OTLK · Outlook Therapeutics, Inc.
Outlook Therapeutics, Inc., operates as a clinical-stage biopharmaceutical company, focuses on developing and commercializing monoclonal antibodies for ophthalmic indications. Its lead product candidate is ONS-5010, an ophthalmic bevacizumab product formulation of bevacizumab product candidate that is in Phase-III clinical trial for the treatment of wet age-related macular degeneration and other retina diseases. Outlook Therapeutics, Inc. has collaboration agreements with Cencora. Outlook Therapeutics, Inc. was formerly known as Oncobiologics, Inc. and changed its name to Outlook Therapeutics, Inc. in November 2018. Outlook Therapeutics, Inc. was incorporated in 2010 and is based in Iselin, New Jersey.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.76 |
| SO | 120.9M |
| Options | 12.1M |
| Warrants | 45.3M |
| FD SO | 178.3M |
| MC | $134.8M |
| Cash | $7.7M |
| Total debt | $27.0M |
| EV | $154.0M |
| TTM Multiples | |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 11.0% |
| Insiders | 15.0% |
| # Institutions | 83 |
| Analysts | 4 |
| Consensus | — |
| Avg target | $5.40 |
| Short % float | 11.5% |
| Days to cover | 1.44 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-12. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-17 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-31; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | — | — | (0.09) | 1.51 |
| Cost of Revenue | 0.15 | 0.03 | 0.92 | 0.44 |
| Gross Profit | (0.02) | (1.24) | — | 1.07 |
| Gross Margin % | — | — | — | 70.8% |
| SG&A | 9.50 | 8.61 | 10.33 | 9.68 |
| R&D | 4.50 | 3.63 | 5.98 | 7.13 |
| Operating Expense | 14.01 | 12.25 | — | 16.81 |
| Operating Income | (14.03) | (13.48) | (17.31) | (15.75) |
| Operating Income YoY % | (13.2%) | 37.6% | 24.3% | 19.5% |
| Operating Margin % | — | — | 18863.9% | (1046.2%) |
| EBITDA | (14.00) | (13.45) | (17.28) | (15.72) |
| EBITDA Margin % | — | — | 18831.5% | (1044.2%) |
| Interest Expense | 0.00 | 0.00 | (0.26) | (0.05) |
| Other Income / (Expense) | 9.57 | (9.57) | 2.20 | (4.45) |
| Pretax Income | (4.45) | (23.06) | (14.85) | (20.15) |
| Tax Provision | — | — | (1.55) | 0.00 |
| Net Income | (4.45) | (23.06) | (13.29) | (20.15) |
| Net Margin % | — | — | 14482.2% | (1338.8%) |
| Diluted EPS | -$0.05 | -$0.38 | -$0.19 | -$0.55 |
| Basic EPS | -$0.05 | -$0.38 | -$0.19 | -$0.55 |
| Diluted Avg Shares | 81.8 | 60.2 | — | 37.0 |
| Basic Avg Shares | 81.8 | 60.2 | — | 37.0 |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Total Revenue | — | 1.41 | — | — | — |
| Cost of Revenue | 1.54 | 1.36 | — | — | — |
| Gross Profit | — | 0.06 | — | — | — |
| Gross Margin % | — | 4.0% | — | — | — |
| SG&A | 38.12 | 39.94 | 29.94 | 26.67 | 20.74 |
| R&D | 21.25 | 27.18 | 41.76 | 26.45 | 42.33 |
| Operating Expense | — | 67.12 | — | — | — |
| Operating Income | (60.57) | (67.06) | (71.70) | (53.13) | (63.07) |
| Operating Income YoY % | 9.7% | 6.5% | (35.0%) | 15.8% | — |
| Operating Margin % | — | (4744.3%) | — | — | — |
| EBITDA | (60.45) | (66.94) | (71.59) | (53.08) | (62.87) |
| EBITDA Margin % | — | (4736.0%) | — | — | — |
| Interest Expense | (0.31) | (0.28) | 3.16 | 2.53 | (1.49) |
| Other Income / (Expense) | (2.25) | 2.80 | (0.50) | (3.32) | (4.47) |
| Pretax Income | (62.51) | (63.98) | (75.36) | (58.98) | (66.05) |
| Tax Provision | — | (1.55) | 0.00 | 0.00 | 0.00 |
| Net Income | (60.96) | (62.42) | (75.37) | (58.98) | (66.05) |
| Net Margin % | — | (4416.2%) | — | — | — |
| Diluted EPS | -$1.17 | -$1.79 | -$4.06 | -$4.72 | -$0.31 |
| Basic EPS | -$1.17 | -$1.79 | -$4.06 | -$4.72 | -$0.31 |
| Diluted Avg Shares | 81.8 | 34.8 | 18.5 | 12.5 | 212.1 |
| Basic Avg Shares | 81.8 | 34.8 | 18.5 | 12.5 | 212.1 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 7.75 | 8.68 | 8.08 | 8.90 |
| Receivables | 2.72 | 0.11 | 1.49 | 1.75 |
| Inventory | 3.34 | 3.46 | 3.34 | 4.13 |
| Other Current Assets | 7.09 | 4.92 | 4.48 | 6.32 |
| Total Current Assets | 20.90 | 17.17 | 17.39 | 21.10 |
| Operating Lease ROU | 0.20 | 0.21 | 0.23 | 0.24 |
| Long-term Investments | 0.47 | 0.51 | 0.55 | 0.59 |
| Total Assets | 21.89 | 18.24 | 18.58 | 22.39 |
| Accounts Payable | 13.64 | 7.32 | 10.19 | 10.26 |
| Current Lease Liabilities | 0.06 | 0.06 | 0.06 | 0.06 |
| Other Current Liabilities | 25.19 | 41.68 | 35.56 | 21.17 |
| Total Current Liabilities | 38.88 | 49.06 | 45.81 | 31.49 |
| Long-term Lease Liabilities | 0.16 | 0.17 | 0.19 | 0.20 |
| Other Liabilities | 11.85 | 7.56 | 4.77 | 27.89 |
| Total Liabilities | 50.89 | 56.79 | 50.77 | 59.58 |
| Retained Earnings | (633.22) | (628.77) | (605.71) | (592.42) |
| Total Equity | (28.99) | (38.55) | (32.19) | (37.19) |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 7.75 | 8.08 | 14.93 | 23.39 | 17.40 |
| Receivables | 2.72 | 1.49 | — | — | — |
| Inventory | 3.34 | 3.34 | — | — | — |
| Other Current Assets | 7.09 | 4.48 | 12.49 | 7.59 | 10.12 |
| Total Current Assets | 20.90 | 17.39 | 27.42 | 30.98 | 27.52 |
| Operating Lease ROU | 0.20 | 0.23 | 0.27 | 0.03 | 0.07 |
| Long-term Investments | 0.47 | 0.55 | 0.69 | 0.79 | 0.80 |
| Other Assets | — | — | — | 0.50 | — |
| Total Assets | 21.89 | 18.58 | 28.82 | 32.30 | 28.53 |
| Accounts Payable | 13.64 | 10.19 | 7.97 | 6.57 | 3.49 |
| Current Lease Liabilities | 0.06 | 0.06 | 0.05 | — | 0.03 |
| Other Current Liabilities | 25.19 | 35.56 | 34.53 | 40.16 | 16.21 |
| Total Current Liabilities | 38.88 | 45.81 | 42.55 | 46.73 | 19.73 |
| Long-term Lease Liabilities | 0.16 | 0.19 | 0.25 | — | — |
| Other Liabilities | 11.85 | 4.77 | 59.10 | — | — |
| Total Liabilities | 50.89 | 50.77 | 101.90 | 46.74 | 19.79 |
| Retained Earnings | (633.22) | (605.71) | (543.28) | (467.92) | (408.94) |
| Total Equity | (28.99) | (32.19) | (73.08) | (14.44) | 8.74 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (4.45) | (23.06) | (13.29) | (20.15) |
| D&A | 0.03 | 0.03 | 0.03 | 0.03 |
| Stock-Based Comp | 0.76 | 0.88 | 1.82 | 1.68 |
| Δ Working Cap & Other | (4.16) | 7.21 | (0.93) | 6.54 |
| Operating Cash Flow | (7.83) | (14.94) | (12.38) | (11.90) |
| Debt Issuance | — | — | 0.00 | 0.00 |
| Debt Repayment | — | — | (2.33) | (0.91) |
| Stock Issuance | 6.90 | 14.93 | 8.09 | 14.15 |
| Other Financing | — | 0.60 | 5.80 | — |
| Financing Cash Flow | 6.90 | 15.53 | 11.56 | 13.25 |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Net Income | (60.96) | (62.42) | (75.37) | (58.98) | (66.05) |
| D&A | 0.12 | 0.12 | 0.11 | 0.04 | 0.20 |
| Stock-Based Comp | 5.14 | 8.90 | 5.39 | 5.55 | 7.71 |
| Δ Working Cap & Other | 8.65 | 1.58 | 1.07 | 10.42 | 1.46 |
| Operating Cash Flow | (47.05) | (51.83) | (68.79) | (42.97) | (56.67) |
| Debt Issuance | — | 33.10 | — | 30.00 | 10.00 |
| Debt Repayment | — | (36.14) | — | (10.22) | (12.29) |
| Stock Issuance | 44.07 | 25.40 | 60.33 | 30.02 | 62.31 |
| Other Financing | 3.17 | 22.63 | — | (0.84) | — |
| Financing Cash Flow | 47.24 | 44.98 | 60.33 | 48.97 | 59.59 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.54 | 0.35 | 0.38 | 0.67 |
| Quick Ratio | 0.45 | 0.28 | 0.31 | 0.54 |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | — | — | 18831.5% | (1044.2%) |
| Working Capital | (17.98) | (31.89) | (28.43) | (10.39) |
| Net Debt | — | — | — | — |
| ROE % | 15.4% | 59.8% | 41.3% | 54.2% |
| ROA % | (20.3%) | (126.4%) | (71.5%) | (90.0%) |
| LTM | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.54 | 0.38 | 0.64 | 0.66 | 1.39 |
| Quick Ratio | 0.45 | 0.31 | — | — | — |
| Debt / Equity | — | — | — | — | — |
| EBITDA Margin % | — | (4736.0%) | — | — | — |
| Working Capital | (17.98) | (28.43) | (15.14) | (15.75) | 7.79 |
| Net Debt | — | — | — | — | — |
| ROE % | 210.2% | 193.9% | 103.1% | 408.5% | (756.0%) |
| ROA % | (278.4%) | (335.9%) | (261.5%) | (182.6%) | (231.5%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Jahr Robert Charles | Director, Officer (Chief Executive Officer) | 2026-08-14 | P | 151,515 | — | $0 |
| 2026-08-14 | Jahr Robert Charles | Director, Officer (Chief Executive Officer) | 2026-08-14 | P | 151,515 | — | $0 |
| 2026-08-14 | KENYON LAWRENCE A | Director, Officer (Chief Financial Officer) | 2026-08-14 | P | 101,010 | — | $0 |
| 2026-08-14 | KENYON LAWRENCE A | Director, Officer (Chief Financial Officer) | 2026-08-14 | P | 101,010 | — | $0 |
| 2026-08-14 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-08-12 | P | 2,525,252 | $0.99 | $2,499,999 |
| 2026-08-14 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-08-12 | P | 2,525,252 | — | $0 |
| 2026-07-29 | Sukhtian Faisal Ghiath | Director | 2026-07-29 | P | 95,398 | $1.05 | $99,996 |
| 2026-07-23 | KENYON LAWRENCE A | Director, Officer (Chief Financial Officer) | 2026-07-21 | A | 210,078 | — | $0 |
| 2026-07-23 | Jahr Robert Charles | Director, Officer (Chief Executive Officer) | 2026-07-21 | A | 100,000 | — | $0 |
| 2026-06-03 | Haddadin Yezan Munther | Director | 2026-06-02 | P | 29,000 | $0.83 | $24,145 |
| 2026-06-01 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-05-28 | P | 8,539,709 | $0.59 | $5,000,000 |
| 2026-06-01 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-05-28 | H | (3,458,571) | — | $-0 |
| 2026-06-01 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-05-28 | P | 3,458,571 | — | $0 |
| 2026-06-01 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-05-28 | H | (3,458,571) | — | $-0 |
| 2026-06-01 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-05-28 | P | 3,458,571 | — | $0 |
| 2026-06-01 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-05-28 | H | (8,571,428) | — | $-0 |
| 2026-06-01 | Sukhtian Ghiath M. | Director, 10% Owner | 2026-05-28 | P | 8,571,428 | — | $0 |
| 2026-05-27 | Sukhtian Faisal Ghiath | Director | 2026-05-27 | P | 122,174 | $0.41 | $50,006 |
| 2026-05-27 | Haddadin Yezan Munther | Director | 2026-05-26 | P | 34,000 | $0.44 | $14,960 |
| 2026-05-27 | THURMAN RANDY H | Director | 2026-05-26 | P | 5,000 | $0.43 | $2,145 |
| 2026-05-27 | HILZINGER KURT J | Director | 2026-05-26 | P | 400,000 | $0.44 | $176,520 |
| 2025-10-03 | Huang Andong | Director | 2025-10-03 | A | 53,316 | — | $0 |
| 2025-10-03 | Haller Julia A | Director | 2025-10-03 | A | 58,648 | — | $0 |
| 2025-10-03 | HILZINGER KURT J | Director | 2025-10-03 | A | 90,638 | — | $0 |
| 2025-10-03 | Haddadin Yezan Munther | Director | 2025-10-03 | A | 95,969 | — | $0 |
| 2025-10-03 | Auffarth Gerd | Director | 2025-10-03 | A | 58,648 | — | $0 |
| 2025-10-03 | Sukhtian Faisal Ghiath | Director | 2025-10-03 | A | 117,296 | — | $0 |
| 2025-10-03 | Huang Andong | Director | 2025-10-01 | A | 286,734 | — | $0 |
| 2025-10-03 | Haller Julia A | Director | 2025-10-01 | A | 286,734 | — | $0 |
| 2025-10-03 | HILZINGER KURT J | Director | 2025-10-01 | A | 286,734 | — | $0 |
| 2025-10-03 | Gangolli Julian S | Director | 2025-10-01 | A | 286,734 | — | $0 |
| 2025-10-03 | Haddadin Yezan Munther | Director | 2025-10-01 | A | 286,734 | — | $0 |
| 2025-10-03 | Auffarth Gerd | Director | 2025-10-01 | A | 286,734 | — | $0 |
| 2025-10-03 | THURMAN RANDY H | Director | 2025-10-01 | A | 286,734 | — | $0 |
| 2025-10-03 | Sukhtian Faisal Ghiath | Director | 2025-10-01 | A | 286,734 | — | $0 |
| 2025-07-09 | Jahr Robert Charles | Officer (Chief Executive Officer) | 2025-07-01 | A | 800,000 | — | $0 |
| 2025-05-28 | Sukhtian Ghiath M. | Director, 10% Owner | 2025-05-27 | A | 4,285,714 | $1.40 | $6,000,000 |
| 2025-05-28 | Sukhtian Ghiath M. | Director, 10% Owner | 2025-05-27 | A | 8,571,428 | — | $0 |
| 2025-03-12 | Sukhtian Ghiath M. | Director, 10% Owner | 2025-01-17 | M | 3,458,571 | $2.51 | $8,681,013 |
| 2025-02-06 | Sukhtian Faisal Ghiath | Director | 2025-02-04 | A | 12,323 | — | $0 |
| 2025-01-22 | Sukhtian Ghiath M. | Director, 10% Owner | 2025-01-17 | D | (3,458,571) | — | $-0 |
| 2025-01-22 | Sukhtian Ghiath M. | Director, 10% Owner | 2025-01-17 | A | 3,458,571 | — | $0 |
| 2025-01-22 | Sukhtian Ghiath M. | Director, 10% Owner | 2025-01-17 | M | (3,458,571) | — | $-0 |
| 2025-01-22 | Sukhtian Ghiath M. | Director, 10% Owner | 2025-01-17 | A | 3,458,571 | — | $0 |
| 2025-01-22 | Sukhtian Ghiath M. | Director, 10% Owner | 2025-01-17 | A | 3,458,571 | — | $0 |
| 2024-10-03 | Haller Julia A | Director | 2024-10-03 | A | 12,082 | — | $0 |
| 2024-10-03 | Huang Andong | Director | 2024-10-03 | A | 10,984 | — | $0 |
| 2024-10-03 | Auffarth Gerd | Director | 2024-10-03 | A | 12,082 | — | $0 |
| 2024-10-03 | Haddadin Yezan Munther | Director | 2024-10-03 | A | 19,771 | — | $0 |
| 2024-10-03 | Sukhtian Faisal Ghiath | Director | 2024-10-03 | A | 19,771 | — | $0 |
| 2024-10-03 | HILZINGER KURT J | Director | 2024-10-03 | A | 18,672 | — | $0 |
| 2024-10-03 | Gangolli Julian S | Director | 2024-10-01 | A | 56,636 | — | $0 |
| 2024-10-03 | Gangolli Julian S | Director | 2024-10-01 | A | 71,169 | — | $0 |
| 2024-10-03 | Haller Julia A | Director | 2024-10-01 | A | 56,636 | — | $0 |
| 2024-10-03 | Haller Julia A | Director | 2024-10-01 | A | 47,232 | — | $0 |
| 2024-10-03 | Huang Andong | Director | 2024-10-01 | A | 56,636 | — | $0 |
| 2024-10-03 | Huang Andong | Director | 2024-10-01 | A | 23,509 | — | $0 |
| 2024-10-03 | Auffarth Gerd | Director | 2024-10-01 | A | 56,636 | — | $0 |
| 2024-10-03 | Auffarth Gerd | Director | 2024-10-01 | A | 29,493 | — | $0 |
| 2024-10-03 | Haddadin Yezan Munther | Director | 2024-10-01 | A | 56,636 | — | $0 |
| 2024-10-03 | Haddadin Yezan Munther | Director | 2024-10-01 | A | 132,293 | — | $0 |
| 2024-10-03 | Sukhtian Faisal Ghiath | Director | 2024-10-01 | A | 56,636 | — | $0 |
| 2024-10-03 | Sukhtian Faisal Ghiath | Director | 2024-10-01 | A | 134,430 | — | $0 |
| 2024-10-03 | HILZINGER KURT J | Director | 2024-10-01 | A | 56,636 | — | $0 |
| 2024-10-03 | HILZINGER KURT J | Director | 2024-10-01 | A | 105,151 | — | $0 |
| 2024-10-03 | THURMAN RANDY H | Director | 2024-10-01 | A | 56,636 | — | $0 |
| 2024-10-03 | THURMAN RANDY H | Director | 2024-10-01 | A | 89,549 | — | $0 |
| 2024-09-30 | KENYON LAWRENCE A | Director, Officer (Chief Financial Officer) | 2024-09-26 | P | 5,000 | $5.69 | $28,446 |