Outlook Therapeutics, Inc.

Listed Company

OTLKCIK 0001649989NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Sep 30

Period

FY 2025

Revenue

$1.41M

Net Income

—

Total Assets

$18.58M

Equity

$-32.19M

Shares Out

83.07M

Op. Cash Flow

$-51.83M

Business

Outlook Therapeutics, Inc. develops and seeks to commercialize ophthalmic biologic therapies, primarily focusing on a bevacizumab-gamma product candidate. Its main product candidate is ONS-5010/LYTENAVA™, which the company is developing for wet age-related macular degeneration and other ophthalmic indications. The business is organized around clinical development, regulatory submissions, manufacturing relationships and potential commercialization/licensing activities. Outlook distributes and plans to commercialize its product through regulatory-approved markets including the European Union and United Kingdom and via partnerships, third‑party manufacturers and potential direct sales in other jurisdictions.

Summary from filing dated 2025-12-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenues, net	1	—	—	—	—
Cost of revenues	1	—	—	—	—
Gross profit	57,205	—	—	—	—
Research and development	27	42	26	42	39
Selling, general and administrative	40	30	—	—	—
Loss from operations	−67	−72	−53	−63	−52
Loss on equity method investment	141,007	100,742	10,998	48,730	46,340
Interest income	−89,738	−906,150	−971,480	—	—
Interest expense	283,128	3	2	1	936,127
Loss from change in fair value of promissory notes	6	2	4	882,903	—
Warrant related expenses (Note 10)	—	37	—	—	—
Warrant inducement expenses (Note 10)	34	—	—	—	—
Gain from change in fair value of warrant liability	−43	−39	−50,919	−465,780	452,146
Loss before income taxes	−64	−75	−59	−66	−53
Income tax (benefit) expense	−2	2,800	2,800	2,800	2,000
Net loss	−62	−75	−59	−66	−53
Net loss per share of common stock, basic (in dollars per share)	−1.79	−4.06	−4.72	−0.31	−0.35
Net loss per share of common stock, diluted (in dollars per share)	−1.79	−4.06	−4.72	−0.31	−0.35
Weighted average shares outstanding, basic (in shares)	35	19	13	212	153
Weighted average shares outstanding, diluted (in shares)	35	19	13	212	153

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	8	15	23	17	14
Accounts receivable	1	—	—	—	—
Inventory	3	—	—	—	—
Prepaid expenses and other current assets	4	12	8	10	7
Total current assets	17	27	31	28	22
Operating lease right-of-use assets, net	225,508	274,645	26,172	70,360	111,429
Equity method investment	552,183	693,190	793,932	804,930	853,660
Other assets	417,523	439,283	501,299	132,015	174,590
Total assets	19	29	32	29	23
Current portion of unsecured convertible promissory note	30	29	36	11	904,200
Current portion of operating lease liabilities	58,897	50,907	—	26,995	42,854
Accounts payable	10	8	7	3	2
Accrued expenses	5	3	3	3	2
Income taxes payable	302,000	2	2	2	2
Total current liabilities	46	43	47	20	7
Operating lease liabilities	188,801	246,922	—	—	26,995
Warrant liability	5	59	6,219	57,138	522,918
Total liabilities	51	102	47	20	18
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized, no shares issued and outstanding	—	—	—	—	—
Common stock, par value $0.01 per share; 260,000,000 shares authorized; 53,887,233 and 23,905,635 shares issued and outstanding at September 30, 2025 and September 30, 2024, respectively	538,873	239,057	130,128	2	2
Additional paid-in capital	573	470	453	415	346
Accumulated deficit	−606	−543	−468	−409	−343
Total stockholders' deficit	−32	−73	−14	9	5
Total liabilities and stockholders' deficit	19	29	32	29	23

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Amortization	117,052	113,859	44,188	204,694	262,140
Non-cash interest expense	—	3	3	2	893,886
Stock-based compensation	9	5	6	8	5
Accounts receivable	−1	—	—	—	—
Inventory	−3	—	—	—	—
Prepaid expenses and other current assets	8	−5	3	−3	−2
Other assets	−95,247	−5,900	−208,203	—	—
Operating lease liabilities	−50,131	3,413	−26,995	−42,854	−150,346
Accounts payable	2	1	3	1	−198,469
Accrued expenses	2	491,728	−711,661	156,141	−5
Income taxes payable	−2	—	—	—	—
Net cash used in operating activities	−52	−69	−43	−57	−54
Proceeds from the sale of common stock and warrants to purchase common stock, net of issuance costs	25	60	30	62	46
Proceeds from exercise of common stock warrants	23	—	—	188,100	4
Proceeds from debt	33	—	30	10	10
Payments of finance lease obligations	—	−4,267	−11,751	−26,464	−29,778
Repayment of debt	−36	—	−10	−12	−50,285
Net cash provided by financing activities	45	60	49	60	56
Net (decrease) increase in cash and cash equivalents	−7	−8	6	3	2
Cash paid for interest	—	475,000	1	2	46,239
Convertible promissory note converted into common stock	3	11	25,000	—	—
Recognition of warrant liability	—	98	—	—	—
Fair value of common stock warrants exercised reclassified from warrant liability to equity	13	—	—	—	—
Common stock and warrant issuance costs in accounts payable and accrued expenses	924,271	—	—	—	—
Reclassification of deferred offering costs against ATM proceeds	49,092	—	141,600	—	—
Right-of-use asset and lease liability recognized for new operating lease liabilities	—	294,416	—	—	—

Filings

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