SEC Form SC 13G filed by Outlook Therapeutics Inc.

3/28/24 4:16:55 PM ET

$OTLK

Biotechnology: Biological Products (No Diagnostic Substances)

Health Care

Get the next $OTLK alert in real time by email

SC 13G 1 sc13g12927033_03282024.htm THE SCHEDULE 13G

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(b)

(Amendment No. )¹

Outlook Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

69012T305

(CUSIP Number)

March 18, 2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐

Rule 13d-1(b)

☒

Rule 13d-1(c)

☐

Rule 13d-1(d)

1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 69012T305

NAME OF REPORTING PERSON

Velan Capital Master Fund LP

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

CAYMAN ISLANDS

NUMBER OF

SOLE VOTING POWER

BENEFICIALLY

- 0 -

OWNED BY

SHARED VOTING POWER

EACH

REPORTING

1,250,000*

PERSON WITH

SOLE DISPOSITIVE POWER

- 0 -

SHARED DISPOSITIVE POWER

1,250,000*

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,250,000*

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.6%*

TYPE OF REPORTING PERSON

* Includes 750,000 Shares issuable upon the exercise of certain warrants (the “Warrants”).

CUSIP No. 69012T305

NAME OF REPORTING PERSON

Velan Capital Holdings LLC

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

DELAWARE

NUMBER OF

SOLE VOTING POWER

BENEFICIALLY

- 0 -

OWNED BY

SHARED VOTING POWER

EACH

REPORTING

1,250,000*

PERSON WITH

SOLE DISPOSITIVE POWER

- 0 -

SHARED DISPOSITIVE POWER

1,250,000*

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,250,000*

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.6%*

TYPE OF REPORTING PERSON

* Includes 750,000 Shares issuable upon the exercise of the Warrants.

CUSIP No. 69012T305

NAME OF REPORTING PERSON

Velan Capital Investment Management LP

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

DELAWARE

NUMBER OF

SOLE VOTING POWER

BENEFICIALLY

- 0 -

OWNED BY

SHARED VOTING POWER

EACH

REPORTING

1,250,000*

PERSON WITH

SOLE DISPOSITIVE POWER

- 0 -

SHARED DISPOSITIVE POWER

1,250,000*

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,250,000*

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.6%*

TYPE OF REPORTING PERSON

* Includes 750,000 Shares issuable upon the exercise of the Warrants.

CUSIP No. 69012T305

NAME OF REPORTING PERSON

Velan Capital Management LLC

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

DELAWARE

NUMBER OF

SOLE VOTING POWER

BENEFICIALLY

- 0 -

OWNED BY

SHARED VOTING POWER

EACH

REPORTING

1,250,000*

PERSON WITH

SOLE DISPOSITIVE POWER

- 0 -

SHARED DISPOSITIVE POWER

1,250,000*

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,250,000*

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.6%*

TYPE OF REPORTING PERSON

* Includes 750,000 Shares issuable upon the exercise of the Warrants.

CUSIP No. 69012T305

NAME OF REPORTING PERSON

Adam Morgan

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

USA

NUMBER OF

SOLE VOTING POWER

BENEFICIALLY

- 0 -

OWNED BY

SHARED VOTING POWER

EACH

REPORTING

1,250,000*

PERSON WITH

SOLE DISPOSITIVE POWER

- 0 -

SHARED DISPOSITIVE POWER

1,250,000*

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,250,000*

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.6%*

TYPE OF REPORTING PERSON

* Includes 750,000 Shares issuable upon the exercise of the Warrants.

CUSIP No. 69012T305

NAME OF REPORTING PERSON

Balaji Venkataraman

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

SEC USE ONLY

CITIZENSHIP OR PLACE OF ORGANIZATION

USA

NUMBER OF

SOLE VOTING POWER

BENEFICIALLY

- 0 -

OWNED BY

SHARED VOTING POWER

EACH

REPORTING

1,250,000*

PERSON WITH

SOLE DISPOSITIVE POWER

- 0 -

SHARED DISPOSITIVE POWER

1,250,000*

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,250,000*

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.6%*

TYPE OF REPORTING PERSON

* Includes 750,000 Shares issuable upon the exercise of the Warrants.

CUSIP No. 69012T305

Item 1(a).

Name of Issuer:

Outlook Therapeutics, Inc., a Delaware corporation (the “Issuer”).

Item 1(b).

Address of Issuer’s Principal Executive Offices:

485 Route 1 South

Building F, Suite 320

Iselin, New Jersey 08830

Item 2(a).

Name of Person Filing:

This statement is filed by:

(i)

Velan Capital Master Fund LP, an exempted limited partnership organized under the laws of the Cayman Islands (“Velan Master”), with respect to the Shares (as defined below) directly and beneficially owned by it;

(ii)

Velan Capital Holdings LLC, a Delaware limited liability company (“Velan GP”), as the general partner of Velan Master;

(iii)

Velan Capital Investment Management LP, a Delaware limited partnership (“Velan Capital”), as the investment manager of Velan Master;

(iv)

Velan Capital Management LLC, a Delaware limited liability company (“Velan IM GP”), as the general partner of Velan Capital;

(v)

Adam Morgan, as a Managing Member of each of Velan GP and Velan IM GP; and

(vi)

Balaji Venkataraman, as a Managing Member of each of Velan GP and Velan IM GP.

Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”

Item 2(b).

Address of Principal Business Office or, if None, Residence:

The address of the principal office of Velan Master is 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands. The address of the principal office of each of Velan GP, Velan Capital, Velan IM GP and Messrs. Morgan and Venkataraman is 100 North Main Street, Suite 301, Alpharetta, Georgia 30009.

Item 2(c).

Citizenship:

(i)

Velan Master – Cayman Islands

(ii)

Velan GP – Delaware

(iii)

Velan Capital – Delaware

(iv)

Velan IM GP – Delaware

(v)

Mr. Morgan – United States of America

(vi)

Mr. Venkataraman – United States of America

CUSIP No. 69012T305

Item 2(d).

Title of Class of Securities:

Common Stock, par value $0.01 per share (the “Shares”).

Item 2(e).

CUSIP Number:

69012T305

Item 3.

If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:

	/x/	Not applicable.

(a)	/ /	Broker or dealer registered under Section 15 of the Exchange Act.

(b)	/ /	Bank as defined in Section 3(a)(6) of the Exchange Act.

(c)	/ /	Insurance company as defined in Section 3(a)(19) of the Exchange Act.

(d)	/ /	Investment company registered under Section 8 of the Investment Company Act.

(e)	/ /	An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).

(f)	/ /	An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).

(g)	/ /	A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).

(h)	/ /	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.

(i)	/ /	A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act.

(j)	/ /	Non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J).

(k)	/ /	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____

CUSIP No. 69012T305

Item 4.

Ownership.

(a)

Amount beneficially owned:

As of the date hereof:

Velan Master directly beneficially owned 1,250,000 Shares, including 750,000 Shares issuable upon the exercise of the Warrants;

ii.

Velan GP, as the general partner of Velan Master, may be deemed to beneficially own the 1,250,000 Shares beneficially owned directly by Velan Master;

iii.

Velan Capital, as the investment manager of Velan Master, may be deemed to beneficially own the 1,250,000 Shares beneficially owned directly by Velan Master;

iv.

Velan IM GP, as the general partner of Velan Capital, may be deemed to beneficially own the 1,250,000 Shares beneficially owned directly by Velan Master;

Mr. Morgan, as a Managing Member of each of Velan GP and Velan IM GP, may be deemed to beneficially own the 1,250,000 Shares beneficially owned directly by Velan Master; and

vi.

Mr. Venkataraman, as a Managing Member of each of Velan GP and Velan IM GP, may be deemed to beneficially own the 1,250,000 Shares beneficially owned directly by Velan Master.

The filing of this Schedule 13G shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

(b)

Percent of class:

The following percentages are based on 21,584,256 Shares outstanding as March 18, 2024, as disclosed in the Issuer’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission on March 25, 2024, plus the Shares underlying the Warrants that may be exercised by the Reporting Persons.

As of the date hereof, (i) Velan Master beneficially owns approximately 5.6% of the outstanding Shares, (ii) Velan GP may be deemed to beneficially own approximately 5.6% of the outstanding Shares, (iii) Velan Capital may be deemed to beneficially own approximately 5.6% of the outstanding Shares, (iv) Velan IM GP may be deemed to beneficially own approximately 5.6% of the outstanding Shares, (v) Mr. Morgan may be deemed to beneficially own approximately 5.6% of the outstanding Shares and (vi) Mr. Venkataraman may be deemed to beneficially own approximately 5.6% of the outstanding Shares.

(c)

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote:

See Cover Pages Items 5-9.

(ii)

Shared power to vote or to direct the vote:

See Cover Pages Items 5-9.

(iii)

Sole power to dispose or to direct the disposition of:

See Cover Pages Items 5-9.

CUSIP No. 69012T305

(iv)

Shared power to dispose or to direct the disposition of:

See Cover Pages Items 5-9.

Item 5.

Ownership of Five Percent or Less of a Class.

Not Applicable.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not Applicable.

Item 7.

Identification and Classification of the Subsidiary That Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable.

Item 8.

Identification and Classification of Members of the Group.

See Exhibit 99.1.

Item 9.

Notice of Dissolution of Group.

Not Applicable.

Item 10.

Certifications.

By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

CUSIP No. 69012T305

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: March 28, 2024

Velan Capital Master Fund LP

By:	Velan Capital Holdings LLC General Partner

By:	/s/ Adam Morgan
	Name:	Adam Morgan
	Title:	Managing Member

Velan Capital Holdings LLC

By:	/s/ Adam Morgan
	Name:	Adam Morgan
	Title:	Managing Member

Velan Capital Investment Management LP

By:	Velan Capital Management LLC General Partner

By:	/s/ Adam Morgan
	Name:	Adam Morgan
	Title:	Managing Member

Velan Capital Management LLC

By:	/s/ Adam Morgan
	Name:	Adam Morgan
	Title:	Managing Member

	/s/ Adam Morgan
	Adam Morgan

	/s/ Balaji Venkataraman
	Balaji Venkataraman

Get the next $OTLK alert in real time by email

Date	Price Target	Rating	Analyst
12/2/2024		Buy → Neutral	Chardan Capital Markets
3/27/2024	$50.00	Neutral → Buy	BTIG Research
2/15/2024	$3.00	Neutral → Buy	Chardan Capital Markets
1/25/2024		Neutral → Buy	Guggenheim
12/27/2023	$5.00	Equal Weight → Overweight	CapitalOne
8/31/2023	$5.00 → $1.00	Buy → Neutral	H.C. Wainwright
8/31/2023		Buy → Neutral	Chardan Capital Markets
8/30/2023		Overweight → Equal Weight	CapitalOne

SEC Form SC 13G filed by Outlook Therapeutics Inc.

Chat with this insight

Recent Analyst Ratings for $OTLK

$OTLK Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

Outlook Therapeutics downgraded by Chardan Capital Markets

Outlook Therapeutics upgraded by BTIG Research with a new price target

Outlook Therapeutics upgraded by Chardan Capital Markets with a new price target

$OTLK Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Director Sukhtian Ghiath M. was granted 4,285,714 shares (SEC Form 4)

Amendment: Director Sukhtian Ghiath M. exercised 3,458,571 shares at a strike of $2.51 (SEC Form 4)

SEC Form 4 filed by Director Sukhtian Faisal Ghiath

$OTLK Large Ownership Changes

This live feed shows all institutional transactions in real time.

Amendment: SEC Form SC 13G/A filed by Outlook Therapeutics Inc.

Amendment: SEC Form SC 13G/A filed by Outlook Therapeutics Inc.

SEC Form SC 13D/A filed by Outlook Therapeutics Inc. (Amendment)

$OTLK Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

Chief Financial Officer Kenyon Lawrence A bought $28,446 worth of shares (5,000 units at $5.69), increasing direct ownership by 529% to 5,946 units (SEC Form 4)

Syntone Ventures Llc bought 714,286 shares, increasing direct ownership by 72% to 1,705,438 units (SEC Form 4)

Haddadin Yezan Munther bought $22,242 worth of shares (1,882 units at $11.82), increasing direct ownership by 59% to 5,049 units (SEC Form 4)

$OTLK Press Releases

Fastest customizable press release news feed in the world

Outlook Therapeutics® Announces Pricing of $13.0 Million Public Offering

Outlook Therapeutics® Announces Proposed Public Offering of Common Stock and Warrants

Outlook Therapeutics Reports Financial Results for Second Quarter Fiscal Year 2025 and Provides Corporate Update

$OTLK Leadership Updates

Live Leadership Updates

Outlook Therapeutics® Appoints Faisal G. Sukhtian as Chairman of the Board of Directors

Outlook Therapeutics® Announces Executive Leadership Transition

Outlook Therapeutics® Adds Global Commercial Expertise with Appointment of Jedd Comiskey as Senior VP - Head of Europe

$OTLK Financials

Live finance-specific insights

Outlook Therapeutics Reports Financial Results for Second Quarter Fiscal Year 2025 and Provides Corporate Update

Outlook Therapeutics® Reports Financial Results for First Quarter Fiscal Year 2025 and Provides Corporate Update

Outlook Therapeutics® Reports Financial Results for Fiscal Year 2024 and Provides Corporate Update

$OTLK SEC Filings

SEC Form 424B5 filed by Outlook Therapeutics Inc.

Outlook Therapeutics Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

SEC Form 424B5 filed by Outlook Therapeutics Inc.

Recent Analyst Ratings for
$OTLK

$OTLK
Analyst Ratings

$OTLK
Insider Trading

$OTLK
Large Ownership Changes

$OTLK
Insider Purchases

$OTLK
Press Releases

$OTLK
Leadership Updates

$OTLK
Financials

$OTLK
SEC Filings