Oncolytics Biotech Inc. (ONCY): Business Model Canvas [Dec-2025 Updated]

You're looking at a classic clinical-stage biotech pivot, and honestly, the model for Oncolytics Biotech Inc. right now is all about generating pivotal trial data to secure a future partnership, which means a high cash burn. As of Q3 2025, they are sitting on about $12.4 million in cash, funding registration-enabling trials for pelareorep while burning through capital-we saw R&D hit $4.1 million and G&A $3.0 million in Q1 2025 alone. Their core value proposition hinges on converting immunologically 'cold' tumors to 'hot' via immune activation, backed by strong survival signals in tough indications like mPDAC. To see exactly how they are structuring their key activities, partnerships, and revenue hopes around this high-stakes data generation, dive into the full Business Model Canvas below.

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

You're looking at how Oncolytics Biotech Inc. (ONCY) structures its external relationships to fund and advance its clinical pipeline, especially pelareorep. These partnerships are critical for bridging the gap between development-stage operations and potential commercialization.

The company has secured several key financial and strategic alliances to support its ongoing research, particularly in metastatic pancreatic cancer, which has a Fast Track designation from the FDA.

Here's a quick look at the major financial commitments and agreements as of late 2025:

The ATM facility with BTIG, LLC, disclosed in October 2025, provides a flexible, non-dilutive method to raise capital for general corporate purposes, research, and development. This follows the April 2025 agreement with Alumni Capital LP, which gives Oncolytics Biotech Inc. the right to sell up to US$20 million in common stock over 15 months, with Oncolytics controlling the timing and amount of sales.

The collaboration with the Pancreatic Cancer Action Network (PanCAN) is a significant non-dilutive funding source specifically targeting pancreatic cancer research. This $5 million grant supports GOBLET Cohort 5, which is evaluating pelareorep combined with modified FOLFIRINOX chemotherapy with or without an immune checkpoint inhibitor in newly diagnosed metastatic pancreatic cancer patients.

Oncolytics Biotech Inc. is also actively engaged in clinical collaborations to test pelareorep in combination settings. The company is working with the Global Coalition for Adaptive Research (GCAR) on a registration-enabling study for pelareorep in metastatic pancreatic ductal adenocarcinoma (PDAC).

For the pivotal Phase 3 study in mPDAC, the FDA alignment allows for flexibility in the experimental arm, which can evaluate pelareorep plus chemotherapy with or without a checkpoint inhibitor (CPI). Oncolytics Biotech Inc. has previously combined pelareorep successfully with several CPIs:

• Atezolizumab
• Pembrolizumab
• Nivolumab
• Retifanlimab

To give you some context on the company's financial standing around these partnerships as of late 2025, Oncolytics Biotech Inc. reported cash and cash equivalents of $12.4 million as of September 30, 2025, which management indicated provided runway into the first quarter of 2026. The market capitalization was noted around $111.5M.

Finance: draft next quarter's cash burn projection based on ATM facility availability by end of next week.

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

You're looking at the core actions Oncolytics Biotech Inc. (ONCY) is taking right now to move pelareorep forward. It's a focused list, which is typical when a company is this deep into clinical development and financing.

Executing registration-enabling clinical trials (mPDAC, mBC)

Oncolytics Biotech Inc. is driving pelareorep through late-stage testing, particularly in gastrointestinal tumors, which management views as the largest unmet medical need in oncology. The company has sponsored over >20 studies, treating over >1,200 patients in total, including more than >300 patients with GI tumors. The focus is clearly on generating data for regulatory approval.

The most concrete data points relate to the survival benchmarks and current trial cohorts:

The company expected updated clinical data regarding safety and efficacy in GOBLET Cohort 4 by the end of 2025, with enrollment finishing around that time.

Research and Development (R&D) for pelareorep manufacturing and formulation

R&D spending reflects the shift in clinical focus. Research and development expenses for the second quarter of 2025 were reported at $2.8 million, a decrease from $4.6 million in the second quarter of 2024. This decrease was mainly because clinical trial expenses were lower as the R&D effort concentrated on Cohort 5 of the GOBLET study, which receives support from the Pancreatic Cancer Action Network (PanCAN) Therapeutic Accelerator Award. The company is committed to advancing pelareorep as a platform immunotherapy.

Regulatory strategy and dialogue with the FDA for pivotal study design

This is a major activity, as Oncolytics Biotech Inc. secured key regulatory milestones. Pelareorep already holds Fast Track and Orphan Drug designation from the U.S. Food and Drug Administration (FDA) for mPDAC. The company announced alignment with the FDA on the design of its pivotal study for first-line metastatic pancreatic ductal adenocarcinoma (mPDAC) on November 19, 2025. Start-up activities for this registration-enabling study were anticipated as early as Q4 2025, with a planned launch in the first half of 2026.

The agreed-upon pivotal trial design includes three arms:

• Control arm: gemcitabine plus nab-paclitaxel (GnP) alone.
• Experimental arm 1: GnP plus pelareorep.
• Experimental arm 2 (Optional): GnP plus pelareorep plus a checkpoint inhibitor (CPI).

The primary endpoint for this Phase 3 trial is overall survival.

Intellectual property (IP) protection and patent portfolio management

Securing the longevity of pelareorep is critical. The company was expecting initial responses from the U.S. Patent and Trademark Office (PTO) regarding its application to extend patent protection for pelareorep in Q4 2025. This activity supports the long-term commercial potential of the asset.

Actively pursuing strategic licensing and commercial partnerships

Oncolytics Biotech Inc. is actively pursuing strategic partnerships to speed up development and maximize commercial impact. Financially, the company secured a flexible funding source in April 2025 by entering a Share Purchase Agreement (SPA) with Alumni Capital LP, which allows Oncolytics to sell up to US$20 million worth of common stock over a 15-month period at its discretion. Management acknowledged the need for additional financing to sustain operations beyond March 2026. As of September 30, 2025, cash and cash equivalents stood at $12.4 million, down from $15.9 million at the end of 2024. The net loss for Q3 2025 was $27.3 million.

The company also took steps to streamline its corporate structure, filing documents in October 2025 to change its jurisdiction of incorporation from Alberta, Canada, to Nevada, USA, expected to occur on January 1, 2026, to reduce regulatory burden and cost.

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

You're looking at the core assets Oncolytics Biotech Inc. (ONCY) is banking on as it pushes its lead candidate through late-stage development. For a clinical-stage biotech, these resources are everything; they are the foundation for any future value creation.

Pelareorep (Reolysin) is the primary tangible asset, an investigational intravenously delivered double-stranded RNA immunotherapeutic agent. Its design centers on inducing anti-cancer immune responses by converting immunologically "cold" tumors "hot" through the activation of innate and adaptive immune responses.

The value proposition of this resource is best illustrated by its clinical progress across several indications:

The Intellectual property protecting the reovirus and its use in cancer is implicitly valued by the ongoing clinical development and the pursuit of strategic partnerships. The company is advancing pelareorep in combination with chemotherapy and/or checkpoint inhibitors in metastatic pancreatic and breast cancers.

Key regulatory milestones underpin the value of this IP:

• FDA Fast Track designation secured for both the metastatic pancreatic ductal adenocarcinoma (mPDAC) and metastatic breast cancer (mBC) development programs.
• Alignment achieved with the U.S. Food and Drug Administration (FDA) on the design of the pivotal Phase 3 trial for first-line mPDAC, with a planned launch in the first half of 2026.
• The proposed mPDAC trial uses Overall Survival (OS) as the primary endpoint and features a three-arm design.

Financially, the company's immediate liquidity position is a critical resource for sustaining operations until the next value-driving event. As of the financial results for the period ending September 30, 2025 (Q3 2025), Oncolytics Biotech Inc. reported cash and cash equivalents of $12.4 million. Management acknowledges the need for additional financing to sustain operations beyond March 2026.

The human capital, the Specialized scientific and clinical development team, is focused on executing this plan. This team is driving the advancement of pelareorep and is actively pursuing strategic partnerships to accelerate development and maximize commercial impact. Jared Kelly, the Chief Executive Officer, is a seasoned biotech dealmaker known for high-value M&A and immuno-oncology strategy.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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.

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:

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.