Oncolytics Biotech Inc. Announces Q3 2024 Financial Outcomes
Oncolytics Biotech Inc. Announces Q3 2024 Financial Outcomes
Oncolytics Biotech Inc. (NASDAQ: ONCY) is making waves in the biotech world, and the latest quarterly financial report provides insights into its promising development journey. Recent research data from the BRACELET-1 study illustrates significant survival benefits in the treatment of HR+/HER2- metastatic breast cancer, reinforcing the rationale for advancing pelareorep alongside paclitaxel in future clinical studies.
Positive Study Results Highlight Patient Outcomes
The BRACELET-1 study has exceeded expectations, revealing that patients treated with a combination of pelareorep and paclitaxel demonstrated a progression-free survival of 12.1 months. This is a notable improvement from the 6.4 months seen with paclitaxel alone, offering a benefit of 5.7 months. Additionally, 64% of those receiving the combination therapy lived at least two years, compared to just 33% on paclitaxel monotherapy.
Patient Survival Rates Support Continued Research
Given the results, management is gearing up for a registration-enabling study aimed at seeking accelerated approval for pelareorep. The survival rates observed suggest that, assumably, the overall survival will be favorable, with estimates projecting a median survival of 32.1 months for those on the pelareorep regimen, compared to 18.2 months for paclitaxel alone.
Financial Highlights Indicate Stability
As of September 30, 2024, Oncolytics reported cash and cash equivalents totaling $19.6 million, with a projected cash runway that extends into 2025. The net loss for the third quarter stood at $9.5 million, which is an improvement from $9.9 million for the same period in 2023. The basic and diluted loss per share was reported at $0.12, compared to $0.14 from the previous year.
Investment in Research and Development
The third quarter saw research and development expenses rise to $6.8 million, attributed to increased costs in manufacturing and clinical trials, compared to $5.8 million for Q3 2023. General and administrative expenses, however, decreased significantly to $3.1 million from $5.2 million year-over-year, primarily due to reduced investor relations activities.
Anticipated Milestones and Future Directions
Looking forward, Oncolytics has a series of milestones set for 2025, including the finalization of a master protocol for an adaptive registration-enabling trial for pelareorep in first-line pancreatic ductal adenocarcinoma. Presentations of updated efficacy data from the anal cancer cohort and safety data from the modified FOLFIRINOX cohort are also on the horizon.
Management's Confidence in Future Developments
Wayne Pisano, Chairman and Interim CEO, emphasized the need for continued dialogue with regulators and key opinion leaders while expressing optimism about pelareorep's potential impact on patient outcomes in gastrointestinal cancers. He highlighted 2025 as a pivotal year for both pelareorep and Oncolytics as they advance towards registration studies.
About Oncolytics Biotech Inc.
Oncolytics is at the forefront of biotechnology, focusing on the development of pelareorep, an intravenously delivered immunotherapeutic agent. This innovative therapy has shown promise in inducing immune responses against cancer and is currently involved in various clinical trials targeting solid malignancies. The company continues to pursue synergistic treatments with pelareorep, positioning itself as a key player in the oncological landscape.
Frequently Asked Questions
What is Oncolytics Biotech Inc. known for?
Oncolytics Biotech Inc. specializes in developing immunotherapy solutions for cancer treatment, particularly through their innovative drug, pelareorep.
What were the key financial takeaways from Q3 2024?
The company reported $19.6 million in cash, a net loss of $9.5 million, and improved per-share loss from the previous year.
How did pelareorep perform in the latest studies?
In the BRACELET-1 study, pelareorep + paclitaxel demonstrated superior survival rates compared to paclitaxel alone, with a progression-free survival of 12.1 months.
What is the company’s future outlook?
Oncolytics plans to pursue a registration-enabling study and has several upcoming milestones in 2025 related to pelareorep and its applications in various cancers.
Who should be contacted for more information about Oncolytics?
For inquiries, Jon Patton, Director of IR & Communication, can be contacted, along with the investor relations representative Timothy McCarthy from LifeSci Advisors.
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