Oncolytics Biotech Inc. (NASDAQ: ONCY) is a clinical-stage biopharmaceutical company developing pelareorep, an oncolytic virus immunotherapy, as a treatment for cancer. The company generates no product revenue. It funds operations through equity issuances, raising net cash proceeds of $14,115 thousand in FY2025 from the issuance of 22,999,857 common shares via at-the-market offering agreements and a Standby Equity Purchase Agreement. Oncolytics is incorporated in British Columbia, Canada, and its 10-K for the fiscal year ended December 31, 2025 was filed March 30, 2026. The company has committed approximately $1,248 thousand for clinical trial and contract manufacturing activities expected over the next two years as of December 31, 2025. CEO Jared Kelly and CFO Kirk Look signed the filing. The company carries no externally imposed capital requirements and depends on continued equity financing to fund pelareorep's development.

Revenue model

No product revenue. Oncolytics funds operations exclusively through equity issuances, including at-the-market offerings and a Standby Equity Purchase Agreement. In FY2025, the company raised net cash proceeds of $14,115 thousand through these instruments.

Products and services

Pelareorep: a reovirus-based oncolytic virus in clinical-stage development for oncology indications, including gastrointestinal cancers. No products are approved or commercialized as of the FY2025 10-K filing.

Customers and end markets

No commercial customers. End market is oncology, with clinical programs targeting cancer patients. The company conducts clinical trials across multiple indications and jurisdictions, including in the United States and the European Union.

Value-chain role

Clinical-stage drug developer. Oncolytics relies on third-party contract manufacturers and clinical research collaborators to supply product and conduct trials. It does not manufacture or commercialize products independently.

Geographic exposure

Incorporated in British Columbia, Canada. Clinical operations span the United States and the European Union. Subject to U.S. SEC reporting requirements and listed on NASDAQ.

Source: SEC 10-K, filed 2026-03-30

Industry: Pharmaceutical Preparations Peers: Alpha Compute Corp ESSA Pharma Inc. Fusion Pharmaceuticals Inc. Xenon Pharmaceuticals Inc