Oncolytics Biotech (ONCY) AI Stock Analysis

• Market Cap: $102.23M
• Dividend Yield: N/A
• Average Volume (3M): 1.25M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.89
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 28
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 107,606,380
• 10 Day Avg. Volume: 807,923
• 30 Day Avg. Volume: 1,248,386
• PEG Ratio: 0.00
• Price to Book (P/B): 16.80
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.69
• Enterprise Value/Market Cap: 1.17
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -3.37
• 1Y Price Target: $6.67
• Price Target Upside: 602.11% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.34
• Revenue Forecast (FY): $1.20M

• Rating: 52 Neutral
• Price Target: $0.98 ▲(2.95% Upside)
• Action: Reiterated Date: 01/23/26
• Date: Action: Reiterated 01/23/26

The score is held back primarily by weak financial performance (no revenue, sizable losses, heavy cash burn, and a sharply reduced equity base that raises financing risk). Technicals are a near-term positive with price above major moving averages and positive momentum indicators, while valuation remains difficult to support due to the negative P/E and lack of dividend.

Oncolytics Biotech Business Overview & Revenue Model

Company Description

Oncolytics Biotech Inc., a development-stage biopharmaceutical company, focuses on the discovery and development of pharmaceutical products for the treatment of cancer. Its lead product is pelareorep, an intravenously delivered immunotherapeutic agent for the treatment of solid tumors and hematological malignancies. Oncolytics Biotech Inc. has a co-development agreement with Merck KGaA and Pfizer Inc. to co-develop pelareorep in combination with paclitaxel and avelumab, a human anti-PD-L1 antibody for the treatment of hormone receptor-positive/human epidermal growth factor 2-negative metastatic breast cancer; and PrECOG LLC. The company was incorporated in 1998 and is headquartered in Calgary, Canada.

How the Company Makes Money

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Oncolytics Biotech Financial Statement Overview

Summary

Scores across the statements are weak (Income 12, Balance Sheet 18, Cash Flow 14): no revenue reported, persistent and widening losses (TTM net loss ~$35.3M), heavy ongoing cash burn (TTM FCF about -$26.5M), and sharp erosion of equity (to ~$0.12M TTM) that increases financing and balance-sheet risk despite low absolute debt.

Income Statement

ONCY continues to report no revenue across the annual periods and TTM (Trailing-Twelve-Months), reflecting a pre-commercial profile. Losses remain large and have widened versus 2022–2023 (TTM net loss of ~$35.3M vs. ~$20.6M in 2023 and ~$19.1M in 2022), indicating higher spend and weaker earnings momentum. A modest positive is that annual net loss in 2024 (~$31.7M) was better than TTM (~$35.3M), but overall profitability is meaningfully negative with no visible revenue base in the provided data.

Balance Sheet

Debt is low in absolute dollars (TTM total debt ~$0.84M), but the capital structure has weakened sharply: stockholders’ equity fell to ~$0.12M in TTM from ~$6.0M in 2024 and ~$27.6M in 2023. As a result, leverage looks elevated on a ratio basis (TTM debt-to-equity ~7.26x) and return on equity is deeply negative (TTM ~-7.55), signaling significant balance-sheet strain and limited cushion to absorb ongoing losses. The main strength is that total debt itself is not large, but the very small equity base increases financing risk.

Cash Flow

Cash burn remains heavy and consistent: TTM operating cash flow was about -$26.5M and free cash flow about -$26.5M, similar to 2024 and not materially improving versus prior years. Free cash flow was slightly better year over year (TTM growth ~7.3%), but it is still meaningfully negative and implies continued reliance on external funding. Cash outflows broadly track accounting losses (free cash flow roughly in line with net loss), which is directionally reassuring on quality of earnings, but does not offset the high ongoing burn rate.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	-298.59K	-301.11K	-360.57K	-332.65K
EBITDA	-35.41M	-34.88M	-20.19M	-18.71M	-20.58M	-16.45M
Net Income	-35.27M	-31.71M	-20.56M	-19.08M	-20.98M	-16.78M
Balance Sheet
Total Assets	15.06M	20.19M	38.82M	37.33M	45.88M	34.35M
Cash, Cash Equivalents and Short-Term Investments	12.35M	15.94M	34.91M	32.14M	41.26M	31.22M
Total Debt	835.00K	1.06M	423.00K	373.00K	655.00K	402.06K
Total Liabilities	14.94M	14.20M	11.26M	10.83M	9.78M	9.59M
Stockholders Equity	115.00K	5.98M	27.56M	26.50M	36.10M	24.75M
Cash Flow
Free Cash Flow	-26.48M	-27.20M	-28.46M	-23.41M	-22.72M	-22.10M
Operating Cash Flow	-26.47M	-26.97M	-28.45M	-23.36M	-22.43M	-22.07M
Investing Cash Flow	-13.00K	-239.00K	20.22M	-20.40M	-285.95K	-29.30K
Financing Cash Flow	18.74M	6.64M	31.99M	12.21M	33.02M	39.77M

Oncolytics Biotech Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORMP	62 Neutral	$138.91M	0.57	27.20%	―	―	814.20%
PRLD	60 Neutral	$188.38M	-2.24	-129.98%	―	250.00%	15.15%
ZNTL	53 Neutral	$189.30M	-1.02	-51.49%	―	-33.76%	17.54%
ONCY	52 Neutral	$102.23M	-3.43	-755.18%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ATOS	43 Neutral	$45.90M	-3.22	-49.42%	―	―	-9.42%
ATRA	42 Neutral	$40.15M	6.94	-79.12%	―	51.27%	―

Oncolytics Biotech Corporate Events

Oncolytics Biotech Launches Phase 2 Colorectal Cancer Trial

On March 2, 2026, Oncolytics Biotech Inc. announced the launch of REO 033, a randomized Phase 2 study in second-line RAS-mutated, microsatellite-stable metastatic colorectal cancer, comparing standard bevacizumab plus FOLFIRI to an experimental arm adding pelareorep, with 30 patients per arm and objective response rate as the primary endpoint. The trial, led by Rutgers Cancer Institute’s Dr. Sanjay Goel and expected to open its first site later in March with preliminary data targeted by year-end, aims to confirm earlier REO 022 results in the same population, where pelareorep-based therapy showed substantially improved survival and response rates over standard of care, underscoring pelareorep’s emerging role in colorectal cancer and potentially strengthening Oncolytics’ position in gastrointestinal oncology.

The most recent analyst rating on (ONCY) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Oncolytics Biotech stock, see the ONCY Stock Forecast page.

Oncolytics Refocuses Pipeline on Key GI Cancer Programs

On February 24, 2026, Oncolytics Biotech announced it had concluded enrollment in its GOBLET gastrointestinal cancer study and would wind down the trial after gathering sufficient clinical and translational data to guide next steps. With adequate cash to meet near-term milestones, the company said it will now concentrate resources on registrational and registration-enabling programs in squamous cell anal cancer and metastatic colorectal cancer in the U.S.

Management highlighted that efficacy seen in GOBLET’s anal cancer cohort has defined a regulatory path for pelareorep in second-line and later squamous cell anal cancer, and Oncolytics plans a U.S.-based, single-arm registrational study involving fewer than 100 patients. As part of this sharper focus, the company has halted further enrollment in the metastatic pancreatic ductal adenocarcinoma cohort at about 20 patients per arm, continuing only to follow existing participants so it can analyze survival and response outcomes while limiting additional spending on that indication.

Executives framed the move as a disciplined capital-allocation strategy intended to pursue approvals in high-need gastrointestinal cancers and enhance shareholder value without immediate material dilution. The GOBLET data set, generated at 17 centers in Germany, is described as having validated pelareorep’s platform potential in GI tumors and provided a clearer, more efficient roadmap for registration-focused development in colorectal, anal and potentially other gastrointestinal cancers, with implications for the company’s regulatory trajectory and competitive positioning in oncology.

The most recent analyst rating on (ONCY) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Oncolytics Biotech stock, see the ONCY Stock Forecast page.

Oncolytics Biotech receives FDA Fast Track for pelareorep

On February 4, 2026, Oncolytics Biotech announced that the U.S. Food and Drug Administration granted Fast Track Designation for pelareorep in combination with bevacizumab and FOLFIRI as a second-line treatment for KRAS‑mutant, microsatellite-stable metastatic colorectal cancer, following an application submitted after a strategic shift toward gastrointestinal cancers. The designation is backed by clinical data showing a 33% objective response rate, median progression-free survival of 16.6 months, and median overall survival of 27 months for the pelareorep regimen, roughly double to triple standard-of-care outcomes in this difficult-to-treat patient group, which represents a global total addressable market estimated at $3‑5 billion annually. Oncolytics plans to initiate a controlled clinical study in this indication, with the first site expected to open in March and interim data targeted by year-end 2026, positioning pelareorep as a potentially important platform immunotherapy in gastrointestinal oncology and giving the company enhanced regulatory interaction that could expedite development timelines.

The most recent analyst rating on (ONCY) stock is a Hold with a $0.98 price target. To see the full list of analyst forecasts on Oncolytics Biotech stock, see the ONCY Stock Forecast page.

Oncolytics Biotech Adds Leading GI Oncologists to Advisory Board as It Prepares Pivotal Pelareorep Trials

On January 7, 2026, Oncolytics Biotech expanded its Gastrointestinal Tumor Scientific Advisory Board by appointing three high-profile gastrointestinal oncology experts—Drs. Eileen O’Reilly and Neil Segal of Memorial Sloan Kettering Cancer Center and Dr. Van Morris of MD Anderson Cancer Center—to help guide the late-stage clinical and strategic development of pelareorep as a platform immunotherapy across pancreatic, colorectal, and anal cancers. With the GI advisory board now comprising six global leaders, the company is reinforcing its clinical and strategic infrastructure as it prepares registration-enabling trials in these high-value indications, underpinned by earlier clinical data suggesting improved survival and response rates versus historical benchmarks in first-line pancreatic cancer, squamous cell anal carcinoma, and KRAS-mutant metastatic colorectal cancer—positioning Oncolytics to potentially enhance its competitive standing in GI oncology and attract greater attention from larger pharmaceutical players.

The most recent analyst rating on (ONCY) stock is a Hold with a $0.87 price target. To see the full list of analyst forecasts on Oncolytics Biotech stock, see the ONCY Stock Forecast page.