Corporate Presentation: March 2024

NASDAQ: OTLK outlooktherapeutics.com

This presentation contains forward-looking statements about Outlook Therapeutics, Inc. ("Outlook Therapeutics" or the "Company") based onmanagement's current expectations, which are subject to known and unknown uncertainties and risks. Words such as "anticipate," "believe," "estimate,""expect," "explore," "initiate," "intend," "may," "plan," "potential," "seek," "target," "will," and variations of these words or similar expressions are intended toidentify forward-looking statements. These forward-looking statements include, among others, statements about ONS-5010's potential as the first U.S.

Food and Drug Administration (FDA)-approved and/or European Medicines Agency (EMA) approved ophthalmic formulation of bevacizumab-vikg, our expectations for ONS-5010 market exclusivity, expectations concerning our ability to remediate or otherwise resolve deficiencies identified in our Complete Response Letter (CRL) issued by the FDA, including with respect to an additional clinical trial and chemistry, manufacturing and controls (CMC) issues, expectations concerning the NORSE EIGHT trial design, the timing for initiation and completion of NORSE EIGHT and resubmission of the Biologics License Application (BLA) for ONS-5010, expectations concerning decisions of regulatory bodies, including the FDA and EMA, and the timing thereof, plans for potential commercial launch of ONS-5010 in the United States and European Union, expectations concerning the relationship with Cencora and the benefits and potential expansion thereof, ONS-5010's ability to replace and address issues with off-label use of Avastin, other drug candidates in development, commercial drivers for ONS-5010 and its potential, the success of ongoing ONS-5010 trials for wet age-related macular degeneration (AMD), planned trials for ONS-5010 for diabetic macular edema (DME) and branch retinal vein occlusion (BRVO), expectations concerning the size of the market for, and potential issuers of ONS-5010, the sufficiency of our capital resources and other statements that are not historical fact. Our actual results could differ materially from those discussed due to a number of factors, including, but not limited to, the risks inherent in developing pharmaceutical product candidates, conducting successful clinical trials, and obtaining regulatory approvals, including our ability to resolve issues identified in the CRL issued by the FDA, as well as our ability to raise additional equity and debt financing on favorable terms, among other risk factors. These risks are described in more detail under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and other filings with the Securities and Exchange Commission, which include the uncertainty of future impacts related to macroeconomic factors,including as a result of the ongoing overseas conflict, high interest rates, inflation and potential future bank failures on the global business environment.Moreover, Outlook Therapeutics operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It isnot possiblefor our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination offactors, may cause actual results to differ materially from those contained in any forward-looking statement. In light of these risks, uncertainties andassumptions, the forward-looking statements discussed in this presentation may not occur and actual results could differ materially and adversely fromthose anticipated or implied.

Redefining the standard of care forretina disorders, including wet AMD,DME and BRVO

Working to achieve the first approvalfor bevacizumab in ophthalmology

*Dates and timelines are listed incalendar year

• 1. ONS-5010 / LYTENAVA (bevacizumab-vikg) is an investigational ophthalmic formulation of bevacizumab

• 2. Comparison of Age-related Macular Degeneration Treatments Trials (CATT) Research Group, Daniel F. Martin, Ophthalmology, July 2012 Volume 119, Issue 7, Pages 1388-1398

ONS-5010 / LYTENAVA

(bevacizumab-vikg; bevacizumab gamma)1

Ophthalmic formulation of bevacizumab in development for the treatment of wet AMD

Positive European CHMP Opinion

Serves as basis for final decision of potential EU market approval targeted Q2 2024

US FDA Biologics License Applications (BLA)

resubmission expected before year end 2024

Bevacizumab has been validated2 in wet AMD and is used off-label as a first-line treatment3

Targeting $15.9 Billion global ophthalmic anti-VEGF market4

• 3. ASRS 2022 Membership Survey Presented at ASRS NY 2022. Q: Considering all indications, what is your most commonly used first-line anti-VEGF agent?

• 4. Citeline (2023), Global Data (2023) and Market Scope (2022)

3

Bevacizumab (Brand Name Avastin®) Approved as an OncologyDrug in2004

Most Commonly Used First-Line Anti-VEGF for Treatment of Wet AMD

Not Approved for Ophthalmic Use

Current Situation

55.4% of new diagnosed wet AMD patients start with off-label, unapproved bevacizumab1

66.3% of US retina physicians state off-label, unapproved bevacizumab is their most commonly used first-line anti-VEGF2

However, switching to an FDA approved anti-VEGF may occur up to over 40% of the time by year 3 of treatment

This may be occurring due to the limitations of off-label (non-ophthalmic) repackaged bevacizumab, specifically:

• • Lack of potency,

• • Significant safety issues

• •Quality and supply issues

• 1. Medicare Claims Analysis 2023: Guidehouse Analysis

  Outlook Therapeutics Opportunity

  Ophthalmic formulation of bevacizumab is a 351 (a) BLA submission in the US and a fullmixed MAA application based on Article 8.3 of Directive 2001/83/EC in the EU12-years regulatory exclusivityexpected upon approval in the United States

  10 years market exclusivity expected upon approval in the EU

  Potential to eliminate safety risksassociated with repackagedbevacizumab, impurities, particulates, and lack of drugpotency

• 2. ASRS 2022 Membership Survey Presented at ASRS NY 2022. Q: Considering all indications, what is your most commonly used first-line anti-VEGF agent?

Currently Estimated to be in Excess of $15.9 Billion Worldwide1

Market	Number of Treated Patients	Physician Interest in an Approved Bevacizumab	Total Market Opportunity
United States	1.75 Million2	85%	$8.5 Billion1
EU+UK	1.52 Million3	82%	$3.6 Billion1

• 1. Citeline (2023), GlobalData (2023) and Market Scope (2022)

• 2. Triangulation of Global Data, Market Scope Data, CDC Vision and Eye Health Surveillance System (VEHSS)

• 3. Guidehouse Triangulation of Global Data, Market Scope 2022 Retinal Pharmaceuticals Market Report

Price according to what payers and retina specialists have indicated is reasonable

United States

$75+

Unapproved

Repackaged Avastin (off-label)

$500

EU+ UK

€30-€80

Compounded Bevacizumab

€300-€900

Biosimilars (ranibizumab or aflibercept)

$1,000

Ranibizumab Biosimilars

€400-€1000

Branded Premium Priced

$1,300

$2,000+

Branded Premium Priced

NotHeld to FDA Ophthalmic Quality Standards When Repackaged

Variability in

Potency1

Repackaged at Compounding Pharmacies

81% of samples had lower protein

concentrationsthanrequired.

Demonstratedinconsistenciesof

compounded Avastinfromsyringe

Safety and Sterility Adverse Events2

Frequent recalls and compliance issues by compounders cause service interruptions and endanger patient safety and consistency of treatment

tosyringe

• 1. JAMA Ophthalmol.2015Jan;133(1):32-9. doi: 10.1001/jamaophthalmol.2014.3591

• 2. Goldberg, Roger A et al. "An outbreak of streptococcus endophthalmitis after intravitreal injection of bevacizumab." American Journal of Ophthalmology vol. 153,2 (2012): 204-208.e1. doi:10.1016/j.ajo.2011.11.035

• 3. ASRS Member Alert, April 2019

SyringeAdverse Events3

Include mechanical failures,visibleparticulates, and quality challengescaused by long-term storage inimmediate use syringes

Ophthalmic Solution Requirement	Off-Label Compounded Repackaged IV Solution Matches to Ophthalmic Approval Requirements	FDA Approved Ophthalmic Solution for Intravitreal Injection
Sterile USP<71>1	Unknown	Yes
ParticulatesperUSP <789> for ophthalmic solutions1	Unknown	Yes
GMP2,3	Unknown	Yes
Bacterial endotoxinsUSP <85>1	No	Yes
FDA approvedophthalmicpackageconsistent with USP <771>1	No	Yes
FDA reviewedstability data supportingshelf life2,3	No	Yes
pH FDA approvedand consistent withUSP<771>1,2,3	No	Yes
Potency FDAapproved specificationsforshelf life2,3	No	Yes
Osmolarity specificationfor ophthalmicsolution2,3	No	Yes

1. USP general Chapter<771>OPHTHALMIC PRODUCTS-QUALITY TESTS USP40-NF35, second supplement, June 1, 2017; 2: Aldrich, Dale S., Bach, Cynthia M.,Brown, William,Chambers, Wiley, Fleitman,Jeffrey, Hunt, Desmond, Marques, Margareth R. C., Mille, Yana, Mitra, Ashim K., Platzer, Stacey M., Tice, Tom, Tin, George W.; Ophthalmic Preparations USP STIMULI TO THE REVISIONPROCESSVol.39(5)[Sept.-Oct. 2013]; 3: Missel PJ, Lang JC, Rodeheaver DP, Jani R, Chowhan MA, Chastain J, Dagnon T. Design and evaluation of ophthalmic pharmaceutical products. In: Florence,AT, Siepmann J. Modern Pharmaceutics-Applications and Advances. New York: Informa; 2009:101-189.

ONS-5010 must meet or exceed ophthalmic standards

Ensuring quality (e.g. cold chain) from "dock to doctor"

Achieved ~42% 3-line gainers

ONS-50101:Achieved 11.2 BCVA lettersAllowed ~85% of patients to "gain or maintain" vision through every study endpoint through 11 months

Up to 40.7% of patients switch to an approved ophthalmic anti-VEGF agent by year 3 of treatment2

This allows physicians to "Start and Stay" on ONS-5010, if approved, avoiding the need to switch to anew anti-VEGF

Ophthalmologists Have Told Us…

Surveyed Believe an FDA Approved Bevacizumab for Wet AMD is Important1

Surveyed Said They are Likely to Prescribe ONS-5010 if Approved1

"Repackaging a drug or biological product could change its characteristics in ways that have not been evaluated during the approval process and that could affect the safety and effectiveness of the product. Improperrepackaging of drugs and biological products can cause serious adverse events.2"

• 1. Spherix Global Insight Market Research; N=97, April 2022

• 2. Mixing, Diluting, or Repackaging Biological Products Outside the Scope of an Approved Biologics License Application Guidance for Industry - January 2018 Compounding and Related Documents