Outlook Therapeutics Inc. (NASDAQ: OTLK) priced a public offering of 20 million shares of common stock and accompanying warrants at $0.25 per share, the biopharmaceutical company announced March 24.

The offering includes warrants to purchase up to 20 million additional shares of common stock. Each warrant has an exercise price of $0.25 per share, is exercisable immediately and expires five years from issuance. The company expects gross proceeds of $5 million before deducting placement agent fees and other expenses.

H.C. Wainwright & Co. serves as the exclusive placement agent for the offering, which is expected to close March 25, subject to customary closing conditions.

The company stated it intends to use net proceeds primarily for working capital and general corporate purposes.

The securities are being offered under a shelf registration statement on Form S-3 that became effective with the Securities and Exchange Commission on April 5, 2024.

Outlook Therapeutics focuses on developing ONS-5010/LYTENAVA for treating retina diseases. The company has received European Commission and MHRA marketing authorization for LYTENAVA (bevacizumab gamma) to treat wet age-related macular degeneration and has commenced commercial launch in Germany, Austria and the United Kingdom. In the United States, ONS-5010/LYTENAVA remains investigational.