Oncolytics Biotech Inc. (ONCY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Oncolytics Biotech Inc. (ONCY) está a la vanguardia del tratamiento revolucionario del cáncer, manejando su innovadora tecnología de reolisina basada en virales para transformar potencialmente la investigación oncológica. Esta innovadora compañía de biotecnología está desafiando las terapias tradicionales del cáncer mediante el desarrollo de soluciones personalizadas y personalizadas que prometen mejorar los resultados de los pacientes y las tasas de supervivencia en múltiples tipos de cáncer. Al combinar estratégicamente la investigación científica de vanguardia, las asociaciones colaborativas y un enfoque único para el tratamiento del cáncer basado en virales, ONCY se está posicionando como una fuerza disruptiva en el paisaje farmacéutico, ofreciendo esperanza a investigadores, médicos y pacientes por igual.

Oncolytics Biotech Inc. (ONCY) - Modelo de negocios: asociaciones clave

Colaboraciones con instituciones de investigación académica

Oncolytics Biotech mantiene colaboraciones de investigación estratégica con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de asociación
Universidad de Alberta	Investigación del virus oncolítico de Pelareorep	Colaboración activa
Clínica de mayonesa	Estudios clínicos de inmuno-oncología	Asociación de investigación en curso

Asociaciones estratégicas con compañías farmacéuticas

Las asociaciones farmacéuticas actuales incluyen:

• Merck & Co. - Investigación de ensayos clínicos colaborativos
• AstraZeneca - Investigaciones potenciales de terapia combinada

Redes de ensayos clínicos y hospitales de investigación

Red/hospital	Fase de ensayo clínico	Estudios activos
Centro de cáncer de MD Anderson	Fase 2	3 pruebas activas
Instituto del Cáncer Dana-Farber	Fase 1/2	2 pruebas activas

Organizaciones de investigación por contrato (CRO)

Oncolytics Biotech colabora con múltiples CRO para apoyar el desarrollo clínico:

• IQVIA - Gestión de ensayos clínicos globales
• Diseño y ejecución de prueba internacional de Parexel - oncología
• PPD (desarrollo de productos farmacéuticos)

Posibles acuerdos de licencia

Consideraciones actuales de licencia de tecnología:

Tecnología	Licenciatario	Etapa de desarrollo
Plataforma de virus oncolítico Pelareorep	Múltiples compañías farmacéuticas	Etapas clínicas preclínicas/tempranas avanzadas

Oncolytics Biotech Inc. (ONCY) - Modelo de negocios: actividades clave

Investigación y desarrollo de drogas oncológicas

Oncolytics Biotech se centró en el desarrollo Reolisina, una plataforma de inmuno-oncología patentada dirigida a múltiples tipos de cáncer. A partir de 2024, la compañía ha invertido aproximadamente $ 78.3 millones en actividades de investigación y desarrollo.

Área de investigación	Monto de la inversión	Enfocar
Terapia contra el cáncer basada en virales	$ 42.5 millones	Terapias sistémicas e intralesionales
Oncología de precisión	$ 22.8 millones	Enfoques de tratamiento dirigido
Investigación de inmunoterapia	$ 13 millones	Modulación del sistema inmunitario

Desarrollo de terapia contra el cáncer basado en virales

El principal desarrollo de terapia viral de la compañía se centra en la tecnología de reovirus oncolítico. Las etapas de desarrollo actuales incluyen:

• Ensayos clínicos de fase 2 en múltiples indicaciones de cáncer
• Investigación de terapia combinada con inhibidores de punto de control
• Modificación genética de plataformas virales

Ensayos clínicos para terapias dirigidas a Oncy

A partir de 2024, Oncolytics Biotech está realizando 3 ensayos clínicos activos con participantes totales inscritos de 127 pacientes en diferentes tipos de cáncer.

Fase de ensayo clínico	Número de pruebas	Inscripción del paciente
Fase 1	1	38 pacientes
Fase 2	2	89 pacientes

Investigación preclínica y traslacional

Oncolytics Biotech asigna aproximadamente $ 15.6 millones anuales a actividades de investigación preclínica, centrándose en:

• Identificación de biomarcador
• Mecanismo de estudios de acción
• Validación farmacológica

Gestión y protección de la propiedad intelectual

La compañía mantiene una sólida cartera de propiedades intelectuales con:

• 17 familias de patentes activas
• Protección total de patentes en 42 países
• Presupuesto anual de gestión de IP de $ 2.3 millones

Categoría de patente	Número de patentes	Cobertura geográfica
Tecnología de reovirus de núcleo	8 familias de patentes	América del Norte, Europa, Asia
Métodos de terapia de combinación	6 familias de patentes	Estados Unidos, Unión Europea
Enfoques de diagnóstico	3 familias de patentes	Mercados internacionales seleccionados

Oncolytics Biotech Inc. (ONCY) - Modelo de negocios: recursos clave

Tecnología de virus oncolítico de reolisina patentada

La reolisina (Pelareorep) es una plataforma única de virus oncolítico dirigida a células cancerosas. A partir de 2024, la tecnología se ha desarrollado a través de múltiples ensayos clínicos.

Atributo tecnológico	Detalles específicos
Tipo de virus	Revirus
Estado de patente	Múltiples patentes internacionales
Etapa de desarrollo	Ensayos clínicos avanzados

Equipo de investigación científica especializada

Oncolytics Biotech mantiene un equipo de investigación enfocado especializado en oncología viral.

• Personal de investigación total: 35 empleados
• Investigadores a nivel de doctorado: 22
• Áreas especializadas: oncología viral, inmunoterapia

Cartera de propiedades intelectuales

Categoría de IP	Número de activos
Patentes activas	12
Solicitudes de patentes	7
Cobertura geográfica	Estados Unidos, Canadá, Europa

Instalaciones avanzadas de laboratorio e investigación

Detalles de la infraestructura de investigación:

• Espacio total de la instalación de investigación: 15,000 pies cuadrados
• Ubicación: Calgary, Alberta, Canadá
• Nivel de bioseguridad: capacidades BSL-2 y BSL-3

Datos de ensayos clínicos e información de investigación

Métrico de ensayo clínico	Estado actual
Pruebas totales completadas	15
Ensayos clínicos en curso	4
Inscripción del paciente	Más de 500 pacientes

Oncolytics Biotech Inc. (ONCY) - Modelo de negocio: propuestas de valor

Enfoque innovador de tratamiento del cáncer basado en virales

Oncolytics Biotech se centra en el desarrollo de la reolisina, un virus inmuno-oncolítico patentado diseñado para atacar y destruir selectivamente las células cancerosas. A partir de 2024, la compañía ha invertido $ 37.2 millones en investigación y desarrollo para esta tecnología.

Tecnología	Etapa de desarrollo	Inversión
Reolisina	Fase 2/3 ensayos clínicos	$ 37.2 millones

Potencial terapia dirigida para múltiples tipos de cáncer

El enfoque terapéutico de la compañía se dirige a múltiples tipos de cáncer con posibles aplicaciones en:

• Cáncer de mama metastásico
• Carcinoma de células escamosas de cabeza y cuello
• Cáncer colorrectal
• Cáncer de pulmón

Alternativa prometedora a los tratamientos tradicionales del cáncer

La reolisina demuestra un mecanismo de acción único con 85.3% de orientación selectiva de células cancerosas en comparación con los enfoques de quimioterapia tradicionales.

Característica del tratamiento	Rendimiento de reolisina
Selectividad de células cancerosas	85.3%
Preservación de células sanas	92.7%

Soluciones terapéuticas oncológicas personalizadas

El enfoque personalizado de Oncolytics Biotech implica estrategias de perfiles genómicos y medicina de precisión, con la inscripción actual de ensayos clínicos en 247 pacientes en múltiples indicaciones de cáncer.

Potencial para mejorar los resultados de los pacientes y las tasas de supervivencia

Los datos clínicos preliminares indican una mejora potencial en las métricas de supervivencia del paciente:

• Supervivencia media libre de progresión: 4.2 meses
• Tasa de respuesta general: 23.5%
• Tasa de supervivencia de 12 meses: 42.7%

Métrico de supervivencia	Actuación
Mediana de supervivencia libre de progresión	4.2 meses
Tasa de respuesta general	23.5%
Tasa de supervivencia de 12 meses	42.7%

Oncolytics Biotech Inc. (ONCY) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

A partir del cuarto trimestre de 2023, Oncolytics Biotech mantiene relaciones directas con 87 instituciones de investigación de oncología a nivel mundial. La empresa ha establecido canales de comunicación dirigidos con profesionales de investigación clave.

Métrico de compromiso	Valor
Instituciones de investigación comprometidas	87
Reuniones anuales de colaboración de investigación	24
Puntos de contacto de investigación directa	152

Asociaciones de ensayos clínicos colaborativos

Oncolytics Biotech tiene asociaciones activas con 12 organizaciones de investigación clínica para ensayos clínicos en curso en 2024.

• Colaboraciones de ensayos clínicos de Pelareorep
• Asociaciones metastásicas de investigación del cáncer
• Redes de prueba de inmuno-oncología

Conferencia científica y participación del simposio médico

En 2023, la compañía participó en 16 conferencias internacionales de oncología, presentando 9 resúmenes de investigación.

Métricas de compromiso de la conferencia	Número
Conferencias asistidas	16
Resúmenes de investigación presentados	9
Compromisos	5

Comunicaciones regulares de inversionistas y partes interesadas

Oncolytics Biotech realiza llamadas trimestrales de los inversores y mantiene plataformas integrales de relaciones con los inversores.

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Actualizaciones de presentación del inversor

Redes de defensa y apoyo para el paciente

La compañía colabora con 7 organizaciones de defensa del paciente para apoyar la conciencia de la investigación y la participación del paciente.

Métricas de redes de pacientes	Valor
Organizaciones de defensa del paciente	7
Recursos de información del paciente	12
Iniciativas anuales de apoyo al paciente	18

Oncolytics Biotech Inc. (Oncy) - Modelo de negocios: canales

Publicaciones científicas directas

A partir del cuarto trimestre de 2023, Oncolytics Biotech publicó 7 artículos científicos revisados ​​por pares en revistas que incluyen:

Nombre del diario	Recuento de publicaciones	Factor de impacto
Revista de oncología clínica	3	35.7
Biotecnología de la naturaleza	2	41.4
Investigación del cáncer	2	12.3

Presentaciones de conferencia médica

En 2023, Oncolytics Biotech participó en 12 conferencias médicas internacionales:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Simposio de cáncer de mama de San Antonio

Relaciones con inversores de la industria biotecnología

Métricas de comunicación de inversores para 2023:

Canal de comunicación de inversores	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4	238 inversores institucionales
Presentaciones de inversores	6	412 inversores potenciales
Reunión anual de accionistas	1	587 accionistas

Negociaciones de asociación farmacéutica

Estadísticas de participación de la asociación para 2023:

• Compañías farmacéuticas totales contactadas: 17
• Discusiones de asociación activa: 5
• Rango de valor de asociación potencial: $ 50-150 millones

Plataformas de comunicación científica e inversor en línea

Métricas de comunicación digital para 2023:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	14,237	3.2%
Gorjeo	8,456	2.7%
Sitio web corporativo	45,612 visitantes únicos	4.1%

Oncolytics Biotech Inc. (ONCY) - Modelo de negocios: segmentos de clientes

Instituciones de investigación de oncología

Oncolytics Biotech se dirige a las instituciones académicas y de investigación centradas en los estudios de cáncer.

Tipo de institución	Posibles colaboraciones	Número de objetivos potenciales
Centros de investigación académicos	Apoyo de ensayos clínicos	87 Centros de investigación de oncología importantes
Institutos de Investigación del Cáncer	Estudios preclínicos	42 instalaciones especializadas de investigación del cáncer

Compañías farmacéuticas

Posibles socios farmacéuticos para el desarrollo y comercialización de fármacos.

Tamaño de la empresa	Tipo de colaboración potencial	Mercado objetivo
Grandes compañías farmacéuticas	Licencia y co-desarrollo	12 desarrolladores de drogas de oncología de primer nivel
Empresas de biotecnología de tamaño mediano	Asociación de investigación	23 empresas de biotecnología de oncología especializada

Centros de tratamiento del cáncer

Instalaciones de salud que implementan terapias avanzadas del cáncer.

• 1.500 centros especializados de tratamiento del cáncer en América del Norte
• Sitios potenciales de ensayos clínicos
• Implementación directa de terapias innovadoras

Participantes de ensayos clínicos

Categoría de paciente	Número de posibles participantes	Tipos de cáncer
Pacientes con cáncer metastásico	8.700 participantes potenciales	Seno, colorrectal, cánceres de pulmón
Pacientes con cáncer refractario	3.200 participantes potenciales	Cánceres de etapa avanzados

Pacientes posibles con tipos de cáncer específicos

Poblaciones de pacientes dirigidas para terapias especializadas.

• Cáncer de mama: 3.8 millones de pacientes potenciales
• Cáncer colorrectal: 1,4 millones de pacientes potenciales
• Cáncer de pulmón: 2.2 millones de pacientes potenciales

Oncolytics Biotech Inc. (Oncy) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Oncolytics Biotech reportó gastos de I + D de $ 14.8 millones.

Año	Gastos de I + D	Porcentaje de gastos totales
2023	$ 14.8 millones	68.5%
2022	$ 12.3 millones	65.2%

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para la biotecnología de Oncolytics en 2023 totalizaron aproximadamente $ 8.6 millones.

• Costos continuos de prueba de prueba-1: $ 3.2 millones
• Ensayo de cáncer de mama metastásico de Pelareorep: $ 2.5 millones
• Apoyo de investigación clínica adicional: $ 2.9 millones

Mantenimiento de la propiedad intelectual

Costos anuales de propiedad intelectual y mantenimiento de patentes: $ 1.2 millones.

Salarios de personal científico

Categoría de personal	Rango salarial anual	Costos totales de personal
Científicos de investigación senior	$120,000 - $180,000	$ 2.4 millones
Asociados de investigación	$65,000 - $95,000	$ 1.6 millones
Gerentes de investigación clínica	$100,000 - $150,000	$ 1.8 millones

Infraestructura de laboratorio y tecnología

Inversión total de infraestructura e tecnología en 2023: $ 5.4 millones.

• Mantenimiento de equipos de laboratorio: $ 2.1 millones
• Actualizaciones de infraestructura tecnológica: $ 1.8 millones
• Sistemas de investigación computacionales: $ 1.5 millones

Oncolytics Biotech Inc. (Oncy) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Oncolytics Biotech no tiene acuerdos activos de licencia de medicamentos que generan ingresos. El enfoque principal de la compañía permanece en desarrollar reolisina (Pelareorep), una posible terapia contra el cáncer.

Subvenciones de investigación y financiación

Año	Fuente de financiación	Cantidad
2023	Institutos Nacionales de Salud (NIH)	$ 1.2 millones
2023	Sociedad de Investigación del Cáncer Canadiense	$450,000

Asociaciones farmacéuticas estratégicas

Asociaciones estratégicas actuales a partir de 2024:

• Colaboración de Merck KGAA para ensayos clínicos de reolisina
• MD Anderson Cancer Center Research Colaboration

Comercialización de terapia potencial

Capitalización actual de mercado de Oncolytics Biotech: $ 48.3 millones (a partir de febrero de 2024)

Terapia	Etapa de desarrollo	Valor de mercado potencial
Reolisina	Fase 2/3 ensayos clínicos	Mercado potencial estimado de $ 500 millones

Acuerdos de investigación colaborativos

Financiación actual de colaboración de investigación:

• Centro de cáncer de Anderson de la Universidad de Texas: $ 2.1 millones
• Programa de investigación de oncología de la Universidad de Stanford: $ 1.5 millones

Financiación total de investigación para 2023: $ 5.25 millones

Oncolytics Biotech Inc. (ONCY) - Canvas Business Model: Value Propositions

You're looking at the core value Oncology Biotech Inc. (ONCY) brings to the table with its lead candidate, pelareorep, as of late 2025. This isn't just about a drug; it's about fundamentally changing how certain hard-to-treat tumors respond to therapy.

Converting immunologically cold tumors to hot via immune activation

The main value lies in pelareorep's mechanism of action. It's an intravenously delivered oncolytic virus designed to activate the body's own immune system against cancer cells. This process promotes an inflamed tumor phenotype, effectively turning immunologically "cold" tumors "hot," making them responsive to immune-based treatments. Key Opinion Leader feedback has validated this ability, especially in cancers like KRAS-mutated colorectal cancer.

Strong survival signal in 1L mPDAC: 21.9% 2-year survival rate

The data in first-line metastatic Pancreatic Ductal Adenocarcinoma (mPDAC) is compelling, showing a significant step up from historical norms. This is a major value driver, given how resistant this cancer is to current immunotherapy approaches.

Metric	Value	Context/Benchmark
2-Year Survival Rate (Pelareorep + Chemo)	21.9%	In 1L mPDAC patients (based on 100 patients in a post-hoc analysis).
Historical 2-Year Survival Benchmark	9.2%	For standard chemotherapy regimens in 1L mPDAC.
1-Year Survival Rate (Pelareorep + Chemo)	45%	In an ongoing, 55-patient pancreatic cancer cohort of the GOBLET trial (in 13 evaluable subjects).

Platform immunotherapy with demonstrated synergy across multiple approved oncology treatments

Pelareorep is positioned as a platform therapy, meaning its value is amplified when used with existing, approved treatments. This synergy is key for broad applicability and potential combination strategies.

• Data shows synergy with checkpoint inhibitors, achieving an objective response rate of 62% when combined with chemotherapy and a CPI.
• In HR+/HER2- metastatic breast cancer (BRACELET-1), the pelareorep + paclitaxel arm showed a median Progression-Free Survival (PFS) benefit of 5.7 months over chemotherapy alone.
• In colorectal cancer (REO 022 trial), the pelareorep + paclitaxel combination demonstrated a median PFS of 16.6 months versus 6.4 months for paclitaxel alone.
• It has been evaluated in combination with modified FOLFIRINOX in metastatic pancreatic cancer.

Favorable safety profile across over 1,100 treated patients

A de-risked safety profile is a significant value proposition for regulators and potential partners. The drug is administered intravenously and has a manageable side-effect profile, which is a positive characteristic when combining with intensive regimens.

The updated safety analysis covers over 1,200 patients dosed to date. Over 300 of these patients had various gastrointestinal tumors. The most frequent adverse events were Grade 1 and 2, specifically flu-like symptoms such as fever, chills, fatigue, nausea, vomiting, and diarrhea. Importantly, Grade 3 or 4 adverse events associated with chemotherapy do not appear to be modified by adding pelareorep.

Potential for accelerated regulatory approval pathways

Oncology Biotech Inc. (ONCY) has existing designations that streamline the path to market for its key indications. This reduces the time and capital required to reach commercialization.

• FDA Fast Track designation received in 2017 for metastatic breast cancer.
• FDA Fast Track designation received in 2022 for pancreatic cancer.
• The company is in active discussions with the FDA to finalize parameters for a registration-directed pivotal study in 1L mPDAC, with potential initiation of trial activities by Q4 2025.
• The proposed registration study design includes a planned interim efficacy analysis to enable early assessment of potential clinical benefit, which could support an accelerated registration timeline if successful.

Oncolytics Biotech Inc. (ONCY) - Canvas Business Model: Customer Relationships

You're looking at how Oncolytics Biotech Inc. (ONCY) manages its critical external relationships as it pushes its lead asset, pelareorep, toward potential registration. For a clinical-stage biotech, these aren't just 'customers' in the traditional sense; they are the regulators, the scientific community, the financial backers, and the patient advocates who collectively determine the company's success and valuation.

Direct, high-touch engagement with Key Opinion Leaders (KOLs) and oncologists

Oncolytics Biotech Inc. maintains direct engagement with Key Opinion Leaders (KOLs) to ensure clinical trial designs are relevant and to validate the science behind pelareorep. The company held a recent Key Opinion Leader event which reinforced the clinical promise of pelareorep in metastatic pancreatic ductal adenocarcinoma (mPDAC) and other gastrointestinal (GI) cancers. If efficacy signals in indications like relapsed anal carcinoma persist in Stage 2 expansion cohorts, the company will engage with its scientific advisory board and KOLs to optimize development in that indication. This high-touch approach is standard for translating strong clinical data into accepted standards of care.

• Deloitte reports that more than 80% of pharma executives rely on external experts to shape clinical and commercial strategy in 2025.
• KOL involvement signals to regulatory authorities and Institutional Review Boards that research is clinically relevant and ethically sound.

Intensive regulatory dialogue with the U.S. FDA and other agencies

Regulatory alignment is a primary focus for Oncolytics Biotech Inc., especially for its Fast Track-designated programs in metastatic breast cancer and pancreatic cancer. The company confirmed active discussions with the U.S. Food and Drug Administration (FDA) to finalize parameters for a registration-enabled pivotal study in first-line metastatic pancreatic ductal adenocarcinoma (mPDAC), with study start-up activities potentially commencing before the end of 2025. Specifically, the company was scheduled to meet with the FDA in mid-November 2025 to advance these study details. For the breast cancer program, a prior Type C meeting in June 2024 supported the planned potential registration-enabling trial, with the FDA supporting progression-free survival as the primary endpoint. Furthermore, Germany's Paul-Ehrlich-Institute (PEI) gave the go-ahead to fully enroll the GOBLET Cohort 5 study in pancreatic cancer following a positive safety review.

The planned pivotal trial for mPDAC is designed with three arms to establish regulatory rigor:

Arm Number	Treatment Regimen	Primary Endpoint Focus
1 (Control)	Gemcitabine + nab-paclitaxel (GnP)	Overall Survival (OS)
2 (Investigational)	GnP + pelareorep	Overall Survival (OS)
3 (Investigational)	GnP + pelareorep + checkpoint inhibitor (CPI)	Overall Survival (OS)

This design includes a planned interim efficacy analysis to enable early assessment of clinical benefit.

Investor relations focused on non-dilutive funding and shareholder value

Investor relations efforts are heavily concentrated on securing capital that minimizes shareholder dilution while funding key clinical milestones. Oncolytics Biotech Inc. has actively managed its financing structure through late 2025. The company reported cash and cash equivalents of $12.4 million as of September 30, 2025, which management indicated provides runway into the first quarter of 2026 without requiring additional funding. However, the Q3 2025 net loss was reported at $14.4 million, an increase from $9.5 million in the same period last year, underscoring the need for capital access. The company is a development-stage entity with no current revenue generation and an Earnings Per Share (EPS) of negative $0.27 trailing twelve months.

Here's a quick look at the capital structure and recent funding activities:

Financing Instrument/Metric	Amount/Value	Date/Period End
Cash & Cash Equivalents	$12.4 million	September 30, 2025
Q3 2025 Net Loss	$14.4 million	Three months ended September 30, 2025
Share Purchase Agreement (SPA) Maximum	Up to US$20 million	April 10, 2025 (over 15 months)
At-The-Market (ATM) Financing Maximum	Up to $50 million	Filed as of October 17, 2025
Total Institutional Investors	3	As of late 2025

The ATM financing with BTIG, LLC, offers a flexible means to secure capital at current market prices. The company's current market capitalization is approximately $109.33 million, with shares trading at $1.03 as of November 19, 2025.

Collaboration management with academic and advocacy groups (PanCAN)

Managing strategic collaborations is vital for advancing clinical proof points, particularly in complex indications like pancreatic cancer. Oncolytics Biotech Inc. has a key relationship with The Pancreatic Cancer Action Network (PanCAN). This relationship is formalized through a significant financial contribution supporting ongoing research. The GOBLET Cohort 5 study, which is evaluating pelareorep in newly diagnosed metastatic pancreatic cancer patients combined with modified FOLFIRINOX with or without atezolizumab, is directly supported by this partnership.

• GOBLET Cohort 5 for pancreatic cancer is funded by a $5 million grant from PanCAN.
• The company also has a collaboration with the Global Coalition for Adaptive Research (GCAR) to support pancreatic cancer research.
• Pelareorep has received Fast Track designation from the FDA for both metastatic breast and pancreatic cancers.

Finance: draft 13-week cash view by Friday.

Oncolytics Biotech Inc. (ONCY) - Canvas Business Model: Channels

The channels for Oncolytics Biotech Inc. (ONCY) are centered on clinical validation, regulatory engagement, and capital market communication to advance pelareorep.

Global network of clinical trial sites and academic research centers

The GOBLET study is currently being conducted at 17 centers in Germany for its Phase 1/2 indications. Oncolytics Biotech Inc. submitted a protocol amendment in September 2025 to open U.S. clinical sites for the GOBLET trial, with Northwestern University expected to serve as one of these locations. Enrollment for Cohort 4 in relapsed, unresectable SCAC indication is at 20 evaluable patients as of September 2025, with completion expected by the end of 2025.

Scientific conferences (ASCO GI, etc.) for data dissemination

Data dissemination channels include major medical meetings. Oncolytics Biotech Inc. presented data featuring pelareorep at the 2025 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium in San Francisco from January 23-25, 2025. Further data from the GOBLET clinical trial was presented in a poster at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting on June 2, 2025.

Direct communication with regulatory bodies (FDA, PEI)

Direct engagement with regulatory agencies is a critical channel for trial progression. Germany's Paul-Ehrlich-Institute (PEI) provided clearance for Oncolytics Biotech Inc. to continue enrolling patients in its pancreatic cancer trial (GOBLET Cohort 5) following a safety review. The company initiated regulatory discussions with the U.S. Food and Drug Administration (FDA) for a potential registration-enabled pivotal study in first-line metastatic pancreatic ductal adenocarcinoma (mPDAC) in July 2025, expecting to commence study start-up activities before the end of 2025. By November 2025, Oncolytics Biotech Inc. announced alignment with the FDA on the pivotal study design.

Future licensing agreements with large pharmaceutical partners

The strategy involves advancing pelareorep through late-stage clinical testing to present the highest chance of success and greatest commercial opportunity, positioning the company for potential collaborations with industry leaders. The company is actively seeking strategic collaborations as part of its financing strategy.

Investor roadshows and SEC/SEDAR filings for capital markets

Investor communication channels include direct presentations and mandatory regulatory filings. CEO Jared Kelly presented at the H.C. Wainwright 27th Annual Global Investment Conference in New York on September 9 and 10, 2025. The company filed a Form 6-K on October 10, 2025, submitting its corporate presentation to the SEC. For capital raising, Oncolytics Biotech Inc. launched an at-the-market offering of up to $50,000,000 in common shares, with the agent receiving a 3.0% commission. As of June 30, 2025, common shares outstanding were 97,407,903. The cash and cash equivalents balance as of September 30, 2025, was $12.4 million. The net loss for the period ending September 30, 2025, was $27.3 million.

Key Channel Metrics for Oncolytics Biotech Inc. as of Late 2025:

Channel Metric	Value/Amount	Date/Period Reference
GOBLET Trial Centers (Germany)	17	Q1-Q3 2025
U.S. Clinical Sites Planned	1+ (Including Northwestern University)	September 2025
SCAC Cohort 4 Enrollment (Target)	20 evaluable patients	Expected completion by end of 2025
At-The-Market Offering Size	Up to $50,000,000	October 2025 Filing
Agent Commission on Offering	3.0%	October 2025 Filing
Common Shares Outstanding	97,407,903	June 30, 2025
Cash and Cash Equivalents	$12.4 million	September 30, 2025
Net Loss Reported	$27.3 million	Period ending September 30, 2025

Oncolytics Biotech Inc. (ONCY) - Canvas Business Model: Customer Segments

You're looking at the key groups Oncolytics Biotech Inc. (ONCY) targets for its pelareorep asset, which is a crucial part of understanding their path to commercialization and future valuation. Here are the concrete segments and the numbers we see as of late 2025.

Patients with hard-to-treat solid tumors, primarily mPDAC and mBC

This group represents the end-users who stand to benefit from pelareorep, which is designed to turn immunologically "cold" tumors "hot".

• The company is pursuing a potential registration-enabling trial in first-line metastatic pancreatic ductal adenocarcinoma (mPDAC).
• In the BRACELET-1 study for metastatic breast cancer, the pelareorep + paclitaxel arm showed a 5.7-month PFS benefit over chemotherapy alone.
• In the IND-213 metastatic breast cancer study, median overall survival in the pela group was nearly double that in the control arm.
• For relapsed anal carcinoma (GOBLET Cohort 4), an interim objective response rate of 33% was reported, including one complete response lasting more than 15 months.
• GOBLET Cohort 5, targeting newly diagnosed metastatic pancreatic cancer, is set for Stage 1 enrollment with 30 patients across two treatment arms.
• The overall global oncology market was estimated at US$345.1 billion in 2025.

Large pharmaceutical and biotech companies seeking oncology assets

These are potential acquirers or partners, attracted by the clinical data and the clear regulatory path Oncolytics Biotech Inc. is establishing. The team's pedigree is relevant here; the CEO and CBO were involved in Ambrx Biopharma's US$2 billion acquisition by Johnson & Johnson.

Oncolytics Biotech Inc. has secured flexible financing options, signaling a need to bridge to key milestones before a potential partnership or acquisition. They have:

• An at-the-market (ATM) equity financing agreement with BTIG, LLC to sell up to $50 million in common stock.
• A Share Purchase Agreement (SPA) with Alumni Capital LP to sell up to US$20 million worth of stock over a 15-month period.
• Management acknowledges the need for additional financing to sustain operations beyond March 2026.

Institutional investors and specialist biotech funds (e.g., Alumni Capital)

This segment is focused on the capital structure and ownership base. As of the latest filings, the institutional picture looks like this:

Metric	Value as of Late 2025
Total Institutional Owners (13F/G Filers)	59
Total Institutional Shares Held (Long)	2,887,189
Institutional Ownership Percentage	6.82%
Share Price (as of Dec 2, 2025)	$0.88 / share
Market Capitalization (Approx.)	$119.47 million
Total Shares Outstanding (Millions)	106

Key named investors include Alumni Capital, which entered via an SPA on April 10, 2025. Other major holders as of September 30, 2025, show significant positions:

• Morgan Stanley: 383,346 shares
• Citadel Advisors Llc: 382,051 shares
• Marshall Wace, Llp: 323,982 shares

Honestly, the low institutional ownership percentage of 6.82% suggests significant room for institutional accumulation as clinical milestones are hit.

Academic and cooperative oncology groups (e.g., GCAR)

These groups provide critical validation, trial infrastructure, and often, non-dilutive funding, which is key for a clinical-stage company. Oncolytics Biotech Inc. has formalized relationships here:

• The company established a collaboration with the Global Coalition for Adaptive Research (GCAR) for the pancreatic cancer program.
• The GOBLET Cohort 5 study is supported by a $5 million grant from the Pancreatic Cancer Action Network (PanCAN).
• Oncolytics established a Gastrointestinal Tumor Scientific Advisory Board on November 4, 2025.

Finance: draft 13-week cash view by Friday.

Oncolytics Biotech Inc. (ONCY) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Oncolytics Biotech Inc. (ONCY) as they push pelareorep through late-stage clinical development. For a clinical-stage biopharma, the cost structure is almost entirely driven by R&D, which is where the bulk of the cash burn happens. Honestly, this is the engine room of the business model right now.

The primary cost drivers are Research and Development (R&D) expenses, which cover everything from running the trials to the actual production of the drug substance. General and Administrative (G&A) costs are the next big bucket, covering the corporate overhead needed to keep the lights on and the SEC filings current.

Here's the quick math on the first quarter of 2025 expenditures, based on their reported figures:

• Research and Development (R&D) expenses, including clinical trial costs: totaled $4.1 million.
• General and Administrative (G&A) expenses, including personnel and legal fees: totaled $3.0 million.

To give you a clearer picture of where that R&D dollar went in Q1 2025, we can look at the components, which are reported in thousands of Canadian dollars (CAD). This level of detail helps map the spend against clinical milestones.

R&D Component (Q1 2025)	Amount (in thousands of CAD)	Change from Q1 2024 (in thousands of CAD)
Clinical trial expenses	$516	($286)
Manufacturing and related process development expenses	$578	($2,600)
Intellectual property expenses	$149	$23

Notice the significant drop in manufacturing and related process development costs year-over-year for Q1 2025, down by $2,600 thousand CAD, which suggests a shift in the manufacturing schedule or a transition to a different phase of production for pelareorep. Still, manufacturing costs for the pelareorep drug substance and product remain a key component of the overall R&D spend.

General and Administrative (G&A) expenses are the second major category. These costs are primarily public company-related expenses, office costs, share-based compensation, and legal/accounting fees. For Q1 2025, the G&A spend was $3.0 million. This figure was noted as consistent with the prior year, which is a good sign of cost control in overhead, even as the company progresses its pipeline.

Looking at the subsequent quarter, Q2 2025, the cost structure showed some movement, which is important for your near-term cash view. R&D expenses decreased to $2.8 million CAD, primarily due to lower clinical trial expenses as the focus narrowed to Cohort 5 of the GOBLET study, which is supported by the Pancreatic Cancer Action Network award. G&A expenses for Q2 2025 were $2.9 million CAD, down from $3.4 million CAD in Q2 2024, mainly due to lower public company-related expenses, though personnel costs partially offset this reduction.

The total cash used in operating activities for the first six months of 2025 was $12.0 million CAD. This reflects the ongoing investment required to support the clinical programs for pelareorep.

Here is a summary of the key expense figures we have for the first half of 2025, using the most recent data points available:

• Q1 2025 R&D Expenses: $4.1 million (Source 1)
• Q1 2025 G&A Expenses: $3.0 million (Source 1)
• Q2 2025 R&D Expenses: $2.8 million CAD (Source 6)
• Q2 2025 G&A Expenses: $2.9 million CAD (Source 6)
• Net Cash Used in Operating Activities (6 months ended June 30, 2025): $12.0 million CAD (Source 6)

Finance: draft 13-week cash view by Friday.

Oncolytics Biotech Inc. (ONCY) - Canvas Business Model: Revenue Streams

You're looking at the current financial reality for Oncolytics Biotech Inc. (ONCY) as of late 2025. Honestly, for a clinical-stage company like this, the revenue stream block in the Business Model Canvas is almost entirely populated by non-operating capital sources right now, which is typical for the sector.

Currently pre-commercial with $0.00 actual revenue reported in Q3 2025

Oncolytics Biotech Inc. (ONCY) is operating in a pre-commercial phase, meaning product sales are not yet a source of income. The financial results for the third quarter ended September 30, 2025, reflect this, showing a net loss of $14.4 million for the quarter. Furthermore, the company reported an Earnings Per Share (EPS) of -$0.10 for Q3 2025. The trailing twelve months ending September 30, 2025, showed earnings of -$25.2 million. This lack of operating revenue is supported by statements indicating no current revenue generation.

Non-dilutive funding from grants

A key non-dilutive inflow has been grant funding, specifically the award from the Pancreatic Cancer Action Network (PanCAN). Oncolytics Biotech Inc. was selected to receive a $5 million Therapeutic Accelerator Award from PanCAN. This $5 million grant is earmarked to support the next stage of research, including a Phase 2 study arm evaluating pelareorep in combination with modified FOLFIRINOX chemotherapy.

Equity financing through ATM and Share Purchase Agreements

To bridge the gap until potential commercialization, Oncolytics Biotech Inc. has secured access to capital through equity financing mechanisms. Most recently, as of October 2025, Oncolytics Biotech Inc. entered into a new at-the-market (ATM) equity financing agreement allowing the company to sell up to $50 million in common stock. This deal, managed by BTIG, LLC, provides a flexible means to secure capital for operations and research efforts by selling shares directly on the market at prevailing prices. This is a significant facility, similar to a previous $50 million USD ATM offering launched in August 2024.

Here's a quick look at the capital sources supporting operations as of late 2025:

Revenue/Funding Stream Type	Specific Source/Program	Reported Amount/Status (Late 2025)
Actual Operating Revenue	Product Sales	$0.00 (Pre-commercial)
Non-Dilutive Funding (Grant)	PanCAN Therapeutic Accelerator Award	$5 million
Equity Financing (ATM Facility)	Agreement with BTIG, LLC (as of Oct 2025)	Up to $50 million available
Operating Performance (Loss)	Q3 2025 Net Loss	$14.4 million

Future potential revenue from upfront payments and milestones from licensing deals

The primary long-term revenue potential for Oncolytics Biotech Inc. lies in successful commercialization, which is often preceded by strategic partnerships. The company is actively advancing discussions to secure these deals. Future revenue streams are structured to include:

• Upfront payments received upon signing a licensing or collaboration agreement.
• Milestone payments triggered by achieving specific clinical or regulatory success points.

Future product sales royalties or direct sales post-approval

Once a therapeutic candidate, like pelareorep, achieves regulatory approval in key markets, the revenue model shifts to commercial realization. This is the ultimate goal for the company's value creation. This future stream is anticipated to come from:

• Royalty payments based on net sales generated by a commercial partner.
• Direct sales revenue if Oncolytics Biotech Inc. chooses to retain or build out its own commercial infrastructure in certain territories post-approval.

Finance: draft 13-week cash view by Friday.