Oncolytics Biotech (NASDAQ: ONCY) reported Q3 EPS of ($0.16), versus ($0.16) reported last year.

Financial Highlights

• As of September 30, 2020, the Company reported $26.7 million in cash and cash equivalents. The Company raised $3.6 million during the third quarter through the issuing of common stock through our ATM facility.
• Operating expense for the third quarter of 2020 was $2.5 million, compared to $1.8 million in the third quarter of 2019.
• R&D expense for the third quarter of 2020 was $3.9 million, compared to $1.7 million in the third quarter of 2019.
• Net cash used in operating activities for the third quarter of 2020 was $6.1 million, compared to $4.5 million for the third quarter of 2019.
• The net loss for the third quarter of 2020 was $6.7 million, compared to a net loss of $3.5 million in the third quarter of 2019. The basic and diluted loss per share was $0.16 in the third quarter of 2020, compared to a basic and diluted loss per share of $0.16 in the third quarter of 2019.

"We continue to execute on our clinical and corporate milestones to expand the understanding and clinical benefit of pelareorep," said Dr. Matt Coffey, President and Chief Executive Officer of Oncolytics Biotech Inc. "Clinical AWARE-1 data presented at SITC 2020 demonstrated the ability of pelareorep to reverse immunosuppressive tumor microenvironments and generate the anti-tumor T cell clones needed for a durable anti-cancer immune memory effect. These findings reinforce the survival benefit observed in a prior phase 2 study and bode well for a successful outcome of our BRACELET-1 trial, which rapidly completed its safety run-in phase and continues to enroll patients. We look forward to delivering additional mechanistic, biomarker, and efficacy data before the end of this year to inform the design of our phase 3 registrational program."

Dr. Coffey continued, "Data from the AWARE-1 and BRACELET-1 trials expand the commercial opportunity of pelareorep into additional indications and breast cancer subtypes, and the IRENE trial will answer if pelareorep can bolster the effectiveness of an anti-PD-1 combination treatment in triple-negative breast cancer patients. Likewise, our collaboration with Roche and AIO will drive the GOBLET phase 1/2 trial to determine if pelareorep can boost the effectiveness of Roche's anti-PD-L1 checkpoint inhibitor atezolizumab in patients with difficult-to-treat GI cancers. Together, these trials will define the potential of pelareorep to synergistically combine with checkpoint inhibitors and increase the number of patients responding to such therapies, as well as validate blood-based biomarkers that may facilitate the patient selection process. Finally, the addition of Dr. Richard Vile, a world-renowned expert in oncolytic viruses and immuno-oncology, to our Scientific Advisory Board, positions Oncolytics to expand the clinical applicability of pelareorep within breast cancer and across multiple cancer indications."

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