Oncolytics Biotech (ONCY) Q2 2024 earnings summary

Executive summary

• Advanced pelareorep (Pela) as a leading immunotherapeutic agent, progressing toward registration-enabling trials in breast and pancreatic cancer, with FDA alignment on trial design and endpoints.

• Dosed first patient in the modified FOLFIRINOX cohort of the GOBLET pancreatic cancer study, supported by a $5M PanCAN award, and entered a strategic collaboration with GCAR for an adaptive registration-enabling pancreatic cancer trial.

• Cash position of CAD 24.9 million as of June 30, 2024, expected to fund operations through key milestones into 2025.

• Interim CEO Wayne Pisano appointed during Dr. Matt Coffey's medical leave.

Financial highlights

• Net loss for Q2 2024 was $7.3 million, slightly improved from $7.4 million in Q2 2023; basic and diluted loss per share was $0.10 versus $0.12 year-over-year.

• R&D expenses increased to $4.6 million from $3.7 million, mainly due to higher clinical trial and share-based compensation costs.

• General and administrative expenses were $3.4 million, consistent with $3.5 million in Q2 2023.

• Net cash used in operating activities for the first half of 2024 was CAD 14.3 million, down from CAD 16.3 million in the prior year period.

• Cash and cash equivalents totaled $24.9 million at quarter-end, down from $34.9 million at year-end 2023.

Outlook and guidance

• On track to report overall survival results from the BRACELET-1 breast cancer trial in the second half of 2024.

• Expect to finalize the master protocol for the GCAR pancreatic cancer trial in the second half of 2024 and initiate the trial in the first half of 2025.

• Anticipate a safety run-in update for the new GOBLET pancreatic cancer cohort in H1 2025.