The company remains in a pre-revenue stage with operating losses deepening to $9.3 million in 2026Q1, driven by $4.6 million in R&D and $4.7 million in SG&A expenses.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.85M | 0 | 0 | 0 | 0 | 0 | 0 | 783.46K | 699.76K | 313.31K | 208.87K | 0 | 310K | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | - | - | - | - | - | - | -100% | 11.96% | 123.35% | 50% | - | -100% | - | - |
| Cost of Goods Sold | 16K | 0 | 0 | 298.59K | 301.11K | 360.57K | 332.65K | 485.57K | 95.38K | 90.77K | 162.23K | 180.41K | 0 | 0 | 4.85M | 5.33M | 4.19M | 3.78M | 4.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -16K | 0 | 0 | -298.59K | -301.11K | -360.57K | -332.65K | -485.57K | -95.38K | -90.77K | -162.23K | -180.41K | 0 | 0 | 0 | -5.33M | -4.19M | -3.78M | -4.31M | 0 | 0 | 783.46K | 699.76K | 313.31K | 208.87K | 0 | 310K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100% | 100% | 100% | 100% | - | 100% | - |
| Gross Profit Growth % | - | - | 100% | 0.84% | 16.49% | -8.39% | 31.49% | -409.12% | -5.08% | 44.05% | 10.08% | - | - | - | 100% | -27.3% | -10.78% | 12.27% | - | - | -100% | 11.96% | 123.35% | 50% | - | -100% | - | - |
| Operating Expenses | 30.99M | 39.41M | 34.98M | 24.74M | 20.38M | 20.56M | 18.65M | 20.69M | 16.66M | 15.61M | 15.29M | 13.92M | 18.82M | 23.9M | 36.69M | 28.72M | 15.51M | 17M | 13.76M | 16.85M | 15.5M | 13.31M | 13.33M | 6.93M | 6.96M | 7.14M | 4.96M | 577.37K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 756.22% | - | - | - | - | - | - | 1699.39% | 1905.23% | 2212.4% | 3332.38% | - | 1598.6% | - |
| Selling, General & Admin | 15.93M | 21.15M | 13.34M | 11.62M | 8.53M | 10.26M | 9M | 8.84M | 7.08M | 6.21M | 5.36M | 5.14M | 5M | 372.74K | 730.75K | 1.14M | 3.25M | 4.4M | 64.04K | 4.53M | 4.03M | 3.15M | 5.47M | 2.95M | 2.1M | 1.56M | 1.06M | 89.03K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15.06% | - | - | - | - | - | - | 401.94% | 782.02% | 942.8% | 1006.51% | - | 342.14% | - |
| Research & Development | 14.88M | 18.27M | 21.65M | 13.12M | 11.85M | 10.31M | 9.65M | 11.13M | 9.42M | 9.39M | 9.77M | 8.6M | 13.82M | 18.51M | 31.4M | 23.39M | 12.19M | 12.15M | 13.35M | 11.32M | 10.54M | 9.31M | 7.11M | 3.31M | 4.28M | 5.12M | 3.69M | 486.66K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 647.27% | - | - | - | - | - | - | 1188.19% | 1015.78% | 1057.82% | 2050.94% | - | 1190.26% | - |
| Other Operating Expenses | 187K | 0 | 0 | 0 | 0 | 0 | 0 | 9.56M | 0 | 0 | 162.23K | 180.41K | 0 | 5.02M | 4.55M | 0 | 0 | 425.4K | 341.97K | 5.53M | 4.96M | 4M | 6.22M | 3.62M | 2.68M | 2.02M | 1.27M | 0 |
| Operating Income | -31.01M | -39.41M | -34.98M | -25.04M | -20.68M | -20.93M | -18.98M | -20.69M | -16.66M | -15.61M | -15.29M | -13.92M | -18.82M | -23.9M | -36.69M | -28.72M | -20.04M | -17M | -18.07M | -16.85M | -15.5M | -12.53M | -12.63M | -6.62M | -6.75M | -7.14M | -4.65M | -577.37K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -756.22% | - | - | - | - | - | - | -1599.39% | -1805.23% | -2112.4% | -3232.38% | - | -1498.6% | - |
| Operating Income Growth % | - | -12.67% | -39.73% | -21.06% | 1.17% | -10.25% | 8.28% | -24.19% | -6.77% | -2.03% | -9.89% | 26.06% | 21.24% | 34.86% | -27.74% | -43.3% | -17.88% | 5.9% | -7.27% | -8.71% | -23.67% | 0.81% | -90.87% | 1.97% | 5.41% | -53.63% | -704.62% | - |
| EBITDA | -30.8M | -39.32M | -34.88M | -24.74M | -20.38M | -20.56M | -18.65M | -20.21M | -16.57M | -15.51M | -15.13M | -13.74M | -18.66M | -23.77M | -36.58M | -28.63M | -19.98M | -16.75M | -17.66M | -15.84M | -14.57M | -11.67M | -11.88M | -5.95M | -6.18M | -6.67M | -4.44M | -575.69K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -753.96% | - | - | - | - | - | - | -1490.13% | -1697.8% | -1900.62% | -2957.46% | - | -1432.41% | - |
| EBITDA Growth % | -0.17% | -12.72% | -41% | -21.38% | 0.9% | -10.28% | 7.72% | -21.97% | -6.78% | -2.53% | -10.15% | 26.38% | 21.49% | 35.02% | -27.77% | -43.29% | -19.31% | 5.17% | -11.47% | -8.73% | -24.8% | 1.73% | -99.51% | 3.6% | 7.41% | -50.25% | -671.33% | - |
| D&A (Non-Cash Add-back) | 203K | 96.05K | 102K | 298.59K | 301.11K | 360.57K | 332.65K | 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 |
| EBIT | -31.82M | -39.41M | -34.98M | -20.49M | -19.01M | -20.94M | -16.78M | -20.14M | -17.27M | -14.83M | -13.96M | -13.92M | -18.82M | -23.9M | -36.69M | 0 | 0 | -17M | -18.07M | -16.85M | -15.5M | -13.31M | -13.33M | -6.62M | -6.75M | -7.14M | -4.65M | -577.37K |
| Net Interest Income | 307K | 529.64K | 1.2M | 1.33M | 528K | 99K | 90.36K | 179.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 783.46K | 699.76K | 313.31K | 208.87K | 0 | 905.69K | 0 |
| Interest Income | 307K | 529.64K | 1.2M | 1.33M | 528K | 99K | 90.36K | 179.28K | 173.5K | 130.1K | 163.9K | 197.86K | 210.39K | 371.49K | 345K | 416.25K | 76.93K | 30.83K | 519.26K | 1.21M | 1.23M | 783.46K | 699.76K | 313.31K | 208.87K | 655.21K | 905.69K | 0 |
| Interest Expense | 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 Income/Expense | -229K | 61.74K | 3.4M | 4.55M | 1.67M | -15.88K | 2.2M | -12.43M | 173.5K | 130.1K | 163.9K | 197.86K | 210.39K | 371.49K | 345K | -283.43K | 76.93K | 30.83K | 519.26K | 1.2M | 1.2M | 529.09K | -323.88K | -1.89M | 0 | 655.21K | 905.69K | 0 |
| Pretax Income | -31.24M | -39.35M | -31.58M | -20.49M | -19.01M | -20.94M | -16.78M | -33.12M | -16.49M | -15.48M | -15.13M | -13.72M | -18.61M | -23.53M | -36.34M | -29M | -19.97M | -16.97M | -17.55M | -15.64M | -14.3M | -12.78M | -12.96M | -8.51M | -6.75M | -6.48M | -3.74M | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -749.11% | - | - | - | - | - | - | -1631.66% | -1851.52% | -2716.36% | -3232.38% | - | -1206.44% | - |
| Income Tax | 79K | 108.4K | 130K | 71.87K | 64.52K | 39.42K | 0 | 0 | 548.04K | 141.5K | 9.37K | 3.15K | 6.78K | 5.41K | 30.47K | 40K | 7.61K | 23.04K | 0 | 0 | 0 | -1.52K | 0 | 33.55K | -659.9K | -310.57K | -126.81K | -2.91K |
| Effective Tax Rate % | -0.25% | -0.28% | -0.41% | -0.35% | -0.34% | -0.19% | 0% | 0% | -3.32% | -0.91% | -0.06% | -0.02% | -0.04% | -0.02% | -0.08% | -0.14% | -0.04% | -0.14% | 0% | 0% | 0% | 0.01% | 0% | -0.39% | 9.77% | 4.79% | 3.39% | - |
| Net Income | -34.96M | -39.46M | -31.71M | -20.56M | -19.08M | -20.98M | -16.78M | -45.55M | -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 |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -749.73% | - | - | - | - | - | - | -1631.47% | -1851.52% | -2727.07% | -2916.44% | - | -1165.53% | - |
| Net Income Growth % | -18.31% | -24.44% | -54.22% | -7.79% | 9.08% | -25.05% | 63.17% | -167.37% | -9.1% | -3.15% | -10.33% | 26.3% | 20.88% | 35.3% | -25.23% | -45.41% | -17.52% | 3.16% | -12.2% | -9.4% | -11.86% | 1.35% | -51.64% | -40.26% | 1.3% | -70.81% | -528.96% | - |
| Net Income (Continuing) | -31.32M | -39.46M | -31.71M | -20.56M | -19.08M | -20.98M | -16.78M | -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 |
| Discontinued Operations | 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 |
| Minority Interest | 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 |
| EPS (Diluted) | -0.31 | -0.41 | -0.41 | -0.41 | -0.43 | -0.49 | -0.48 | -2.06 | -1.06 | -1.12 | -1.20 | -1.16 | -2.01 | -2.68 | -4.54 | -3.89 | -3.04 | -3.27 | -4.03 | -3.68 | -3.74 | -3.71 | -4.31 | -3.48 | -2.74 | -3.17 | -1.98 | -0.01 |
| EPS Growth % | 15.92% | 0% | 0% | 4.65% | 12.24% | -2.08% | 76.7% | -94.34% | 5.36% | 6.67% | -3.45% | 42.29% | 25% | 40.97% | -16.71% | -27.96% | 7.03% | 18.86% | -9.51% | 1.6% | -0.81% | 13.92% | -23.85% | -27.01% | 13.56% | -60.1% | - | - |
| EPS (Basic) | - | -0.41 | -0.41 | -0.41 | -0.43 | -0.49 | -0.48 | -2.06 | -1.06 | -1.12 | -1.20 | -1.16 | -2.01 | -2.68 | -4.54 | -3.89 | -3.04 | -3.27 | -4.03 | -3.68 | -3.74 | -3.71 | -4.31 | -3.48 | -2.74 | -3.17 | -2.09 | -0.01 |
| Diluted Shares Outstanding | 112.29M | 95.86M | 76.48M | 67.62M | 58.03M | 53.51M | 40.34M | 22.14M | 16.02M | 13.94M | 12.62M | 11.85M | 9.25M | 8.79M | 8.01M | 7.46M | 6.58M | 5.2M | 4.35M | 4.26M | 3.82M | 3.44M | 3.01M | 2.45M | 2.23M | 1.95M | 1.83M | 61.65M |
| Basic Shares Outstanding | 112.29M | 95.86M | 76.48M | 67.62M | 58.03M | 53.51M | 40.34M | 22.14M | 16.02M | 13.94M | 12.62M | 11.85M | 9.25M | 8.79M | 8.01M | 7.46M | 6.58M | 5.2M | 4.35M | 4.26M | 3.82M | 3.44M | 3.01M | 2.45M | 2.23M | 1.95M | 1.73M | 61.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the most recent quarterly filings, ONCY maintains a high-fixed cost structure dominated by R&D expenditures, which reached $4.6 million in 2026Q1, reflecting the ongoing capital-intensive nature of clinical trial management for the company's lead viral agent, pelareorep.
The absence of revenue necessitates that all operational costs be funded through external capital, making the R&D line item the primary indicator of clinical progression. Investors should monitor the volatility in these expenses, as they appear to fluctuate significantly based on the timing of multi-center trial milestones rather than consistent operational scaling.
Based on reported financial statements, net income figures are frequently distorted by non-cash items, including significant stock-based compensation of $3.2 million in 2026Q1, which complicates the assessment of the company's true underlying operational efficiency and long-term shareholder value creation.
The reliance on equity-based compensation suggests a strategy to preserve cash, yet it simultaneously creates a persistent dilution headwind for existing shareholders. Analysts should adjust for these non-cash charges to better understand the actual cash burn rate required to sustain the current development pipeline.
According to historical income statement data, ONCY exhibits no operating leverage, as the company remains in a pre-revenue phase where SG&A expenses of $4.7 million in 2026Q1 continue to scale alongside R&D, further deepening the quarterly operating loss to $9.3 million.
Without a commercial product to offset fixed overhead, the company's operating margin remains structurally negative. This lack of efficiency implies that any future path to profitability is entirely dependent on successful clinical outcomes and subsequent licensing or commercialization milestones rather than internal cost optimization.
With reported cash and equivalents declining to approximately $7.1 million, the company faces a critical liquidity inflection point, suggesting that the current financial trajectory may be unsustainable without an immediate and potentially dilutive capital raise or a major partnership milestone payment.
The short operational runway warrants significant caution, as the company's reliance on external financing leaves it highly vulnerable to market sentiment shifts. Investors should investigate whether the current cash position is sufficient to reach the next major clinical data readout, as any delay could necessitate further equity issuance.
Quick answers to the most common questions about buying ONCY stock.
For fiscal year 2025, Oncolytics Biotech Inc. (ONCY) reported total revenue of $0.0M.
Oncolytics Biotech Inc. (ONCY) reported a net loss of $39.5M for the fiscal year ending 2025.