Outlook Therapeutics Inc
For the period ended Sep 30, 2024. Filed Dec 27, 2024.
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FY2024 · Filed Dec 27, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Year ended September 30, | ||||||
| | 2024 | 2023 | ||||
| OPERATING ACTIVITIES | | | | | | |
| Net loss | | $(75,366,714) | | $(58,982,668) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | |
| Depreciation and amortization | | | 113,859 | | | 44,188 |
| Loss on extinguishment of debt | | | — | | | 577,659 |
| Non-cash interest expense | | | 2,681,847 | | | 2,529,830 |
| Stock-based compensation | | | 5,385,124 | | | 5,547,019 |
| Change in fair value of promissory notes | | | 2,457,153 | | | 3,756,000 |
| Warrant related expenses (Note 9) | | | 37,490,012 | | | — |
| Change in fair value of warrant liability | | | (38,638,042) | | | (50,919) |
| Loss on equity method investment | | | 100,742 | | | 10,998 |
| Interest paid on debt | | | — | | | (1,158,609) |
| Changes in operating assets and liabilities: | | | | | | |
| Prepaid expenses and other current assets | | | (4,901,282) | | | 2,616,925 |
| Other assets | | | (5,900) | | | (208,203) |
| Operating lease liabilities | | | 3,413 | | | (26,995) |
| Accounts payable | | | 1,394,202 | | | 3,083,038 |
| Accrued expenses | | | 491,728 | | | (711,661) |
| Net cash used in operating activities | | | (68,793,858) | | | (42,973,398) |
| | | | | | | |
| FINANCING ACTIVITIES | | | | | | |
| Proceeds from the sale of common stock and warrants to purchase common stock, net of issuance costs | | | 60,333,681 | | | 30,024,213 |
| Proceeds from debt | | | — | | | 30,000,000 |
| Payments of finance lease obligations | | | (4,267) | | | (11,751) |
| Repayment of debt | | | — | | | (10,220,000) |
| Payment of financing costs | | | — | | | (823,894) |
| Net cash provided by financing activities | | | 60,329,414 | | | 48,968,568 |
| Net (decrease) increase in cash and cash equivalents | | | (8,464,444) | | | 5,995,170 |
| Cash and cash equivalents at beginning of year | | | 23,391,982 | | | 17,396,812 |
| Cash and cash equivalents at end of year | | $14,927,538 | | $23,391,982 | ||
| Supplemental disclosure of cash flow information: | | | | | | |
| Cash paid for interest | | $475,000 | | $1,160,008 | ||
| Supplemental schedule of non-cash financing activities: | | | | | | |
| Convertible promissory note converted into common stock | | $11,250,000 | | $25,000 | ||
| Recognition of warrant liability | | $97,730,836 | | $— | ||
| Deferred offering costs amortization | | $— | | $141,600 | ||
| Right-of-use asset and lease liability recognized for new operating lease liabilities | | $294,416 | | $— | ||
See accompanying notes to consolidated financial statements.
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