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May 5, 2022, 4:01 p.m. EDT

Oncolytics Biotech� Reports First Quarter 2022 Financial Results and Recent Operational Highlights

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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#.


(in Canadian dollars, except share amounts)

             As at                                                     March 31,  December 31,
                                                                             2022           2021
                      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


(in Canadian dollars, except share amounts)

             For the three months ended March 31,                                                     2022          2021
                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


(in Canadian dollars)

                                                              Share Capital  Warrants          Contributed                Accumulated            Accumulated           Total
                                                                                       Surplus                   Other                   Deficit
             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


(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
             Jon Patton
             Timothy McCarthy
             Director of IR & Communication
             LifeSci Advisors
             +1-858-886-7813                      +1
                        jpatton@oncolytics.ca                tim@lifesciadvisors.com

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