Detailed financial statements for Oncolytics Biotech Inc. (ONCY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Oncolytics Biotech Inc., a clinical-stage biopharmaceutical company, engages in the research, development, and commercialization of oncology treatments. The company develops pelareorep, an intravenously delivered immunotherapeutic agent for the treatment of hormone receptor-positive / human epidermal growth factor 2-negative advanced and metastatic breast cancer, metastatic pancreatic ductal adenocarcinoma, and anal cancer.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.77, ONCY has negative trailing earnings (P/E not meaningful) and an ROE of 10.20%. Market capitalisation stands at $77M.
Balance sheet quality for ONCY: current ratio of 1.1, net cash position of $6.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $162233 | $90768 | $95375 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$162233 | -$90768 | -$95375 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $9.8M | $9.4M | $9.4M | $10.8M | $12.9M | $12.9M | $11.4M | $13.3M | $15.4M | $13.3M |
| Selling, General & Admin | $5.4M | $6.2M | $7.2M | $9.3M | $12.5M | $12.9M | $8.2M | $11.8M | $10.1M | $15.4M |
| Operating Expenses | $15.3M | $15.6M | $16.7M | $20.1M | $25.5M | $26.2M | $19.8M | $25.5M | $25.5M | $28.7M |
| Operating Income | -$15.3M | -$15.6M | -$16.7M | -$20.1M | -$25.5M | -$26.2M | -$19.8M | -$25.5M | -$25.5M | -$28.7M |
| EBITDA | -$13.8M | -$15.3M | -$17.2M | -$19.7M | -$25.4M | -$25.8M | -$19.5M | -$25.2M | -$25.5M | -$28.7M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$15.1M | -$15.5M | -$16.5M | -$33.1M | -$22.5M | -$26.3M | -$18.2M | -$20.8M | -$22.7M | -$28.7M |
| Income Tax | $9374 | $141498 | $548042 | 0 | 0 | $49000 | $61892 | $73119 | $95000 | $79000 |
| Net Income | -$15.1M | -$15.6M | -$17.0M | -$45.6M | -$22.5M | -$26.3M | -$18.3M | -$20.9M | -$22.8M | -$28.8M |
| EPS | $-1.20 | $-1.12 | $-1.06 | $-1.50 | $-0.48 | $-0.49 | $-0.44 | $-0.41 | $-0.30 | $-0.41 |
| EPS (Diluted) | $-1.20 | $-1.12 | $-1.06 | $-1.50 | $-0.48 | $-0.49 | $-0.44 | $-0.41 | $-0.30 | $-0.41 |
| Shares Outstanding (Diluted) | $12.6M | $13.9M | $16.0M | $22.1M | $40.3M | $53.5M | $58.0M | $67.6M | $76.5M | $95.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$9.9M | -$9.7M | -$9.3M | -$9.4M |
| EBITDA | -$9.9M | -$9.7M | -$9.3M | -$9.3M |
| Net Income | -$10.3M | -$9.2M | -$9.2M | -$9.4M |
| EPS | $-0.14 | $-0.01 | $-0.11 | $-0.08 |
| EPS (Diluted) | $-0.14 | $-0.01 | $-0.11 | $-0.08 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $12.0M | $11.8M | $13.7M | $14.1M | $31.2M | $41.3M | $11.7M | $34.9M | $15.9M | $7.1M |
| Short-term Investments | $2.1M | 0 | 0 | 0 | 0 | 0 | $20.5M | 0 | 0 | 0 |
| Receivables | $54406 | $4.8M | $51650 | 0 | 0 | $866000 | $521000 | $15000 | $68000 | $786230 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $14.4M | $17.8M | $14.5M | $18.9M | $33.7M | $44.9M | $35.7M | $38.2M | $18.9M | $9.4M |
| Property, Plant & Equipment | $319955 | $333441 | $412736 | $727481 | $609132 | $976000 | $652000 | $647000 | $1.3M | $1.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $14.8M | $18.2M | $14.9M | $19.7M | $34.3M | $45.9M | $37.3M | $38.8M | $20.2M | $10.4M |
| Accounts Payable | $4.1M | $3.5M | $1.8M | $3.2M | $1.8M | $594000 | $2.3M | $1.1M | $1.1M | $4.8M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $4.1M | $5.2M | $2.8M | $12.9M | $2.7M | $2.7M | $3.9M | $4.2M | $6.7M | $8.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $4.1M | $9.9M | $8.7M | $19.8M | $9.6M | $9.8M | $10.8M | $11.3M | $14.2M | $15.6M |
| Retained Earnings | -$278.8M | -$294.4M | -$311.5M | -$344.6M | -$367.1M | -$393.4M | -$418.3M | -$446.0M | -$477.7M | -$589.3M |
| Total Equity | $10.7M | $8.3M | $6.2M | -$107894 | $24.8M | $36.1M | $26.5M | $27.6M | $6.0M | -$5.2M |
| Total Debt | 0 | 0 | 0 | $506275 | $402059 | $655000 | $373000 | $423000 | $1.1M | $772509 |
| Net Debt | -$14.1M | -$11.8M | -$13.7M | -$13.6M | -$30.8M | -$40.6M | -$31.8M | -$34.5M | -$14.9M | -$6.4M |
| Working Capital | $10.4M | $12.6M | $11.6M | $6.1M | $31.0M | $42.2M | $31.7M | $33.9M | $12.2M | $1.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $12.4M | $5.2M | $5.5M | $4.1M |
| Total Assets | $15.1M | $7.6M | $8.2M | $7.7M |
| Total Liabilities | $14.9M | $11.4M | $13.3M | $13.8M |
| Total Equity | $115000 | -$3.8M | -$5.1M | -$6.2M |
| Total Debt | $835000 | $563000 | $508000 | $448000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$15.1M | -$15.6M | -$17.0M | -$33.1M | -$22.5M | -$26.3M | -$18.3M | -$20.9M | -$22.8M | -$28.8M |
| Depreciation & Amortization | $162233 | $90768 | $95375 | $485574 | $446000 | $452000 | $288829 | $303784 | $87000 | $70000 |
| Stock-based Compensation | $406078 | $578703 | $1.4M | $1.5M | $2.6M | $3.8M | $1.8M | $1.6M | $2.0M | $3.1M |
| Change in Working Capital | $2.2M | $180855 | $3.9M | -$1.8M | $210000 | -$908000 | $288093 | $1.3M | $2.5M | $1.2M |
| Operating Cash Flow | -$12.5M | -$14.9M | -$11.9M | -$19.9M | -$22.1M | -$22.4M | -$17.2M | -$21.4M | -$19.9M | -$20.1M |
| Capital Expenditure | -$23527 | -$105765 | -$107466 | -$10905 | -$29000 | -$286000 | -$40524 | -$6030 | -$174000 | -$6000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$12.5M | -$15.0M | -$12.0M | -$19.9M | -$22.1M | -$22.7M | -$17.2M | -$21.5M | -$20.1M | -$20.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.8M | -$6.7M | -$7.3M | -$8.1M |
| Capital Expenditure | -$5655 | -$970 | -$6000 | $27 |
| Free Cash Flow | -$6.8M | -$6.7M | -$7.3M | -$8.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.9M | -$1.1M | $2.3M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -3.1% | -9.1% | -167.4% | +50.6% | -16.9% | +30.4% | -14.3% | -9.0% | -26.2% |
| EPS Growth (YoY) | | +6.7% | +5.4% | -41.5% | +68.0% | -2.1% | +10.2% | +6.8% | +26.8% | -36.7% |
| Shares Change (YoY) | | +10.4% | +14.9% | +38.2% | +82.2% | +32.7% | +8.4% | +16.5% | +13.1% | +25.3% |
| FCF Growth (YoY) | | -20.0% | +19.8% | -65.6% | -10.9% | -2.8% | +24.1% | -24.4% | +6.5% | -0.3% |
| Effective Tax Rate | -0.1% | -0.9% | -3.3% | -0.0% | -0.0% | -0.2% | -0.3% | -0.4% | -0.4% | -0.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.99 | $-1.08 | $-0.75 | $-0.90 | $-0.55 | $-0.42 | $-0.30 | $-0.32 | $-0.26 | $-0.21 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $12.6M | $13.9M | $16.0M | $22.1M | $40.3M | $53.5M | $58.0M | $67.6M | $76.5M | $95.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 1020.21% |
| Return on Invested Capital | -1480.50% |
| Return on Assets | -498.10% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -0.07 |
| Current Ratio | 1.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.24 | -5.98 | -2.33 | -4.12 | -6.32 | -3.59 | -5.02 | -4.26 | -4.38 | -2.92 |
| P/B | 3.17 | 11.26 | 6.39 | -1267.26 | 4.95 | 2.60 | 4.83 | 4.29 | 16.80 | -22.05 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |