Oncolytics Biotech (ONCY) AI Stock Analysis

• Market Cap: $105.53M
• Dividend Yield: N/A
• Average Volume (3M): 933.84K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 28
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.10
• Shares Outstanding: 107,606,380
• 10 Day Avg. Volume: 1,680,000
• 30 Day Avg. Volume: 933,836
• 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: 1.16
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -3.46
• 1Y Price Target: $5.50
• Price Target Upside: 444.55% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $1.00 ▼(-0.99% Downside)

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

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	$134.13M	3.36	24.38%	―	―	814.20%
ZNTL	53 Neutral	$175.57M	-1.17	-49.18%	―	-33.76%	17.54%
ONCY	52 Neutral	$105.53M	-3.49	-745.66%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PRLD	47 Neutral	$104.74M	-1.15	-103.99%	―	250.00%	15.15%
ATOS	45 Neutral	$72.98M	-2.41	-48.89%	―	―	-9.42%
ATRA	43 Neutral	$37.49M	2.37	―	―	51.27%	―

Oncolytics Biotech Corporate Events

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.

Oncolytics Biotech Reschedules Shareholder Meeting Amid SEC Delays

On November 20, 2025, Oncolytics Biotech announced the cancellation and rescheduling of its special meeting of shareholders initially planned for December 15, 2025. The decision was due to delays at the Securities and Exchange Commission caused by a recent U.S. federal government shutdown. The meeting, once rescheduled, will address a series of transactions, including the company’s proposed jurisdiction change from Alberta, Canada, to Nevada, USA. This move could significantly impact Oncolytics’ operational jurisdiction and strategic positioning.

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 Aligns with FDA for Pivotal Pancreatic Cancer Study

Oncolytics Biotech Inc. announced on November 19, 2025, that it has aligned with the FDA on the design of a pivotal Phase 3 study for pelareorep in combination with standard-of-care therapy for first-line treatment of metastatic pancreatic ductal adenocarcinoma (mPDAC). This trial, set to launch in the first half of 2026, will be the only current registration trial involving an immunotherapy for first-line pancreatic cancer, potentially offering a new treatment option where immunotherapies have shown limited benefits. The study will evaluate pelareorep with chemotherapy, with or without a checkpoint inhibitor, and aims to demonstrate a clinically meaningful survival benefit.

The most recent analyst rating on (ONCY) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Oncolytics Biotech stock, see the ONCY Stock Forecast page.

Oncolytics Biotech Reports Increased Q3 Loss Amid Rising Expenses

On November 12, 2025, Oncolytics Biotech Inc. released its financial results for the three and nine months ended September 30, 2025. The company reported a net loss of $14.4 million for the third quarter, compared to $9.5 million in the same period last year. The increase in net loss was primarily due to higher general and administrative expenses. Despite the financial challenges, Oncolytics continues to focus on advancing its clinical programs, which are critical to its strategic positioning in the biotech industry.

The most recent analyst rating on (ONCY) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Oncolytics Biotech stock, see the ONCY Stock Forecast page.

Oncolytics Biotech Forms Advisory Board to Advance GI Cancer Treatment

On November 4, 2025, Oncolytics Biotech announced the formation of a Gastrointestinal Tumor Scientific Advisory Board (SAB) to guide the clinical and regulatory strategy for pelareorep as a treatment for gastrointestinal cancers. The SAB, consisting of leading oncology experts, will play a crucial role in shaping the company’s GI oncology development strategy, including designing registration-enabling studies and exploring pathways for accelerated approval in select tumor types. This initiative is expected to strengthen Oncolytics’ position in the industry and potentially transform the treatment landscape for patients with GI tumors.

The most recent analyst rating on (ONCY) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Oncolytics Biotech stock, see the ONCY Stock Forecast page.