Aquestive Therapeutics, Inc.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 29, 2026, Aquestive Therapeutics, Inc. (the “Company”) announced that the Board of Directors of the Company (the “Board”) has elected Richard J. Daly as a director of the Company, effective October 14, 2026. Mr. Daly will serve as a Class I director with a term expiring at the Company’s 2028 Annual Meeting of Stockholders and until his successor is duly elected and qualified, or until his earlier death, resignation or removal. The Company announced Mr. Daly’s election in a press release dated September 29, 2026. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Mr. Daly was recommended to the Board for election by the Nominating and Corporate Governance Committee of the Board (the “Nominating Committee”) after the Nominating Committee considered all candidates, including their backgrounds, relevant experience and professional and personal reputations. The Nominating Committee conducted a formal search for director candidates with the assistance of an independent global executive search firm and considered recommendations from members of the Board and management of the Company. The Board has affirmatively determined that Mr. Daly has no material relationship with the Company that would affect his independence and that he qualifies as an “independent director” under the applicable listing rules of The Nasdaq Stock Market LLC. Mr. Daly will participate in the Company’s non-employee director compensation program, a description of which is set forth in the Company’s definitive proxy statement for its 2026 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 24, 2026, under the caption “Non-Employee Director Compensation,” and is incorporated herein by reference. In accordance with the Company’s non-employee director compensation program and Equity Grant Policy, Mr. Daly will be granted an initial award of 57,000 stock options to purchase shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), under the Company’s 2018 Equity Incentive Plan, as amended. The stock options will be granted effective as of the second full trading day following the Company’s next public release of quarterly or annual earnings (the “Grant Date”), will have an exercise price equal to the closing market price of the Common Stock on The Nasdaq Global Market on the Grant Date, will vest in annual one-third increments commencing on the first anniversary of the Grant Date and will otherwise have the terms set forth in the stock option agreement between the Company and Mr. Daly evidencing the award. The selection of Mr. Daly to serve as a member of the Board was not made pursuant to any arrangements or understandings between Mr. Daly and any other person pursuant to which he was selected as a director. There are no family relationships between Mr. Daly and any director or executive officer of the Company, and Mr. Daly has no direct or indirect material interest in any transaction or currently proposed transaction that would be required to be disclosed under Item 404(a) of Regulation S-K. In connection with Mr. Daly’s election, the Board approved an increase in the number of directorships of the Board from seven to eight, effective October 14, 2026. Following Mr. Daly’s election, the Board will consist of eight directors, seven of whom are independent directors.