Oncolytics Biotech Inc.

Oncolytics reported cash and cash equivalents of $15.3 million as of March 31, 2025, and said that provides runway through the third quarter of 2025. Net cash used in operating activities was $6.5 million in Q1 2025 versus $7.5 million a year ago. General and administrative expenses were $3 million, research and development expenses were $4.1 million versus $5.7 million in Q1 2024, and net loss was $6.7 million, or $0.08 per basic and diluted share, versus a net loss of $6.9 million, or $0.09 per share, in Q1 2024. Forward-looking guidance included continued enrollment in GOBLET Cohort 5, initial efficacy data from that cohort later this year and public sharing next year, and a next breast cancer study with progression-free survival as the anticipated primary endpoint; management also noted the $20 million share purchase agreement with Alumni Capital to help extend runway.

Interim CEO Wayne Pisano emphasized that the company is actively searching for a permanent CEO and wants someone with a laser focus on clinical trial execution. He framed pelareorep as a versatile immunotherapeutic with potential across difficult-to-treat cancers, especially pancreatic, breast, and anal cancers, and pointed to KOL support as reinforcing the program’s promise. His tone was upbeat and confident, but centered on execution, data generation, and finding the right long-term leader.

CFO Kirk Look said cash and cash equivalents were $15.3 million at March 31, 2025, with runway through the third quarter of 2025. He noted net cash used in operating activities of $6.5 million, down from $7.5 million last year, driven by lower operating expenditures; G&A was flat at $3 million and R&D fell to $4.1 million from $5.7 million due mainly to reduced manufacturing and clinical trial costs. He also highlighted the $20 million share purchase agreement with Alumni Capital, saying it provides access to capital at the company’s discretion and helps extend runway, and said the company has tapped it a little, in a strategic manner.

Analysts pressed for specifics on the next breast cancer registration-enabling study, including design and whether PFS would be the endpoint; management said it had discussed the study with the FDA previously and does anticipate PFS as the primary endpoint. Questions also focused on pancreatic regulatory strategy, and management said the FDA is aware of the program and has granted fast-track status, but no recent FDA discussions have taken place. On business development, management said it is evaluating both global and regional partnership structures and continues to explore combinations, especially checkpoint inhibitor combinations in pancreatic cancer, where it sees strong translational and clinical synergy.