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Outlook Therapeutics (OTLK) investor GMS Ventures reports 16.4% beneficial stake

(Moderate)
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Outlook Therapeutics, Inc. reported that GMS Ventures & Investments and its controlling person, Ghiath M. Sukhtian, updated their beneficial ownership following an August 2026 underwritten public offering. GMS Ventures now beneficially owns a total of 42,631,142 shares of common stock, including 18,013,822 warrants, representing approximately 16.4% of Outlook Therapeutics’ outstanding common stock calculated under Rule 13d-3.

The change stems from the company’s sale of 55,555,556 shares and accompanying warrants in the August 2026 offering. GMS Ventures purchased 2,525,252 shares and accompanying warrants for an aggregate price of approximately $2.5 million at $0.99 per share-plus-warrant unit, funded by its working capital and capital contributions. The new warrants held by GMS Ventures are immediately exercisable at $1.10 per share and expire five years after issuance. The ownership percentages are based on 242,672,554 shares outstanding after the offering plus the warrant shares.

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Filing Explained

The completed offering is reflected in a jointly controlled beneficial-ownership position that includes warrants.

This Schedule 13D/A states that the August 2026 offering closed on August 14, 2026, and describes the resulting position with shared voting and disposition power between GMS Ventures and Ghiath M. Sukhtian.

The filing says Sukhtian may be deemed to beneficially own GMS Ventures’ securities because he controls GMS Holdings, GMS Ventures’ sole owner.

Except for the offering transactions, the reporting persons state that they effected no other transactions in Outlook Therapeutics shares during the preceding 60 days.

Beneficial ownership 42,631,142 shares Total shares (including 18,013,822 warrants) beneficially owned by GMS Ventures
Ownership percentage 16.4 % Portion of Outlook Therapeutics common stock beneficially owned under Rule 13d-3
Shares outstanding 242,672,554 shares Shares outstanding immediately following the August 2026 offering
Offering size 55,555,556 shares and warrants Aggregate shares and accompanying warrants sold in the August 2026 offering
GMS Ventures purchase 2,525,252 shares and warrants Units purchased by GMS Ventures in the August 2026 offering
Unit purchase price $0.99 per share and accompanying warrant Combined purchase price paid by GMS Ventures in the offering
Aggregate purchase price approximately $2.5 million Total consideration paid by GMS Ventures in the August 2026 offering
Warrant exercise price and term $1.10 per share; five years Initial exercise price and expiration period for the August 2026 warrants
beneficially owns financial
"representing a total of 42,631,142 Shares beneficially owned by GMS Ventures"
Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.
Rule 13d-3 regulatory
"This represents approximately 16.4% of the outstanding Shares, calculated pursuant to Rule 13d-3"
Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.
warrants financial
"Includes warrants (the "Warrants") to purchase up to an aggregate of 18,013,822 shares"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
underwritten public offering financial
"Shares and accompanying Warrants in a registered underwritten public offering (the "August 2026 Offering")"
An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.
prospectus supplement regulatory
"as set forth in the Issuer's Prospectus Supplement, as filed pursuant to Rule 424(b)(5)"
A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

FAQ

How much of Outlook Therapeutics (OTLK) does GMS Ventures now beneficially own?

GMS Ventures beneficially owns 42,631,142 shares of Outlook Therapeutics common stock, including warrants, representing approximately 16.4% of the outstanding shares as calculated under Rule 13d-3 after the August 2026 offering.

What did GMS Ventures buy in Outlook Therapeutics (OTLK) August 2026 offering?

In the August 2026 offering, GMS Ventures purchased 2,525,252 shares and accompanying warrants to buy 2,525,252 shares of Outlook Therapeutics at a combined price of $0.99 per share and warrant, for total consideration of approximately $2.5 million.

What are the key terms of the new Outlook Therapeutics (OTLK) warrants held by GMS Ventures?

The new Outlook Therapeutics warrants held by GMS Ventures cover 2,525,252 shares, are exercisable immediately, have an initial exercise price of $1.10 per share, are subject to customary adjustments, and expire five years from the date of issuance.

How many shares were outstanding for Outlook Therapeutics (OTLK) after the August 2026 offering?

After the August 2026 underwritten public offering, Outlook Therapeutics had 242,672,554 shares of common stock outstanding, according to the company’s prospectus supplement filed on August 14, 2026, which is the basis for the ownership percentage calculations.

What is Ghiath M. Sukhtian’s relationship to GMS Ventures’ Outlook Therapeutics (OTLK) holdings?

Ghiath M. Sukhtian holds a controlling interest in GMS Holdings, the sole owner of GMS Ventures. Through this relationship, Sukhtian may be deemed to beneficially own the same 42,631,142 shares of Outlook Therapeutics reported by GMS Ventures under Rule 13d-3.

How large was Outlook Therapeutics (OTLK) August 2026 underwritten public offering overall?

Outlook Therapeutics sold an aggregate of 55,555,556 shares of common stock and accompanying warrants to acquire up to 55,555,556 shares in a registered underwritten public offering that closed on August 14, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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69012T305

(CUSIP Number)
GMS Ventures and Investments
Intertrust Corporate Services(Cayman)Ltd, 190 Elgin Avenue, George Town
Grand Cayman, E9, KYI-9007
962 6 582 7999


Gus Atiyah
Willkie Farr & Gallagher LLP, 787 Seventh Avenue
New York, NY, 10019-6099
(212) 728-8000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
08/12/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D




Comment for Type of Reporting Person:
Comment relating to rows 8, 10, and 11: Includes warrants (the "Warrants") to purchase up to an aggregate of 18,013,822 shares of common stock, par value $0.01 per share (the "Shares"), of Outlook Therapeutics, Inc., a Delaware corporation (the "Issuer"). Comment relating to row 13: This percentage is calculated based upon 242,672,554 Shares outstanding immediately following the August 2026 Offering (as defined below), based on the Issuer's prospectus supplement relating to the August 2026 Offering filed with the Securities and Exchange Commission (the "SEC") on August 14, 2026, plus 18,013,822 Shares underlying the Warrants.


SCHEDULE 13D




Comment for Type of Reporting Person:
Comment relating to rows 8, 10, and 11: Includes Warrants to purchase up to an aggregate of 18,013,822 Shares. Comment relating to row 13: This percentage is calculated based upon 242,672,554 Shares outstanding immediately following the August 2026 Offering, based on the Issuer's prospectus supplement relating to the August 2026 Offering filed with the SEC on August 14, 2026, plus 18,013,822 Shares underlying the Warrants.


SCHEDULE 13D


GMS Ventures & Investments
Signature:/s/ Lawrence A. Kenyon
Name/Title:Lawrence A. Kenyon, Attorney-in-fact
Date:08/14/2026
SUKHTIAN GHIATH M.
Signature:/s/ Lawrence A. Kenyon
Name/Title:Lawrence A. Kenyon, Attorney-in-fact
Date:08/14/2026