Oncolytics Biotech Inc. is a biotech company headquartered in San Diego, California, that is developing an intravenously delivered immuno-oncolytic virus called pelareorep for the treatment of solid tumors and hematological malignancies. Pelareorep is a non-pathogenic, proprietary isolate of the unmodified reovirus that induces selective tumor lysis and promotes an inflamed tumor phenotype through innate and adaptive immune responses.3 It was founded in 1998.1 Its shares trade on Nasdaq under the symbol ONCY.1Wikipedia text CC BY-SA 4.0
Oncolytics Biotech Inc. is a biotech company headquartered in San Diego, California, that is developing an intravenously delivered immuno-oncolytic virus called pelareorep for the treatment of solid tumors and hematological malignancies. Pelareorep is a non-pathogenic, proprietary isolate of the unmodified reovirus that induces selective tumor lysis and promotes an inflamed tumor phenotype through innate and adaptive immune responses.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Operating income7891011-$28.7M in 2025+41% since 2019Net income7891011-$28.8M in 2025−13% since 2019
Operating income1213-$9.4M in Q2 FY2026+102% since Q2 FY2025Net income1213-$9.4M in Q2 FY2026+79% since Q2 FY2025
Every line of the income statement as filed: the last 2 fiscal years, latest first.11
Period ending
2025-12-31
2024-12-31
Research and development
$13.3M
$15.4M
General and administrative
$15.4M
$10.1M
Total operating expenses
$28.7M
$25.5M
Loss from operations
-$28.7M
-$25.5M
Change in fair value of warrant derivative
$153.0K
$1.2M
Fair value loss from Standby Equity Purchase Agreement (SEPA Arrangement)
-$388.0K
$0
Foreign exchange (loss) gain
-$106.0K
$699.0K
Interest income
$386.0K
$975.0K
Total other income, net
$45.0K
$2.8M
Loss before income taxes
-$28.7M
-$22.7M
Income tax expense
-$79.0K
-$95.0K
Net loss
-$28.8M
-$22.8M
Translation adjustments
-$136.0K
-$526.0K
Comprehensive loss
-$28.9M
-$23.3M
Basic net loss per common share (in dollars per share)
-$0.30
-$0.30
Diluted net loss per common share (in dollars per share)
-$0.30
-$0.30
Weighted average number of common shares used in computing net loss per share, basic (in shares)
95.9M shares
76.5M shares
Weighted average number of common shares used in computing net loss per share, diluted (in shares)
95.9M shares
76.5M shares
No quarter-by-quarter statement was filed.
Total assets147891011$7.6M in 2025−61% since 2019Total liabilities147891011$11.4M in 2025−42% since 2019Shareholders’ equity891011-$3.8M in 2025+3418% since 2019Cash891011$5.2M in 2025−63% since 2019
Total assets1312$7.7M in Q2 FY2026+1% since Q1 FY2025Total liabilities1312$13.8M in Q2 FY2026+22% since Q1 FY2025Shareholders’ equity1213-$6.2M in Q2 FY2026Cash1213$4.1M in Q2 FY2026−62% since Q2 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.11
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$5.2M
$11.1M
Other receivables
$573.0K
$47.0K
Prepaid expenses
$1.1M
$1.3M
Total current assets
$6.8M
$12.4M
Property and equipment, net
$228.0K
$286.0K
Right-of-use assets
$510.0K
$699.0K
Total assets
$7.6M
$13.4M
Accounts payable
$3.5M
$756.0K
Accrued liabilities
$2.3M
$2.6M
Other liabilities
$0
$1.1M
Operating lease liabilities, current
$193.0K
$200.0K
Warrant derivative
$77.0K
$230.0K
Total current liabilities
$6.1M
$4.9M
Contract liability
$4.9M
$4.7M
$5.1M
Operating lease liabilities, non-current
$370.0K
$561.0K
Total liabilities
$11.4M
$10.1M
Common shares, no par value; Unlimited shares authorized as of December 31, 2025 and 2024; 108,021,271 and 80,020,131 shares issued and outstanding as of December 31, 2025 and 2024, respectively.
$0
$0
Additional paid-in capital
$419.5M
$397.7M
Accumulated other comprehensive income
$6.2M
$6.4M
Accumulated deficit
-$429.5M
-$400.7M
Total shareholders (deficit) equity
-$3.8M
$3.3M
$19.6M
Total liabilities and shareholders' (deficit) equity
$7.6M
$13.4M
Common stock, issued (in shares)
108.0M shares
80.0M shares
Common stock, outstanding (in shares)
108.0M shares
80.0M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$5.2M
$11.1M
Other receivables
$573.0K
$47.0K
Prepaid expenses
$1.1M
$1.3M
Total current assets
$6.8M
$12.4M
Property and equipment, net
$228.0K
$286.0K
Right-of-use assets
$510.0K
$699.0K
Total assets
$7.6M
$13.4M
Accounts payable
$3.5M
$756.0K
Accrued liabilities
$2.3M
$2.6M
Other liabilities
$0
$1.1M
Operating lease liabilities, current
$193.0K
$200.0K
Warrant derivative
$77.0K
$230.0K
Total current liabilities
$6.1M
$4.9M
Contract liability
$4.9M
$4.7M
$5.1M
Operating lease liabilities, non-current
$370.0K
$561.0K
Total liabilities
$11.4M
$10.1M
Common shares, no par value; Unlimited shares authorized as of December 31, 2025 and 2024; 108,021,271 and 80,020,131 shares issued and outstanding as of December 31, 2025 and 2024, respectively.
$0
$0
Additional paid-in capital
$419.5M
$397.7M
Accumulated other comprehensive income
$6.2M
$6.4M
Accumulated deficit
-$429.5M
-$400.7M
Total shareholders (deficit) equity
-$3.8M
$3.3M
$19.6M
Total liabilities and shareholders' (deficit) equity
$7.6M
$13.4M
Common stock, issued (in shares)
108.0M shares
80.0M shares
Common stock, outstanding (in shares)
108.0M shares
80.0M shares
Cash from operations11-$20.1M in 2025+1% since 2024Capital spending7891011$6.0K in 2025−45% since 2019Free cash flow11-$20.1M in 2025+0% since 2024
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.11
Period ending
2025-12-31
2024-12-31
Net loss
-$28.8M
-$22.8M
Depreciation of property and equipment
$70.0K
$87.0K
Noncash lease expense
$288.0K
$297.0K
Stock-based compensation expense
$3.1M
$2.0M
Issuance of shares for services
$3.5M
$0
Unrealized foreign exchange gains
-$137.0K
-$809.0K
Change in fair value of warrant derivative
-$153.0K
-$1.2M
Fair value loss from SEPA Arrangement
$388.0K
$0
Value of shares issued for SEPA Arrangement commitment fees
$440.0K
$0
Other receivables
$3.0K
-$39.0K
Prepaid expenses
$580.0K
$991.0K
Accounts payable
$2.9M
$4.0K
Accrued liabilities
-$360.0K
$884.0K
Pancreatic Cancer Action Network (PanCAN) receivables and payables
-$1.7M
$936.0K
Operating lease liabilities
-$293.0K
-$253.0K
Net cash used in operating activities
-$20.1M
-$19.9M
Acquisition of property and equipment
-$6.0K
-$174.0K
Net cash used in investing activities
-$6.0K
-$174.0K
Proceeds from exercise of warrant derivative
$0
$47.0K
Proceeds from stock option exercise
$32.0K
$0
Other
-$27.0K
$0
Net cash provided by financing activities
$14.1M
$5.0M
Effect of exchange rate changes on cash and cash equivalents
Oncolytics Biotech sits at the top of its group. 4 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Oncolytics Biotech
Anson Funds Management LP Filed SCHEDULE 13G/A on Oncolytics Biotech, latest Nov 14, 2025 (2 filings since Feb 14, 2025)
Oncolytics BiotechCalgary
Oncolytics Biotech (Barbados) Inc. Subsidiary · Barbados
Oncolytics Biotech (Canada) Inc. Subsidiary · Canada
Oncolytics Biotech (US) Inc. Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Oncolytics Biotech reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal executive offices are located at 4350 Executive Drive, Suite 325, San Diego, California, U.S. We lease these premises, which consist of approximately 4,030 square feet, pursuant to a lease that expires in June 2029. We also lease additional office space in Calgary, Alberta, Canada, and Bridgetown, Barbados. We believe that our facilities are adequate for our current needs and that suitable additional space will be available if and when needed on acceptable terms. We do not own or lease any other office space or manufacturing facilities and do not have any current plans to construct or acquire any such facilities.
Oncolytics Biotech Inc. was founded in Calgary in 1998 in response to discoveries made on the oncolytic potential of reovirus made at the University of Calgary during the 1990s. In June 2000, it began trading on the Toronto Stock Exchange (TSX). On October 5, 2001, it was listed on the Nasdaq.
Since its inception, Oncolytics Biotech Inc. has worked to take pelareorep, its proprietary formulation of human reovirus, through the development and regulatory requirements necessary to develop it as a potential cancer therapeutic. In 2000, Oncolytics Biotech Inc. received permission to conduct its first phase I clinical trial, which was designed to test the safety of pelareorep in a human patients. The positive results of this first study led to the rapid and continuous expansion of Oncolytics’ clinical trial program, with phase 2 studies beginning in Canada in 2001, U.S. and subsequent cross-border studies beginning in 2002, and enrollment in a multi-site phase 3 trial beginning in 2010. The company has conducted numerous clinical trials studying pelareorep in a variety of cancers, including pancreatic, breast, head and neck, prostate, lung, colorectal, bladder and ovarian cancers.
The company was issued its first Canadian patent in August 2000, and currently holds more than 415 patents worldwide, including more than 60 U.S. and 20 Canadian patents, and more than 60 applications pending worldwide.
Oncolytics Biotech Inc. has collaborated with the National Cancer Institute (NCI), the University of Leeds, the Canadian Cancer Trials Group (CCTG) (formerly the National Cancer Institute of Canada Clinical Trials Group) and the Cancer Therapy & Research Centre at the University of Texas Health Science Center in San Antonio, among others, to conduct multiple clinical trials in the United States and United Kingdom. Oncolytics is currently collaborating with Myeloma UK and Celgene Corporation, the CCTG, the NCI and the University of Texas. In May 2018, Oncolytics Biotech collaborated with Merck & Northwestern University for the research on second-line pancreatic cancer.
Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.10) a share, on Nov 12, 2025.42
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
317 filings to the SEC since October 2021: 5 annual reports, 2 quarterly reports, 27 major events, 40 insider forms, 2 large holders, 241 other. The latest 20:
14 open-market trades by officers, directors and large owners since October 2021: 14 buys and 0 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 73. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Oncolytics Biotech is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).15
Risk factors and legal proceedings
The risks Oncolytics Biotech names in Item 1A of its 10-K filed Mar 30, 2026: 65 risks under these headings, as written.15
Research and Development Risks
Our product candidate, pelareorep, is in the research and development stage and will require further development and testing before it can be marketed commercially and obtain necessary regulatory approvals. If we are unable to attain satisfactory results from our development and testing of our product candidate, or if we are unable to market our product effectively, we may be required to abandon further development and testing and develop a new strategy.
Any failure or delay in clinical trials for our product candidate, pelareorep, may cause us to incur additional costs or delays or prevent the commercialization of our product candidate and could severely harm our business.
Our product candidate, pelareorep, is being and will continue to be used in combination with other therapies, which exposes us to additional risks. Any failure to maintain or enter into new successful commercial relationships to access such therapies on commercially reasonable terms may delay our development timelines, increase our costs, and jeopardize our ability to further develop our product candidate, which may materially impact our business, financial condition, results of operations, stock price, and prospects.
While we have chosen to test pelareorep in specific clinical indications based in part on our understanding of its mechanisms of action, our understanding may be incorrect or incomplete and, therefore, pelareorep may not be effective against the diseases tested in our clinical trials, which would likely negatively impact our business and results of operations.
The incidence and prevalence for target patient populations of our product candidate is based on estimates and third-party sources. If the market opportunities for our product candidate are smaller than we estimate or if any approval that we obtain is based on a narrower definition of the patient population, our business, financial condition, results of operations, and prospects may be materially adversely affected.
Our business, including our research and development operations, has been and may continue to be adversely affected by a variety of external factors outside our control that may materially impact our ability to raise capital, current licensing agreements, financial conditions, operations and business.
Our product candidate may cause undesirable side effects, adverse reactions or have other properties that could delay or prevent its regulatory approval, limit the commercial profile of an approved label, require appropriate medical personnel training to recognize or manage side effects, or result in significant negative consequences following any potential marketing approval, which may significantly harm our business, financial condition, prospects and reputation.
We may expend our limited resources to pursue a particular indication and fail to capitalize on indications that may be more profitable or for which there is a greater likelihood of success.
We may not be able to secure a partnership for pelareorep, which could halt future development.
We may not achieve our projected development milestones in the time frames we announce and expect, which could have a material adverse effect on our business, financial condition, and results of operations.
Financial Condition Risks
The other 55 risks
There is substantial doubt that we can remain a going concern over the next twelve months. We will require substantial additional funding, which may not be available on acceptable terms or at all, and failure to obtain this necessary capital may force us to reduce or eliminate our planned expenditures to extend our operating runway.
We have no operating revenues and a history of losses. We have no products approved for commercial sale, and we may never achieve or sustain profitability.
We may not be able to adequately price our product or obtain third-party reimbursement for the cost of our product, which would adversely affect our sales and profitability.
We may be exposed to third-party credit risks through our contractual arrangements. Failure to meet contractual obligations could have a material adverse effect on our business and operations.
We incur some of our expenses in foreign currencies and, therefore, we are exposed to foreign currency exchange rate fluctuations, which may have a material adverse effect on our financial condition and results of operations.
Regulatory Risks
Pharmaceutical products are subject to intense regulatory approval processes. Failure to comply with applicable regulatory requirements can, among other things, result in suspension of regulatory approvals, product recalls, seizure of products, operating restrictions, and criminal prosecution.
The design or execution of our clinical trials may not support regulatory approval.
Our operations and product candidate are subject to other government regulations in many jurisdictions, including manufacturing and testing regulations.
We have conducted, and may in the future conduct, clinical trials for pelareorep in sites outside the U.S. and the FDA may not accept data from trials conducted in such locations, which would be costly and time-consuming for us and cause delay or permanently halt our development of pelareorep.
A Fast Track designation from the FDA, even if granted, may not lead to a faster development, regulatory review, or approval process, and does not increase the likelihood that our product candidate will receive marketing approval.
We may attempt to secure approval from the FDA through the use of the accelerated approval pathway. If we are unable to obtain such approval, we may be required to conduct additional clinical trials beyond those that we contemplate, which could increase the expense of obtaining, and delay the receipt of, necessary regulatory approvals. Even if we receive accelerated approval from the FDA, if our confirmatory trials do not verify clinical benefit, or if we do not comply with rigorous post-marketing requirements, the FDA may seek to withdraw any accelerated approval we have obtained.
Changes in tax laws or regulations, or differing interpretations of tax laws, could adversely affect our business, financial condition, and results of operations.
Failure to meet regulatory or ethical expectations on environmental impact, including climate change, could adversely affect our business, financial condition, results of operations, cash flows, and prospects.
Intellectual Property Risks
We rely on patents and proprietary rights to protect our technology. We cannot be assured that patents will be issued or that any patents issued to, or licensed by us, will not be challenged, invalidated, infringed, or circumvented, or that the rights granted thereunder will provide continuing competitive advantages to us if we are unable to enforce from use by competitors.
Third parties may choose to file patent infringement claims against us, and defending ourselves from such allegations may be costly, time-consuming, distracting to management, and could materially affect our business and operations.
If we are unable to protect the confidentiality of our proprietary information and know-how, the value of our technology, product and business could be adversely affected.
Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed, which may have an adverse effect on our business.
If we do not obtain protection under the Hatch-Waxman Amendments and similar foreign legislation for extending the term of patents covering our product candidate, our business may be materially harmed.
Intellectual property rights are limited and do not necessarily address all potential threats to our business that could materially affect our financial condition, results of operations, and prospects.
Developments in patent law could have a negative impact on our business.
Our success depends on our ability to obtain and maintain protection for our intellectual property and our proprietary technologies and to avoid infringing the rights of others.
Other Business Risks
The biotechnology industry is extremely competitive and if our competitors develop and market products that are more effective, safer, or less expensive than our product candidate, our business could be adversely impacted.
Our product candidate may fail or cause harm, subjecting us to product liability claims that we may not adequately be protected against.
We will likely partner with or rely on third parties to market our product. Failure to successfully market our product would have a material adverse effect on our revenue.
Our product candidate, or the introduction of new products, may require new technologies, including new manufacturing processes, and the emergence of new industry standards may render our product and technologies obsolete, less competitive, or less marketable, which may have a material adverse effect on our business.
Changes in methods of pelareorep manufacturing or formulation may result in additional costs or delay, and may jeopardize our ability, or our strategic partners’ ability, to commence product sales and generate revenue.
We rely on third-party manufacturers to produce our clinical product supply and on other third parties to test, package, store, monitor, and transport bulk drug substance and drug product. We and our third-party partners may encounter difficulties with respect to these activities that could delay or impair our ability to initiate or complete our clinical trials, which could materially harm our business.
We rely on third parties to produce and provide suitable raw materials for pelareorep production, packaging, and testing. If we are unable to arrange for sufficient supply or if materials are not available in a timely manner or on commercially reasonable terms, that could delay or impair our ability to manufacture pelareorep or complete product or clinical sample testing.
We are subject to the restrictions and conditions of the PanCAN Therapeutic Accelerator Award Agreement. Failure to comply with this agreement may adversely affect our financial condition and results of operations.
Negative developments in the field of immuno-oncology, in particular, viral immunotherapy, could damage public perception of pelareorep and negatively affect our business.
We may experience difficulties in expanding our operations successfully and managing future growth, which could negatively affect our business, operations and prospects.
Our failure to comply with data protection laws and regulations could lead to government enforcement actions, which could include civil or criminal penalties, private litigation, and/or adverse publicity and could negatively affect our operating results and business.
Our operations, results of operations, financial condition and reputation may be materially impacted by significant disruptions to our IT systems or those of any of our CROs, manufacturers, other contractors or consultants or potential future collaborators, including disruptions from cybersecurity breaches of our IT infrastructure.
Use of AI could give rise to legal and regulatory risk and liability, breaches of data security and privacy, and loss of trade secrets or other intellectual property.
The increasing use of social media platforms could give rise to liability, regulatory actions, breaches of data security, harm to our business or reputational damages.
We may be subject to claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties.
Our employees, independent contractors, principal investigators, CROs, consultants, and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements and insider trading, which could result in legal action or governmental investigations against us that may have a material adverse effect on our business, results of operations, financial condition and reputation.
Future legal proceedings and the impact of any finding of liability or damages could adversely impact our business, financial condition and results of operations.
We may fail to achieve and maintain adequate internal control over financial reporting pursuant to the requirements of the Sarbanes-Oxley Act and equivalent Canadian legislation.
Effective January 1, 2026, we no longer qualified for foreign private issuer status under U.S. federal securities law. Accordingly, we will likely incur additional expenses associated with compliance with the U.S. securities law applicable to U.S. domestic issuers.
As a “smaller reporting company,” we are permitted to provide scaled disclosures, which may make our securities less attractive to investors and, if we cease to qualify, could increase our costs and divert management attention.
We are likely a “passive foreign investment company” which may have adverse U.S. federal income tax consequences for U.S. holders.
Barbados law differs from the laws in effect in Canada and the U.S. and may afford less protection to holders of our securities.
Because we are a Canadian company and some of our directors and officers are residents outside the U.S., it may be difficult for investors in the U.S. to enforce civil liabilities against us based solely upon the federal securities laws of the U.S.
Our success is dependent on our key employees and collaborators, as well as our ability to attract, retain and motivate highly qualified scientific personnel.
Public health epidemics and pandemics have adversely affected and could in the future adversely affect our business, results of operations, and financial condition.
Common Shares Risk
Our stock price is subject to volatility, and, as a result, our stockholders’ investment in our stock could decline in value and we could be subject to securities litigation.
If we fail to meet all applicable Nasdaq Capital Market requirements and Nasdaq determines to delist our common shares, the delisting could adversely affect the market liquidity of our common shares and the market price of our common shares could decrease and our ability to access the capital markets could be negatively impacted.
Our stockholders may experience dilution as a result of future equity offerings or other equity issuances.
We do not anticipate paying cash dividends for the foreseeable future.
Domestication Risks
We are in the process of domestication into a U.S. company incorporated in the State of Nevada. The rights of shareholders as they currently exist under British Columbia law will be different from their rights under Nevada law, which will, in some cases, provide less protection to stockholders following the Domestication.
Our proposed bylaws following the Domestication designates certain courts as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
The Domestication will result in additional direct and indirect costs whether or not completed.
The Domestication may result in adverse tax consequences for U.S. holders and non-U.S. holders of our common shares.
The amount of corporate tax payable by us will be affected by the value of our property on the date of the Domestication.
Legal proceedings
From time to time, we may be involved in legal proceedings, claims and litigation arising in the ordinary course of business, including contract disputes, employment matters and intellectual property disputes. We are not currently party to any material legal proceedings or claims outside the ordinary course of business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
