$OTLK
Outlook Therapeutics, Inc.

2024 Q1 Form 10-Q Financial Statement

#000155837024001172 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.431M $5.794M
YoY Change -13.7% -0.55%
% of Gross Profit
Research & Development $13.51M $4.529M
YoY Change 2378.94% -54.07%
% of Gross Profit
Depreciation & Amortization $28.19K $28.20K
YoY Change 156.27% 161.6%
% of Gross Profit
Operating Expenses $18.94M $4.529M
YoY Change 3375.56% -54.07%
Operating Profit -$18.94M -$10.32M
YoY Change 176.98% -34.2%
Interest Expense -$3.115M $191.2K
YoY Change -1923.35% -107.88%
% of Operating Profit
Other Income/Expense, Net -$92.23M -$1.046M
YoY Change -590570.81% -3557.83%
Pretax Income -$114.3M -$11.18M
YoY Change 1618.2% -40.1%
Income Tax $2.800K
% Of Pretax Income
Net Earnings -$114.3M -$11.18M
YoY Change 1617.52% -40.1%
Net Earnings / Revenue
Basic Earnings Per Share -$8.01 -$0.04
Diluted Earnings Per Share -$8.01 -$0.04
COMMON SHARES
Basic Shares Outstanding 260.3M 260.3M
Diluted Shares Outstanding 14.27M 260.3M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.23M $10.36M
YoY Change 8.25% -80.21%
Cash & Equivalents $47.23M $10.36M
Short-Term Investments
Other Short-Term Assets $10.56M $10.03M
YoY Change 12.03% 7.47%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $57.79M $20.39M
YoY Change 8.92% -66.94%
LONG-TERM ASSETS
Property, Plant & Equipment $3.740K $14.96K
YoY Change -92.3% -74.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $765.9K $796.5K
YoY Change -5.38% -3.62%
Other Assets $473.2K $484.3K
YoY Change 315.67% 283.04%
Total Long-Term Assets $1.243M $1.296M
YoY Change 27.88% 27.98%
TOTAL ASSETS
Total Short-Term Assets $57.79M $20.39M
Total Long-Term Assets $1.243M $1.296M
Total Assets $59.03M $21.68M
YoY Change 9.26% -65.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.363M $3.480M
YoY Change 20.54% -16.54%
Accrued Expenses $3.115M $4.087M
YoY Change -49.87% -54.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $44.75M $36.55M
YoY Change 40.56% 300930.31%
Total Short-Term Liabilities $54.08M $45.97M
YoY Change 24.24% 204.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $139.2M $59.56K
YoY Change 1684942.86% 121.58%
Total Long-Term Liabilities $139.2M $59.56K
YoY Change 1684942.86% -99.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.08M $45.97M
Total Long-Term Liabilities $139.2M $59.56K
Total Liabilities $193.3M $46.03M
YoY Change 343.92% -1.92%
SHAREHOLDERS EQUITY
Retained Earnings -$593.4M -$479.1M
YoY Change 36.65% 12.04%
Common Stock $459.1M $454.8M
YoY Change 3.24% 2.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$134.2M -$24.34M
YoY Change
Total Liabilities & Shareholders Equity $59.03M $21.68M
YoY Change 9.26% -65.41%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$114.3M -$11.18M
YoY Change 1617.52% -40.1%
Depreciation, Depletion And Amortization $28.19K $28.20K
YoY Change 156.27% 161.6%
Cash From Operating Activities -$19.27M -$13.03M
YoY Change 137.44% 46.41%
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 56.14M -3.183K
YoY Change -9501.62% -100.01%
NET CHANGE
Cash From Operating Activities -19.27M -13.03M
Cash From Investing Activities
Cash From Financing Activities 56.14M -3.183K
Net Change In Cash 36.87M -13.04M
YoY Change -523.25% -137.3%
FREE CASH FLOW
Cash From Operating Activities -$19.27M -$13.03M
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;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"><span style="font-weight:normal;">In the fourth quarter of calendar 2023, the Company agreed to conduct an additional adequate and well-controlled clinical trial following discussions with the U.S. Food and Drug Administration (“FDA”) in support of the Company’s Biologics License Application (“BLA”) for ONS-5010. In December 2023, the Company submitted a Special Protocol Assessment (“SPA”) to the FDA for this study (NORSE EIGHT) seeking confirmation that, if successful, it will address the FDA’s requirement for a second adequate and well-controlled clinical trial to support its planned resubmission of the ONS-5010 BLA. In January 2024, the Company received confirmation that the FDA has reviewed and agreed upon the NORSE EIGHT trial protocol pursuant to the SPA and that, if the NORSE EIGHT trial is successful, it would satisfy the FDA’s requirement for a second adequate and well-controlled clinical trial to address fully the clinical deficiency identified in the Complete Response Letter (“CRL”). The first subject was enrolled in NORSE EIGHT in January 2024.  In addition, through a Type A meeting and additional interactions, the Company has identified the approaches needed to resolve the chemistry, manufacturing and controls (“CMC”) comments in the CRL. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Separately, in October 2022 the Company submitted a Marketing Authorization Application (“MAA”), for ONS-5010 with the European Medicines Agency (“EMA”). On December 22, 2022, the Company’s MAA was validated for review by the EMA. The formal review process of the MAA by the EMA’s Committee for Medicinal Products for Human Use (“CHMP”) is now underway with an estimated decision date expected in the first half of calendar 2024. ONS-5010 is the Company’s sole product candidate in active development.</p>
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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 inflation, high interest rates or ongoing overseas conflict, 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>
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-18662513
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
260257517
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
227410533
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.130
CY2023Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.130
CY2023Q4 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
104
CY2022Q4 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
491
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
11861
CY2023Q4 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3183
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1112512
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
919970
CY2023Q4 otlk Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1631674
CY2022Q4 otlk Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1234192
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1161512
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
165192
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
181072
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
426386
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4086770
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2745740
CY2023Q4 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
36544000
CY2023Q3 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
35551000
CY2021Q1 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P3Y
CY2023Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
104
CY2022Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
491
CY2023Q4 otlk Finance Lease Cost
FinanceLeaseCost
104
CY2022Q4 otlk Finance Lease Cost
FinanceLeaseCost
491
CY2023Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
11217
CY2022Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
11217
CY2023Q4 us-gaap Lease Cost
LeaseCost
11321
CY2022Q4 us-gaap Lease Cost
LeaseCost
11708
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14956
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26172
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1084
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
4267
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M18D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y7M6D
CY2023Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2022Q4 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2797
CY2023Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1096
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
12
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1084
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
325000000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
425000000
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
7328549
CY2023Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1272611
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1392393
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-001172-index-headers.html Edgar Link pending
0001558370-24-001172-index.html Edgar Link pending
0001558370-24-001172.txt Edgar Link pending
0001558370-24-001172-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
otlk-20231231.xsd Edgar Link pending
otlk-20231231x10q.htm Edgar Link pending
otlk-20231231xex31d1.htm Edgar Link pending
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otlk-20231231_cal.xml Edgar Link unprocessable
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otlk-20231231x10q_htm.xml Edgar Link completed
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