Outlook Therapeutics received a third complete response letter from the U.S. FDA for ONS-5010, its bevacizumab formulation for wet age-related macular degeneration, prompting a sharp share-price collapse. The CRL compounds regulatory and commercial uncertainty for the company’s lead program after multiple rounds of review. Analysts signaled that the company’s runway and ability to secure additional capital are now in jeopardy, and they questioned whether a future approval path remains viable given competitive dynamics and recent regulatory feedback.