Oncolytics Biotech (ONC.TO, ONCY) on Friday said its fourth-quarter net loss doubled as the company advances towards registrational studies for its lead candidate pelareorep. A registration enabling trial is intended to generate sufficient data to file for a marketing application.
The net loss for the fourth quarter was $8.0 million, or $0.10 per share, compared with a loss of $3.9 million, or $0.05 per share, in the prior year period.
As at Dec. 31, Oncolytics reported $15.9 million in cash, giving it a projected cash runway through key milestones and into the third quarter of 2025.
Oncolytics is finalizing details for a large phase 2 study involving pelareorep in HR+/HER2- metastatic breast cancer, and expects a progression-free survival (PFS) readout two years after enrollment begins.
The final BRACELET-1 data showed robust improvements for patients receiving pelareorep and paclitaxel compared to paclitaxel monotherapy in terms of PFS, Oncolytics said. If a PFS benefit comparable to the results seen in BRACELET-1 is observed in the registration-enabling study, Oncolytics will file for accelerated approval with the Food and Drug Administration.
Oncolytics was last seen unchanged in New York trading.
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