On December 19, 2025 Outlook Therapeutics, Inc. (Nasdaq: OTLK), a biopharmaceutical company focused on enhancing the standard of care for bevacizumab for the treatment of retina diseases, reported financial results for fiscal year 2025.
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Financial Highlights for the Fiscal Year Ended September 30, 2025
For the fiscal year ended September 30, 2025, Outlook Therapeutics reported net loss attributable to common stockholders of $62.4 million, or $1.79 per basic and diluted share, and $1.4 million of revenue. This compares with net loss attributable to common stockholders of $75.4 million, or $4.06 per basic and diluted share, and no revenue for the prior year.
Revenue in fiscal 2025 consisted of the initial sales in June 2025 into the sales channels in Germany and the UK for LYTENAVA (bevacizumab gamma) where title to the product has transferred to the distributor. Overall, there has been a sustained increase in both the number of accounts ordering LYTENAVA and the breadth of prescribing clinicians across both markets during the early stages of fiscal year 2026. In addition to optimal market access and pricing at the national and sub-national level in both the UK and Germany, recent developments that should contribute to continued improvements in unit sales include LYTENAVA acceptance into the tender framework in the UK in December 2025 and the initiation of a multi-center non-interventional study in Germany to gather real-world data. Gross profit for fiscal 2025 was impacted negatively due to increased reserves for short-dated inventory included in the original shipments to the UK in June 2025.
Overall expenses in fiscal 2025 were $4.6 million lower than fiscal 2024 primarily due to a significant reduction in R&D expenses associated with the completion of the NORSE Eight clinical trial in fiscal 2024. The reduction in R&D expenses was partially offset by increased SG&A expenses primarily related to launching LYTENAVA in Europe in June 2025.
As of September 30, 2025, Outlook Therapeutics had cash and cash equivalents of $8.1 million, which does not include $14.9 million of net proceeds from sales under its at-the-market offering program after September 30, 2025.
"Over the course of fiscal year 2025, our team has worked diligently to position Outlook Therapeutics for success. We are preparing now for potential approval and progressing commercial launch activities in the U.S., as we await a decision from the FDA in just a few short weeks," commented Bob Jahr, Chief Executive Officer of Outlook Therapeutics. "In Europe, our initial shipments of inventory are being used to prime and prepare to grow the market. Commercial activities remain ongoing as we push ahead with our efforts to expand into the next wave of country launches, including Austria and the Netherlands. Outside the U.S., we continue to identify potential partners for additional expansion. As we close out the remainder of 2025, our commitment remains focused on providing patients and physicians with access to an approved ophthalmic formulation of bevacizumab."
Upcoming Near Term Milestone
U.S. Food and Drug Administration (FDA) PDUFA goal date for ONS-5010 is December 31, 2025.
About ONS-5010 / LYTENAVA (bevacizumab-vikg, bevacizumab gamma)
ONS-5010/LYTENAVA is an ophthalmic formulation of bevacizumab produced in the United States for the treatment of wet AMD. LYTENAVA (bevacizumab gamma) is the subject of a centralized Marketing Authorization granted by the European Commission in the EU and Marketing Authorization granted by the Medicines and Healthcare products Regulatory Agency (MHRA) in the UK for the treatment of wet AMD.
In the United States, ONS-5010/LYTENAVA (bevacizumab-vikg) is investigational. In certain European Union Member States, ONS-5010/LYTENAVA must receive pricing and reimbursement approval before it can be sold.
Bevacizumab-vikg (bevacizumab gamma in the EU and UK) is a recombinant humanized monoclonal antibody (mAb) that selectively binds with high affinity to all isoforms of human vascular endothelial growth factor (VEGF) and neutralizes VEGF’s biologic activity through a steric blocking of the binding of VEGF to its receptors Flt-1 (VEGFR-1) and KDR (VEGFR-2) on the surface of endothelial cells. Following intravitreal injection, the binding of bevacizumab to VEGF prevents the interaction of VEGF with its receptors on the surface of endothelial cells, reducing endothelial cell proliferation, vascular leakage, and new blood vessel formation in the retina.
(Press release, Outlook Therapeutics, DEC 19, 2025, View Source [SID1234661561])