SCHEDULE 13G/A 0001232621 XXXXXXXX LIVE 2 Common Stock, par value $0.01 per share 03/31/2025 0001649989 Outlook Therapeutics, Inc. 69012T305 111 S. Wood Avenue Unit #100 Iselin NJ 08830 Rule 13d-1(c) TANG CAPITAL MANAGEMENT, LLC DE 0.00 1900000.00 0.00 1900000.00 1900000.00 N 5.6 OO Tang Capital Management, LLC ("TCM") beneficially owns 1,900,000 shares of the Issuer's Common Stock, which consists of: (i) 400,000 shares of the Issuer's Common Stock and (ii) 1,500,000 shares currently issuable upon exercise of Warrants (the "Warrants," as defined in the Issuer's Registration Statement filed on Form S-3 with the Securities and Exchange Commission on March 20, 2025). The percentages used herein are based on 34,120,177 shares of Common Stock outstanding, which is comprised of: (i) 32,620,177 shares of Common Stock outstanding as of March 13, 2025, as set forth in the Issuer's Registration Statement filed on Form S-3 that was filed with the Securities and Exchange Commission on March 20, 2025 and (ii) 1,500,000 shares currently issuable upon exercise of Warrants. TCM shares voting and dispositive power over such shares with Tang Capital Partners, LP ("TCP"), Tang Capital Partners International, LP ("TCPI"), Tang Capital Partners III, Inc. ("TCP III") and Kevin Tang. KEVIN TANG X1 0.00 1900000.00 0.00 1900000.00 1900000.00 N 5.6 IN Kevin Tang beneficially owns 1,900,000 shares of the Issuer's Common Stock, which consists of: (i) 400,000 shares of the Issuer's Common Stock and (ii) 1,500,000 shares currently issuable upon exercise of Warrants. Kevin Tang shares voting and dispositive power over such shares with TCP, TCPI, TCP III and TCM. TANG CAPITAL PARTNERS, LP DE 0.00 1662182.00 0.00 1662182.00 1662182.00 N 4.9 PN TCP beneficially owns 1,662,182 of the Issuer's Common Stock, which consists of: (i) 162,182 shares of the Issuer's Common Stock and (ii) 1,500,000 shares currently issuable upon exercise of Warrants. TCP owns 1,500,000 of the Issuer's Warrants, which are each exercisable for one share of the Issuer's Common Stock. TCP may not exercise any portion of the Warrants for shares of Common Stock if, as a result of the exercise, TCP, together with its affiliates and any other person or entity acting as a group, would own more than 9.99% of the Issuer's outstanding shares of Common Stock after exercise. However, TCP may increase such percentage to any other percentage, not in excess of 19.99% (to the extent such limit is required under applicable Nasdaq rules), by providing written notice to the Issuer, provided that any increase in such percentage shall not be effective until 61 days after notice is provided to the Issuer. The foregoing limitations remain in effect with respect to the Warrants, and, accordingly, all 1,500,000 shares are currently issuable upon exercise of Warrants. TCP shares voting and dispositive power over such shares with TCM and Kevin Tang. TANG CAPITAL PARTNERS INTERNATIONAL, LP DE 0.00 102818.00 0.00 102818.00 102818.00 N 0.3 PN TCPI shares voting and dispositive power over such shares with TCM and Kevin Tang. TANG CAPITAL PARTNERS III, INC NV 0.00 135000.00 0.00 135000.00 135000.00 N 0.4 CO TCP III shares voting and dispositive power over such shares with TCM and Kevin Tang. TANG CAPITAL PARTNERS IV, INC NV 0.00 0.00 0.00 0.00 0.00 N 0.0 CO Outlook Therapeutics, Inc. 111 S. Wood Avenue, Unit #100, Iselin, NJ, 08830 This Statement on Schedule 13G (this "Statement") is filed by TCM, the general partner of TCP and TCPI; Kevin Tang, the manager of TCM and Chief Executive Officer of TCP III and Tang Capital Partners IV, Inc. ("TCP IV"); TCP; TCPI; TCP III; and TCP IV. The address of TCM, Kevin Tang, TCP and TCPI is 4747 Executive Drive, Suite 210, San Diego, CA 92121. The address of TCP III and TCP IV is 400 S. 4th Street, 3rd Floor, Las Vegas, NV 89101. TCM is a Delaware limited liability company. Mr. Tang is a United States citizen. TCP and TCPI are Delaware limited partnerships. TCP III and TCP IV are Nevada corporations that are indirectly wholly owned by TCP. Y 1,900,000 5.6% 0 shares 1,900,000 shares 0 shares 1,900,000 shares Y Y Y Y Y N By signing below I certify that, to the best of my 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, other than activities solely in connection with a nomination under ?? 240.14a-11. TANG CAPITAL MANAGEMENT, LLC /s/ Kevin Tang 05/15/2025 KEVIN TANG /s/ Kevin Tang 05/15/2025 TANG CAPITAL PARTNERS, LP /s/ Kevin Tang 05/15/2025 TANG CAPITAL PARTNERS INTERNATIONAL, LP /s/ Kevin Tang 05/15/2025 TANG CAPITAL PARTNERS III, INC /s/ Kevin Tang 05/15/2025 TANG CAPITAL PARTNERS IV, INC /s/ Kevin Tang 05/15/2025