In December 2022, the Company closed a registered direct equity offering priced at-the-market under Nasdaq rules, resulting in net proceeds of approximately $24.0 million. Additionally, the Company closed on an unsecured convertible promissory note with a face amount of $31.8 million and net proceeds of approximately $30.0 million after original issue discount and after deducting the lender’s transaction costs. The net proceeds from these transactions are expected to provide sufficient capital to support operations past the anticipated FDA approval of ONS-5010 in the third calendar quarter of 2023 and into the fourth calendar quarter of 2023. At December 31, 2022, Outlook Therapeutics had cash and cash equivalents of $52.3 million.
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