NEW YORK, December 30, 2025, 01:25 ET — Market closed
- Shares closed Monday up 8.8% at $1.98; last up about 2% in late after-hours trade
- FDA’s Dec. 31 PDUFA goal date looms for Lytenava (ONS-5010) in wet AMD
- Stock remains volatile after an August FDA rejection
Outlook Therapeutics, Inc. shares closed Monday up 8.8% at $1.98 after trading between $1.78 and $1.98. The stock was last up about 2% at $2.02 in late after-hours trading, with about 5.7 million shares changing hands. 1
Traders are zeroed in on a Dec. 31 deadline at the U.S. Food and Drug Administration for Lytenava (ONS-5010), the company’s wet age-related macular degeneration candidate. A Nov. 13 filing showed the FDA set a Prescription Drug User Fee Act, or PDUFA, goal date of Dec. 31 — the agency’s target date for a decision. 2
The clock matters because the FDA rejected the drug in August, citing insufficient evidence of effectiveness, and Outlook’s shares plunged nearly 70% before the bell. “While we are very disappointed with this outcome, we intend to meet with the FDA to receive additional clarity on their requirements,” CEO Bob Jahr said. Lytenava is approved in the European Union and the UK, and the U.S. market includes Roche’s Lucentis and Vabysmo and Regeneron’s Eylea. 3
A biologics license application, or BLA, is the packet a drugmaker submits to sell a biologic medicine in the United States. A PDUFA goal date is the FDA’s deadline for acting on that application, though the agency can respond earlier or later.
Small biotechs often trade like binary options into regulatory calls: a single letter can reprice the stock in minutes. That dynamic has been on display for Outlook through December’s wide swings.
Volume has climbed into the decision window, and the stock’s 20-day average volume is about 3.35 million shares. OTLK also sits above its 50-day and 200-day moving averages of $1.68 and $1.63, a common short-term gauge of trend direction. 4
An approval would clear the way for a U.S. launch of a branded bevacizumab formulation for wet AMD. Another complete response letter — the FDA’s way of saying “not approvable yet” — would keep the story tied to further data and another review cycle.
Investors will watch for any details on labeling, manufacturing controls and how quickly the company says it can scale supply if the FDA signs off.
They will also look for clues about cash needs and potential fundraising, a common pressure point for pre-revenue drug developers.
Before the next session, attention stays on whether the FDA acts on or around its Dec. 31 goal date. The timing matters for traders because decisions often hit outside regular market hours.
From a chart perspective, $2 is the near-term line in the sand after Monday’s close just under that level. A break below Monday’s $1.78 low would put the focus back on the stock’s late-December downside volatility.
Beyond the FDA decision, the next scheduled checkpoint is Outlook’s next earnings release, projected for Feb. 12, 2026, according to MarketScreener. Until then, the FDA outcome is likely to dominate trading. 5
