Outlook Therapeutics, Inc. (OTLK) Balance Sheet
OTLK balance sheet, FY2025
September 30, 2025 · U.S. dollars$18.6M assets = $50.8M liabilities + −$32.2M equity
Liabilities exceed assets: shareholders’ equity is negative (−$32.2M).
Both columns are drawn to the same scale: what OTLK owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OTLK financial health
Descriptive bands, not a rating. Fiscal FY2025.
OTLK balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $23.7MFY2016 | $18.6MFY2025 | −2.7%/yr | |
| Total liabilities | $28.9MFY2016 | $50.8MFY2025 | +6.5%/yr | |
| Shareholders’ equity | −$5.2MFY2016 | −$32.2MFY2025 | — | |
| Cash & short-term investments | $2.4MFY2016 | $8.1MFY2025 | +14.7%/yr | |
| Total debt | $8.7MFY2016 | $30.2MFY2025 | +14.8%/yr | |
| Net cash (debt) | −$6.4MFY2016 | −$22.1MFY2025 | −$15.7M | |
| Working capital | −$14.8MFY2016 | −$28.4MFY2025 | −$13.7M | |
| Current ratio | 0.28FY2016 | 0.38FY2025 | +0.10 | |
| Debt / equity | 3.11FY2020 | 1.25FY2022 | −1.86 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OTLK assets
OTLK liabilities and equity
OTLK debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OTLK balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $8.1M | $14.9M | $23.4M | $17.4M | $14.5M | $12.5M | $8.0M | $1.7M | $3.2M | $2.4M |
| Cash & equivalents | $8.1M | $14.9M | $23.4M | $17.4M | $14.5M | $12.5M | $8.0M | $1.7M | $3.2M | $2.4M |
| Short-term investments | — | $14.93T | — | — | — | — | — | — | — | — |
| Receivables | $1.5M | $0 | $0 | $0 | $100,000 | $800,000 | $1.2M | $400,000 | $400,000 | $0 |
| Inventory | $3.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $4.5M | $12.5M | $7.6M | $10.1M | $6.9M | $4.6M | $4.3M | $1.2M | $319,087 | $3.3M |
| Total current assets | $17.4M | $27.4M | $31.0M | $27.5M | $21.5M | $17.9M | $13.5M | $3.3M | $3.9M | $5.7M |
| Property, plant & equipment (net) | $225,508 | $274,645 | $26,172 | $70,360 | $275,054 | $494,235 | $3.2M | $18.5M | $16.1M | $17.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $552,183 | $693,190 | $793,932 | $804,930 | $853,660 | $900,000 | $0 | $0 | $0 | $0 |
| Other non-current assets | $417,523 | $439,283 | $501,299 | $132,015 | $174,139 | $394,897 | $457,476 | $491,039 | $740,363 | $1.1M |
| Total assets | $18.6M | $28.8M | $32.3M | $28.5M | $22.8M | $19.7M | $17.1M | $22.3M | $20.7M | $23.7M |
| Liabilities | ||||||||||
| Accounts payable | $10.2M | $8.0M | $6.6M | $3.5M | $2.2M | $2.4M | $2.3M | $3.6M | $11.0M | $5.1M |
| Short-term debt | $30.0M | $29.5M | $35.6M | $11.0M | $973,518 | $7.9M | $11.5M | $18.4M | $5.0M | $6.2M |
| Deferred revenue | — | — | −$30,859 | — | — | — | — | $1.7M | $3.1M | $1.2M |
| Total current liabilities | $45.8M | $42.6M | $46.7M | $19.7M | $6.8M | $15.9M | $20.3M | $32.0M | $28.7M | $20.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $10.9M | $904,200 | $3.4M | $3.6M | $13.4M | $2.6M |
| Lease obligations | $247,698 | $297,829 | $4,267 | $43,013 | $112,331 | $4.2M | $3.6M | $4.0M | $369,187 | $1.3M |
| Other long-term liabilities | $5.0M | $59.3M | $6,219 | $61,405 | $566,146 | $113,800 | $4.2M | $7.5M | $9.3M | $5.9M |
| Total liabilities | $50.8M | $101.9M | $46.7M | $19.8M | $18.2M | $16.9M | $27.9M | $43.1M | $51.5M | $28.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $538,873 | $239,057 | $2.6M | $2.3M | $1.8M | $1.3M | $286,100 | $722,204 | $249,339 | $228,028 |
| Retained earnings (deficit) | −$605.7M | −$543.3M | −$467.9M | −$408.9M | −$342.9M | −$289.7M | −$254.5M | −$216.3M | −$186.2M | −$147.4M |
| Accumulated other comprehensive income | — | — | −$32.30T | $417.7M | −$22.81T | −$19.73T | $238.4M | $190.8M | −$8.6M | −$6.0M |
| Total shareholders' equity | −$32.2M | −$73.1M | −$14.4M | $8.7M | $4.6M | $2.8M | −$10.8M | −$20.8M | −$30.7M | −$5.2M |
| Key figures | ||||||||||
| Total debt | $30.2M | $29.7M | $35.6M | $11.0M | $11.9M | $8.8M | $14.9M | $21.9M | $18.4M | $8.7M |
| Net cash (debt) | −$22.1M | −$14.8M | −$12.2M | $6.4M | $2.6M | $3.7M | −$6.9M | −$20.2M | −$15.2M | −$6.4M |
| Working capital | −$28.4M | −$15.1M | −$15.8M | $7.8M | $14.8M | $2.1M | −$6.8M | −$28.7M | −$24.8M | −$14.8M |
| Tangible book value | −$32.2M | −$73.1M | −$14.4M | $8.7M | $4.6M | $2.8M | −$10.8M | −$20.8M | −$30.7M | −$5.2M |
| Current ratio | 0.38 | 0.64 | 0.66 | 1.39 | 3.19 | 1.13 | 0.67 | 0.10 | 0.14 | 0.28 |
| Quick ratio | 0.21 | 0.35 | 0.50 | 0.88 | 2.16 | 0.84 | 0.45 | 0.07 | 0.12 | 0.12 |
| Debt / equity | — | — | — | 1.25 | 2.58 | 3.11 | — | — | — | — |
| Equity / assets | −173.2% | −253.5% | −44.7% | 30.6% | 20.2% | 14.3% | −62.9% | −93.4% | −148.2% | −21.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $11.2M | $7.7M | $8.7M | $8.1M | $8.9M | $7.6M | $5.7M | $14.9M | $32.0M | $47.2M | $10.4M | $23.4M |
| Cash & equivalents | $11.2M | $7.7M | $8.7M | $8.1M | $8.9M | $7.6M | $5.7M | $14.9M | $32.0M | $47.2M | $10.4M | $23.4M |
| Short-term investments | — | — | — | — | — | — | $5.70T | — | $1 | — | — | — |
| Receivables | $1.6M | $2.7M | $114,609 | $1.5M | $1.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $5.0M | $3.3M | $3.5M | $3.3M | $4.1M | $3.6M | $3.1M | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $5.2M | $7.1M | $4.9M | $4.5M | $6.3M | $6.6M | $6.9M | $12.5M | $13.6M | $10.6M | $10.0M | $7.6M |
| Total current assets | $23.2M | $20.9M | $17.2M | $17.4M | $21.1M | $17.8M | $15.7M | $27.4M | $45.6M | $57.8M | $20.4M | $31.0M |
| Property, plant & equipment (net) | $185,183 | $198,975 | $212,413 | $225,508 | $238,266 | $250,699 | $262,822 | $274,645 | $286,462 | $3,739 | $14,956 | $26,172 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.5M | $468,430 | $513,549 | $552,183 | $592,602 | $623,486 | $659,895 | $693,190 | $708,388 | $765,885 | $796,480 | $793,932 |
| Other non-current assets | $304,048 | $320,290 | $346,111 | $417,523 | $464,388 | $393,831 | $415,974 | $439,283 | $479,229 | $473,241 | $484,320 | $501,299 |
| Total assets | $26.2M | $21.9M | $18.2M | $18.6M | $22.4M | $19.1M | $17.0M | $28.8M | $47.1M | $59.0M | $21.7M | $32.3M |
| Liabilities | ||||||||||||
| Accounts payable | $6.8M | $13.6M | $7.3M | $10.2M | $10.3M | $7.8M | $12.2M | $8.0M | $5.6M | $4.4M | $3.5M | $6.6M |
| Short-term debt | $18.3M | $15.9M | $36.7M | $30.0M | $14.1M | $12.1M | $30.8M | $29.5M | $32.5M | $44.7M | $36.5M | $35.6M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$890,560 | $1.9M | $1.86T | $1.86T |
| Total current liabilities | $28.7M | $38.9M | $49.1M | $45.8M | $31.5M | $24.8M | $48.2M | $42.6M | $42.6M | $54.1M | $46.0M | $46.7M |
| Long-term debt | $0 | $11.1M | $0 | $0 | $20.4M | $21.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $204,144 | $218,961 | $233,113 | $247,698 | $260,705 | $273,386 | $285,758 | $297,829 | $292,196 | $0 | $1,084 | $4,267 |
| Other long-term liabilities | $7.9M | $879,187 | $7.7M | $5.0M | $7.7M | $5.7M | $19.1M | $59.3M | $88.2M | $139.2M | $59,561 | $6,219 |
| Total liabilities | $36.6M | $50.9M | $56.8M | $50.8M | $59.6M | $51.5M | $67.3M | $101.9M | $130.8M | $193.3M | $46.0M | $46.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.9M | $1.0M | $645,566 | $538,873 | $434,791 | $329,071 | $249,057 | $239,057 | $234,057 | $220,128 | $2.6M | $130,128 |
| Retained earnings (deficit) | −$653.5M | −$633.2M | −$628.8M | −$605.7M | −$592.4M | −$572.3M | −$525.9M | −$543.3M | −$549.0M | −$593.4M | −$479.1M | −$467.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | −$47.09T | −$59.03T | −$21.68T | −$32.30T |
| Total shareholders' equity | −$10.4M | −$29.0M | −$38.5M | −$32.2M | −$37.2M | −$32.5M | −$50.3M | −$73.1M | −$83.7M | −$134.2M | −$24.3M | −$14.4M |
| Key figures | ||||||||||||
| Total debt | $18.4M | $27.2M | $36.9M | $30.2M | $34.7M | $33.3M | $31.0M | $29.7M | $32.7M | $44.7M | $36.5M | $35.6M |
| Net cash (debt) | −$7.2M | −$19.4M | −$28.2M | −$22.1M | −$25.8M | −$25.8M | −$25.3M | −$14.8M | −$699,809 | $2.5M | −$26.2M | −$12.2M |
| Working capital | −$5.5M | −$18.0M | −$31.9M | −$28.4M | −$10.4M | −$7.0M | −$32.6M | −$15.1M | $3.1M | $3.7M | −$25.6M | −$15.8M |
| Tangible book value | −$10.4M | −$29.0M | −$38.5M | −$32.2M | −$37.2M | −$32.5M | −$50.3M | −$73.1M | −$83.7M | −$134.2M | −$24.3M | −$14.4M |
| Current ratio | 0.81 | 0.54 | 0.35 | 0.38 | 0.67 | 0.72 | 0.32 | 0.64 | 1.07 | 1.07 | 0.44 | 0.66 |
| Quick ratio | 0.45 | 0.27 | 0.18 | 0.21 | 0.34 | 0.30 | 0.12 | 0.35 | 0.75 | 0.87 | 0.23 | 0.50 |
| Equity / assets | −39.7% | −132.4% | −211.4% | −173.2% | −166.1% | −170.2% | −295.7% | −253.5% | −177.7% | −227.4% | −112.3% | −44.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 19, 2025); data from EODHD.
OTLK financial position
At the end of fiscal 2025 (September 30, 2025), Outlook Therapeutics had total assets of $18.6 million (down 35.5% from a year earlier), total liabilities of $50.8 million and shareholders' equity of -$32.2 million. It held $8.1 million in cash and short-term investments against $30.2 million of debt, net debt of $22.1 million. Its current ratio was 0.38. In the latest quarter (ended June 30, 2026) total assets were $26.2 million and equity -$10.4 million.
Related: OTLK income statement, OTLK cash flow statement, OTLK key metrics. See the OTLK stock overview for the latest quote and news.
OTLK balance sheet FAQ
What are Outlook Therapeutics's total assets?
Outlook Therapeutics reported total assets of $18.6 million at the end of fiscal 2025 (September 30, 2025), compared with $28.8 million a year earlier.
How much debt does Outlook Therapeutics have?
Outlook Therapeutics had $30.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Outlook Therapeutics have?
Outlook Therapeutics held $8.1 million in cash and short-term investments at the end of fiscal 2025; with $30.2 million of debt that is net debt of $22.1 million.
What is Outlook Therapeutics's book value?
Outlook Therapeutics's shareholders' equity (book value) was -$32.2 million at the end of fiscal 2025.
What is Outlook Therapeutics's current ratio?
Outlook Therapeutics had current assets of $17.4 million and current liabilities of $45.8 million, a current ratio of 0.38 (current liabilities exceed current assets).