Outlook Therapeutics Inc Financials

OTLK

Source SEC Filings (10-K/10-Q) Updated Feb 17, 2026 Currency USD FYE September

This page shows Outlook Therapeutics Inc (OTLK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Outlook Therapeutics Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.83x

For every $1 of reported earnings, Outlook Therapeutics Inc generates $0.83 in operating cash flow (-$51.8M OCF vs -$62.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-236.9x

Outlook Therapeutics Inc earns $-236.9 in operating income for every $1 of interest expense (-$67.1M vs $283K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$1.4M

10Y CAGR-12.2%

Outlook Therapeutics Inc generated $1.4M in revenue in fiscal year 2025.

EBITDA

-$66.9M

YoY+6.5%

Outlook Therapeutics Inc's EBITDA was -$66.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.5% from the prior year.

Free Cash Flow

N/A

Net Income

-$62.4M

YoY+17.2%

Outlook Therapeutics Inc reported -$62.4M in net income in fiscal year 2025. This represents an increase of 17.2% from the prior year.

EPS (Diluted)

$-1.79

YoY+55.9%

Outlook Therapeutics Inc earned $-1.79 per diluted share (EPS) in fiscal year 2025. This represents an increase of 55.9% from the prior year.

Cash & Debt

$8.1M

YoY-45.9%

5Y CAGR-8.4%

10Y CAGR-1.1%

Outlook Therapeutics Inc held $8.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

54M

YoY+125.4%

Outlook Therapeutics Inc had 54M shares outstanding in fiscal year 2025. This represents an increase of 125.4% from the prior year.

Gross Margin

4.0%

Outlook Therapeutics Inc's gross margin was 4.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

-4744.3%

10Y CAGR-3852.1pp

Outlook Therapeutics Inc's operating margin was -4744.3% in fiscal year 2025, reflecting core business profitability.

Net Margin

-4416.2%

10Y CAGR-3508.2pp

Outlook Therapeutics Inc's net profit margin was -4416.2% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

N/A

R&D Spending

$27.2M

YoY-34.9%

5Y CAGR+0.6%

10Y CAGR-3.5%

Outlook Therapeutics Inc invested $27.2M in research and development in fiscal year 2025. This represents a decrease of 34.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

OTLK Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.4M	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$1.4M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$57K	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$27.2M-34.9%	$41.8M+57.9%	$26.5M-37.5%	$42.3M+8.7%	$39.0M+47.9%	$26.3M
SG&A Expenses	$39.9M+33.4%	$29.9M+12.2%	$26.7M+28.6%	$20.7M+62.4%	$12.8M+28.1%	$10.0M
Operating Income	-$67.1M+6.5%	-$71.7M-35.0%	-$53.1M+15.8%	-$63.1M-21.9%	-$51.7M-40.4%	-$36.8M
Interest Expense	-$283K-109.0%	$3.2M+24.7%	$2.5M+270.2%	-$1.5M-58.9%	-$936K-153.3%	$1.8M
Income Tax	-$1.6M-55522.5%	$3K0.0%	$3K0.0%	$3K+40.0%	$2K+100.1%	-$3.3M
Net Income	-$62.4M+17.2%	-$75.4M-27.8%	-$59.0M+10.7%	-$66.1M-24.2%	-$53.2M-50.9%	-$35.2M
EPS (Diluted)	$-1.79+55.9%	$-4.06+14.0%	$-4.72	$-0.31+11.4%	$-0.35+47.8%	$-0.67

Metric	Q1'26	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q2'20
Revenue	$1.3M-15.8%	$1.5M	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$30K-93.3%	$440K	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$1.2M+16.1%	$1.1M	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3.6M-49.1%	$7.1M-26.1%	$9.7M+113.3%	$4.5M-54.1%	$9.9M-0.1%	$9.9M-17.4%	$11.9M+172.6%	$4.4M
SG&A Expenses	$8.6M-11.0%	$9.7M-19.0%	$11.9M+106.2%	$5.8M-0.5%	$5.8M+77.8%	$3.3M+46.2%	$2.2M+14.6%	$2.0M
Operating Income	$13.5M+185.6%	-$15.7M+27.1%	-$21.6M-109.3%	-$10.3M+34.2%	-$15.7M-19.3%	-$13.1M+7.3%	-$14.2M-109.8%	-$6.8M
Interest Expense	$49K+199.0%	-$49K-201.0%	$49K-74.1%	$189K+107.7%	-$2.4M-596.5%	-$352K-320.2%	$160K-77.1%	$696K
Income Tax	N/A	$3K0.0%	$3K0.0%	$3K+40.0%	$2K0.0%	$2K+100.1%	-$3.3M	N/A
Net Income	$23.1M+214.4%	-$20.2M-216.0%	$17.4M+255.5%	-$11.2M+40.1%	-$18.7M-29.0%	-$14.5M0.0%	-$14.5M-153.6%	-$5.7M
EPS (Diluted)	$0.38+169.1%	$-0.55-176.4%	$0.72	$-0.86-975.0%	$-0.080.0%	$-0.08+33.3%	$-0.12	N/A

OTLK Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$18.6M-35.5%	$28.8M-10.8%	$32.3M+13.2%	$28.5M+25.1%	$22.8M+15.6%	$19.7M
Current Assets	$17.4M-36.6%	$27.4M-11.5%	$31.0M+12.6%	$27.5M+28.0%	$21.5M+19.9%	$17.9M
Cash & Equivalents	$8.1M-45.9%	$14.9M-36.2%	$23.4M+34.5%	$17.4M+20.2%	$14.5M+15.5%	$12.5M
Inventory	$3.3M	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.5M	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.8M-50.2%	$101.9M+118.0%	$46.7M+136.2%	$19.8M+8.7%	$18.2M+7.7%	$16.9M
Current Liabilities	$45.8M+7.7%	$42.6M-8.9%	$46.7M+136.9%	$19.7M+192.2%	$6.8M-57.5%	$15.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$32.2M+56.0%	-$73.1M-406.1%	-$14.4M-265.3%	$8.7M+89.6%	$4.6M+63.0%	$2.8M
Retained Earnings	-$605.7M-11.5%	-$543.3M-16.1%	-$467.9M-14.4%	-$408.9M-19.3%	-$342.9M-18.3%	-$289.7M

Metric	Q1'26	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q2'20
Total Assets	$18.2M-1.9%	$18.6M+9.3%	$17.0M-21.6%	$21.7M-65.4%	$62.7M-20.3%	$78.7M+528.5%	$12.5M-4.9%	$13.2M
Current Assets	$17.2M-1.3%	$17.4M+11.0%	$15.7M-23.2%	$20.4M-66.9%	$61.7M-20.4%	$77.5M+602.2%	$11.0M+16.3%	$9.5M
Cash & Equivalents	$8.7M+7.4%	$8.1M+41.7%	$5.7M-44.9%	$10.4M-80.2%	$52.3M-25.4%	$70.2M+1159.8%	$5.6M+19.7%	$4.7M
Inventory	$3.5M+3.6%	$3.3M+7.4%	$3.1M	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$115K-92.3%	$1.5M	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	-$20.3M-140.0%	$50.8M-24.6%	$67.3M+46.2%	$46.0M-1.9%	$46.9M+57.2%	$29.9M+29.8%	$23.0M-31.8%	$33.7M
Current Liabilities	$49.1M+7.1%	$45.8M-5.0%	$48.2M+4.9%	$46.0M+204.8%	$15.1M-24.4%	$19.9M+64.5%	$12.1M-48.9%	$23.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$544.9M	N/A
Total Equity	$38.5M+219.8%	-$32.2M+36.0%	-$50.3M-106.6%	-$24.3M-254.5%	$15.8M-67.7%	$48.8M+566.1%	-$10.5M+49.0%	-$20.5M
Retained Earnings	$628.8M+203.8%	-$605.7M-15.2%	-$525.9M-9.8%	-$479.1M-12.0%	-$427.6M-19.7%	-$357.3M-17.5%	-$304.2M-9.9%	-$276.8M

OTLK Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$51.8M+24.7%	-$68.8M-60.1%	-$43.0M+24.2%	-$56.7M-4.5%	-$54.3M-70.7%	-$31.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$900K
Financing Cash Flow	$45.0M-25.4%	$60.3M+23.2%	$49.0M-17.8%	$59.6M+6.0%	$56.2M+51.0%	$37.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q2'20
Operating Cash Flow	$14.9M+220.7%	-$12.4M-12.9%	-$11.0M+15.8%	-$13.0M-46.4%	-$8.9M+19.0%	-$11.0M+17.5%	-$13.3M-88.1%	-$7.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A
Financing Cash Flow	$15.5M+34.4%	$11.6M+563.4%	$1.7M+54840.0%	-$3K-100.0%	$43.8M-34.2%	$66.7M+948.6%	$6.4M-38.9%	$10.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OTLK Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	4.0%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-4744.3%	N/A	N/A	N/A	N/A	N/A
Net Margin	-4416.2%	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-335.9%-74.4pp	-261.5%-78.9pp	-182.6%+48.9pp	-231.5%+1.5pp	-233.1%-54.5pp	-178.6%
Current Ratio	0.38-0.3	0.64-0.0	0.66-0.7	1.39-1.8	3.19+2.1	1.13
Debt-to-Equity	-1.58-0.2	-1.39+1.8	-3.24-5.5	2.27-1.7	3.95-2.0	5.98
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q2'20
Gross Margin	97.7%+26.9pp	70.8%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	1064.2%+2110.4pp	-1046.2%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1819.8%+3158.5pp	-1338.8%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	59.8%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	126.4%+216.4pp	-90.0%-192.2pp	102.2%+153.7pp	-51.5%-21.8pp	-29.8%-11.4pp	-18.4%+97.1pp	-115.5%-72.2pp	-43.3%
Current Ratio	0.35-0.0	0.38+0.1	0.32-0.1	0.44-3.6	4.09+0.2	3.88+3.0	0.91+0.5	0.40
Debt-to-Equity	-0.53+1.1	-1.58-0.2	-1.34+0.6	-1.89-4.9	2.98+2.4	0.61+2.8	-2.19-0.6	-1.64
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$32.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.38), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Outlook Therapeutics Inc's annual revenue?

Outlook Therapeutics Inc (OTLK) reported $1.4M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Outlook Therapeutics Inc profitable?

No, Outlook Therapeutics Inc (OTLK) reported a net income of -$62.4M in fiscal year 2025, with a net profit margin of -4416.2%.

What is Outlook Therapeutics Inc's earnings per share (EPS)?

Outlook Therapeutics Inc (OTLK) reported diluted earnings per share of $-1.79 for fiscal year 2025. This represents a 55.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Outlook Therapeutics Inc's EBITDA?

Outlook Therapeutics Inc (OTLK) had EBITDA of -$66.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Outlook Therapeutics Inc's gross margin?

Outlook Therapeutics Inc (OTLK) had a gross margin of 4.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Outlook Therapeutics Inc's operating margin?

Outlook Therapeutics Inc (OTLK) had an operating margin of -4744.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Outlook Therapeutics Inc's net profit margin?

Outlook Therapeutics Inc (OTLK) had a net profit margin of -4416.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Outlook Therapeutics Inc's operating cash flow?

Outlook Therapeutics Inc (OTLK) generated -$51.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Outlook Therapeutics Inc's total assets?

Outlook Therapeutics Inc (OTLK) had $18.6M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Outlook Therapeutics Inc spend on research and development?

Outlook Therapeutics Inc (OTLK) invested $27.2M in research and development during fiscal year 2025.

How many shares does Outlook Therapeutics Inc have outstanding?

Outlook Therapeutics Inc (OTLK) had 54M shares outstanding as of fiscal year 2025.

What is Outlook Therapeutics Inc's current ratio?

Outlook Therapeutics Inc (OTLK) had a current ratio of 0.38 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Outlook Therapeutics Inc's debt-to-equity ratio?

Outlook Therapeutics Inc (OTLK) had a debt-to-equity ratio of -1.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Outlook Therapeutics Inc's return on assets (ROA)?

Outlook Therapeutics Inc (OTLK) had a return on assets of -335.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Outlook Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Outlook Therapeutics Inc (OTLK) had $8.1M in cash against an annual operating cash burn of $51.8M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Outlook Therapeutics Inc's debt-to-equity ratio negative or unusual?

Outlook Therapeutics Inc (OTLK) has negative shareholder equity of -$32.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Outlook Therapeutics Inc's Piotroski F-Score?

Outlook Therapeutics Inc (OTLK) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Outlook Therapeutics Inc's earnings high quality?

Outlook Therapeutics Inc (OTLK) has an earnings quality ratio of 0.83x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Outlook Therapeutics Inc cover its interest payments?

Outlook Therapeutics Inc (OTLK) has an interest coverage ratio of -236.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.