Outlook Therapeutics, Inc. OTLK
We are a biopharmaceutical company that has developed ONS-5010/LYTENAVATM as the first ophthalmic formulation of bevacizumab approved by the European Commission in the European Union, or EU, and the Medicines and Healthcare products Regulatory Agency, or MHRA, in the United Kingdom, or UK, for use in adults for the treatment of wet age-related macular degeneration, or wet AMD. In June 2025, we launched directly into the initial markets of Germany and the UK. Additionally, our Biologics License Application, or BLA, is currently under review at the U.S. Food and Drug Administration, or FDA, for the use of ONS-5010/LYTENAVA as a treatment for wet AMD in the United States. If approved by the FDA., our goal is to also launch directly in the United States as the first and only approved ophthalmic bevacizumab for the treatment of wet AMD. In addition to Europe and the United States., we may seek approval to launch ONS-5010/LYTENAVA the product in other markets. ONS-5010/LYTENAVA is manufactured in the United States.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4M | — | — | — | — | — | $8.1M | $3.1M | $3.8M | $3.0M |
| Cost of revenue | $1.4M | — | — | — | — | — | — | — | — | — |
| Gross profit | $57.2K | — | — | — | — | — | — | — | — | — |
| R&D | $27.2M | $41.8M | $26.5M | $42.3M | $39.0M | $26.3M | $23.8M | $18.5M | $23.8M | $32.8M |
| SG&A | $39.9M | $29.9M | $26.7M | $20.7M | $12.8M | $10.0M | $9.4M | $14.2M | $15.9M | $21.6M |
| Total operating expenses | — | — | — | — | $51.7M | $36.8M | $44.4M | $32.7M | $39.7M | $54.3M |
| Operating income | -$67.1M | -$71.7M | -$53.1M | -$63.1M | -$51.7M | -$36.8M | -$36.3M | -$29.6M | -$35.9M | -$51.3M |
| Interest expense | $283.1K | $3.2M | $2.5M | $1.5M | $936.1K | $1.8M | $3.5M | $3.9M | $5.6M | $1.9M |
| Pre-tax income | -$64.0M | -$75.4M | -$59.0M | -$66.0M | -$53.2M | -$38.5M | -$37.9M | -$33.7M | -$38.3M | -$53.2M |
| Income tax | $1.6M | $2.8K | $2.8K | $2.8K | $2.0K | $3.3M | $3.4M | $3.6M | $501.5K | $103.0K |
| Net income | -$62.4M | -$75.4M | -$59.0M | -$66.1M | -$53.2M | -$35.2M | -$34.5M | -$30.1M | -$38.8M | -$53.3M |
| EPS, basic | -1.79 | -4.06 | -4.72 | -0.31 | -0.35 | -0.67 | — | -1.22 | -1.67 | -3.67 |
| EPS, diluted | -1.79 | -4.06 | -4.72 | -0.31 | -0.35 | -0.67 | -1.98 | -9.74 | -1.80 | -3.67 |
| Shares, diluted (wtd. avg.) | $34.8M | $18.5M | $12.5M | $212.1M | $152.7M | $72.6M | — | $39.5M | $24.0M | $17.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.1M | $14.9M | $23.4M | $17.4M | $14.5M | $12.5M | $8.0M | $1.7M | $3.2M | $2.4M |
| Receivables | $1.5M | — | — | — | — | — | — | — | — | — |
| Inventory | $3.3M | — | — | — | — | — | — | — | — | — |
| Total current assets | $17.4M | $27.4M | $31.0M | $27.5M | $21.5M | $17.9M | $13.5M | $3.3M | $3.9M | $5.7M |
| Property, plant and equipment | — | — | — | — | $163.6K | $327.2K | $3.2M | $18.5M | $16.1M | $18.7M |
| Total assets | $18.6M | $28.8M | $32.3M | $28.5M | $22.8M | $19.7M | $17.1M | $22.3M | $20.7M | $25.4M |
| Accounts payable | $10.2M | $8.0M | $6.6M | $3.5M | $2.2M | $2.4M | $2.3M | $3.6M | $11.0M | $5.1M |
| Short-term debt | — | — | — | — | — | — | $1.0M | $66.5K | $52.6K | $586.5K |
| Total current liabilities | $45.8M | $42.6M | $46.7M | $19.7M | $6.8M | $15.9M | $20.3M | $32.0M | $28.7M | $20.4M |
| Long-term debt | — | — | — | — | — | — | $50.3K | $98.5K | $151.1K | $2.2M |
| Total liabilities | $50.8M | $101.9M | $46.7M | $19.8M | $18.2M | $16.9M | $27.9M | $43.1M | $51.5M | $30.6M |
| Retained earnings | -$605.7M | -$543.3M | -$467.9M | -$408.9M | -$342.9M | -$289.7M | -$254.5M | -$216.3M | -$186.2M | -$147.4M |
| Total equity | -$32.2M | -$73.1M | -$14.4M | $8.7M | $4.6M | $2.8M | -$16.1M | -$25.5M | -$33.7M | -$5.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$51.8M | -$68.8M | -$43.0M | -$56.7M | -$54.3M | -$31.8M | -$32.3M | -$33.0M | -$15.5M | -$45.5M |
| Depreciation and amortisation | — | — | — | $163.6K | $163.6K | $219.4K | $3.4M | $3.1M | $2.7M | $2.4M |
| Stock-based compensation | $8.9M | $5.4M | $5.5M | $7.7M | $4.9M | $2.8M | $1.3M | $2.0M | $8.6M | $12.5M |
| Capital expenditure | — | — | — | — | — | — | $437.3K | $2.8M | $292.1K | $1.1M |
| Investing cash flow | — | — | — | — | — | -$900.0K | -$437.3K | -$2.8M | -$292.1K | -$1.1M |
| Financing cash flow | $45.0M | $60.3M | $49.0M | $59.6M | $56.2M | $37.2M | $39.0M | $34.4M | $16.6M | $39.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-25-123264.
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