SCHEDULE 13G/A 0001178913-25-000668 0001496201 XXXXXXXX LIVE 2 Common Stock, par value $0.01 per share 12/31/2025 0001649989 Outlook Therapeutics, Inc. 69012T305 111 S. Wood Avenue, Unit #100 Iselin NJ 08830 Rule 13d-1(c) Sphera Funds Management Ltd. b L3 0 3153856 0 3153856 3153856 N 4.69 CO Percentage reported in Item 11 is based on 64,114,399 shares of Common Stock outstanding as of December 16, 2025 (as provided by the Issuer in its Form 10-K filed with the Securities and Exchange Commission ("SEC") on December 19, 2025), and 3,153,856 warrants beneficially owned by the reporting persons as described in Item 4(a), with each warrant currently exercisable into one share of Common Stock. Sphera Global Healthcare GP Ltd. b L3 0 3153856 0 3153856 3153856 N 4.69 CO Percentage reported in Item 11 is based on 64,114,399 shares of Common Stock outstanding as of December 16, 2025 (as provided by the Issuer in its Form 10-K filed with the SEC on December 19, 2025), and 3,153,856 warrants beneficially owned by the reporting persons as described in Item 4(a), with each warrant currently exercisable into one share of Common Stock. Sphera Global Healthcare Management LP. b L3 0 3153856 0 3153856 3153856 N 4.69 PN Percentage reported in Item 11 is based on 64,114,399 shares of Common Stock outstanding as of December 16, 2025 (as provided by the Issuer in its Form 10-K filed with the SEC on December 19, 2025), and 3,153,856 warrants beneficially owned by the reporting persons as described in Item 4(a), with each warrant currently exercisable into one share of Common Stock. Outlook Therapeutics, Inc. 111 S. Wood Avenue, Unit #100, Iselin, New Jersey, 08830 Sphera Funds Management Ltd. Sphera Global Healthcare GP Ltd. Sphera Global Healthcare Management LP Address of the Principal Business Office of each of the reporting persons is: 4 Itzhak Sade, Building A, 29th Floor, Tel Aviv 6777504, Israel Each of the reporting person is organized under the laws of the State of Israel Y Incorporated by reference to Item 9 of the cover page of each reporting person. The securities reported herein by Sphera Funds Management Ltd., Sphera Global Healthcare GP Ltd. and Sphera Global Healthcare Management LP are beneficially owned as follows: (1) 257,142 warrants, each of which is currently exercisable into one share of Common Stock, which represent a total of 0.38% of the total shares of Common Stock outstanding, are held directly by Sphera Global Healthcare Master Fund, which has delegated its investment management authority to Sphera Global Healthcare Management LP (the "Management Company"). (2) 2,896,714 warrants, each of which is currently exercisable into one share of Common Stock, which represent a total of 4.31% of the total Common Shares outstanding, are held directly by Sphera Biotech Master Fund, L.P., which has delegated its investment management authority to the Management Company. The Management Company is managed, controlled and operated by its general partner, Sphera Global Healthcare GP Ltd., the shares of which are owned 90% by Sphera Funds Management Ltd. This Statement shall not be construed as an admission by any of the reporting persons that it is the beneficial owner of any of the securities covered by this statement, and each reporting person disclaims beneficial ownership of any such securities. In addition, the reporting persons and other entities named in this Schedule 13G may be deemed to constitute a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each of the reporting persons and other entities named in this Schedule 13G disclaims the existence of any such group. Incorporated by reference to Item 11 of the cover page for each reporting person. Percentage reported in Item 11 for each reporting person is based on 64,114,399 shares of Common Stock outstanding as of December 16, 2025, (as provided by the Issuer in its Form 10-K filed with the SEC on December 19, 2025), and 3,153,856 warrants beneficially owned by the reporting persons as described in Item 4(a), with each warrant currently exercisable into one share of Common Stock. Incorporated by reference to Item 5 of the cover page for each reporting person. Incorporated by reference to Item 6 of the cover page for each reporting person. Incorporated by reference to Item 7 of the cover page for each reporting person. Incorporated by reference to Item 8 of the cover page for each reporting person. N 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. Exhibit 1: Joint Filing Agreement by and among the reporting persons (incorporated herein by reference to Exhibit 1 to the Schedule 13G filed on April 10, 2025) Sphera Funds Management Ltd. /s/ Adi Hanetz 02/05/2026 Sphera Global Healthcare GP Ltd. /s/ Adi Hanetz 02/05/2026 Sphera Global Healthcare Management LP. /s/ Adi Hanetz 02/05/2026