ONCY · Oncolytics Biotech Inc.

Oncolytics Biotech Inc. reported ongoing operating losses of -$28.7M for FY2025, driven by clinical trial expenses that encompass regulatory and consulting activities, contract research organization costs, data management, and broader program expenses. These reflect the Company's focus on pelareorep, a product candidate advancing into later clinical stages where trials expand in size and duration, necessitating higher investments. Net income mirrored this at -$28.8M, influenced by non-operating items including gains from declines in warrant fair values, periodically remeasured using the Black-Scholes model deemed appropriate by management for option pricing. Diluted EPS was -$0.30, underscoring the financial impact of these R&D-intensive efforts without revenue offset.