 5.2% beneficial ownership stake in Aquestive Therapeutics, Inc. as of September 30, 2025.

Summary

• RTW Investments, LP and its Managing Partner, Roderick Wong, M.D., have filed a Schedule 13G indicating beneficial ownership of 6,250,000 shares of Aquestive Therapeutics, Inc. Common Stock.
• This ownership represents 5.2% of the company's outstanding common stock.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• The calculation of the percentage is based on 99,723,635 shares outstanding as of August 7, 2025, plus an additional 21,250,000 shares issued in a public offering that closed on August 15, 2025, totaling 120,973,635 shares.
• Both RTW Investments, LP and Roderick Wong, M.D. share voting and dispositive power over the 6,250,000 shares.

Sentiment

Score: 6

Explanation: The filing is largely factual and neutral, reporting a beneficial ownership stake. The presence of a significant institutional investor can be seen as a moderately positive signal for the company's prospects, hence a slightly positive score.

Positives

• Increased institutional ownership by RTW Investments, a specialized healthcare investment firm, may signal confidence in Aquestive Therapeutics' future prospects.
• The filing explicitly states the shares were acquired in the ordinary course of business, indicating a long-term investment perspective rather than an activist stance.

Negatives

• NA

Risks

• The filing itself does not detail specific risks related to Aquestive Therapeutics, Inc. beyond the inherent risks of investing in common stock.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Aquestive Therapeutics, Inc. or the reporting persons regarding the company's future performance or strategic direction.

Management Comments

• The filing includes a certification by Roderick Wong, M.D. that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Industry Context

This Schedule 13G filing indicates a significant passive investment by a specialized healthcare investment firm, RTW Investments, in Aquestive Therapeutics, a company operating in the pharmaceutical/biotechnology sector. Such filings are common and often viewed as a vote of confidence in the company's long-term potential by institutional investors, particularly when the stated purpose is for ordinary course investment rather than activism.

Comparison to Industry Standards

• A 5.2% stake by an institutional investor like RTW Investments is a notable position, often signaling a belief in the company's value proposition within the competitive biopharmaceutical landscape.
• While specific comparable companies or projects are not mentioned in the filing, RTW Investments typically focuses on innovative healthcare companies, suggesting Aquestive Therapeutics aligns with their investment thesis in the sector.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by RTW Investments may be perceived positively, potentially increasing investor confidence and attracting further institutional interest.
• Company Management: Awareness of a significant institutional holder may influence strategic decisions, though the filing states the investment is passive.

Next Steps

• RTW Investments, LP and Roderick Wong, M.D. will be responsible for timely filing of any subsequent amendments to this Schedule 13G if their beneficial ownership changes significantly.

Key Dates

Keywords

Aquestive Therapeutics, RTW Investments, Roderick Wong, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investment, Healthcare, Biotechnology