Oncolytics Biotech (ONCY) announced an update on their ongoing clinical study.
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The Phase 2 study “An Open-Label, Randomized, Multicentre, Phase 2 Study of FOLFIRI + Bevacizumab + Pelareorep vs. FOLFIRI + Bevacizumab for the Second-Line Treatment of Metastatic, RAS-mutated, Microsatellite-Stable (MSS) Colorectal Cancer” will test whether adding Pelareorep to a common chemo combo can improve outcomes in a tough colorectal cancer setting. The trial targets patients whose cancer has spread and who have already failed one oxaliplatin-based regimen, making it a key proof point for Oncolytics Biotech’s lead asset.
The study tests Pelareorep, an IV oncolytic virus, in combination with standard second-line drugs FOLFIRI and bevacizumab. The goal is to see if Pelareorep can boost the benefit of this backbone regimen by slowing disease growth and extending survival without adding too much extra risk.
The trial is interventional and randomized, with patients assigned to one of two treatment arms. It is open-label, meaning both doctors and patients know which drugs are given, and its main purpose is treatment, comparing standard therapy alone against standard therapy plus Pelareorep in parallel groups.
The study was first submitted on Feb. 25, 2026, signaling that the program is moving from planning into active setup and site activation. The latest update was filed on Mar. 2, 2026, and with recruitment not yet started, key dates for primary and final completion will be important future catalysts once posted and met.
For investors, this update confirms that Oncolytics Biotech is pushing Pelareorep into a large, defined market segment where RAS-mutated, MSS colorectal cancer has limited options. While early-stage and high risk, a positive signal here could support the valuation of ONCY and improve sentiment versus other small-cap oncology peers, though near-term stock moves may stay muted until enrollment and early data milestones are in view.
The study is active in setup and remains ongoing in the clinical registry, with further details and future updates available on the ClinicalTrials portal.
To learn more about ONCY’s potential, visit the Oncolytics Biotech drug pipeline page.