Oncorus informs investors of holdings with SVB Financial

In a regulatory filing, Oncorus (ONCR) informed its investors that it has deposit accounts with SVB (SIVB) with an aggregate balance of approximately $10M, which is approximately 23% of the company’s total current cash, cash equivalents and short-term investments. In addition, the company has a standby letter of credit in place with SVB of approximately $3.4M securing obligations under its lease agreement with IQHQ-4 Corporate Drive, LLC. SVB does not hold the Company’s short-term investments portfolio, which is managed in segregated custodial accounts at another financial institution.