The company faces a critical liquidity inflection point, as evidenced by a quarterly free cash flow deficit of $10.2 million in 2026Q1 and a cash balance that has declined from $34.9 million in 2023Q4 to $5.5 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -28.56M | -27.6M | -26.97M | -28.45M | -23.36M | -22.43M | -22.07M | -19.91M | -11.92M | -14.89M | -12.48M | -15.03M | -19.68M | -24.44M | -34.26M | -22.54M | -18.03M | -16.82M | -15.29M | -13.57M | -12.16M | -11.05M | -9.22M | -5.48M | -7.26M | -4.27M | -3.16M | -534.35K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -706.08% | - | - | - | - | - | - | -1410.73% | -1318.31% | -1748.37% | -3473.84% | - | -1018.71% | - |
| Operating CF Growth % | -54.22% | -2.34% | 5.21% | -21.81% | -4.11% | -1.66% | -10.86% | -66.99% | 19.95% | -19.34% | 17.01% | 23.59% | 19.49% | 28.65% | -51.97% | -24.99% | -7.21% | -10.02% | -12.67% | -11.63% | -9.98% | -19.81% | -68.41% | 24.5% | -69.81% | -35.3% | -491% | - |
| Net Income | -34.96M | -39.46M | -31.71M | -27.75M | -24.84M | -26.3M | -22.51M | -33.12M | -17.04M | -15.62M | -15.14M | -13.72M | -18.62M | -23.53M | -36.37M | -29.04M | -19.97M | -17M | -17.55M | -15.64M | -14.3M | -12.78M | -12.96M | -8.54M | -6.09M | -6.17M | -3.61M | -574.46K |
| Depreciation & Amortization | 209.31K | 96.05K | 424K | 403K | 392K | 452.06K | 446.19K | 485.57K | 95.38K | 90.77K | 162.23K | 180.41K | 163.5K | 131.62K | 109.28K | 92.59K | 63.16K | 257.25K | 410.25K | 1M | 926.68K | 855.99K | 751.75K | 663.52K | 574.24K | 465.45K | 205.2K | 1.68K |
| Stock-Based Compensation | 7.85M | 4.26M | 2.72M | 2.07M | 2.38M | 3.83M | 2.56M | 1.47M | 1.42M | 578.7K | 406.08K | 429.54K | 980.33K | 424.38K | 730.75K | 1.81M | 3.25M | 444.26K | 64.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 408.56K | -2.85M | 12.96M | -374.34K | 0 | -545.89K | -1.25M | -737.78K | -514.11K | -640.86K | 0 | 19.97M | 0 | -64.04K | 0 | 0 | 0 | 0 | 0 | -647.62K | -340.57K | -126.81K | 0 |
| Other Non-Cash Items | -2.91M | 5.89M | -1.94M | -4.93M | -1.68M | 91.73K | 68.53K | 94.82K | 75.78K | -124.79K | 406.08K | 429.54K | 980.33K | 424.38K | 730.75K | 814.91K | -19.63M | 116.02K | 64.04K | 539.16K | 426.32K | 288.61K | 3.05M | 2.89M | 0 | 0 | 0 | 0 |
| Working Capital Changes | 1.26M | 1.62M | 3.54M | 1.76M | 391K | -907.99K | 209.78K | -1.8M | 3.9M | 180.85K | 2.23M | -1.11M | -2.44M | -1.37M | 1.19M | 3.79M | -1.72M | -642.27K | 1.79M | 530.3K | 789.15K | 584.76K | -69.06K | -486.17K | -1.12M | 1.77M | 376.77K | 38.43K |
| Change in Receivables | -513.24K | 4.03M | -53K | 506K | 345K | -776.39K | 1.98M | -2.02M | 4.77M | -4.77M | 285.65K | -148.31K | -85.9K | -60.87K | 10.41K | 229.6K | -220.2K | 21.54K | -6.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -16.3K | -8.23K | -239K | 20.22M | -20.4M | -285.95K | -29.3K | -10.9K | -107.47K | 1.98M | -51.35K | -137.56K | -182.79K | -287.25K | -158.85K | 1.41M | -2.06M | 4.35M | 12.54M | 4.68M | 11.89M | -16.62M | -4.5M | -16.21M | -1.2M | -585.51K | -372.82K | -70.26K |
| Capital Expenditures | -16.3K | -8.23K | -239K | -8K | -55K | -285.95K | -29.3K | -10.9K | -107.47K | -105.77K | -23.53K | -108.27K | -152.75K | -254.83K | -126.41K | -257.79K | -133.53K | -9.76K | -111.58K | -944.72K | -35.84K | -61.31K | -974.04K | -1.1M | -1.05M | -585.51K | -48.56K | -19.97K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.61% | - | - | - | - | - | - | 7.83% | 139.2% | 350.01% | 503.77% | - | 15.67% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -20.35K | 0 | 0 | 0 | 0 | 2.09M | -28 | -29 | -30.04K | -32.42K | -32 | 0 | 0 | 0 | 4.68B | 0 | -842.61K | -1.03M | 133.61K | 3M | -147.47K | 0 | -324.26K | -50.29K |
| Cash from Financing | 22.74M | 19.37M | 6.64M | 31.99M | 12.21M | 33.02M | 39.77M | 21.02M | 13.3M | 12.81M | 956.13K | 23.67M | 9.04M | 30.4M | 20.85M | 14.82M | 27.29M | 38.8M | 3.46M | 12.11M | 241.4K | 18.78M | 23.5M | 16M | 1.8M | 2.21M | 16.6M | 5.15M |
| Debt Issued (Net) | -203K | 0 | -348K | -407K | -381K | -366K | -461K | -447.5K | 0 | 0 | 0 | 19.36M | 1.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 150K |
| Equity Issued (Net) | 25.35M | 19.41M | 6.92M | 31.62M | 12.57M | 32.91M | 38.3M | 18M | 13.17M | 12.47M | 956.13K | 23.67M | 9.04M | 30.22M | 19.76M | 0 | 26.76M | 20.04M | 3.42M | 12.11M | 241.4K | 3.38M | 17.27M | 700.88K | 34K | 2.21M | 13.6M | 3.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.41M | -37.05K | 65K | 781K | 12K | 469.68K | 1.94M | 3.47M | 124.95K | 343.44K | 0 | -19.36M | -1.21M | 179.24K | 1.08M | 14.82M | 528.21K | 17.01M | 41.6K | 0 | 0 | 15.4M | 6.22M | 15.3M | 1.77M | 0 | 3M | 1.9M |
| Net Change in Cash | -6.22M | -8.06M | -18.97M | 23.25M | -29.6M | 10.04M | 17.07M | 448.14K | 1.86M | -198.16K | -11.98M | 9.86M | -11.07M | 5.9M | -13.6M | -6.38M | 6.85M | 26.2M | 714.8K | 3.22M | -19.85K | -8.9M | 9.77M | -5.68M | -6.65M | -2.65M | 13.07M | 4.55M |
| Free Cash Flow | -28.56M | -27.6M | -27.2M | -28.46M | -23.41M | -22.72M | -22.1M | -19.92M | -12.03M | -15M | -12.5M | -15.14M | -19.83M | -24.7M | -34.38M | -22.8M | -18.17M | -16.83M | -15.4M | -14.51M | -12.19M | -11.11M | -10.2M | -6.57M | -8.31M | -4.86M | -3.21M | -554.32K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -708.69% | - | - | - | - | - | - | -1418.56% | -1457.51% | -2098.38% | -3977.61% | - | -1034.38% | - |
| FCF Growth % | -9.07% | -1.44% | 4.4% | -21.55% | -3.04% | -2.82% | -10.95% | -65.59% | 19.8% | -19.97% | 17.45% | 23.63% | 19.7% | 28.17% | -50.81% | -25.49% | -7.94% | -9.29% | -6.1% | -19.06% | -9.69% | -8.97% | -55.13% | 20.87% | -71% | -51.51% | -478.47% | - |
| FCF per Share | -0.25 | -0.29 | -0.36 | -0.42 | -0.40 | -0.42 | -0.55 | -0.90 | -0.75 | -1.08 | -0.99 | -1.28 | -2.14 | -2.81 | -4.29 | -3.05 | -2.76 | -3.24 | -3.54 | -3.41 | -3.19 | -3.23 | -3.39 | -2.68 | -3.73 | -2.50 | -1.75 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.70x | 0.85x | 1.38x | 1.22x | 1.07x | 1.32x | 0.44x | 0.70x | 0.95x | 0.82x | 1.10x | 1.06x | 1.04x | 0.94x | 0.78x | 0.90x | 0.99x | 0.87x | 0.87x | 0.85x | 0.86x | 0.71x | 0.64x | 1.19x | 0.69x | 0.87x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 184K | 120K | 46K | 35K | 12K | 5.45K | 15.73K | 136.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent financial disclosures, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating from 0.46 in 2025Q3 to 4.16 in 2025Q4, highlighting the significant impact of non-cash adjustments on the company's reported bottom-line performance.
The wide variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's actual cash consumption. Investors should monitor how non-cash items, particularly stock-based compensation, continue to decouple the reported loss from the actual cash burn required to sustain clinical operations.
As reported in quarterly filings, the company's free cash flow trajectory remains consistently negative, with a quarterly burn rate that reached $10.2 million in 2026Q1, underscoring the absence of self-sustaining cash generation in this pre-revenue, development-stage biotechnology entity focused on clinical trial advancement.
The persistent negative free cash flow indicates that the company is entirely dependent on external financing to fund its research pipeline. This trajectory appears unsustainable without a significant shift in the clinical milestone timeline or the successful execution of a major partnership agreement.
Based on the provided cash flow statements, working capital changes have been highly inconsistent, swinging from a $4.3 million inflow in 2024Q3 to a $1.6 million outflow in 2026Q1, which complicates the predictability of the company's short-term liquidity and cash runway management.
These fluctuations likely reflect the timing of clinical trial payments and the settlement of accrued liabilities rather than operational efficiency. The lack of a stable working capital cycle suggests that cash management is reactive to trial-related milestones rather than proactive, increasing the risk of sudden liquidity crunches.
Analysis of recent SEC filings reveals that stock-based compensation, which reached $3.2 million in 2026Q1, significantly masks the true economic cost of operations, as these non-cash expenses are added back to reconcile net income to operating cash flow, effectively understating the company's total resource consumption.
While stock-based compensation is a standard tool for talent retention in biotech, its magnitude relative to the total cash burn warrants further investigation. Investors should consider the dilutive impact of these grants alongside the cash burn, as both represent a significant cost to existing shareholders.
Quick answers to the most common questions about buying ONCY stock.
Oncolytics Biotech Inc. (ONCY) generated $-27.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oncolytics Biotech Inc. (ONCY) reported negative free cash flow of $27.6M in 2025, indicating capital requirements exceeded cash from operations.
Oncolytics Biotech Inc. (ONCY) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.