Detailed financial statements for Outlook Therapeutics, Inc. (OTLK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Outlook Therapeutics, Inc. is a biopharmaceutical company in the advanced stages of clinical development, focused on inventing and bringing to market monoclonal antibody treatments for various eye conditions. Its flagship drug candidate, ONS-5010, is an ophthalmic formulation of bevacizumab currently undergoing crucial Phase III clinical trials.
Analysis Summary
Trailing-twelve-month margins: gross margin 195.6%, operating margin 47.8%, net margin 52.5%.
At the current price of $0.68, OTLK has negative trailing earnings (P/E not meaningful) and an ROE of 222.01%. Market capitalisation stands at $127M.
Balance sheet quality for OTLK: current ratio of 0.4, net debt of $22.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $3.0M | $3.8M | $3.1M | $8.1M | 0 | 0 | 0 | 0 | 0 | $1.4M |
| Cost of Revenue | 0 | $23.8M | $18.5M | $23.8M | $554069 | 0 | $204694 | 0 | 0 | $756330 |
| Gross Profit | 0 | 0 | 0 | -$15.7M | -$554069 | 0 | -$204694 | 0 | 0 | $657205 |
| Research & Development | $32.8M | $23.8M | $18.5M | $23.8M | $26.3M | $39.0M | $42.3M | $26.5M | $41.8M | $27.8M |
| Selling, General & Admin | $21.6M | $15.9M | $14.2M | $9.4M | $8.1M | $12.8M | $20.7M | $26.7M | $29.9M | $39.9M |
| Operating Expenses | $21.6M | $39.7M | $32.7M | $44.4M | $34.4M | $51.7M | $62.9M | $53.1M | $71.7M | $67.7M |
| Operating Income | -$51.3M | -$35.9M | -$29.6M | -$36.3M | -$35.0M | -$51.7M | -$63.1M | -$53.1M | -$71.7M | -$67.1M |
| EBITDA | -$49.0M | -$30.0M | -$26.8M | -$31.1M | -$34.4M | -$52.0M | -$64.4M | -$56.4M | -$72.1M | -$63.6M |
| Interest Expense | $1.9M | $5.6M | $3.9M | $3.5M | $1.8M | $936127 | $1.5M | $2.5M | $3.2M | $283128 |
| Pre-tax Income | -$53.2M | -$38.3M | -$33.7M | -$37.9M | -$38.5M | -$53.2M | -$66.0M | -$59.0M | -$75.4M | -$64.0M |
| Income Tax | $103000 | $501500 | -$3.6M | -$3.4M | -$3.3M | $2000 | $2800 | $2800 | $2800 | -$1.6M |
| Net Income | -$53.3M | -$38.8M | -$30.1M | -$34.5M | -$35.2M | -$53.2M | -$66.1M | -$59.0M | -$75.4M | -$62.4M |
| EPS | $-587.20 | $-267.20 | $-194.80 | $-39.60 | $-13.47 | $-7.00 | $-6.23 | $-4.80 | $-4.06 | $-1.79 |
| EPS (Diluted) | $-587.20 | $-288.00 | $-85.00 | $-39.60 | $-13.47 | $-7.00 | $-6.23 | $-4.80 | $-4.06 | $-1.79 |
| Shares Outstanding (Diluted) | $107581 | $150261 | $354026 | $909591 | $3.6M | $7.6M | $10.6M | $12.5M | $18.5M | $25.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | -$91787 | -$1.2M | $127439 | $9000 |
| Gross Profit | -$1.0M | -$1.2M | -$21888 | -$8000 |
| Operating Income | -$17.3M | -$13.5M | -$14.0M | -$10.8M |
| EBITDA | -$14.6M | -$13.5M | -$14.0M | -$20.3M |
| Net Income | -$13.3M | -$23.1M | -$4.5M | -$20.3M |
| EPS | $-0.52 | $-0.38 | $-0.17 | $-0.80 |
| EPS (Diluted) | $-0.52 | $-0.38 | $-0.17 | $-0.80 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.4M | $3.2M | $1.7M | $8.0M | $12.5M | $14.5M | $17.4M | $23.4M | $14.9M | $8.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.3M |
| Total Current Assets | $5.7M | $3.9M | $3.3M | $13.5M | $17.9M | $21.5M | $27.5M | $31.0M | $27.4M | $17.4M |
| Property, Plant & Equipment | $17.0M | $16.1M | $18.5M | $3.2M | $494235 | $275054 | $70360 | $26172 | $274645 | $225508 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $23.7M | $20.7M | $22.3M | $17.1M | $19.7M | $22.8M | $28.5M | $32.3M | $28.8M | $18.6M |
| Accounts Payable | $5.1M | $11.0M | $3.6M | $2.3M | $2.4M | $2.2M | $3.5M | $6.6M | $8.0M | $10.2M |
| Short-term Debt | $5.2M | $4.7M | $17.9M | $11.3M | $3.7M | $904200 | $10.9M | $35.6M | $29.4M | $29.9M |
| Total Current Liabilities | $20.4M | $28.7M | $32.0M | $20.3M | $15.9M | $6.8M | $19.7M | $46.7M | $42.6M | $45.8M |
| Long-term Debt | $2.2M | $13.4M | $98487 | $50285 | $904200 | $10.9M | 0 | 0 | 0 | 0 |
| Total Liabilities | $28.9M | $51.5M | $43.1M | $27.9M | $16.9M | $18.2M | $19.8M | $46.7M | $101.9M | $50.8M |
| Retained Earnings | -$147.4M | -$186.2M | -$216.3M | -$254.5M | -$289.7M | -$342.9M | -$408.9M | -$467.9M | -$543.3M | -$605.7M |
| Total Equity | -$5.2M | -$30.7M | -$20.8M | -$10.8M | $2.8M | $4.6M | $8.7M | -$14.4M | -$73.1M | -$32.2M |
| Total Debt | $8.7M | $18.4M | $21.9M | $14.9M | $8.8M | $11.9M | $11.0M | $35.6M | $29.7M | $30.2M |
| Net Debt | $6.4M | $15.2M | $20.2M | $6.9M | -$3.7M | -$2.6M | -$6.4M | $12.2M | $14.8M | $22.1M |
| Working Capital | -$14.8M | -$24.8M | -$28.7M | -$6.8M | $2.1M | $14.8M | $7.8M | -$15.8M | -$15.1M | -$28.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $8.1M | $8.7M | $7.7M | $11.2M |
| Total Assets | $18.6M | $18.2M | $21.9M | $26.2M |
| Total Liabilities | $50.8M | $56.8M | $50.9M | $36.6M |
| Total Equity | -$32.2M | -$38.5M | -$29.0M | -$10.4M |
| Total Debt | $30.2M | $36.9M | $27.2M | $18.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$53.3M | -$38.8M | -$46.1M | -$34.5M | -$35.2M | -$53.2M | -$66.1M | -$59.0M | -$75.4M | -$62.4M |
| Depreciation & Amortization | $2.4M | $2.7M | -$3.1M | $3.4M | $554069 | $262140 | $204694 | $44188 | $113859 | $117052 |
| Stock-based Compensation | $12.5M | $8.6M | $2.0M | $1.3M | $2.8M | $4.9M | $7.7M | $5.5M | $5.4M | $8.9M |
| Change in Working Capital | -$7.0M | $11.2M | -$13.7M | -$13.2M | -$1.3M | -$7.1M | -$1.7M | $4.8M | -$3.0M | $4.9M |
| Operating Cash Flow | -$45.5M | -$15.5M | -$33.0M | -$32.3M | -$31.8M | -$54.3M | -$56.7M | -$43.0M | -$68.8M | -$51.8M |
| Capital Expenditure | -$1.1M | -$292086 | -$2.8M | -$437307 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | -$900000 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -$16.98B | -$1.89T | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$46.6M | -$15.8M | -$35.8M | -$32.7M | -$31.8M | -$54.3M | -$56.7M | -$43.0M | -$68.8M | -$51.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$12.4M | -$14.9M | -$7.8M | -$22.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$12.4M | -$14.9M | -$7.8M | -$22.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.8M | $881150 | $757484 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +27.9% | -19.0% | +163.8% | -100.0% | | | | | |
| Net Income Growth (YoY) | | +27.1% | +22.5% | -14.7% | -2.1% | -50.9% | -24.2% | +10.7% | -27.8% | +17.2% |
| EPS Growth (YoY) | | +54.5% | +27.1% | +79.7% | +66.0% | +48.0% | +11.0% | +23.0% | +15.4% | +55.9% |
| Shares Change (YoY) | | +39.7% | +135.6% | +156.9% | +298.8% | +110.4% | +38.9% | +18.0% | +48.3% | +37.3% |
| FCF Growth (YoY) | | +66.1% | -126.8% | +8.6% | +2.9% | -70.7% | -4.5% | +24.2% | -60.1% | +24.7% |
| Gross Margin | 0.0% | 0.0% | 0.0% | -192.2% | | | | | | 46.5% |
| Operating Margin | -1723.1% | -941.2% | -960.0% | -445.6% | | | | | | -4744.3% |
| EBITDA Margin | -1642.7% | -787.8% | -867.7% | -381.9% | | | | | | -4497.7% |
| Net Margin | -1788.7% | -1019.1% | -974.5% | -423.8% | | | | | | -4416.2% |
| FCF Margin | -1563.1% | -414.4% | -1160.0% | -401.8% | | | | | | -3666.7% |
| Effective Tax Rate | -0.2% | -1.3% | 10.8% | 9.0% | 8.5% | -0.0% | -0.0% | -0.0% | -0.0% | 2.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-432.98 | $-105.13 | $-101.18 | $-35.98 | $-8.76 | $-7.11 | $-5.34 | $-3.44 | $-3.71 | $-2.03 |
| Dividends Per Share | $0.00 | $113036.65 | $5329961.64 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $90000 | $150139 | $154000 | $909591 | $3.6M | $7.6M | $10.6M | $12.5M | $18.5M | $25.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 222.01% |
| Return on Invested Capital | -343.68% |
| Return on Assets | -233.43% |
| Gross Margin | 195.64% |
| Operating Margin | 4783.05% |
| Net Margin | 5254.81% |
Financial Health
| Debt / Equity | -1.77 |
| Current Ratio | 0.81 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -58.86 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1.16 | -0.82 | -0.80 | -0.75 | -1.07 | -6.20 | -3.92 | -0.92 | -1.32 | -0.59 |
| P/B | -11.77 | -1.07 | -1.16 | -2.52 | 18.49 | 71.91 | 29.62 | -3.83 | -1.36 | -0.84 |
| P/S | 20.54 | 8.63 | 7.82 | 3.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 19.10 |
| Gross Margin | 0.0% | 0.0% | 0.0% | -192.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 46.5% |
| Operating Margin | -1723.1% | -941.2% | -960.0% | -445.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -4744.3% |
| Net Margin | -1788.7% | -1019.1% | -974.5% | -423.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -4416.2% |