Outlook Therapeutics slides after US FDA declines its eye disease drug

Outlook Therapeutics OTLK.O shares dive ~68% to $0.49 in extended trading after the U.S. Food and Drug Administration declined to approve its eye disease drug

OTLK was testing drug Lytenava, for the treatment of wet age-related macular degeneration, a chronic eye disorder that causes blurred vision or a blind spot in the patient's visual field

U.S. FDA had initially declined to approve the eye drug in 2023 and again declined to approve it in August 2025

As of last close, stock down ~16.4% YTD