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Outlook Therapeutics

OTLK on Nasdaq. Outlook Therapeutics sells an eye drug for wet AMD to adults in Europe. Market value $145m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 30 September 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to September 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to September 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to September 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$0.59 a share, 268% above its 1-year low

Over the past year the price has ranged from $0.16 to $2.54.

Price from Friday’s close (2 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/an/an/an/a$1m
Operating margin
n/an/an/an/a-4744.3%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.23bn0.26bn0.02bn0.04bn0.24bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 8% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $20 million, compared with a loss of $20 million a year ago.
  • 270% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$6m
December 2024$17m
March 2025-$46m
June 2025-$20m
September 2025-$13m
December 2025-$23m
March 2026-$4m
June 2026-$20m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 December 2025
Next quarterly (estimated, 10-Q)
17 November 2026

Who owns it

None of the long-term investors we follow own it. 69 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • GMS Ventures & Investments
    at least 16.4%−6.5 pts
    (filed with 1 related holder)
    Since 12 August 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended to add the following after the last paragraph: On August 12, 2026, the Issuer entered into the sale of an aggregate of 55,555,556 Shares and accompanying Warrants to acquire up to an aggregate of 55,555,556 Shares in a registered…

    Read the filing
  • CVI Investments, Inc.
    Passive investor
    at least 9.9%
    (filed with 1 related holder)
    Since 12 August 2026
  • TANG CAPITAL MANAGEMENT, LLC
    Passive investor
    at least 6.4%
    (filed with 1 related holder)
    Since 31 December 2024
  • Mitchell P. Kopin
    Passive investor
    at least 5.0%
    (filed with 2 related holders)
    Since 22 April 2026
  • at least 5.0%−2.6 pts
    (filed with 2 related holders)
    Since 30 September 2025
  • at least 5.0%−1.4 pts
    (filed with 2 related holders)
    Since 30 June 2025
  • at least 4.7%−2.8 pts
    (filed with 2 related holders)
    Since 31 December 2025
  • at least 3.4%−2.2 pts
    (filed with 5 related holders)
    Since 30 June 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 7 insiders bought $8m of shares on the open market.

Cluster buy4 insiders bought within 30 days (29 July 2026 to 14 August 2026).
  • KENYON LAWRENCE A
    Chief Financial Officer, Director
    Bought
    Date
    14 August 2026
    Shares
    101,010
    Price
    n/a
    Value
    n/a
  • Jahr Robert Charles
    Chief Executive Officer, Director
    Bought
    Date
    14 August 2026
    Shares
    151,515
    Price
    n/a
    Value
    n/a
  • Sukhtian Ghiath M.
    Director
    Bought
    Date
    12 August 2026
    Shares
    2,525,252
    Price
    $0.99
    Value
    $2m
  • Sukhtian Faisal Ghiath
    Director
    Bought
    Date
    29 July 2026
    Shares
    95,398
    Price
    $1.05
    Value
    $99,996
  • Haddadin Yezan Munther
    Director
    Bought
    Date
    2 June 2026
    Shares
    29,000
    Price
    $0.83
    Value
    $24,070
  • GMS Ventures & Investments
    Director
    Bought
    Date
    28 May 2026
    Shares
    8,539,709
    Price
    $0.59
    Value
    $5m
  • Sukhtian Faisal Ghiath
    Director
    Bought
    Date
    27 May 2026
    Shares
    122,174
    Price
    $0.41
    Value
    $50,091
  • Haddadin Yezan Munther
    Director
    Bought
    Date
    26 May 2026
    Shares
    34,000
    Price
    $0.44
    Value
    $14,960
  • THURMAN RANDY H
    Director
    Bought
    Date
    26 May 2026
    Shares
    5,000
    Price
    $0.43
    Value
    $2,150
  • HILZINGER KURT J
    Director
    Bought
    Date
    26 May 2026
    Shares
    400,000
    Price
    $0.44
    Value
    $176,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Outlook Therapeutics’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Dec 2025, plus the 10-Q filed 18 Aug 2026 and 29 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “As a result of the above factors, there is substantial doubt about the Company’s ability to continue as a going concern.”
    Show the full paragraph
    As a result of the above factors, there is substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The unaudited interim consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

    From the 10-Q filed 18 August 2026, Part II, Item 1. Legal Proceedings. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.