Outlook Therapeutics received a third complete response letter (CRL) from the U.S. Food and Drug Administration for ONS‑5010, its bevacizumab formulation for wet age‑related macular degeneration. The company’s stock collapsed on the news, falling roughly 60% in early trading as investors reacted to the regulatory setback. Outlook faces a difficult path forward after repeated regulatory refusals for its ophthalmic bevacizumab candidate; analysts cited limited runway and competing approvals as compounding challenges. BioCentury and market reports tracked the share decline and framed the CRL as a material blow to the company’s near‑term prospects.