ONCOLYTICS BIOTECH INC
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 12, 2026
ONCY$0.44-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001129928-26-000033
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001129928-26-000051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 102 previous paragraphs and 109 current paragraphs.
58 unchanged; 33 reworded; 14 added; 9 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 4 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
During the second quarter of 2026, we continued with site initiation and expect that approximately half of the planned clinical sites will be activated during the third quarter of 2026.
Current report
In July 2026, the FDA granted Fast Track designation to pelareorep in combination with a checkpoint inhibitor for the treatment of patients with inoperable, locally recurrent or metastatic SCAC who have progressed on or were intolerant to one or more prior lines of systemic therapy.
Current report
Preclinical program
Current report
In June 2026, we announced initial data from a preclinical study evaluating pelareorep in combination with RAS inhibitor modalities in a solid tumor model, which demonstrate evidence of greater anti-tumor activity in combination than with the individual approaches alone. Based on these findings, we are planning additional studies in models of colorectal cancer and in pancreatic ductal adenocarcinoma designed to further evaluate the combinations’ effects on immune activation, tumor response durability, and time-to-resistance. The ongoing work includes evaluations of pelareorep in combination with KRAS G12C inhibitors, pan-RAS inhibitors, and additional next-generation RAS pathway-targeting agents in RAS-mutated tumor models.
Current report
In June 2026, we secured a new U.S. patent protecting our proprietary manufacturing process for pelareorep. Developed through our contracted collaboration with the National Research Council of Canada (“NRC”), this jointly arising intellectual property is automatically assigned to NRC and exclusively licensed to Oncolytics, subject to a nominal royalty, for the production and commercialization of pelareorep. The newly issued patent covers key aspects of the methods used to manufacture pelareorep and is expected to provide patent protection until 2044. The patent is designed to protect the Company’s ability to consistently produce pelareorep at commercial scale and represents a significant addition to the Company’s growing intellectual property portfolio. The Company also announced that a previously filed method-of-use patent application remains under review and, if issued, is expected to provide protection until at least 2046. In addition, Oncolytics plans to file further patent applications this year that are designed to expand and strengthen the pelareorep intellectual property estate across additional therapeutic applications, treatment settings, and combination approaches.
Current report
Net loss for the three months ended June 30, 2026 was $9,442 compared to $5,277 for the three months ended June 30, 2025. Net loss for the six months ended June 30, 2026 was $18,685 compared to $9,988 for the six months ended June 30, 2025.
Current report
quarter of 2026.
Current report
Our R&D expenses increased by $4,098 from $4,716 for the six months ended June 30, 2025, to $8,814 for the six months ended June 30, 2026. The following table summarizes our R&D expenses for the six months ended June 30, 2026 and 2025:
Current report
Our G&A expenses increased by $4,890 from $4,956 for the six months ended June 30, 2025, to $9,846 for the six months ended June 30, 2026. The following table summarizes our G&A expenses for the six months ended June 30, 2026 and 2025:
Current report
The increase in our G&A expensesfor thesix months ended June 30, 2026 was primarily due to the following:
Current report
Functional and Reporting Currency
Current report
Management uses its judgment to determine the functional currency that most accurately represents the economic effects of the underlying transactions, events and conditions and considered various factors including the currency of future expenditures and the currency in which funds from financing activities are generated. A company’s functional currency is only changed when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed.
Current report
Effective January 1, 2026, the functional currency of Oncolytics Biotech Inc. and its subsidiary, Oncolytics Biotech (Barbados) Inc. was changed to the United States (U.S.) dollar (“USD”) from the Canadian dollar. The change was made to reflect that U.S. dollars has become the currency of the primary economic environment in which the Company operates, accounting for a significant part of the Company’s labor, operations and financing.
Current report
The change in functional currency was accounted for prospectively in accordance with ASC 830 – Foreign Currency Matters. Accordingly, translated balances at December 31, 2025 became the new accounting basis at January 1, 2026. Results of operations prior to the change were not restated.
Removed paragraphs (9)
Previous report
First-line metastatic pancreatic ductal adenocarcinoma (“mPDAC”)
Previous report
GOBLET Cohort 5
Previous report
In a randomized two-arm cohort, pelareorep is being evaluated in combination with modified FOLFIRINOX with or without atezolizumab to gain greater clarity regarding the contribution of the checkpoint inhibitor to the efficacy achieved in GOBLET Cohort 1. In that cohort, pelareorep combined with gemcitabine/nab-paclitaxel and atezolizumab achieved a 62% ORR in 13 evaluable patients. GOBLET Cohort 5 is supported by the Pancreatic Cancer Action Network (“PanCAN”) Therapeutic Accelerator Award for up to $5 million.
Previous report
In the first quarter of 2026, we made the determination that we had sufficient patients enrolled in Cohort 5 that would allow us to properly analyze the combinations being tested in the cohort. We expect to present preliminary analysis of the data in the second half of 2026 once survival data has matured sufficiently.
Previous report
Potential first-line pancreatic cancer registration study
Previous report
We participated in a Type C meeting with the FDA in the fourth quarter of 2025 and agreed on the key elements of a Phase 3 trial of pelareorep in combination with standard-of-care therapy for the first-line treatment of mPDAC. This trial would evaluate pelareorep and gemcitabine/nab-paclitaxel with or without a checkpoint inhibitor compared to chemotherapy alone. The primary endpoint of the study is overall survival, and PFS and ORR are secondary endpoints. We remain in active discussions with potential partners to supply a checkpoint inhibitor and fund our proposed first-line PDAC study. Until we enter into a transaction agreement with a partner, we do not expect to advance this study on our own and plan to focus our resources on other high-value indications that provide a more efficient path to registration for pelareorep.
Previous report
During the three months ended March 31, 2026, we sold 7,446,574 common shares pursuant to at-the-market (“ATM”) offering agreements for gross proceeds of $7,861 at an average price of $1.06 per share, resulting in net proceeds of $7,614 after issuance costs of $247 (including commissions of $236).
Previous report
Net loss for the three months ended March 31, 2026 was $9,243 compared to $4,711 for the three months ended March 31, 2025.
Previous report
•Increased personnel-related expenses due to increased stock-based compensation expense as a result of new stock options grants in the second half of 2025.
Reworded paragraphs (33)
Previous wording
We are a clinical-stage biopharmaceutical company developing pelareorep, a well-tolerated intravenously delivered immunotherapeutic agent that selectively replicates in RAS-mutated tumors and activates the innate and adaptive immune systems and weakens tumor defense mechanisms. This improves the ability of the immune system to fight cancer, making tumors more susceptible to a broad range of oncology treatments.
Current wording
We are a clinical-stage biopharmaceutical company developing pelareorep, a well-tolerated intravenously delivered immunotherapeutic agent that selectively replicates in tumors, activates the innate and adaptive immune systems, and weakens tumor defense mechanisms. This improves the ability of the immune system to fight cancer, making tumors more susceptible to a broad range of oncology treatments.
Previous wording
Pelareorep is a proprietary isolate of reovirus, a naturally occurring, non-pathogenic double-stranded RNA virus commonly found in environmental waters. Pelareorep has shown promising results in changing the tumor microenvironment (“TME”). This creates a more immunologically favorable TME, making the tumor more susceptible to various treatment combinations. These treatments include chemotherapies, checkpoint inhibitors, and other immuno-oncology approaches such as CAR T therapies, bispecific antibodies, and RAS or CDK4/6 inhibitors. Pelareorep induces a new army of tumor-reactive T cells, helps these cells to infiltrate the tumor through an inflammatory process, and upregulates the expression of PD-1/PD-L1. By priming the immune system with pelareorep, we believe we can increase the proportion of patients who respond to various cancer treatments, including immunotherapies, especially in cancers where existing treatment regimens have failed or provided limited benefit.
Current wording
Pelareorep is a proprietary isolate of reovirus, a naturally occurring, non-pathogenic double-stranded RNA virus commonly found in environmental waters. Pelareorep has shown promising results in changing the tumor microenvironment (“TME”). This creates a more immunologically favorable TME, making the tumor more susceptible to various treatment combinations. These treatments include chemotherapies, checkpoint inhibitors, and other immuno-oncology approaches such as CAR T therapies, bispecific antibodies, and RAS or CDK4/6 inhibitors. Pelareorep induces a new army of tumor-reactive T cells, helps these cells to infiltrate the tumor through an inflammatory process, and upregulates key inflammatory cytokines resulting in the formation of tertiary lymphoid structures and the expansion of tumor-infiltrating lymphocytes. By priming the immune system with pelareorep, we believe we can increase the proportion of patients who respond to various cancer treatments, including immunotherapies, especially in cancers where existing treatment regimens have failed or provided limited benefit.
Previous wording
Our primary focus is to position pelareorep as a platform immunotherapy for the treatment of gastrointestinal (“GI”) cancers and advance our GI programs to registration-enabled clinical studies. We are exploring opportunities for registrational programs and investigator-sponsored trials in metastatic colorectal cancer, second-line or later anal cancer, and metastatic pancreatic cancer.
Current wording
Our primary focus is to position pelareorep as a platform immunotherapy for the treatment of gastrointestinal (“GI”) cancers and advance our GI programs to registration-enabled clinical studies. We are exploring opportunities for registrational studies and investigator-sponsored trials in metastatic colorectal cancer, second-line or later anal cancer, and metastatic pancreatic cancer.
Previous wording
As of March 31, 2026, we had cash and cash equivalents of $5,493. Based on our current operating plan, we expect that our existing cash resources, even when considered together with available capital under our equity distribution arrangements, are sufficient to fund near‑term operating milestones but are not sufficient to fund our planned operations for at least twelve months from the date of issuance of our condensed consolidated financial statements included in this quarterly report. These conditions raise substantial doubt about our ability to continue as a going concern.
Current wording
As of June 30, 2026, we had cash and cash equivalents of $4,115. Based on our current operating plan, we expect that our existing cash resources, even when considered together with available capital under our equity distribution arrangements, are sufficient to fund near‑term operating milestones but are not sufficient to fund our planned operations for at least twelve months from the date of issuance of our condensed consolidated financial statements included in this quarterly report. These conditions raise substantial doubt about our ability to continue as a going concern.
Previous wording
The following are the development updates and outlook for each of our programs for the three months ended March 31, 2026, through to the date of this quarterly report.
Current wording
The following are the development updates and outlook for our program for the three months ended June 30, 2026, through to the date of this quarterly report.
Previous wording
In late 2025, we filed for Fast Track Designation for pelareorep in combination with bevacizumab and FOLFIRI for the treatment of patients with Kirsten rat sarcoma (“KRAS”)-mutant, microsatellite-stable mCRC in the second-line setting. The application was supported by clinical data demonstrating a 33% objective response rate (“ORR”) for pelareorep-based therapy compared to approximately 10% ORR with standard-of-care 1 in this patient population. In addition, pelareorep combination therapy was associated with a median progression-free survival (“PFS”) of 16.6 months, compared to 5.7 months with standard-of-care 2, a duration of response of 19.5 months, compared to historical benchmarks of approximately 4–6 months 3 in this setting, and a median overall survival of 27 months, compared to 11.2 months with standard-of-care 4. The FDA granted our application, awarding Fast Track Designation for this indication in 2026.
Current wording
In the first quarter of 2026, we received Fast Track Designation for pelareorep in combination with bevacizumab and fluorouracil, leucovorin, irinotecan (“FOLFIRI”) for the treatment of patients with Kirsten rat sarcoma (“KRAS”)-mutant, microsatellite-stable (“MSS”) mCRC in the second-line setting. The application was supported by clinical data demonstrating a 33% objective response rate (“ORR”) for pelareorep-based therapy compared to approximately 10% ORR with standard-of-care 1 in this patient population. In addition, pelareorep combination therapy was associated with a median progression-free survival of 16.6 months, compared to 5.7 months with standard-of-care 2, a duration of response of 19.5 months, compared to historical benchmarks of approximately 4–6 months 3 in this setting, and a median overall survival of 27 months, compared to 11.2 months with standard-of-care 4.
Previous wording
Randomized Phase 2 second-line mCRC study
Current wording
Randomized Phase 2 second-line mCRC study – REO 033
Previous wording
In March 2026, we launched a randomized Phase 2 study evaluating second-line RAS-mutated (which includes KRAS) MSS mCRC patients. Patients will receive either the control arm of bevacizumab (Avastin®) and FOLFIRI or the experimental arm of pelareorep, bevacizumab, and FOLFIRI. The first study site was initiated in early April 2026.
Current wording
In March 2026, we announced the launch of a randomized Phase 2 study, known as REO 033, evaluating second-line RAS-mutated (which includes KRAS) MSS mCRC patients. Patients will receive either the control arm of bevacizumab (Avastin®) and FOLFIRI or the experimental arm of pelareorep, bevacizumab, and FOLFIRI. The first study site was initiated in early April 2026.
Previous wording
Second-line or later squamous cell carcinoma of the anal canal (“SCAC”)
Current wording
Squamous cell carcinoma of the anal canal (“SCAC”)
Previous wording
In January 2026, we reported updated clinical data from patients with third-line SCAC. The data showed four of 14 evaluable third-line patients receiving pelareorep and atezolizumab achieved objective responses, resulting in an ORR of approximately 29%. These responses included two complete responses and two partial responses. The median duration of response is approximately 17 months (67 weeks), indicating both depth and durability of clinical benefit in a heavily pretreated population. In historical third-line SCAC studies, objective response rates are typically approximately 10% or less 5, with limited durability. In the second-line setting, pelareorep and atezolizumab achieved a 30% ORR, more than doubling the 13.8% ORR that was approved by the FDA for the current standard of care therapy 6. We are no longer enrolling patients in Cohort 4 and will continue to monitor patients on the study and provide a final analysis once sufficient data has been collected.
Current wording
In January 2026, we reported updated clinical data from patients with third-line SCAC. The data showed four of 14 evaluable third-line patients receiving pelareorep and atezolizumab achieved objective responses, resulting in an ORR of approximately 29%. These responses included two complete responses and two partial responses. The median duration of response is approximately 17 months (67 weeks), indicating both depth and durability of clinical benefit in a heavily pretreated population. In historical third-line SCAC studies, objective response rates are typically approximately 10% or less 5, with limited durability. In the second-line setting, pelareorep and atezolizumab achieved a 30% ORR, more than doubling the 13.8% ORR that was approved by the FDA for the current standard of care therapy 6. Enrollment in Cohort 4 has been completed and we will continue to monitor patients on the study and provide a final analysis once sufficient data has been collected.
Previous wording
Clinical development for the remainder of 2026
Current wording
Program development for the remainder of 2026
Previous wording
In 2026, our clinical objectives will primarily revolve around our randomized second-line mCRC clinical study. We are actively evaluating multiple strategic partnership options and continue to engage with collaborators, academic partners, and other stakeholders to determine the most effective path forward for pelareorep in PDAC and second-line or later SCAC.
Current wording
In 2026, our clinical objectives will primarily revolve around our randomized second-line mCRC clinical study. We are actively evaluating multiple strategic partnership options and continue to engage with collaborators, academic partners, and other stakeholders to determine the most effective path forward for pelareorep in mPDAC and second-line or later SCAC. Preclinical objectives this year will focus on studies planned to evaluate pelareorep in combination with a range of RAS inhibitor modalities with initial results expected in the fall or winter of 2026.
Previous wording
While we currently have sufficient drug product supply to support our clinical development program, we continued our activities to expand our production capabilities as we focus on advancing our active drug substance and finished drug product towards registration and commercial readiness. In the first quarter of 2026, we completed analytical testing for the cGMP production run and drug product fill initiated in 2025. We also updated the formal assessment of the drug substance production process and began analytical development activities to support upcoming process characterization in preparation for process performance qualification. We also incurred storage and distribution costs to maintain our product supply. Ongoing bulk manufacturing and expanded filling capabilities are both part of the planned process validation. Process validation is required to ensure that the resulting product meets the specifications and quality standards and will form part of our submission to regulators, including the FDA, for product approval.
Current wording
While we currently have sufficient drug product supply to support our clinical development program, we continued our activities to expand our production capabilities as we focus on advancing our active drug substance and finished drug product towards registration and commercial readiness. In the second quarter of 2026, we initiated an analytical study utilizing the human tumor cell line potency assay. We also updated the formal assessment of the drug substance production process with additional batch production and development data and progressed analytical development activities to support upcoming process characterization in preparation for process performance qualification. We also incurred storage and distribution costs to maintain our product supply. Ongoing bulk manufacturing and expanded filling capabilities are both part of the planned process validation. Process validation is required to ensure that the resulting product meets the specifications and quality standards and will form part of our submission to regulators, including the FDA, for product approval.
Previous wording
At March 31, 2026, we had 138 patents, including 11 U.S. and 7 Canadian patents, and issuances in other jurisdictions. We have an extensive patent portfolio covering pelareorep and formulations that we use in our clinical trial program. We also have patents covering methods for manufacturing pelareorep and screening for susceptibility to pelareorep. These patent rights extend to at least the end of 2031. We are continuing to analyze additional patent protections and have placed an emphasis on patent extension strategy and growing our patent portfolio. In addition, we have submitted new patent applications that we expect to extend certain patent protections and grant new rights into the 2040s.
Current wording
At June 30, 2026, we had 139 patents, including 11 U.S. and 7 Canadian patents, and issuances in other jurisdictions. We have an extensive patent portfolio covering pelareorep and formulations that we use in our clinical trial program. We also have patents covering methods for manufacturing pelareorep and screening for susceptibility to pelareorep. These patent rights extend to at least the end of 2031. We are continuing to analyze additional patent protections and have placed an emphasis on patent extension strategy and growing our patent portfolio. In addition, we have submitted new patent applications that weexpect to extend certain patent protections and grant new rights into the 2040s including method-of-using protection until 2040 and method-of-making protection until 2044.
Previous wording
On April 6, 2026, we entered into an Open Market Sale Agreement (the “Sales Agreement”) with Jefferies LLC (the “Agent”), pursuant to which we may offer and sell from time to time through or to the agent, acting as agent or principal, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $75,000.
Current wording
On April 6, 2026, we entered into an Open Market Sale Agreement (the “Sales Agreement”) with Jefferies LLC (the “Agent”), pursuant to which we may offer and sell from time to time through or to the agent, acting as agent or principal, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $75,000. During the three months ended June 30, 2026, we sold 7,859,359 common shares for gross proceeds of $7,152 at an average price of $0.91 per share. We received net proceeds of $6,771 after issuance costs of $381 (including commissions of $215).
Previous wording
From April 1, 2026 to May 12, 2026, we sold 2,575,905 common shares pursuant to a Sales Agreement (see“Other Corporate Matters”) for gross proceeds of $2,363 at an average price of $0.92 per share. We received net proceeds of $2,292 after commissions of $71.
Current wording
From July 1, 2026 to August 10, 2026, we sold 2,322,984 common shares pursuant to the Sales Agreement for gross proceeds of $1,890 at an average price of $0.81 per share. We received net proceeds of $1,834 after commissions of $57.
Previous wording
As of March 31, 2026, we had cash and cash equivalents of $5,493 (see “Liquidity and Capital Resources”).
Current wording
As of June 30, 2026, we had cash and cash equivalents of $4,115 (see “Liquidity and Capital Resources”).
Previous wording
Comparison of the three months ended March 31, 2026 and 2025:
Current wording
Comparison of the three and six months ended June 30, 2026 and 2025:
Previous wording
Our R&D expenses increased by $1,752 from $2,800 for the three months ended March 31, 2025, to $4,552 for the three months ended March 31, 2026. The following table summarizes our R&D expenses for the three months ended March 31, 2026 and 2025:
Current wording
Our R&D expenses increased by $2,346 from $1,916 for the three months ended June 30, 2025, to $4,262 for the three months ended June 30, 2026. The following table summarizes our R&D expenses for the three months ended June 30, 2026 and 2025:
Previous wording
Theincrease in our R&D expenses for the three months ended March 31, 2026, was primarily due to the following:
Current wording
Theincrease in our R&D expenses for thethree months ended June 30, 2026, was primarily due to the following:
Previous wording
•Increased clinical trial expenses due to start-up costs for our phase 2 second-line mCRC study launched in the first quarter of 2026 and higher registration program planning-related expenses. Our clinical trial expenses for the three months ended March 31, 2026 included $143 of non-cash stock-based compensation expense for consulting services.
Current wording
•Increased clinical trial expenses due to start-up costs for our phase 2 second-line mCRC study launched in the first
Previous wording
•Increased personnel-related expenses due to increased stock-based compensation expense and increased headcount. The increase in stock-based compensation expense was due to new stock option grants in the second half of 2025 and an adjustment to reclassify options from equity-classified to liability classified as discussed in note 3 of the condensed consolidated financial statements. This increase was partly offset by CEO transition-related activities in the first quarter of 2025.
Current wording
•Increased personnel-related expenses due to increased non-cash stock-based compensation expense and increased headcount. Our non-cash stock-based compensation expense also included an adjustment to reclassify options from equity-classified to liability classified as discussed in note 3 of the condensed consolidated financial statements. This increase was partly offset by CEO transition-related activities in the first quarter of 2025.
Previous wording
Our G&A expenses increased by $2,508 from $2,221 for the three months ended March 31, 2025, to $4,729 for the three months ended March 31, 2026. The following table summarizes our G&A expenses for the three months ended March 31, 2026 and 2025:
Current wording
Our G&A expenses increased by $2,382 from $2,735 for the three months ended June 30, 2025, to $5,117 for the three months ended June 30, 2026. The following table summarizes our G&A expenses for the three months ended June 30, 2026 and 2025:
Previous wording
The increase in our G&A expenses for the three months ended March 31, 2026 was primarily due to the following:
Current wording
The increase in our G&A expensesfor thethree months ended June 30, 2026 was primarily due to the following:
Previous wording
•Increased public company-related expenses due to higher investor relations activities and professional fees related to the Domestication. Our public company-related expenses for the three months ended March 31, 2026 included $587 of non-cash stock-based compensation expense for consulting services.
Current wording
•Increased public company-related expenses due to higher investor relations activities and legal, tax, audit and accounting professional fees related to the Domestication. Our public company-related expenses for the six months ended June 30, 2026 included $1,187 of non-cash stock-based compensation expense for consulting services.
Previous wording
The increase in net cash used in operating activities reflects higher operating activities and higher non-cash working capital changes in 2026. Overall, net cash used in operating activities for the three months ended March 31, 2026 and 2025 was primarily related to the funding of our research and development activities, including personnel-related expenses, manufacturing and clinical trial costs, and other costs associated with general and administrative expenses.
Current wording
Theincrease in net cash used in operating activities reflects higher operating activities and higher non-cash working capital changes in 2026. Overall, net cash used in operating activities for the six months ended June 30, 2026 and 2025 was primarily related to the funding of our research and development activities, including personnel-related expenses, manufacturing and clinical trial costs, and other costs associated with general and administrative expenses.
Previous wording
Net cash used in operating activities for the three months ended March 31, 2026 consisted of a net loss of $9,243 and non-cash working capital changes of $1,181, partially offset by non-cash adjustments of $3,131. Non-cash items primarily included stock-based compensation expense and the value of shares issued for consulting services. Non-cash working capital changes mainly reflected increased accounts payable and increased other receivables related to the PanCAN Therapeutic Accelerator Award.
Current wording
Net cash used in operating activities for thesix months ended June 30, 2026 consisted of a net loss of $18,685 and non-cash working capital changes of $2,415, partially offset by non-cash adjustments of $5,669. Non-cash items primarily included stock-based compensation expense and the value of shares issued for consulting services. Non-cash working capital changes were primarily driven by increases in prepaid expenses and other receivables, including amounts related to the PanCAN Therapeutic Accelerator Award, and decreases in accrued liabilities and accounts payable.
Previous wording
Net cash used in operating activities for the three months ended March 31, 2025 consisted of a net loss of $4,711 and non-cash working capital changes of $749, partially offset by non-cash adjustments of $727. Non-cash items primarily included stock-based compensation expense. Non-cash working capital changes mainly reflected decreased other liabilities reflecting utilization of funding received from PanCAN and increased accounts payable and accrued liabilities.
Current wording
Net cash used in operating activities for the six months ended June 30, 2025 consisted of a net loss of $9,988, offset by non-cash adjustments of $2,325, less non-cash working capital changes of $1,176. Non-cash working capital changes mainly reflected increased prepaid expenses and accounts payable and accrued liabilities and decreased other liabilities.
Previous wording
Net cash used by investing activities for the three months ended March 31, 2026 and 2025 were related to the acquisition of property and equipment.
Current wording
Net cash used by investing activities for the six months ended June 30, 2026 and 2025 were related to the acquisition of property and equipment.
Previous wording
Net cash provided by financing activities during the three months ended March 31, 2026 and 2025 consisted of net proceeds from sales of our common shares pursuant to ATM offering agreements.
Current wording
Net cash provided by financing activities during the six months ended June 30, 2026 consisted of net proceeds from sales of our common shares pursuant to ATM offering agreements. Net cash provided by financing activities during the six months ended June 30, 2025 consisted of net proceeds from sales of our common shares pursuant to our ATM and SEPA arrangements.
Previous wording
For the three months ended March 31, 2026, we raised net cash proceeds of $7,614 from the issuance of 7,446,574 common shares through our ATM offering agreement.
Current wording
For the six months ended June 30, 2026, we raised net cash proceeds of $14,385 from the issuance of 15,305,933 common shares through our ATM offering agreement.
Previous wording
As of March 31, 2026, our contractual obligations are comprised primarily of our accounts payable, accrued liabilities and operating lease obligations. In addition, we are committed to payments of approximately $350 for activities mainly related to our contract manufacturing program, which are expected to occur over the next one year. We are able to cancel most of these agreements with notice. The ultimate amount and timing of these payments are subject to changes in our research and development plan.
Current wording
As of June 30, 2026, our contractual obligations are comprised primarily of our accounts payable, accrued liabilities and operating lease obligations. In addition, we are committed to payments of approximately $347 for activities mainly related to our manufacturing program, which are expected to occur over the next year. The ultimate amount and timing of these payments are subject to changes in our research and development plan.
Previous wording
Policies and Significant Judgments and Estimates,” included in our annual report on Form 10-K for the fiscal year ended December 31, 2025, except for a change in the Company’s functional currency from the Canadian dollar to the U.S. dollar, effective January 1, 2026. This change and the related accounting treatment are described in Note 3 to the condensed consolidated financial statements included in this Quarterly Report on Form 10‑Q.
Current wording
There have been no material changes to our critical accounting policies and estimates from those disclosed in “Part II. Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Significant Judgments and Estimates,” included in our annual report on Form 10-K for the fiscal year ended December 31, 2025, except for a change in the Company’s functional currency from the Canadian dollar to the U.S. dollar, effective January 1, 2026.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Theincrease in our R&D expenses for thesix months ended June 30, 2026, was primarily due to the following:
Current report — wording carried from elsewhere
•Increased clinical trial expenses due to start-up costs for our phase 2 second-line mCRC study launched in the first
Current report — wording carried from elsewhere
quarter of 2026 and higher registration program planning-related expenses.
Current report — wording carried from elsewhere
•Increased public company-related expenses due to higher investor relations activities and additional legal and tax professional fees associated with the Domestication. Our public company-related expenses for the three months ended June 30, 2026 included $603 of non-cash stock-based compensation expense for consulting services.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
There have been no material changes to our critical accounting policies and estimates from those disclosed in “Part II.
Previous report — wording carried elsewhere
Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting