Management will host a conference call for analysts and institutional investors at 5:00 p.m. ET today, May 5, 2022. To access the call, please dial (888) 664-6383 (North America) or (416) 764-8650 (International) and, if needed, provide confirmation number 6952-6976. A live webcast of the call will also be available by clicking here or on the Investor Relations page of Oncolytics' website (LINK) and will be archived for three months. A dial in replay will be available for one week and can be accessed by dialing (888) 390-0541 (North America) or (416) 764-8677 (International) and using replay code: 526-976#.
ONCOLYTICS BIOTECH INC.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(unaudited)
(in Canadian dollars, except share amounts)
As at March 31, December 31, 2022 2021 Assets Current assets Cash and cash equivalents $39,483,022 $41,262,044 Other receivables 102,217 866,055 Prepaid expenses 3,950,332 2,775,800 Total current assets 43,535,571 44,903,899 Property and equipment 403,153 392,041 Right-of-use assets 507,556 584,251 Total assets $44,446,280 $45,880,191 Liabilities And Shareholders' Equity Current Liabilities Accounts payable and accrued liabilities $2,048,476 $1,987,870 Other liabilities 352,279 Lease liabilities 307,480 293,672 Warrant derivative 68,231 56,017 Total current liabilities 2,424,187 2,689,838 Contract liability 6,730,287 6,730,287 Lease liabilities 276,640 361,081 Total liabilities 9,431,114 9,781,206 Commitments and contingencies Shareholders' equity Share capital 396,504,249 391,348,183 Authorized: unlimited Issued: March 31, 2022 - 57,501,688 December 31, 2021 - 55,043,789 Warrants 3,617,570 3,617,570 Contributed surplus 34,746,749 34,161,103 Accumulated other comprehensive income 340,728 387,738 Accumulated deficit (400,194,130) (393,415,609) Total shareholders' equity 35,015,166 36,098,985 Total liabilities and shareholder's equity $44,446,280 $45,880,191
ONCOLYTICS BIOTECH INC.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS(unaudited)
(in Canadian dollars, except share amounts)
For the three months ended March 31, 2022 2021 Expenses Research and development $3,707,996 $2,759,014 Operating 2,602,090 3,141,890 Loss before the following (6,310,086) (5,900,904) Change in fair value of warrant derivative (13,019) (164,780) Foreign exchange loss (474,120) (390,554) Interest income, net 18,704 21,493 Net loss (6,778,521) (6,434,745) Other comprehensive loss items that may be reclassified to net loss Translation adjustment (47,010) (40,312) Net comprehensive loss $(6,825,531) $(6,475,057) Basic and diluted loss per common share $(0.12) $(0.13) Weighted average number of shares (basic and diluted) 56,576,462 49,666,585
ONCOLYTICS BIOTECH INC.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(unaudited)
(in Canadian dollars)
Share Capital Warrants Contributed Accumulated Accumulated Total Surplus Other Deficit Comprehensive Income As at December 31, 2020 $356,824,172 $3,617,570 $31,022,356 $400,225 $(367,111,330) $24,752,993 Net loss and other comprehensive loss (40,312) (6,434,745) (6,475,057) Issued pursuant to stock option plan 302,908 (113,558) 189,350 Issued pursuant to incentive share award plan 292,039 (292,039) Issued pursuant to "At the Market" Agreement 25,831,909 25,831,909 Issued pursuant to warrant derivative exercised 686,616 686,616 Share-based compensation 658,076 658,076 Share issue costs (974,247) (974,247) As at March 31, 2021 $382,963,397 $3,617,570 $31,274,835 $359,913 $(373,546,075) $44,669,640 As at December 31, 2021 $391,348,183 $3,617,570 $34,161,103 $387,738 $(393,415,609) $36,098,985 Net loss and other comprehensive income (47,010) (6,778,521) (6,825,531) Issued pursuant to stock option plan 19,570 (7,487) 12,083 Issued pursuant to incentive share award plan 45,848 (45,848) Issued pursuant to "At the Market" Agreement 5,267,058 5,267,058 Share-based compensation 638,981 638,981 Share issue costs (176,410) (176,410) As at March 31, 2022 $396,504,249 $3,617,570 $34,746,749 $340,728 $(400,194,130) $35,015,166
ONCOLYTICS BIOTECH INC.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)
(in Canadian dollars)
For the three months ended March 31, 2022 2021 Operating Activities Net loss for the period $(6,778,521) $(6,434,745) Depreciation - property and equipment 23,952 20,550 Depreciation - right-of-use-assets 73,612 86,184 Share-based compensation 638,981 658,076 Interest expense on lease liabilities 23,774 13,809 Unrealized foreign exchange loss 409,863 519,368 Change in fair value of warrant derivative 13,019 164,780 Net change in non-cash working capital (656,805) (596,479) Cash used in operating activities (6,252,125) (5,568,457) Investing Activities Acquisition of property and equipment (35,521) Cash used in investing activities (35,521) Financing Activities Proceeds from exercise of stock options 12,083 189,350 Proceeds from exercise of warrant derivative 230,946 Proceeds from "At the Market" equity distribution agreement 5,090,648 24,857,662 Payment of lease liabilities (88,836) (111,673) Cash provided by financing activities 5,013,895 25,166,285 (Decrease) increase in cash (1,273,751) 19,597,828 Cash and cash equivalents, beginning of period 41,262,044 31,219,574 Impact of foreign exchange on cash and cash equivalents (505,271) (455,240) Cash and cash equivalents, end of period $39,483,022 $50,362,162
1. Melenhorst, J.J., Chen, G.M., Wang, M. et al. Decade-long leukaemia remissions with persistence of CD4(+) CAR T cells. Nature (2022). https://doi.org/10.1038/s41586-021-04390-6
About Oncolytics Biotech Inc.
Oncolytics is a biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. This compound induces anti-cancer immune responses and promotes an inflamed tumor phenotype -- turning "cold" tumors "hot" -- through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with immune checkpoint inhibitors and may also be synergistic with other approved oncology treatments. Oncolytics is currently conducting and planning clinical trials evaluating pelareorep in combination with checkpoint inhibitors and targeted therapies in solid and hematological malignancies as it advances towards a registration study in metastatic breast cancer. For further information, please visit: www.oncolyticsbiotech.com .
This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and forward-looking information under applicable Canadian securities laws (such forward-looking statements and forward-looking information are collectively referred to herein as "forward-looking statements"). Forward-looking statements contained in this press release include statements regarding Oncolytics' belief as to the potential and benefits of pelareorep as a cancer therapeutic; Oncolytics' expectations as to the purpose, design, outcomes and benefits of its current or pending clinical trials involving pelareorep; Oncolytics' beliefs as to pelareorep's wide-ranging therapeutic and the advantages of its corporate strategy; Oncolytics' beliefs that the latest data in HR+/HER2- breast cancer further de-risk its upcoming randomized phase 2 data readout and its expectation that the data readout will confirm and expand upon its prior findings; Oncolytics' belief that its strategy has positioned it for sustained success; Oncolytics' expectations the completion of its Nortye Adlai's bridging trial will accelerate pelareorep's development in China; Oncolytics' belief that use of a predictive biomarker in future studies may increase the likelihood of success of the studies; Oncolytics' belief that pelareorep has the potential to significantly expand the potential opportunity offered by CAR T therapies; Oncolytics anticipated milestones and catalysts, including completion of enrollment in phase 2 BRACELET-1 metastatic breast cancer study in Q2 2022; GOBLET pancreatic cohort update in Q3 2022; top-line data from phase 2 BRACELET-1 metastatic breast cancer study in Q4 2022; and its plans to release an interim safety update from BRACELET-1 metastatic breast cancer study; our plans to advance towards a registration study in metastatic breast cancer; and other statements related to anticipated developments in Oncolytics' business and technologies. In any forward-looking statement in which Oncolytics expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. Such forward-looking statements involve known and unknown risks and uncertainties, which could cause Oncolytics' actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the efficacy of pelareorep as a cancer treatment, the success and timely completion of clinical studies and trials, Oncolytics' ability to successfully commercialize pelareorep, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. In particular, we may be impacted by business interruptions resulting from COVID-19 coronavirus, including operating, manufacturing supply chain, clinical trial and project development delays and disruptions, labour shortages, travel and shipping disruption, and shutdowns (including as a result of government regulation and prevention measures). It is unknown whether and how Oncolytics may be affected if the COVID-19 pandemic persists for an extended period of time. We may incur expenses or delays relating to such events outside of our control, which could have a material adverse impact on our business, operating results and financial condition. Investors should consult Oncolytics' quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. The Company does not undertake any obligation to update these forward-looking statements, except as required by applicable laws.
Company Contact Investor Relations for Oncolytics Jon Patton Timothy McCarthy Director of IR & Communication LifeSci Advisors +1-858-886-7813 +1 - 917-679-9282 email@example.com firstname.lastname@example.org
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