Outlook Therapeutics Inc. (NASDAQ: OTLK) completed a registered direct offering that raised $5 million in gross proceeds, the biopharmaceutical company announced.

The company sold 16,129,033 shares of common stock at $0.31 per share. In a concurrent private placement, Outlook Therapeutics issued warrants to purchase an additional 16,129,033 shares at an exercise price of $0.31 per share.

The warrants will become exercisable after stockholder approval of the underlying shares and an amendment to increase the company's authorized shares. The warrants will expire five years after becoming exercisable. If fully exercised, the warrants could generate an additional $5 million in proceeds.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The company plans to use net proceeds for working capital and general corporate purposes.

Outlook Therapeutics also amended existing warrants for 2,142,854 shares that were issued in January 2025. The exercise price for these warrants was reduced from $2.26 per share to $0.31 per share.

The company focuses on developing bevacizumab treatments for retinal diseases. Its product LYTENAVA has received marketing authorization in Europe and the UK for treating wet age-related macular degeneration. The company has begun commercial sales in Germany, Austria, and the UK.

In the United States, the company's ONS-5010/LYTENAVA product remains investigational and requires FDA approval before commercialization.