Oncolytics Biotech$(R)$ Reports Highlights and Financial Results for Q4 and Year-End 2024
PR Newswire
SAN DIEGO and CALGARY, AB, March 7, 2025
BRACELET-1 results in HR+/HER2- metastatic breast cancer surpass expectations, providing meaningful data for a registration-enabling study
Data from GOBLET in pancreatic and anal carcinoma support continued development of pelareorep in these indications, with combination studies ongoing
Cash position of $15.9 million provides runway through critical milestones into third quarter 2025
Management hosting conference call and webcast this morning at 8:30 a.m. ET
SAN DIEGO and CALGARY, AB, March 7, 2025 /PRNewswire/ -- Oncolytics Biotech(R) Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today reported on highlights and financial results for Q4 and year-end 2024. With its lead candidate, pelareorep, demonstrating strong efficacy signals in breast, pancreatic, and anal cancer, the company is strategically advancing toward registrational studies that could redefine treatment landscapes in multiple high-need indications. All dollar amounts are expressed in Canadian currency unless otherwise noted.
"With multiple clinical trials surpassing expectations in 2024, 2025 is shaping up to be a defining year for Oncolytics. Our top priority is HR+/HER2- metastatic breast cancer, in which two randomized trials involving over 100 patients have shown substantial clinical benefit for patients receiving pelareorep and paclitaxel compared to paclitaxel monotherapy," said Wayne Pisano, Chair of Oncolytics' Board of Directors and Interim CEO. "We believe that if we can approximate the benefit we saw in BRACELET-1 in our planned registrational study, the progression-free survival benefit alone would support an accelerated approval submission. When adding pancreatic and anal carcinoma to the list of addressable indications where we have generated compelling efficacy signals, pelareorep could have a meaningful impact for a multitude of patients and generate value for our shareholders."
Fourth Quarter and Subsequent Highlights
GOBLET gastrointestinal cancer data continue to demonstrate pelareorep's potential across multiple indications. Oncolytics presented two posters at the 2025 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium in San Francisco in January (link to the PR).
-- Promising Data in Anal Cancer with 33% Response Rate, Including a Durable
15+ Month Complete Response: In the ongoing GOBLET study, Oncolytics'
pelareorep combination therapy achieved a 33% objective response rate
$(ORR.AU)$, including a complete response lasting over 15 months, in twelve
evaluable patients with second-line or later unresectable squamous cell
carcinoma of the anal canal treated with pelareorep and atezolizumab
(link to the poster). This encouraging signal in a very tough-to-treat
disease further supports pelareorep's potential in solid tumors. The
success criteria in Stage 1 of this Simon two-stage design were
previously met; enrollment into Stage 2 of this cohort has begun and will
add 18 additional evaluable patients. Data from Stage 2 is expected to
determine if there is an efficacy signal sufficient to proceed to a
registration-enabling study.
-- Encouraging Progress in Pancreatic Cancer Cohort with Safety Milestone
Cleared: GOBLET Cohort 5, with funding from the Pancreatic Cancer Action
Network (PanCAN), is treating newly diagnosed metastatic pancreatic
ductal adenocarcinoma patients with pelareorep + modified FOLFIRINOX with
and without atezolizumab. The protocol-specified safety run-in phase has
been completed, and the results were presented at the ASCO GI meeting in
January of this year (link to the poster). Following a review of the
safety run-in data, an independent Data Safety Monitoring Board
recommended that the study continue, and the Paul Ehrlich Institute (PEI),
Germany's medical regulatory body, approved this recommendation.
Accordingly, enrollment into Stage 1 of this Simon two-stage study,
consisting of 30 evaluable patients, has resumed and is ongoing.
Ongoing plans to initiate a registration-enabling study in HR+/HER2- metastatic breast cancer. Oncolytics continues to engage with regulators, key opinion leaders, and other relevant stakeholders to finalize the clinical plan for and initiate a large phase 2 study that has the potential to be registration-enabling. We expect a progression-free survival $(PFS)$ readout approximately 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, overall survival (OS), 24-month OS rate, and confirmed objective response rate (link to the PR). These data substantiate the results from IND-213, in which median overall survival was nearly doubled in HR+/HER2- metastatic breast cancer patients who received pelareorep combined with paclitaxel compared to paclitaxel alone. If a PFS benefit comparable to the results seen in BRACELET-1 is observed in the registration-enabling study, the company expects to file for accelerated approval with the FDA.
Financial Highlights
-- As of December 31, 2024, the Company reported $15.9 million in cash and
cash equivalents. The Company has a projected cash runway through key
milestones and into the third quarter of 2025.
-- The net loss for the fourth quarter of 2024 was $8.0 million, compared to
a net loss of $3.9 million for the fourth quarter of 2023. The basic and
diluted loss per share was $0.10 in the fourth quarter of 2024, compared
to a basic and diluted loss per share of $0.05 in the fourth quarter of
2023.
-- Research and development expenses for the fourth quarter of 2024 were
$4.6 million, compared to $4.7 million for the fourth quarter of 2023.
The decrease was primarily attributable to lower personnel-related
expenses related to lower cash annual short-term incentive awards. This
decrease was partially offset by increased expenditures related to our
clinical trials and share-based compensation expense.
-- General and administrative expenses for the fourth quarter of 2024 were
$3.9 million, compared with $4.2 million for the fourth quarter of 2023.
The decrease was primarily due to lower personnel-related expenses and
lower cash annual short-term incentive awards. The decrease was partly
offset by higher share-based compensation expense.
-- Net cash used in operating activities for the twelve months ended
December 31, 2024, was $27.0 million, compared to $28.4 million for the
twelve months ended December 31, 2023. The decrease reflected non-cash
working capital changes, partly offset by higher net operating activities
in 2024.
Anticipated Milestones
-- H1 2025: Finalize protocol for the adaptive registration-enabling trial
for pelareorep, gemcitabine, nab-paclitaxel, and atezolizumab in
first-line pancreatic ductal adenocarcinoma with the Global Coalition for
Adaptive Research $(GCAR.UK)$ and submit it to the FDA
-- H2 2025: First patient enrolled in registration-enabling study evaluating
pelareorep and paclitaxel in advanced or metastatic HR+/HER2- breast
cancer
-- H2 2025: Initial efficacy results from Cohort 5 of the GOBLET study
investigating pelareorep combined with modified FOLFIRINOX with or
without atezolizumab in newly diagnosed metastatic pancreatic cancer
Webcast and Conference Call
Management will host a conference call for analysts and investors at 8:30 a.m. ET today, March 7, 2025. To access the call, please dial (888) 510-2154 (North America) or (437) 900-0527 (International), and if needed, provide Conference ID: 48422. To join the conference call without operator assistance, please click here. A live webcast of the call will also be available by clicking here or on the Investor Relations page of Oncolytics' website, available by clicking here, and will be archived for three months. A dial-in replay will be available for one week and can be accessed by dialing (888) 660-6345 (North America) or (289) 819-1450 (International) and using replay code: 48422#.
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of Canadian dollars, except share amounts)
As at December 31, 2024 2023
---------------------- ----------------------
Assets
Current assets
Cash and cash equivalents $ 15,942 $ 34,912
Other receivables 68 15
Prepaid expenses 1,885 3,246
Warrant derivative 980 --
---------------------- ----------------------
Total current assets 18,875 38,173
Property and equipment 411 282
Right-of-use assets 901 365
---------------------- ----------------------
Total assets $ 20,187 $ 38,820
====================== ======================
Liabilities And
Shareholders' Equity
Current liabilities
Accounts payable and accrued
liabilities $ 4,792 $ 3,572
Other liabilities 1,618 332
Lease liabilities 277 133
Warrant derivative -- 200
---------------------- ----------------------
Total current liabilities 6,687 4,237
Contract liability 6,730 6,730
Lease liabilities 787 290
---------------------- ----------------------
Total liabilities 14,204 11,257
Commitments and
contingencies
Shareholders' equity
Share capital Authorized:
unlimited Issued:
December 31, 2024 --
80,020,131
December 31, 2023 --
74,423,960 438,193 430,906
Contributed surplus 44,542 42,116
Accumulated other
comprehensive income 961 544
Accumulated deficit (477,713) (446,003)
---------------------- ----------------------
Total shareholders' equity 5,983 27,563
---------------------- ----------------------
Total liabilities and
shareholders' equity $ 20,187 $ 38,820
====================== ======================
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(in thousands of Canadian dollars, except share amounts)
For the years ended
December 31, 2024 2023 2022
--------------------- ----------------------- -----------------------
Expenses
Research and
development $ 21,647 $ 17,709 $ 15,432
General and
administrative 13,335 16,082 11,492
--------------------- ----------------------- -----------------------
Loss before the
following (34,982) (33,791) (26,924)
Change in fair
value of warrant
derivative 1,242 5,285 (20)
Foreign exchange
gain (loss) 961 (475) 1,665
Interest income,
net 1,199 1,326 528
--------------------- ----------------------- -----------------------
Loss before income
taxes (31,580) (27,655) (24,751)
Income tax expense (130) (97) (84)
--------------------- ----------------------- -----------------------
Net loss (31,710) (27,752) (24,835)
Other comprehensive
income (loss) items
that may be
reclassified to net
loss
Translation
adjustment 417 (118) 274
--------------------- ----------------------- -----------------------
Comprehensive loss $ (31,293) $ (27,870) $ (24,561)
===================== ======================= =======================
Basic and diluted
loss per common
share $ (0.41) $ (0.41) $ (0.43)
Weighted average
number of shares
(basic and
diluted) 76,482,914 67,624,036 58,029,745
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands of Canadian dollars)
Accumulated
Other
Contributed Comprehensive Accumulated
Share Capital Warrants Surplus Income Deficit Total
------------------ ----------------------- ------------------- ------------------------ ------------------ ---------------------
As at December
31, 2021 $ 391,348 $ 3,618 $ 34,161 $ 388 $ (393,416) $ 36,099
Net loss and
other
comprehensive
loss -- -- -- 274 (24,835) (24,561)
Issued
pursuant to
stock option
plan 20 -- (8) -- -- 12
Issued
pursuant to
incentive
share award
plan 98 -- (98) -- -- --
Expiry of
equity
warrant
agreement -- (3,618) 3,618 -- -- --
Issued
pursuant to
"At the
Market"
Agreement 13,338 -- -- -- -- 13,338
Share issue
costs (764) -- -- -- -- (764)
Share-based
compensation
expense -- -- 2,378 -- -- 2,378
------------------ ----------------------- ------------------- ------------------------ ------------------ ---------------------
As at December
31, 2022 $ 404,040 $ -- $ 40,051 $ 662 $ (418,251) $ 26,502
Net loss and
other
comprehensive
income -- -- -- (118) (27,752) (27,870)
Issued
pursuant to
stock option
plan 1,271 -- (490) -- -- 781
Issued
pursuant to
"At the
Market"
Agreement 10,676 -- -- -- -- 10,676
Issued
pursuant to
public
offering 17,724 -- 638 -- -- 18,362
Share issue
costs (2,805) -- -- -- -- (2,805)
Share-based
compensation
expense -- -- 1,917 -- -- 1,917
------------------ ----------------------- ------------------- ------------------------ ------------------ ---------------------
As at December
31, 2023 $ 430,906 $ -- $ 42,116 $ 544 $ (446,003) $ 27,563
Net loss and
other
comprehensive
income -- -- -- 417 (31,710) (31,293)
Issued
pursuant to
incentive
share award
plan 297 -- (297) -- -- --
Issued
pursuant to
warrant
derivative
exercised 71 -- -- -- -- 71
Issued
pursuant to
"At the
Market"
Agreement 7,670 -- -- -- -- 7,670
Share issue
costs (751) -- -- -- -- (751)
Share-based
compensation
expense -- -- 2,723 -- -- 2,723
------------------ ----------------------- ------------------- ------------------------ ------------------ ---------------------
As at December
31, 2024 $ 438,193 $ -- $ 44,542 $ 961 $ (477,713) $ 5,983
================== ======================= =================== ======================== ================== =====================
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of Canadian dollars)
For the years
ended December
31, 2024 2023 2022
------------------ ------------------ ------------------
Operating
Activities
Net loss for
the year $ (31,710) $ (27,752) $ (24,835)
Depreciation -
property and
equipment 120 81 93
Depreciation -
right-of-use
assets 304 322 299
Share-based
compensation
expense 2,723 1,917 2,378
Compensation
warrant
expenses -- 151 --
Interest
expense
(income),
net 139 71 (76)
Unrealized
foreign
exchange
(gain) loss (838) 282 (1,625)
Change in fair
value of
warrant
derivative (1,242) (5,285) 20
Net change in
non-cash
working
capital 3,538 1,765 391
------------------ ------------------ ------------------
Cash used in
operating
activities (26,966) (28,448) (23,355)
------------------ ------------------ ------------------
Investing
Activities
Acquisition of
marketable
securities -- -- (20,348)
Maturities of
marketable
securities -- 20,230 --
Acquisition of
property and
equipment (239) (8) (55)
------------------ ------------------ ------------------
Cash (used in)
provided by
investing
activities (239) 20,222 (20,403)
------------------ ------------------ ------------------
Financing
Activities
Proceeds from
exercise of
stock
options -- 781 12
Proceeds from
exercise of
warrant
derivative 65 -- --
Proceeds from
"At the
Market"
equity
distribution
agreement 6,919 10,261 12,574
Proceeds from
public
offering -- 21,359 --
Payment of
lease
liabilities (348) (407) (381)
------------------ ------------------ ------------------
Cash provided
by financing
activities 6,636 31,994 12,205
------------------ ------------------ ------------------
(Decrease)
increase in
cash and cash
equivalents (20,569) 23,768 (31,553)
Cash and cash
equivalents,
beginning of
year 34,912 11,666 41,262
Impact of
foreign
exchange on
cash and cash
equivalents 1,599 (522) 1,957
------------------ ------------------ ------------------
Cash and cash
equivalents,
end of year $ 15,942 $ 34,912 $ 11,666
================== ================== ==================
About GOBLET
The GOBLET (Gastrointestinal tumOrs exploring the treatment comBinations with the oncolytic reovirus peLarEorep and anTi-PD-L1) study is a phase 1/2 multiple indication study in advanced or metastatic gastrointestinal tumors. The study is being conducted at 17 centers in Germany and is being managed by AIO-Studien-gGmbH. The co-primary endpoints of the study are objective response rate $(ORR.UK)$ and/or disease control rate and safety. Key secondary and exploratory endpoints include additional efficacy assessments and evaluation of potential biomarkers. Favorable safety and positive clinical efficacy signals have been seen in the pancreatic and anal cancer cohorts.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype -- turning "cold" tumors "hot" -- through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.
This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and forward-looking information under applicable Canadian securities laws (such forward-looking statements and forward-looking information are collectively referred to herein as "forward-looking statements"). Forward-looking statements contained in this press release include statements regarding Oncolytics' belief as to the potential, mechanism of action and benefits of pelareorep as a cancer therapeutic; the continued development of pelareorep, including through ongoing combination studies; our plans to advance pelareorep to registration-enabling studies for the treatment of breast, pancreatic, and anal cancers, and Oncolytics' expectations regarding the results thereof; our top priority for 2025 being HR+/HER2- metastatic breast cancer; our belief that if we can approximate the benefit seen in BRACELET-1 in our planned registrational study, the progression-free survival benefit alone would support an accelerated approval submission; the ability of pelareorep to have a meaningful impact for a multitude of patients and generate value for our shareholders; the progression and results of the ongoing GOBLET study, including the enrollment of additional evaluable patients therein and our expectation that data from Stage 2 will determine if there is an efficacy signal sufficient to proceed with a registration-enabling study; enrollment into Stage one of GOBLET Cohort 5; our expectation for a PFS readout approximately two years after enrollment in a registration-enabling study in HR+/HER2- metastatic breast cancer begins; our expectation that Oncolytics will file for accelerated approval with the FDA if a PFS benefit comparable to the results seen in BRACELET-1 is observed in the planned registration-enabling study; our belief that Oncolytics has a projected cash runway through key milestones and into the third quarter of 2025; our anticipated milestones for 2025, including the finalization of protocol for an adaptive registration-enabling trial for pelareorep, gemcitabine, nab-paclitaxel, and atezolizumab in first-line pancreatic ductal adenocarcinoma, enrolling the first patient in a registration-enabling study evaluating pelareorep and paclitaxel in advanced or metastatic HR+/HER2- breast cancer, and receiving initial efficacy results from Cohort 5 of the GOBLET study investigating pelareorep combined with modified FOLFIRINOX with or without atezolizumab in newly diagnosed metastatic pancreatic cancer; and other statements related to anticipated developments in Oncolytics' business and technologies. In any forward-looking statement in which Oncolytics expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. Such forward-looking statements involve known and unknown risks and uncertainties, which could cause Oncolytics' actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the efficacy of pelareorep as a cancer treatment, the success and timely completion of clinical studies and trials, Oncolytics' ability to successfully commercialize pelareorep, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. We may incur expenses or delays relating to events outside of our control, which could have a material adverse impact on our business, operating results and financial condition. Investors should consult Oncolytics' quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. Oncolytics does not undertake any obligation to update these forward-looking statements, except as required by applicable laws.
Company Contact
Jon Patton
Director of IR & Communication
jpatton@oncolytics.ca
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
+1-917-679-9282
tim@lifesciadvisors.com
Media Contact for Oncolytics
Michael Rubenstein
LifeSci Communications
mrubenstein@lifescicomms.com
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SOURCE Oncolytics Biotech(R) Inc.
(END) Dow Jones Newswires
March 07, 2025 07:00 ET (12:00 GMT)
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