{"url_path":"/sec/otlk/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1649989/0001104659-26-062632-index.html","accession_number":"0001104659-26-062632","cik":"0001649989","ticker":"OTLK","issuer_name":"Outlook Therapeutics, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1649989/0001104659-26-062632-index.html","primary_entity_key":"0001649989","primary_entity_name":"Outlook Therapeutics, Inc."},"word_count":1520,"has_tables":true,"body_markdown":"OUTLOOK THERAPEUTICS, INC._March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, DC 20549**\n\n**FORM ****10-Q**\n\n**(Mark One)**\n\n☒\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****March 31, 2026**\n\n**or**\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from              to**\n\n**Commission File No. ****001-37759**\n\n**OUTLOOK THERAPEUTICS, INC.**\n\n**(Exact name of registrant as specified in its charter)**\n\n​\n\n-\n\n**Delaware**\n\n \n\n**38-3982704**\n\n**(State or other jurisdiction of**\n**incorporation or organization)**\n\n \n\n**(I.R.S. Employer**\n**Identification No.)**\n\n \n\n \n\n \n\n**111 S. Wood Avenue, Unit #100**\n\n**Iselin****,****New Jersey**\n\n \n\n**08830**\n\n**(Address of principal executive offices)**\n\n \n\n**(Zip Code)**\n\n​\n\n**(****609****) ****619-3990**\n\n**(Registrant’s telephone number, including area code)**\n\n​\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n**Title of each class**\n\n**  ​ ​ ​**\n\n**Trading Symbol(s)**\n\n**  ​ ​ ​**\n\n**Name of each exchange on which registered**\n\nCommon Stock\n\nOTLK\n\nNasdaq Stock Market LLC\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes        ☒        No        ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes        ☒        No        ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer\n\n☐\n\n \n\nAccelerated filer\n\n☐\n\n \n\n \n\n \n\n \n\n \n\nNon-accelerated filer\n\n☒\n\n \n\nSmaller reporting company\n\n☒\n\n \n\n \n\nEmerging growth company\n\n☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.        ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No ☒\n\nThe number of shares of the registrant’s common stock, $0.01 par value per share, outstanding as of May 12, 2026 was 120,863,252.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nOutlook Therapeutics, Inc.\n\nTable of Contents\n\n​\n\n**  ​ ​ ​**\n\n**Page********Number**\n\n​\n\n​\n\n​\n\n[PART I. FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_49328)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1. Financial Statements (Unaudited)](#Item1FinancialStatements_763053)\n\n​\n\n1\n\n​\n\n​\n\n​\n\n[Consolidated Balance Sheets as of March 31, 2026 and September 30, 2025](#BalanceSheets_195576)\n\n​\n\n1\n\n​\n\n​\n\n​\n\n[Consolidated Statements of Operations for the Three and Six Months Ended March 31, 2026 and 2025](#StatementsofOperations_384319)\n\n​\n\n2\n\n​\n\n​\n\n​\n\n[Consolidated Statements of Stockholders’ Deficit for the Three and Six Months Ended March 31, 2026 and 2025](#ConsolidatedStatementsofConvertiblePrefe)\n\n​\n\n3\n\n​\n\n​\n\n​\n\n[Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2026 and 2025](#CashFlows_575597)\n\n​\n\n4\n\n​\n\n​\n\n​\n\n[Notes to Unaudited Interim Consolidated Financial Statements](#NotestoUnauditedInterimConsolidatedFinan)\n\n​\n\n5\n\n​\n\n​\n\n​\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF)\n\n​\n\n23\n\n​\n\n​\n\n​\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur)\n\n​\n\n37\n\n​\n\n​\n\n​\n\n[Item 4. Controls and Procedures](#Item4ControlsandProcedures_427313)\n\n​\n\n37\n\n​\n\n​\n\n​\n\n[PART II. OTHER INFORMATION](#PartIIOtherInformation_308952)\n\n​\n\n38\n\n​\n\n​\n\n​\n\n[Item 1. Legal Proceedings](#Item1LegalProceedings_969928)\n\n​\n\n38\n\n​\n\n​\n\n​\n\n[Item 1A. Risk Factors](#Item1ARiskFactors_250687)\n\n​\n\n38\n\n​\n\n​\n\n​\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n​\n\n41\n\n​\n\n​\n\n​\n\n[Item 3. Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_133055)\n\n​\n\n41\n\n​\n\n​\n\n​\n\n[Item 4. Mine Safety Disclosures](#Item4MineSafetyDisclosures_853180)\n\n​\n\n42\n\n​\n\n​\n\n​\n\n[Item 5. Other Information](#Item5OtherInformation_43938)\n\n​\n\n42\n\n​\n\n​\n\n​\n\n[Item 6. Exhibits](#Item6Exhibits_205979)\n\n​\n\n43\n\n​\n\n​\n\n​\n\n[SIGNATURES](#SIGNATURES_1442)\n\n​\n\n44\n\n​\n\nIn this report, unless otherwise stated or as the context otherwise requires, references to “Outlook Therapeutics,” “Outlook,” “the Company,” “we,” “us,” “our” and similar references refer to Outlook Therapeutics, Inc. and its consolidated subsidiaries. The Outlook logo, LYTENAVA and other trademarks or service marks of Outlook Therapeutics, Inc. appearing in this report are the property of Outlook Therapeutics, Inc. This report also contains registered marks, trademarks and trade names of other companies. All other trademarks, registered marks and trade names appearing in this report are the property of their respective holders. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies.\n\n​\n\nReferences to ONS-5010 and/or LYTENAVA refer to an ophthalmic formulation of bevacizumab for use in retinal indications which, as the context requires: (i) is currently commercially available in Germany and in the United Kingdom as LYTENAVA™ (bevacizumab gamma) for the treatment of wet age-related macular degeneration (wet AMD) and (ii) is currently the subject of a Biologics License Application under review by the U.S. Food and Drug Administration.\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis report contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our future financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “seek,” “should,” “will,” “would,” or the negative of these terms or similar expressions in this report.\n\nWe have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” contained in our Annual Report on Form 10-K for the year ended September 30, 2025, filed with the Securities and Exchange Commission (“SEC”) on December 19, 2025, and in Part II, Item 1A. “Risk Factors” of this Quarterly Report, including, among other things, risks associated with:\n\n●our ability to obtain and maintain regulatory approval for ONS-5010/LYTENAVA in the United States and other markets;\n\n●our ability to successfully commercialize and generate revenues from the sale of LYTENAVA™ (bevacizumab gamma) in the United Kingdom and European Union;\n\n●the rate and degree of market acceptance of our current and future product candidates, including our commercialization strategy and manufacturing capabilities for ONS-5010/LYTENAVA;\n\n●our ability to fund our working capital requirements, the sufficiency of our current cash resources and our need for additional funding;\n\n●our expectations regarding the potential market size and the size of the patient populations for our product candidates, if approved, for commercial use;\n\n●whether the results of our clinical trials will be sufficient to support domestic or global regulatory approvals;\n\n●the initiation, timing, progress and results of our clinical trials of our lead product candidate, ONS-5010/LYTENAVA;\n\n●our reliance on our contract manufacturing organizations and other vendors;\n\n●the implementation of our business model and strategic plans for our business and product candidates;\n\n●developments or disputes concerning our intellectual property or other proprietary rights;\n\n●our ability to maintain and establish collaborations or obtain additional funding;\n\n●our expectations regarding government and third-party payor coverage and reimbursement;\n\n●our ability to compete in the markets we serve; and\n\n●the factors that may impact our financial results.\n\n​\n\nThese risks are not exhaustive. Additional factors could harm our business and financial performance, such as risks associated with the current macroeconomic environment, including as a result of the impacts of fluctuations in inflation, and interest rates, tariffs and trade tensions, current or potential future bank failures or geopolitical instability and uncertainty. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Unless required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information or future events or developments. Thus, you should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. We qualify all of the forward-looking statements in this report by these cautionary statements.\n\n​\n\n​\n\nii\n\n[Table of Contents](#TOC)\n\n**1**PART I. FINANCIAL INFORMATION"}