OTLK on Nasdaq

Outlook Therapeutics, Inc.

American biological products company based in Iselin, incorporated in Delaware.

Price unavailable

Last updated Oct 18, 2026.

Overview

$1.4MRevenue, fiscal 2025²

-$62.4MNet income, fiscal 2025²

Compare with SAB Biotherapeutics, Inc., Scinai Immunotherapeutics Ltd. or Inhibrx Biosciences, Inc., or pick any stock.

TickerOTLK on Nasdaq
IndustryBiological Products, (No Diagnostic Substances)
HeadquartersCranbury, United States
Incorporated inDE³
Business address111 S. Wood Avenue, Unit #100, Iselin, Nj 08830³
Filer categoryNon-accelerated filer, Smaller reporting company³

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

4.0%Gross margin²

-4744.3%Operating margin²

-4416.2%Net margin²

Where the money goes

Where each dollar of revenue went, fiscal 2025

Research and developmentSelling, general and admin

Cost of revenue2¢$1.4M
Research and development39¢$27.2M
Selling, general and admin57¢$39.9M
Income tax2¢$1.6M

Out of $1.4M in revenue.² The company lost money this year.

Financial statements

Revenue⁴⁵²$1.4M in 2025−54% since 2018

Operating income⁴⁵⁶⁷⁸⁹²-$67.1M in 2025+126% since 2018

Net income⁴⁵⁶⁷⁸⁹²-$62.4M in 2025+107% since 2018

Every line of the income statement as filed: the last 2 fiscal years, latest first.²

Period ending	2025-09-30	2024-09-30
Revenues, net	$1.4M
Cost of revenues	$1.4M
Gross profit	$57.2K
Research and development	$27.2M	$41.8M
Selling, general and administrative	$39.9M	$29.9M
Loss from operations	-$67.1M	-$71.7M
Loss on equity method investment	$141.0K	$100.7K
Interest income	-$89.7K	-$906.1K
Interest expense	$283.1K	$3.2M
Loss from change in fair value of promissory notes	$6.1M	$2.5M
Warrant related expenses (Note 10)		$37.5M
Warrant inducement expenses (Note 10)	$33.5M
Gain from change in fair value of warrant liability	-$43.0M	-$38.6M
Loss before income taxes	-$64.0M	-$75.4M
Income tax (benefit) expense	-$1.6M	$2.8K
Net loss	-$62.4M	-$75.4M
Net loss per share of common stock, basic (in dollars per share)	-$1.79	-$4.06
Net loss per share of common stock, diluted (in dollars per share)	-$1.79	-$4.06
Weighted average shares outstanding, basic (in shares)	34.8M shares	18.5M shares
Weighted average shares outstanding, diluted (in shares)	34.8M shares	18.5M shares

Total assets⁴⁵⁶⁷⁸⁹²$18.6M in 2025−17% since 2018

Total liabilities⁴⁵⁶⁷⁸⁹²$50.8M in 2025+18% since 2018

Shareholders’ equity⁵⁶⁷⁸⁹²-$32.2M in 2025+26% since 2018

Cash⁴⁵⁶⁷⁸⁹²$8.1M in 2025+371% since 2018

Long-term debt⁴$50.3K in 2019−49% since 2018

Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.²

Period ending	2025-09-30	2025-02-28	2024-09-30	2024-02-29	2023-09-30
Cash and cash equivalents	$8.1M		$14.9M
Accounts receivable	$1.5M
Inventory	$3.3M
Prepaid expenses and other current assets	$4.5M		$12.5M
Total current assets	$17.4M		$27.4M
Operating lease right-of-use assets, net	$225.5K		$274.6K
Equity method investment	$552.2K		$693.2K
Other assets	$417.5K		$439.3K
Total assets	$18.6M		$28.8M
Current portion of unsecured convertible promissory note	$29.9M		$29.4M
Current portion of operating lease liabilities	$58.9K		$50.9K
Accounts payable	$10.2M		$8.0M
Accrued expenses	$5.3M		$3.2M
Income taxes payable	$302.0K		$1.9M
Total current liabilities	$45.8M		$42.6M
Operating lease liabilities	$188.8K		$246.9K
Warrant liability	$4.8M		$59.1M
Total liabilities	$50.8M		$101.9M
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	$538.9K		$239.1K
Additional paid-in capital	$573.0M		$470.0M
Accumulated deficit	-$605.7M		-$543.3M
Total stockholders' deficit	-$32.2M		-$73.1M		-$14.4M
Total liabilities and stockholders' deficit	$18.6M		$28.8M
Preferred stock, par value per share (in dollars per share)	$0.01		$0.01
Preferred stock, shares authorized	10.0M shares		10.0M shares
Preferred stock, shares issued	0 shares		0 shares
Preferred stock, shares outstanding	0 shares		0 shares
Common stock, par value per share (in dollars per share)	$0.01		$0.01
Common stock, shares authorized	260.0M shares	60.0M shares	260.0M shares	21.2M shares
Common stock, shares issued	53.9M shares		23.9M shares
Common stock, shares outstanding	53.9M shares		23.9M shares

Period ending	2025-09-30	2025-02-28	2024-09-30	2024-02-29	2023-09-30
Cash and cash equivalents	$8.1M		$14.9M
Accounts receivable	$1.5M
Inventory	$3.3M
Prepaid expenses and other current assets	$4.5M		$12.5M
Total current assets	$17.4M		$27.4M
Operating lease right-of-use assets, net	$225.5K		$274.6K
Equity method investment	$552.2K		$693.2K
Other assets	$417.5K		$439.3K
Total assets	$18.6M		$28.8M
Current portion of unsecured convertible promissory note	$29.9M		$29.4M
Current portion of operating lease liabilities	$58.9K		$50.9K
Accounts payable	$10.2M		$8.0M
Accrued expenses	$5.3M		$3.2M
Income taxes payable	$302.0K		$1.9M
Total current liabilities	$45.8M		$42.6M
Operating lease liabilities	$188.8K		$246.9K
Warrant liability	$4.8M		$59.1M
Total liabilities	$50.8M		$101.9M
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	$538.9K		$239.1K
Additional paid-in capital	$573.0M		$470.0M
Accumulated deficit	-$605.7M		-$543.3M
Total stockholders' deficit	-$32.2M		-$73.1M		-$14.4M
Total liabilities and stockholders' deficit	$18.6M		$28.8M
Preferred stock, par value per share (in dollars per share)	$0.01		$0.01
Preferred stock, shares authorized	10.0M shares		10.0M shares
Preferred stock, shares issued	0 shares		0 shares
Preferred stock, shares outstanding	0 shares		0 shares
Common stock, par value per share (in dollars per share)	$0.01		$0.01
Common stock, shares authorized	260.0M shares	60.0M shares	260.0M shares	21.2M shares
Common stock, shares issued	53.9M shares		23.9M shares
Common stock, shares outstanding	53.9M shares		23.9M shares

Cash from operations⁴⁵⁶⁷⁸⁹²-$51.8M in 2025+57% since 2018

Capital spending⁴⁵$437.3K in 2019−84% since 2018

Free cash flow⁴⁵-$32.7M in 2019−9% since 2018

Every line of the cash flow as filed: the last 2 fiscal years, latest first.²

Period ending	2025-09-30	2024-09-30
Net loss	-$62.4M	-$75.4M
Amortization	$117.1K	$113.9K
Non-cash interest expense		$2.7M
Stock-based compensation	$8.9M	$5.4M
Loss from change in fair value of promissory notes	$6.1M	$2.5M
Warrant related expenses (Note 10)		$37.5M
Warrant inducement expenses (Note 10)	$33.5M
Gain from change in fair value of warrant liability	-$43.0M	-$38.6M
Loss on equity method investment	$141.0K	$100.7K
Accounts receivable	-$1.5M
Inventory	-$3.3M
Prepaid expenses and other current assets	$8.0M	-$4.9M
Other assets	-$95.2K	-$5.9K
Operating lease liabilities	-$50.1K	$3.4K
Accounts payable	$1.7M	$1.4M
Accrued expenses	$1.7M	$491.7K
Income taxes payable	-$1.6M
Net cash used in operating activities	-$51.8M	-$68.8M
Proceeds from the sale of common stock and warrants to purchase common stock, net of issuance costs	$25.4M	$60.3M
Proceeds from exercise of common stock warrants	$22.6M
Proceeds from debt	$33.1M
Payments of finance lease obligations		-$4.3K
Repayment of debt	-$36.1M
Net cash provided by financing activities	$45.0M	$60.3M
Net (decrease) increase in cash and cash equivalents	-$6.8M	-$8.5M
Cash paid for interest		$475.0K
Convertible promissory note converted into common stock	$2.5M	$11.2M
Recognition of warrant liability		$97.7M
Fair value of common stock warrants exercised reclassified from warrant liability to equity	$13.3M
Common stock and warrant issuance costs in accounts payable and accrued expenses	$924.3K
Reclassification of deferred offering costs against ATM proceeds	$49.1K
Right-of-use asset and lease liability recognized for new operating lease liabilities		$294.4K

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Leadership

Who has led Outlook Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

President

Chief financial officer

Chief operating officer

Terry Dagnon2018–2022

20202025

Chief executive officerRobert Charles Jahr Jul 9, 2025 to now¹²
Chief executive officerC. Russell Trenary Iii. Jul 8, 2021 to Mar 22, 2024¹³
Chief executive officerLawrence A. Kenyon Aug 3, 2018 to Apr 20, 2021¹⁴
Chief executive officerPankaj Mohan May 12, 2016 to Jan 5, 2018¹⁵
PresidentC. Russell Trenary Iii. Jul 8, 2021 to Mar 22, 2024¹³
PresidentPankaj Mohan May 12, 2016 to Jan 5, 2018¹⁵
Chief financial officerKevin Michael Lundquist Sep 2, 2026 to now¹⁶
Chief financial officerLawrence A. Kenyon May 12, 2016 to Sep 2, 2026¹⁷
Chief operating officerTerry Dagnon Dec 4, 2018 to Jun 23, 2022¹⁸

Board members and other officers (28)

Chief Operations OfficerTerry Dagnon Apr 19, 2023 to Apr 21, 2023¹⁹
Chief Commercial OfficerJeff Evanson Dec 4, 2018 to Mar 22, 2024²⁰
VP, Regulatory AffairsElizabeth A. Yamashita May 12, 2016 to Dec 26, 2017²¹
Chief Medical OfficerKenneth Bahrt May 12, 2016 to Feb 19, 2019²²
VP, Analytical SciencesKogan Bao May 12, 2016 to Dec 22, 2016²³
SVP, Development & MfrgScott A. Gangloff May 12, 2016 to Dec 22, 2016²⁴
SVP Bus. Strat. & Dev.Stephen J. McAndrew May 12, 2016 to Oct 24, 2018²⁵
Board memberRobert Charles Jahr Jul 23, 2026 to now²⁶
Board memberJulia Haller Aug 15, 2022 to now²⁷
Board memberC. Russell Trenary Iii. Jul 8, 2021 to Mar 22, 2024¹³
Board memberGerd Auffarth Apr 21, 2020 to now²⁸
Board memberJulian S. Gangolli Apr 21, 2020 to now²⁹
Board memberAndong Huang Jun 23, 2020 to now³⁰
Board memberJoerg Windisch Mar 27, 2018 to Nov 13, 2018³¹
Board memberRandy H. Thurman Apr 17, 2018 to now³²
Board memberLawrence A. Kenyon Aug 3, 2018 to now¹⁴
Board memberFaisal Ghiath Sukhtian Sep 18, 2017 to now³³
Board memberArun Kumar Pillai Sep 25, 2017 to Feb 1, 2022³⁴
Board memberGhiath M. Sukhtian Sep 25, 2017 to now³⁴
Board memberClaudio Albrecht Nov 1, 2017 to Nov 2, 2017³⁵
Board memberYezan Munther Haddadin Nov 1, 2017 to now³⁶
Board memberAlbert D. Dyrness May 12, 2016 to Oct 30, 2017³⁷
Board memberDonald J. Griffith May 12, 2016 to Nov 28, 2016³⁸
Board memberHoke Robin Smith May 12, 2016 to Nov 30, 2016³⁹
Board memberKurt Hilzinger May 12, 2016 to now⁴⁰
Board memberPankaj Mohan May 12, 2016 to Jan 17, 2019¹⁵
Board memberScott A. Canute May 12, 2016 to Oct 30, 2017⁴¹
Board memberTodd C. Brady May 12, 2016 to Oct 30, 2017⁴²

Former names

Oncobiologics, Inc.Aug 10, 2015 to Nov 13, 2018³

Timeline

Jul 9, 2025New chief executive Robert Charles Jahr becomes CEO¹²
Jul 8, 2021New chief executive C. Russell Trenary Iii. becomes CEO¹³
Aug 3, 2018New chief executive Lawrence A. Kenyon becomes CEO¹⁴
May 12, 2016New chief executive Pankaj Mohan becomes CEO¹⁵
Oct 22, 2015Founded Outlook Therapeutics, Inc. is founded⁴³

Filings

360 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 95 major events, 123 insider forms, 36 large holders, 6 private raises, 77 other. The latest 20:

Oct 13, 2026SCHEDULE 13G EDGAR
Sep 30, 20268-K EDGAR
Sep 18, 20268-K EDGAR
Sep 2, 20264 EDGAR
Sep 2, 20263 EDGAR
Aug 27, 20268-K EDGAR
Aug 19, 2026SCHEDULE 13G EDGAR
Aug 18, 202610-Q EDGAR
Aug 17, 2026NT 10-Q EDGAR
Aug 14, 20264 PRIMARY DOCUMENT EDGAR
Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
Aug 14, 20268-K EDGAR
Aug 14, 2026424B5 EDGAR
Aug 14, 20268-K EDGAR
Aug 14, 2026SCHEDULE 13D/A EDGAR
Aug 14, 20264 EDGAR
Aug 12, 2026424B5 EDGAR
Aug 12, 20268-K EDGAR
Jul 29, 20264 PRIMARY DOCUMENT EDGAR
Jul 24, 20268-K EDGAR

The 360 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 36 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

Apr 23, 2026Filed a private offering of equity Form D: $5 million offered in all Form D
Jan 17, 2025Filed a private offering of equity Form D: $32 million offered in all Form D
Apr 15, 2024Raised $5 million in a private offering of equity Form D: $13.3 million offered in all Form D
Mar 18, 2024Raised $60 million in a private offering of equity Form D: $159 million offered in all Form D
Dec 28, 2022Raised $31.8 million in a private offering of debt Form D: 1 investor so far Form D
Dec 28, 2022Raised $1 million in a private offering of securities Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 69. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Vanguard Capital Management LLC	4,376,872	$7.0M	0.0%	+2,409,712
Perceptive Advisors LLC	3,139,216	$5.0M	0.1%	New
Marshall Wace, Llp	1,987,578	$3.2M	0.0%	New
BlackRock, Inc.	1,668,579	$2.7M	0.0%	+1,191,108
Jane Street Group, LLC	1,425,270	$2.3M	0.0%	New
Geode Capital Management, LLC	1,245,868	$2.0M	0.0%	+642,262
Susquehanna International Group, Llp	968,190	$1.5M	0.0%	+834,106
Vanguard Fiduciary Trust Co	661,664	$1.1M	0.0%	+485,135
Gilpin Wealth Management, LLC	555,000	$882.5K	0.6%	−45,162
State Street Corp	539,802	$858.3K	0.0%	+376,700
Cantor Fitzgerald, L. P.	450,000	$715.5K	0.0%	New
Sanctuary Advisors, LLC	344,529	$547.8K	0.0%	New
Raymond James Financial Inc	332,051	$528.0K	0.0%	+305,000
Group One Trading LLC	246,428	$391.8K	0.0%	+132,727
Northern Trust Corp	237,561	$377.7K	0.0%	+170,171
Simplex Trading, LLC	205,013	$326.0K	0.0%	+72,347
LPL Financial LLC	184,942	$294.1K	0.0%	+151,315
UBS Group AG	152,215	$242.0K	0.0%	+19,146
Deutsche Bank Ag\	130,700	$207.8K	0.0%	New
Wealth Management Partners, LLC	118,170	$187.9K	0.0%	New
Jefferies Financial Group Inc.	62,500	$99.4K	0.0%	New
Millennium Management LLC	57,839	$92.0K	0.0%	New
Tower Research Capital LLC (TRC)	57,391	$91.3K	0.0%	+42,586
Royal Fund Management, LLC	47,200	$75.0K	0.0%	New
Scotia Capital Inc.	46,300	$73.6K	0.0%	New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGAROutlook Therapeutics, Inc. filings on SEC EDGAR
2
SEC EDGAROutlook Therapeutics, Inc. 10-K for fiscal 2025
3
SEC EDGAROutlook Therapeutics, Inc. filings on SEC EDGAR
4
SEC EDGAROutlook Therapeutics, Inc. 10-K for fiscal 2018
5
SEC EDGAROutlook Therapeutics, Inc. 10-K for fiscal 2019
6
SEC EDGAROutlook Therapeutics, Inc. 10-K for fiscal 2020
7
SEC EDGAROutlook Therapeutics, Inc. 10-K for fiscal 2021
8
SEC EDGAROutlook Therapeutics, Inc. 10-K for fiscal 2022
9
SEC EDGAROutlook Therapeutics, Inc. 10-K for fiscal 2023
10
SEC EDGAROutlook Therapeutics, Inc. 10-Q for fiscal 2026
11
SEC EDGAROutlook Therapeutics, Inc. 10-Q for fiscal 2026
12
SEC EDGARRobert Charles Jahr, Chief executive officer
13
SEC EDGARC. Russell Trenary Iii., Chief executive officer
14
SEC EDGARLawrence A. Kenyon, Chief executive officer
15
SEC EDGARPankaj Mohan, Chief executive officer
16
SEC EDGARKevin Michael Lundquist, Chief financial officer
17
SEC EDGARLawrence A. Kenyon, Chief financial officer
18
SEC EDGARTerry Dagnon, Chief operating officer
19
SEC EDGARTerry Dagnon, Chief Operations Officer
20
SEC EDGARJeff Evanson, Chief Commercial Officer
21
SEC EDGARElizabeth A. Yamashita, VP, Regulatory Affairs
22
SEC EDGARKenneth Bahrt, Chief Medical Officer
23
SEC EDGARKogan Bao, VP, Analytical Sciences
24
SEC EDGARScott A. Gangloff, SVP, Development & Mfrg
25
SEC EDGARStephen J. McAndrew, SVP Bus. Strat. & Dev.
26
SEC EDGARRobert Charles Jahr, Board member
27
SEC EDGARJulia Haller, Board member
28
SEC EDGARGerd Auffarth, Board member
29
SEC EDGARJulian S. Gangolli, Board member
30
SEC EDGARAndong Huang, Board member
31
SEC EDGARJoerg Windisch, Board member
32
SEC EDGARRandy H. Thurman, Board member
33
SEC EDGARFaisal Ghiath Sukhtian, Board member
34
SEC EDGARArun Kumar Pillai, Board member
35
SEC EDGARClaudio Albrecht, Board member
36
SEC EDGARYezan Munther Haddadin, Board member
37
SEC EDGARAlbert D. Dyrness, Board member
38
SEC EDGARDonald J. Griffith, Board member
39
SEC EDGARHoke Robin Smith, Board member
40
SEC EDGARKurt Hilzinger, Board member
41
SEC EDGARScott A. Canute, Board member
42
SEC EDGARTodd C. Brady, Board member
43
gleifOutlook Therapeutics, Inc. is founded