---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-008146"
form_type: "8-K"
ticker: "OTLK"
cik: "0001649989"
company_name: "Outlook Therapeutics, Inc."
filed_at: "2025-01-31T23:59:59+00:00"
generated_at: "2026-05-27T04:42:52.015072+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Outlook Therapeutics enters $33.1M convertible note with Avondale Capital to refinance Streeterville debt

## Summary
- Issued $33.1M unsecured convertible note to Avondale Capital; proceeds primarily used to repay $32.37M Streeterville note.
- Note bears interest at prime+3% (floor 9.5%), matures July 1, 2026; conversion price $2.26 per share.
- Avondale may convert starting 6 months after issuance or when registration effective; Company can convert if stock ≥$3 for 30 days.
- Quarterly debt reduction of at least $3M required; prepayments incur 7.5% exit fee.
- Director Lawrence Kenyon reclassified from Class II to Class III to rebalance board classes effective Jan 30, 2025.

## SEC filing metadata
- accession: 0001104659-25-008146
- form_type: 8-K
- ticker: OTLK
- cik: 0001649989
- company_name: Outlook Therapeutics, Inc.
- filed_at: 2025-01-31T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1649989/000110465925008146/0001104659-25-008146-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1649989/000110465925008146/tm254911d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-008146
- JSON: https://secwatch.observer/filing/0001104659-25-008146.json
- Plain text: https://secwatch.observer/filing/0001104659-25-008146.txt

## Key facts
- Debt Financings
  Outlook Therapeutics, Inc. incurred convertible notes of face amount of $33,100,000 with Avondale Capital, LLC at prime rate (as published in the Wall Street Journal) plus 3% (subject to a floor maturing July 1, 2026.
  - Instrument: convertible notes
  - Principal: face amount of $33,100,000
  - Counterparty: Avondale Capital, LLC
  - Rate: prime rate (as published in the Wall Street Journal) plus 3% (subject to a floor
  - Maturity: July 1, 2026
  - Event: incurrence
  source text: On January 31, 2025, Outlook Therapeutics, Inc. (the “Company”) entered into a Securities Purchase Agreement (“SPA”) with Avondale Capital, LLC, a Utah limited liability company (the “Lender”), pursuant to which, the Company agreed to issue to the Lender an unsecured convertible promissory note with a face amount of $33,100,000 (the “Note”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649989/000110465925008146/0001104659-25-008146-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.