$OTLK
Outlook Therapeutics, Inc.

2023 Q1 Form 10-Q Financial Statement

#000155837023001286 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.293M $5.826M
YoY Change -5.93% 77.76%
% of Gross Profit
Research & Development $544.9K $9.862M
YoY Change -95.54% -0.1%
% of Gross Profit
Depreciation & Amortization $11.00K $10.78K
YoY Change -73.11% -73.65%
% of Gross Profit
Operating Expenses $544.9K $9.862M
YoY Change -95.54% -0.1%
Operating Profit -$6.838M -$15.69M
YoY Change -63.84% 19.3%
Interest Expense $170.8K -$2.427M
YoY Change -140.25% 546.89%
% of Operating Profit
Other Income/Expense, Net $15.62K $30.26K
YoY Change -104.24% -65.43%
Pretax Income -$6.651M -$18.66M
YoY Change -66.24% 29.04%
Income Tax $2.800K
% Of Pretax Income
Net Earnings -$6.654M -$18.66M
YoY Change -66.23% 29.04%
Net Earnings / Revenue
Basic Earnings Per Share -$0.03 -$0.08
Diluted Earnings Per Share -$0.03 -$0.08
COMMON SHARES
Basic Shares Outstanding 256.7M 228.2M
Diluted Shares Outstanding 256.7M 227.4M

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.63M $52.34M
YoY Change -25.32% -25.39%
Cash & Equivalents $43.63M $52.34M
Short-Term Investments
Other Short-Term Assets $9.423M $9.335M
YoY Change 16.0% 27.59%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $53.05M $61.68M
YoY Change -20.28% -20.38%
LONG-TERM ASSETS
Property, Plant & Equipment $48.58K $59.58K
YoY Change -40.62% -51.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $809.5K $826.4K
YoY Change -1.76% -0.43%
Other Assets $113.9K $126.4K
YoY Change -19.74% -19.31%
Total Long-Term Assets $971.9K $1.012M
YoY Change -14.66% -16.39%
TOTAL ASSETS
Total Short-Term Assets $53.05M $61.68M
Total Long-Term Assets $971.9K $1.012M
Total Assets $54.02M $62.69M
YoY Change -20.18% -20.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.620M $4.170M
YoY Change -12.99% 63.81%
Accrued Expenses $6.214M $9.028M
YoY Change 143.71% 226.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $31.83M $12.14K
YoY Change 39.62% -99.9%
Total Short-Term Liabilities $43.53M $15.08M
YoY Change 38.57% -24.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $31.82M
YoY Change -100.0% 230.86%
Other Long-Term Liabilities $8.260K $26.88K
YoY Change -97.26% -90.69%
Total Long-Term Liabilities $8.260K $31.85M
YoY Change -97.36% 221.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.53M $15.08M
Total Long-Term Liabilities $8.260K $31.85M
Total Liabilities $43.54M $46.93M
YoY Change 37.24% 57.19%
SHAREHOLDERS EQUITY
Retained Earnings -$434.3M -$427.6M
YoY Change 15.17% 19.66%
Common Stock $444.7M $443.4M
YoY Change 7.68% 9.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.49M $15.76M
YoY Change
Total Liabilities & Shareholders Equity $54.02M $62.69M
YoY Change -20.18% -20.32%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$6.654M -$18.66M
YoY Change -66.23% 29.04%
Depreciation, Depletion And Amortization $11.00K $10.78K
YoY Change -73.11% -73.65%
Cash From Operating Activities -$8.115M -$8.901M
YoY Change -43.39% -19.01%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -597.1K 43.85M
YoY Change -122.9% -34.23%
NET CHANGE
Cash From Operating Activities -8.115M -8.901M
Cash From Investing Activities
Cash From Financing Activities -597.1K 43.85M
Net Change In Cash -8.712M 34.94M
YoY Change -25.71% -37.23%
FREE CASH FLOW
Cash From Operating Activities -$8.115M -$8.901M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">1.     Organization and Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"><span style="font-weight:normal;">Outlook Therapeutics, Inc. (“Outlook” or the “Company”) was incorporated in New Jersey on January 5, 2010, started operations in July 2011, reincorporated in Delaware by merging with and into a Delaware corporation in October 2015 and changed its name to “Outlook Therapeutics, Inc.” in November 2018. The Company is a biopharmaceutical company focused on developing and commercializing ONS-5010, an ophthalmic formulation of bevacizumab for use in retinal indications. The Company is based in Iselin, New Jersey. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">All development activities are currently active in support of the Company’s Biologics License Application (“BLA”) registration program for ONS-5010 for wet age-related macular degeneration (“wet AMD”). In fiscal year 2022, the Company submitted the BLA and received confirmation from the U.S. Food and Drug Administration (“FDA”) that the BLA had been accepted for filing with a goal date of August 29, 2023 for a review decision by the FDA. Additionally, the Company submitted a Marketing Authorization Application (“MAA”) with the European Medicines Agency (“EMA”), which has been validated for review with an estimated decision date expected in early 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-427598031
CY2022Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
31845197
CY2022Q4 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited interim consolidated financial statements, such as the current macroeconomic environment, including as a result of the ongoing COVID-19 pandemic or political disruption such as the war between Ukraine and Russia, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined to be necessary.</p>
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18662513
CY2021Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14462729
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
227410533
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
188157921
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1345561
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
564423
CY2022Q4 otlk Accrued Commercial Consulting Services Current
AccruedCommercialConsultingServicesCurrent
40338
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
17143
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
143071
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9027639
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3427900
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2503382
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1976252
CY2022Q4 otlk Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
5121215
CY2022Q3 otlk Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
744154
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
31820000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11114518
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
199503
CY2022Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
31820000
CY2022Q3 us-gaap Notes And Loans Payable
NotesAndLoansPayable
10915015
CY2022Q3 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
10915015
CY2022Q4 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
31820000
CY2021Q1 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P3Y
CY2022Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
491
CY2021Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
975
CY2022Q4 otlk Finance Lease Cost
FinanceLeaseCost
491
CY2021Q4 otlk Finance Lease Cost
FinanceLeaseCost
975
CY2022Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
11217
CY2021Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
11217
CY2022Q4 us-gaap Lease Cost
LeaseCost
11708
CY2021Q4 us-gaap Lease Cost
LeaseCost
12192
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
59582
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
70360
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
15573
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
26995
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
13221
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
16018
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2022Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.130
CY2022Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.130
CY2022Q4 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
491
CY2021Q4 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
975
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
11861
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
11522
CY2022Q4 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2797
CY2021Q4 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
6801
CY2020Q1 otlk Number Of Executive Officers
NumberOfExecutiveOfficers
2
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
15814
CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
9862
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
4383
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15814
CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
14245
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
241
CY2022Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1024
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
15573
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
13221
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
7328549
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1392393
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1204048

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