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Side-by-side financial comparison of Aquestive Therapeutics, Inc. (AQST) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
Aquestive Therapeutics, Inc. is the larger business by last-quarter revenue ($13.0M vs $8.7M, roughly 1.5× SWK Holdings Corp). On growth, Aquestive Therapeutics, Inc. posted the faster year-over-year revenue change (9.7% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-8.6M). Over the past eight quarters, Aquestive Therapeutics, Inc.'s revenue compounded faster (3.9% CAGR vs -12.5%).
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.
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
AQST vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.0M | $8.7M |
| Net Profit | $-31.9M | $-19.4M |
| Gross Margin | 55.2% | — |
| Operating Margin | -221.6% | 9.9% |
| Net Margin | -244.8% | — |
| Revenue YoY | 9.7% | -29.7% |
| Net Profit YoY | -86.8% | -430.2% |
| EPS (diluted) | $-0.26 | $-1.59 |
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 | $8.7M | ||
| Q3 25 | $12.8M | $10.9M | ||
| Q2 25 | $10.0M | $10.1M | ||
| Q1 25 | $8.7M | $11.8M | ||
| Q4 24 | $11.9M | $12.4M | ||
| Q3 24 | $13.5M | $10.4M | ||
| Q2 24 | $20.1M | $10.8M | ||
| Q1 24 | $12.1M | $11.4M |
| Q4 25 | $-31.9M | $-19.4M | ||
| Q3 25 | $-15.4M | $8.8M | ||
| Q2 25 | $-13.5M | $3.5M | ||
| Q1 25 | $-22.9M | $4.5M | ||
| Q4 24 | $-17.1M | $5.9M | ||
| Q3 24 | $-11.5M | $3.5M | ||
| Q2 24 | $-2.7M | $3.7M | ||
| Q1 24 | $-12.8M | $468.0K |
| 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% | 9.9% | ||
| Q3 25 | -89.6% | 61.3% | ||
| Q2 25 | -113.6% | 46.1% | ||
| Q1 25 | -222.1% | 68.6% | ||
| Q4 24 | -114.4% | 44.7% | ||
| Q3 24 | -61.2% | 39.2% | ||
| Q2 24 | 0.3% | 8.3% | ||
| Q1 24 | -74.3% | 9.5% |
| Q4 25 | -244.8% | — | ||
| Q3 25 | -120.6% | 80.7% | ||
| Q2 25 | -135.4% | 35.2% | ||
| Q1 25 | -263.0% | 38.4% | ||
| Q4 24 | -143.7% | 47.5% | ||
| Q3 24 | -85.0% | 33.3% | ||
| Q2 24 | -13.7% | 33.9% | ||
| Q1 24 | -106.4% | 4.1% |
| Q4 25 | $-0.26 | $-1.59 | ||
| Q3 25 | $-0.14 | $0.72 | ||
| Q2 25 | $-0.14 | $0.29 | ||
| Q1 25 | $-0.24 | $0.37 | ||
| Q4 24 | $-0.18 | $0.47 | ||
| Q3 24 | $-0.13 | $0.28 | ||
| Q2 24 | $-0.03 | $0.30 | ||
| Q1 24 | $-0.17 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $42.8M |
| Total DebtLower is stronger | $27.5M | $33.0M |
| Stockholders' EquityBook value | $-33.7M | $235.1M |
| Total Assets | $160.4M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $42.8M | ||
| Q3 25 | $129.1M | $10.2M | ||
| Q2 25 | $60.5M | $8.0M | ||
| Q1 25 | $68.7M | $29.8M | ||
| Q4 24 | $71.5M | $5.9M | ||
| Q3 24 | $77.9M | $17.2M | ||
| Q2 24 | $89.9M | $5.5M | ||
| Q1 24 | $95.2M | $5.5M |
| Q4 25 | $27.5M | $33.0M | ||
| Q3 25 | $45.0M | $33.0M | ||
| Q2 25 | $45.0M | $33.0M | ||
| Q1 25 | $45.0M | $33.0M | ||
| Q4 24 | $32.5M | $33.0M | ||
| Q3 24 | $45.0M | $33.0M | ||
| Q2 24 | $45.0M | $33.0M | ||
| Q1 24 | $45.0M | $33.0M |
| Q4 25 | $-33.7M | $235.1M | ||
| Q3 25 | $-4.1M | $254.2M | ||
| Q2 25 | $-72.6M | $246.5M | ||
| Q1 25 | $-60.9M | $292.7M | ||
| Q4 24 | $-60.2M | $288.7M | ||
| Q3 24 | $-45.4M | $283.4M | ||
| Q2 24 | $-35.5M | $282.8M | ||
| Q1 24 | $-36.3M | $279.9M |
| Q4 25 | $160.4M | $272.4M | ||
| Q3 25 | $163.6M | $289.4M | ||
| Q2 25 | $93.7M | $285.7M | ||
| Q1 25 | $102.2M | $331.3M | ||
| Q4 24 | $101.4M | $332.2M | ||
| Q3 24 | $110.0M | $321.3M | ||
| Q2 24 | $117.6M | $321.0M | ||
| Q1 24 | $129.5M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-8.6M | $26.8M |
| FCF MarginFCF / Revenue | -65.7% | 308.1% |
| Capex IntensityCapex / Revenue | 0.7% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-53.0M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.5M | $27.3M | ||
| Q3 25 | $-12.6M | $906.0K | ||
| Q2 25 | $-7.9M | $7.8M | ||
| Q1 25 | $-23.4M | $8.3M | ||
| Q4 24 | $-6.5M | $23.0M | ||
| Q3 24 | $-11.9M | $6.3M | ||
| Q2 24 | $-7.0M | $5.4M | ||
| Q1 24 | $-10.4M | $4.4M |
| Q4 25 | $-8.6M | $26.8M | ||
| Q3 25 | $-12.9M | $557.0K | ||
| Q2 25 | $-8.0M | $7.7M | ||
| Q1 25 | $-23.5M | $8.2M | ||
| Q4 24 | $-6.5M | $22.9M | ||
| Q3 24 | $-12.0M | $6.3M | ||
| Q2 24 | $-7.0M | $5.4M | ||
| Q1 24 | $-10.4M | — |
| Q4 25 | -65.7% | 308.1% | ||
| Q3 25 | -100.6% | 5.1% | ||
| Q2 25 | -80.2% | 77.0% | ||
| Q1 25 | -269.9% | 69.1% | ||
| Q4 24 | -54.8% | 185.3% | ||
| Q3 24 | -88.3% | 60.4% | ||
| Q2 24 | -35.0% | 49.7% | ||
| Q1 24 | -86.4% | — |
| Q4 25 | 0.7% | 5.9% | ||
| Q3 25 | 1.8% | 3.2% | ||
| Q2 25 | 1.1% | 0.6% | ||
| Q1 25 | 1.5% | 0.8% | ||
| Q4 24 | 0.1% | 1.1% | ||
| Q3 24 | 0.6% | 0.3% | ||
| Q2 24 | 0.2% | 0.2% | ||
| Q1 24 | 0.2% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AQST
Segment breakdown not available.
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
