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Side-by-side financial comparison of Aquestive Therapeutics, Inc. (AQST) and Spero Therapeutics, Inc. (SPRO). Click either name above to swap in a different company.
Aquestive Therapeutics, Inc. is the larger business by last-quarter revenue ($13.0M vs $12.6M, roughly 1.0× Spero Therapeutics, Inc.). Spero Therapeutics, Inc. runs the higher net margin — 250.7% vs -244.8%, a 495.5% gap on every dollar of revenue. On growth, Spero Therapeutics, Inc. posted the faster year-over-year revenue change (24080.8% vs 9.7%). Over the past eight quarters, Spero Therapeutics, Inc.'s revenue compounded faster (847.7% CAGR vs 3.9%).
Aquestive Therapeutics is a specialty pharmaceutical company focused on developing and commercializing innovative treatments for central nervous system disorders. It leverages proprietary drug delivery technologies to create accessible, patient-friendly therapeutic options, serving healthcare providers and patients across North America and European markets, with core offerings addressing unmet needs in neurology and psychiatry.
AQST vs SPRO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.0M | $12.6M |
| Net Profit | $-31.9M | $31.5M |
| Gross Margin | 55.2% | — |
| Operating Margin | -221.6% | — |
| Net Margin | -244.8% | 250.7% |
| Revenue YoY | 9.7% | 24080.8% |
| Net Profit YoY | -86.8% | 250.9% |
| EPS (diluted) | $-0.26 | $0.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.0M | $12.6M | ||
| Q3 25 | $12.8M | $0 | ||
| Q2 25 | $10.0M | $0 | ||
| Q1 25 | $8.7M | $12.0K | ||
| Q4 24 | $11.9M | $52.0K | ||
| Q3 24 | $13.5M | $65.0K | ||
| Q2 24 | $20.1M | $114.0K | ||
| Q1 24 | $12.1M | $140.0K |
| Q4 25 | $-31.9M | $31.5M | ||
| Q3 25 | $-15.4M | $-7.4M | ||
| Q2 25 | $-13.5M | $-1.7M | ||
| Q1 25 | $-22.9M | $-13.9M | ||
| Q4 24 | $-17.1M | — | ||
| Q3 24 | $-11.5M | $-17.1M | ||
| Q2 24 | $-2.7M | $-17.9M | ||
| Q1 24 | $-12.8M | $-12.7M |
| Q4 25 | 55.2% | — | ||
| Q3 25 | 64.8% | — | ||
| Q2 25 | 54.4% | — | ||
| Q1 25 | 58.1% | — | ||
| Q4 24 | 61.9% | — | ||
| Q3 24 | 67.2% | — | ||
| Q2 24 | 77.5% | — | ||
| Q1 24 | 63.6% | — |
| Q4 25 | -221.6% | — | ||
| Q3 25 | -89.6% | — | ||
| Q2 25 | -113.6% | — | ||
| Q1 25 | -222.1% | -122758.3% | ||
| Q4 24 | -114.4% | — | ||
| Q3 24 | -61.2% | -28604.6% | ||
| Q2 24 | 0.3% | -16720.2% | ||
| Q1 24 | -74.3% | -9987.1% |
| Q4 25 | -244.8% | 250.7% | ||
| Q3 25 | -120.6% | — | ||
| Q2 25 | -135.4% | — | ||
| Q1 25 | -263.0% | -115550.0% | ||
| Q4 24 | -143.7% | — | ||
| Q3 24 | -85.0% | -26380.0% | ||
| Q2 24 | -13.7% | -15668.4% | ||
| Q1 24 | -106.4% | -9049.3% |
| Q4 25 | $-0.26 | $0.56 | ||
| Q3 25 | $-0.14 | $-0.13 | ||
| Q2 25 | $-0.14 | $-0.03 | ||
| Q1 25 | $-0.24 | $-0.25 | ||
| Q4 24 | $-0.18 | — | ||
| Q3 24 | $-0.13 | $-0.32 | ||
| Q2 24 | $-0.03 | $-0.33 | ||
| Q1 24 | $-0.17 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $40.3M |
| Total DebtLower is stronger | $27.5M | — |
| Stockholders' EquityBook value | $-33.7M | $59.0M |
| Total Assets | $160.4M | $68.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $40.3M | ||
| Q3 25 | $129.1M | $48.6M | ||
| Q2 25 | $60.5M | $31.2M | ||
| Q1 25 | $68.7M | $48.9M | ||
| Q4 24 | $71.5M | $52.9M | ||
| Q3 24 | $77.9M | $76.3M | ||
| Q2 24 | $89.9M | $63.5M | ||
| Q1 24 | $95.2M | $82.3M |
| Q4 25 | $27.5M | — | ||
| Q3 25 | $45.0M | — | ||
| Q2 25 | $45.0M | — | ||
| Q1 25 | $45.0M | — | ||
| Q4 24 | $32.5M | — | ||
| Q3 24 | $45.0M | — | ||
| Q2 24 | $45.0M | — | ||
| Q1 24 | $45.0M | — |
| Q4 25 | $-33.7M | $59.0M | ||
| Q3 25 | $-4.1M | $26.5M | ||
| Q2 25 | $-72.6M | $32.8M | ||
| Q1 25 | $-60.9M | $33.8M | ||
| Q4 24 | $-60.2M | $46.1M | ||
| Q3 24 | $-45.4M | $65.5M | ||
| Q2 24 | $-35.5M | $80.5M | ||
| Q1 24 | $-36.3M | $96.2M |
| Q4 25 | $160.4M | $68.9M | ||
| Q3 25 | $163.6M | $54.2M | ||
| Q2 25 | $93.7M | $62.1M | ||
| Q1 25 | $102.2M | $77.7M | ||
| Q4 24 | $101.4M | $110.5M | ||
| Q3 24 | $110.0M | $135.2M | ||
| Q2 24 | $117.6M | $149.9M | ||
| Q1 24 | $129.5M | $167.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.5M | $-8.4M |
| Free Cash FlowOCF − Capex | $-8.6M | — |
| FCF MarginFCF / Revenue | -65.7% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | — | -0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $-53.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.5M | $-8.4M | ||
| Q3 25 | $-12.6M | $17.4M | ||
| Q2 25 | $-7.9M | $-17.7M | ||
| Q1 25 | $-23.4M | $-4.0M | ||
| Q4 24 | $-6.5M | $-23.4M | ||
| Q3 24 | $-11.9M | $12.8M | ||
| Q2 24 | $-7.0M | $-18.7M | ||
| Q1 24 | $-10.4M | $5.9M |
| Q4 25 | $-8.6M | — | ||
| Q3 25 | $-12.9M | — | ||
| Q2 25 | $-8.0M | — | ||
| Q1 25 | $-23.5M | — | ||
| Q4 24 | $-6.5M | — | ||
| Q3 24 | $-12.0M | — | ||
| Q2 24 | $-7.0M | — | ||
| Q1 24 | $-10.4M | — |
| Q4 25 | -65.7% | — | ||
| Q3 25 | -100.6% | — | ||
| Q2 25 | -80.2% | — | ||
| Q1 25 | -269.9% | — | ||
| Q4 24 | -54.8% | — | ||
| Q3 24 | -88.3% | — | ||
| Q2 24 | -35.0% | — | ||
| Q1 24 | -86.4% | — |
| Q4 25 | 0.7% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | -0.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
