Outlook Therapeutics, Inc. (OTLK) Cash Flow Statement
Where OTLK’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$51.8M
- Capital expenditures
- $3 0.0% of revenue
- Free cash flow
- −$51.8M −3,666.7% margin
- Returned to shareholders
- —
- Change in cash
- −$6.8M cash at year-end $8.1M
Cash from operations
−$51.8M
Net borrowing (repayment)
−$3.0M
Shares issued
+$25.4M
Other financing
+$22.6M
Change in cash
−$6.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OTLK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OTLK cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$45.5MFY2016 | −$51.8MFY2025 | — | |
| Capital expenditures | $1.1MFY2016 | $3FY2025 | −75.9%/yr | |
| Free cash flow | −$46.6MFY2016 | −$51.8MFY2025 | — | |
| Free cash flow margin | −1,563.1%FY2016 | −3,666.7%FY2025 | −2,103.5 pts | |
| Stock-based compensation | $12.5MFY2016 | $8.9MFY2025 | −3.7%/yr | |
| Dividends paid | $16.98BFY2017 | $166.13BFY2020 | +113.9%/yr | |
| Share buybacks (net) | $72FY2016 | $0FY2022 | −100.0% | |
| Capex / revenue | 36.9%FY2016 | 0.0%FY2025 | −36.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OTLK cash flow by activity
OperatingInvestingFinancingChange in cash
OTLK net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
OTLK cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$62.4M | −$75.4M | −$59.0M | −$66.1M | −$53.2M | −$35.2M | −$34.5M | −$46.1M | −$38.8M | −$53.3M |
| Depreciation & amortization | $117,052 | $113,859 | $44,188 | $204,694 | $262,140 | $554,069 | $3.4M | $3.1M | $2.7M | $2.4M |
| Stock-based compensation | $8.9M | $5.4M | $5.5M | $7.7M | $4.9M | $2.8M | $1.3M | $2.0M | $8.6M | $12.5M |
| Change in working capital | $4.9M | −$3.0M | $4.8M | −$1.7M | −$7.1M | −$1.3M | −$13.2M | −$13.7M | $11.2M | −$7.0M |
| Other non-cash items | −$3.3M | $4.1M | $5.7M | $3.1M | $840,032 | $1.4M | $10.8M | $21.7M | $918,031 | $27,112 |
| Cash from operating activities | −$51.8M | −$68.8M | −$43.0M | −$56.7M | −$54.3M | −$31.8M | −$32.3M | −$33.0M | −$15.5M | −$45.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$3 | $0 | −$2 | $0 | $0 | −$3 | −$437,307 | −$2.8M | −$292,086 | −$1.1M |
| Investments (net) | — | — | — | — | $0 | −$900,000 | −$437,307 | −$900,000 | −$900,000 | −$1.1M |
| Acquisitions & other investing | — | — | — | — | — | $3 | $437,307 | $900,000 | $900,000 | $1.1M |
| Cash from investing activities | — | — | — | — | — | −$900,000 | −$437,307 | −$2.8M | −$292,086 | −$1.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −$166.13B | −$624.99B | −$1.89T | −$16.98B | — |
| Share repurchases & issuance (net) | — | — | — | $62.5M | $49.9M | $166.13B | $624.99B | −$1.1M | $17.00B | −$72 |
| Net borrowing (repayment) | −$3.0M | −$4,267 | $19.8M | −$2.9M | $6.3M | $855,998 | −$6.9M | −$990,642 | $11.3M | −$13.3M |
| Shares issued | $25.4M | $60.3M | $30.0M | $62.3M | $46.3M | $35.4M | $46.0M | $36.4M | $0 | $0 |
| Other financing | $22.6M | $0 | −$823,894 | −$62.3M | −$46.3M | $923,826 | $4,350 | $1.89T | −$13.2M | $53.2M |
| Cash from financing activities | $45.0M | $60.3M | $49.0M | $59.6M | $56.2M | $37.2M | $39.0M | $34.4M | $16.6M | $39.9M |
| Summary | ||||||||||
| Net change in cash | −$6.8M | −$8.5M | $6.0M | $2.9M | $1.9M | $4.5M | $6.3M | −$1.5M | $833,632 | −$6.7M |
| Cash at end of period | $8.1M | $14.9M | $23.4M | $17.4M | $14.5M | $12.5M | $8.0M | $1.7M | $3.2M | $2.4M |
| Free cash flow | −$51.8M | −$68.8M | −$43.0M | −$56.7M | −$54.3M | −$31.8M | −$32.7M | −$35.8M | −$15.8M | −$46.6M |
| Free cash flow margin | −3,666.7% | −40,437.5% | — | — | — | −543.1% | −401.8% | −1,160.0% | −414.4% | −1,563.1% |
| Capex / revenue | 0.0% | 0.0% | — | — | — | 0.0% | 5.4% | 90.1% | 7.7% | 36.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$20.3M | −$4.5M | −$23.1M | −$13.3M | −$20.2M | −$46.4M | $17.4M | $5.7M | $44.4M | −$114.3M | −$11.2M | −$13.0M |
| Depreciation & amortization | $13,791 | $30,417 | $30,074 | $29,737 | $29,412 | $29,102 | $28,801 | $28,797 | $28,672 | $28,195 | $28,195 | $11,217 |
| Stock-based compensation | $791,670 | $757,484 | $881,150 | $1.8M | $1.7M | $1.7M | $3.7M | $1.4M | $1.4M | $1.3M | $1.3M | $1.4M |
| Change in working capital | −$11.0M | $5.4M | −$2.4M | $1.7M | $2.2M | −$5.9M | $6.9M | $4.2M | −$1.8M | −$1.3M | −$4.2M | −$2.0M |
| Other non-cash items | $8.5M | −$9.6M | $9.6M | −$2.6M | $4.4M | $33.9M | −$38.9M | −$28.3M | −$63.6M | $94.9M | $1.0M | $837,557 |
| Cash from operating activities | −$22.0M | −$7.8M | −$14.9M | −$12.4M | −$11.9M | −$16.6M | −$11.0M | −$17.0M | −$19.5M | −$19.3M | −$13.0M | −$12.7M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | −$3 | −$5 | −$3 | −$3 | −$3 | $0 | −$4 |
| Acquisitions & other investing | −$2.1M | — | — | — | −$3 | $6 | — | $6 | — | — | — | — |
| Cash from investing activities | −$2.1M | — | — | — | −$3 | $3 | — | $3 | — | — | — | — |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | $0 | — | — | −$2.3M | −$906,977 | $189,972 | $0 | $0 | $0 | — | — | — |
| Shares issued | $25.2M | $6.9M | $14.9M | $8.1M | $14.2M | $1.4M | $1.7M | $0 | $4.3M | $56.1M | $0 | $2.4M |
| Other financing | $2.4M | $0 | $601,914 | $5.8M | $0 | $16.8M | $0 | −$114,954 | $0 | −$1,084 | −$3,183 | −$3,082 |
| Cash from financing activities | $27.6M | $6.9M | $15.5M | $11.6M | $13.2M | $18.4M | $1.7M | −$114,954 | $4.3M | $56.1M | −$3,183 | $2.4M |
| Summary | ||||||||||||
| Net change in cash | $3.5M | −$929,198 | $594,339 | −$817,729 | $1.3M | $1.9M | −$9.2M | −$17.1M | −$15.2M | $36.9M | −$13.0M | −$10.3M |
| Cash at end of period | $11.2M | $7.7M | $8.7M | $8.1M | $8.9M | $7.6M | $5.7M | $14.9M | $32.0M | $47.2M | $10.4M | $23.4M |
| Free cash flow | −$22.0M | −$7.8M | −$14.9M | −$12.4M | −$11.9M | −$16.6M | −$11.0M | −$17.0M | −$19.5M | −$19.3M | −$13.0M | −$12.7M |
| Free cash flow margin | −244,312.6% | −6,142.6% | — | — | −790.6% | — | −6,446.7% | −9,982.1% | — | — | — | — |
| Capex / revenue | 0.0% | 0.0% | — | — | 0.0% | — | 0.0% | 0.0% | — | — | — | — |
| Operating cash flow / net income | — | — | — | — | — | — | −0.63 | −2.98 | −0.44 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
OTLK cash generation
In fiscal 2025 (ended September 30, 2025), Outlook Therapeutics generated -$51.8 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$51.8 million, −3,666.7% of revenue. Cash and equivalents fell by $6.8 million over the year.
Related: OTLK income statement, OTLK balance sheet. See the OTLK stock overview for the latest quote and news.
OTLK cash flow FAQ
What is Outlook Therapeutics's free cash flow?
Outlook Therapeutics's free cash flow was -$51.8 million in fiscal 2025: -$51.8 million of operating cash flow minus $0.0 million of capital expenditures It was -$68.8 million a year earlier..
How much cash does Outlook Therapeutics generate from operations?
Outlook Therapeutics generated -$51.8 million of cash from operating activities in fiscal 2025.
How much does Outlook Therapeutics spend on capital expenditures?
Outlook Therapeutics spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue.