$OTLK
Outlook Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023009942 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.040M $6.293M
YoY Change 21.91% -5.93%
% of Gross Profit
Research & Development $11.10M $544.9K
YoY Change -1.31% -95.54%
% of Gross Profit
Depreciation & Amortization $11.19K $11.00K
YoY Change -72.64% -73.11%
% of Gross Profit
Operating Expenses $11.10M $544.9K
YoY Change -1.31% -95.54%
Operating Profit -$18.14M -$6.838M
YoY Change 6.56% -63.84%
Interest Expense $388.1K $170.8K
YoY Change -205.23% -140.25%
% of Operating Profit
Other Income/Expense, Net -$2.922M $15.62K
YoY Change 1884.21% -104.24%
Pretax Income -$20.68M -$6.651M
YoY Change 17.87% -66.24%
Income Tax $0.00 $2.800K
% Of Pretax Income
Net Earnings -$20.68M -$6.654M
YoY Change 17.87% -66.23%
Net Earnings / Revenue
Basic Earnings Per Share -$0.08 -$0.03
Diluted Earnings Per Share -$0.08 -$0.03
COMMON SHARES
Basic Shares Outstanding 256.7M 256.7M
Diluted Shares Outstanding 256.9M 256.7M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.71M $43.63M
YoY Change 29.55% -25.32%
Cash & Equivalents $33.71M $43.63M
Short-Term Investments
Other Short-Term Assets $9.310M $9.423M
YoY Change -18.99% 16.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $43.02M $53.05M
YoY Change 14.67% -20.28%
LONG-TERM ASSETS
Property, Plant & Equipment $40.00K $48.58K
YoY Change -2.21% -40.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $802.3K $809.5K
YoY Change -1.22% -1.76%
Other Assets $589.4K $113.9K
YoY Change 319.91% -19.74%
Total Long-Term Assets $1.429M $971.9K
YoY Change 33.01% -14.66%
TOTAL ASSETS
Total Short-Term Assets $43.02M $53.05M
Total Long-Term Assets $1.429M $971.9K
Total Assets $44.45M $54.02M
YoY Change 15.18% -20.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.055M $3.620M
YoY Change 103.78% -12.99%
Accrued Expenses $8.278M $6.214M
YoY Change 131.18% 143.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $34.74M $31.83M
YoY Change 231.69% 39.62%
Total Short-Term Liabilities $49.93M $43.53M
YoY Change 170.92% 38.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $20.00K $8.260K
YoY Change -70.73% -97.26%
Total Long-Term Liabilities $20.00K $8.260K
YoY Change -73.57% -97.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.93M $43.53M
Total Long-Term Liabilities $20.00K $8.260K
Total Liabilities $49.95M $43.54M
YoY Change 169.92% 37.24%
SHAREHOLDERS EQUITY
Retained Earnings -$454.9M -$434.3M
YoY Change 15.29% 15.17%
Common Stock $449.4M $444.7M
YoY Change 8.38% 7.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.503M $10.49M
YoY Change
Total Liabilities & Shareholders Equity $44.45M $54.02M
YoY Change 15.18% -20.18%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$20.68M -$6.654M
YoY Change 17.87% -66.23%
Depreciation, Depletion And Amortization $11.19K $11.00K
YoY Change -72.64% -73.11%
Cash From Operating Activities -$13.22M -$8.115M
YoY Change -37.36% -43.39%
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 3.296M -597.1K
YoY Change -129.16% -122.9%
NET CHANGE
Cash From Operating Activities -13.22M -8.115M
Cash From Investing Activities
Cash From Financing Activities 3.296M -597.1K
Net Change In Cash -9.920M -8.712M
YoY Change -69.39% -25.71%
FREE CASH FLOW
Cash From Operating Activities -$13.22M -$8.115M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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otlk Amortization Of Deferred Offering Cost
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otlk Amortization Of Deferred Offering Cost
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us-gaap Nature Of Operations
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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>
CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Use Of Estimates
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<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>
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
889
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1823
CY2023Q1 otlk Finance Lease Cost
FinanceLeaseCost
398
CY2022Q1 otlk Finance Lease Cost
FinanceLeaseCost
849
otlk Finance Lease Cost
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CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2022Q3 us-gaap Employee Related Liabilities Current
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CY2023Q1 otlk Accrued Research And Development Expenses Current
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3836228
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CY2023Q1 us-gaap Accrued Professional Fees Current
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CY2023Q1 us-gaap Other Accrued Liabilities Current
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CY2022Q3 us-gaap Other Accrued Liabilities Current
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CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2022Q3 us-gaap Accrued Liabilities Current
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CY2023Q1 us-gaap Debt Instrument Carrying Amount
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CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
199503
CY2023Q1 us-gaap Notes And Loans Payable
NotesAndLoansPayable
31823000
CY2022Q3 us-gaap Notes And Loans Payable
NotesAndLoansPayable
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CY2023Q1 us-gaap Notes And Loans Payable Current
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CY2022Q3 us-gaap Notes And Loans Payable Current
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CY2021Q1 us-gaap Lessee Finance Lease Term Of Contract1
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CY2023Q1 us-gaap Finance Lease Interest Expense
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CY2023Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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22433
us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q3 us-gaap Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Operating Lease Liability
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CY2022Q3 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Finance Lease Liability
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CY2022Q3 us-gaap Finance Lease Liability
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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CY2022Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
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CY2022Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
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us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Finance Lease Liability Payments Due
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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