Outlook Therapeutics, Inc.
OTLKHealthcare|Biotechnology|US
$0.44
-0.00 (-0.61%)
DCF Value
$0.95
Cash / Share
$0.08
Financials
Financial Snapshot
Market Cap
$106.2M
Enterprise Value
$113.4M
Revenue (TTM)
-$1.2M
Net Income (TTM)
-$61.1M
Cash & Investments
$11.2M
Net Cash
-$7.2M
Free Cash Flow (TTM)
-$57.1M
Operating CF (TTM)
-$57.1M
Debt/Equity
-1.77
Cash Runway & Burn Rate
Cash on Hand
$11.2M
Quarterly Burn
$14.3M
Monthly Burn
$4.8M
Est. Runway
~0.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.4M | $3.2M | $1.7M | $8.0M | $12.5M | $14.5M | $17.4M | $23.4M | $14.9M | $8.1M | $11.2M | |
| Operating Cash Flow | -$45.5M | -$15.5M | -$33.0M | -$32.3M | -$31.8M | -$54.3M | -$56.7M | -$43.0M | -$68.8M | -$51.8M | -$57.1M | |
| Free Cash Flow | -$46.6M | -$15.8M | -$35.8M | -$32.7M | -$31.8M | -$54.3M | -$56.7M | -$43.0M | -$68.8M | -$51.8M | -$57.1M | |
| Capital Expenditure | -$1.1M | -$292.1K | -$2.8M | -$437.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $39.9M | $16.6M | $34.4M | $39.0M | $37.2M | $56.2M | $59.6M | $49.0M | $60.3M | $45.0M | $61.6M |
R&D Spending
R&D (TTM)
$17.4M
R&D Intensity
—
R&D Growth vs Prior
-37.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M | $3.8M | $3.1M | $8.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.4M | -$1.2M | |
| R&D Expense | $32.8M | $23.8M | $18.5M | $23.8M | $26.3M | $39.0M | $42.3M | $26.5M | $41.8M | $27.8M | $17.4M | |
| R&D % of Revenue | 1099.4% | 624.6% | 599.2% | 292.2% | — | — | — | — | — | 1965.3% | -1492.9% | |
| SG&A | $21.6M | $15.9M | $14.2M | $9.4M | $8.1M | $12.8M | $20.7M | $26.7M | $29.9M | $39.9M | $36.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M | $3.8M | $3.1M | $8.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.4M | -$1.2M | |
| Cost of Revenue | $0.00 | $23.8M | $18.5M | $23.8M | $554.1K | $0.00 | $204.7K | $0.00 | $0.00 | $756.3K | $1.1M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | -$15.7M | -$554.1K | $0.00 | -$204.7K | $0.00 | $0.00 | $657.2K | -$2.3M | |
| R&D | $32.8M | $23.8M | $18.5M | $23.8M | $26.3M | $39.0M | $42.3M | $26.5M | $41.8M | $27.8M | $17.4M | |
| SG&A | $21.6M | $15.9M | $14.2M | $9.4M | $8.1M | $12.8M | $20.7M | $26.7M | $29.9M | $39.9M | $36.0M | |
| Operating Income | -$51.3M | -$35.9M | -$29.6M | -$36.3M | -$35.0M | -$51.7M | -$63.1M | -$53.1M | -$71.7M | -$67.1M | -$55.6M | |
| Interest Expense | $1.9M | $5.6M | $3.9M | $3.5M | $1.8M | $936.1K | $1.5M | $2.5M | $3.2M | $283.1K | $264.2K | |
| Pretax Income | -$53.2M | -$38.3M | -$33.7M | -$37.9M | -$38.5M | -$53.2M | -$66.0M | -$59.0M | -$75.4M | -$64.0M | -$62.6M | |
| Net Income | -$53.3M | -$38.8M | -$30.1M | -$34.5M | -$35.2M | -$53.2M | -$66.1M | -$59.0M | -$75.4M | -$62.4M | -$61.1M | |
| EPS (Diluted) | -587.20 | -288.00 | -85.00 | -39.60 | -13.47 | -7.00 | -6.23 | -4.80 | -4.06 | -1.79 | -1.10 | |
| EBITDA | -$49.0M | -$30.0M | -$26.8M | -$31.1M | -$34.4M | -$52.0M | -$64.4M | -$56.4M | -$72.1M | -$63.6M | -$62.3M | |
| Shares Out. (M) | 0.11 | 0.15 | 0.35 | 0.91 | 3.63 | 7.63 | 10.60 | 12.51 | 18.55 | 25.48 | 136.74 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.4M | $3.2M | $1.7M | $8.0M | $12.5M | $14.5M | $17.4M | $23.4M | $14.9M | $8.1M | $11.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $5.7M | $3.9M | $3.3M | $13.5M | $17.9M | $21.5M | $27.5M | $31.0M | $27.4M | $17.4M | $23.2M | |
| Total Assets | $23.7M | $20.7M | $22.3M | $17.1M | $19.7M | $22.8M | $28.5M | $32.3M | $28.8M | $18.6M | $26.2M | |
| Total Current Liabilities | $20.4M | $28.7M | $32.0M | $20.3M | $15.9M | $6.8M | $19.7M | $46.7M | $42.6M | $45.8M | $28.7M | |
| Long-Term Debt | $2.2M | $13.4M | $98.5K | $50.3K | $904.2K | $10.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $28.9M | $51.5M | $43.1M | $27.9M | $16.9M | $18.2M | $19.8M | $46.7M | $101.9M | $50.8M | $36.6M | |
| Stockholders' Equity | -$5.2M | -$30.7M | -$20.8M | -$10.8M | $2.8M | $4.6M | $8.7M | -$14.4M | -$73.1M | -$32.2M | -$10.4M | |
| Retained Earnings | -$147.4M | -$186.2M | -$216.3M | -$254.5M | -$289.7M | -$342.9M | -$408.9M | -$467.9M | -$543.3M | -$605.7M | -$653.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$45.5M | -$15.5M | -$33.0M | -$32.3M | -$31.8M | -$54.3M | -$56.7M | -$43.0M | -$68.8M | -$51.8M | -$57.1M | |
| Capital Expenditure | -$1.1M | -$292.1K | -$2.8M | -$437.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$46.6M | -$15.8M | -$35.8M | -$32.7M | -$31.8M | -$54.3M | -$56.7M | -$43.0M | -$68.8M | -$51.8M | -$57.1M | |
| Investing Cash Flow | -$1.1M | -$292.1K | -$2.8M | -$437.3K | -$900.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$2.1M | |
| Financing Cash Flow | $39.9M | $16.6M | $34.4M | $39.0M | $37.2M | $56.2M | $59.6M | $49.0M | $60.3M | $45.0M | $61.6M | |
| Issuance of Stock | $53.2M | $1.6M | $14.7M | $46.0M | $35.4M | $46.3M | $62.3M | $30.0M | $60.3M | $48.0M | $58.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$13.3M | $11.3M | -$990.6K | -$6.9M | $640.9K | $6.3M | -$2.3M | $19.8M | -$4.3K | -$3.0M | -$2.3M | |
| Stock Based Comp. | $12.5M | $8.6M | $2.0M | $1.3M | $2.8M | $4.9M | $7.7M | $5.5M | $5.4M | $8.9M | $3.5M | |
| Net Change in Cash | -$6.7M | $833.6K | -$1.5M | $6.3M | $4.5M | $1.9M | $2.9M | $6.0M | -$8.5M | -$6.8M | $2.3M |
Dilution Tracker
Shares outstanding grew 602.2% over 5 years — significant dilution
Shares Outstanding
243M
5-Year Share Growth
+602.2%
Stock Issuance (TTM)
$58.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.11 | 0.15 | 0.35 | 0.91 | 3.63 | 7.63 | 10.60 | 12.51 | 18.55 | 25.48 | 136.74 | |
| Change vs Prior % | — | 39.7% | 135.6% | 156.9% | 298.8% | 110.4% | 38.9% | 18.0% | 48.3% | 37.3% | 436.8% | |
| Stock Issuance | $53.2M | $1.6M | $14.7M | $46.0M | $35.4M | $46.3M | $62.3M | $30.0M | $60.3M | $48.0M | $58.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $12.5M | $8.6M | $2.0M | $1.3M | $2.8M | $4.9M | $7.7M | $5.5M | $5.4M | $8.9M | $3.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | -192.2% | — | — | — | — | — | 46.5% | 195.6% | |
| Operating Margin % | -1723.1% | -941.2% | -960.0% | -445.6% | — | — | — | — | — | -4744.3% | 4783.1% | |
| Net Margin % | -1788.7% | -1019.1% | -974.5% | -423.8% | — | — | — | — | — | -4416.2% | 5254.8% | |
| EBITDA Margin % | -1642.7% | -787.8% | -867.7% | -381.9% | — | — | — | — | — | -4497.7% | 5353.3% | |
| FCF Margin % | -1563.1% | -414.4% | -1160.0% | -401.8% | — | — | — | — | — | -3666.7% | 4911.7% | |
| ROE % | 1025.0% | 126.4% | 144.6% | 320.6% | -1247.0% | -1154.0% | -756.0% | 408.5% | 103.1% | 193.9% | 222.0% | |
| ROA % | -224.8% | -187.4% | -135.0% | -201.5% | -178.6% | -233.1% | -231.5% | -182.6% | -261.5% | -335.9% | -233.4% | |
| ROIC % | -543.6% | 1196.9% | -306.7% | -394.5% | -273.6% | -303.7% | -319.3% | -251.5% | -455.0% | -2357.6% | -343.7% | |
| R&D / Revenue % | 1099.4% | 624.6% | 599.2% | 292.2% | — | — | — | — | — | 1965.3% | -1492.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -42.9% | 27.9% | -19.0% | 163.8% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 96.5% | 100.0% | 0.0% | 100.0% | 0.0% | 0.0% | |
| Operating Income | -10.3% | 30.1% | 17.4% | -22.4% | 3.7% | -47.9% | -21.9% | 15.8% | -35.0% | 6.5% | |
| Net Income | -12.5% | 27.1% | 22.5% | -14.7% | -2.1% | -50.9% | -24.2% | 10.7% | -27.8% | 17.2% | |
| EPS (Diluted) | -4.1% | 51.0% | 70.5% | 53.4% | 66.0% | 48.0% | 11.0% | 23.0% | 15.4% | 55.9% | |
| Operating Cash Flow | -65.5% | 65.9% | -113.1% | 2.3% | 1.5% | -70.7% | -4.5% | 24.2% | -60.1% | 24.7% | |
| Free Cash Flow | -28.4% | 66.1% | -126.8% | 8.6% | 2.9% | -70.7% | -4.5% | 24.2% | -60.1% | 24.7% | |
| R&D Expense | -15.7% | -27.3% | -22.3% | 28.6% | 10.7% | 47.9% | 8.7% | -37.5% | 57.9% | -33.5% | |
| SG&A Expense | 67.1% | -26.3% | -10.4% | -34.1% | -13.8% | 58.1% | 62.4% | 28.6% | 12.2% | 33.4% | |
| Total Assets | 104.3% | -12.5% | 7.5% | -23.1% | 15.2% | 15.6% | 25.1% | 13.2% | -10.8% | -35.5% | |
| Book Value / Share | 76.9% | -254.2% | 34.0% | 91.2% | 106.6% | -22.5% | 36.5% | -240.1% | -241.3% | 67.9% | |
| Debt | -42.4% | 110.9% | 19.1% | -31.8% | -41.1% | 35.3% | -7.9% | 224.5% | -16.4% | 1.5% | |
| Diluted Shares | 14.5% | 39.7% | 135.6% | 156.9% | 298.8% | 110.4% | 38.9% | 18.0% | 48.3% | 37.3% |
Valuation
P/E (TTM)At Loss
P/S-91.34
10Y Low / Med / High3.33 / 8.63 / 20.54
P/B-5.74
10Y Low / Med / High18.49 / 29.62 / 71.91
EV/EBITDAAt Loss
EV/Revenue-97.52
10Y Low / Med / High4.18 / 14.37 / 34.75
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.95
Cash / Share
$0.08
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1.16 | -0.82 | -0.80 | -0.75 | -1.07 | -6.20 | -3.92 | -0.92 | -1.32 | -0.59 | -0.40 | |
| P/S Ratio | 20.54 | 8.63 | 7.82 | 3.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 19.10 | -91.34 | |
| P/B Ratio | -11.77 | -1.07 | -1.16 | -2.52 | 18.49 | 71.91 | 29.62 | -3.83 | -1.36 | -0.84 | -5.74 | |
| EV/EBITDA | -1.38 | -1.60 | -1.66 | -1.09 | -1.41 | -6.33 | -3.92 | -1.20 | -1.58 | -0.77 | -1.82 | |
| EV/Revenue | 22.68 | 12.63 | 14.37 | 4.18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 34.75 | -97.52 |
Analyst Estimates & Quality
Altman Z-Score
-41.36
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $46.3M | $268.0M | $428.0M |
| Net Income | -$5.6M | $15.1M | $25.1M |
| EPS | $-0.23 | $0.57 | $0.95 |
| # Analysts (EPS) | 2 | 1 | 1 |