*Issuer Sponsored Content by Oncolytics Biotech, Inc

Oncolytics Biotech® Announces Type C FDA Meeting to Discuss Single-arm Registrational Pathway for Pelareorep in Anal Cancer
Pelareorep: A First-in-Class dsRNA Immunotherapy with FDA Pivotal Alignment Delivering 3–4x Survival Gains in Multiple GI Cancers
ONCY has multiple FDA Fast Track Designations, clinical validation in 1,200+ patients
Oncolytics Biotech® Announces Positive Initial Preclinical Findings Supporting Further Evaluation of Pelareorep in Combination with RAS-Targeted Approaches
READ THE INVESTOR PRESENTATION HERE
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Hello Everyone,
Yesterday’s alert did not disappoint by any means. It opened at 16.54 before running to 20 later on in the session for a pretty impressive move to the upside. That was the 3rd time in a row that one demonstrated its ability to move double digits for us.
Moving on we have a different but unique situation for today’s session.
Not every $1.00 stock on the NASDAQ deserves a second look but ONCY might be one of the exceptions.
This one was sub .80 less than 2 weeks ago before it went on a 6 session green run that launched it all the way to 1.18. It was a monster move.
Just yesterday it pulled back below $1 and we think that this is a great time to research this one given the timing.
Could ONCY be ready for the next leg up after a healthy pull back with some expected profit taking?
The clinical-stage biotech behind pelareorep just secured FDA alignment on a pivotal registrational trial in metastatic anal cancer — a development that fundamentally changes the regulatory conversation around this company. Pair that with some of the more striking durability numbers seen in GI oncology recently, and ONCY is quietly building a case that’s harder to dismiss.
With multiple FDA Fast Track Designations, clinical validation in 1,200+ patients, and a registration-focused development strategy in colorectal and anal cancers, pelareorep is positioned as a differentiated immunotherapy platform targeting some of the largest and most underserved opportunities in oncology
The FDA Milestone That Changes the Math
In April 2026, Oncolytics reached alignment with the FDA on a registrational trial design for pelareorep in squamous cell anal cancer. This isn’t just a procedural checkbox — it’s a defined pathway toward potential approval.
The trial structure includes:
- A single randomized study capable of supporting both accelerated and full approval
- Pelareorep combined with a checkpoint inhibitor
- Second-line and beyond SCAC patients
- Approximately 80–100 participants
- Primary endpoints centered on objective response rate and duration of response
- Expected initiation in the second half of 2026
Late-stage anal cancer remains an area with no firmly established standard of care, which creates real space for a therapy producing durable responses.

The Colorectal Data That’s Getting Attention
The numbers coming out of ONCY’s colorectal cancer program are what initially put the company on the radar for many biotech watchers. In KRAS-mutant MSS metastatic colorectal cancer — historically one of the most resistant tumor types — pelareorep’s combination approach has posted results well above historical baselines:
- 19.5-month median duration of response — compared to a typical 4–6 months
- 33% response rate — versus a historical range of 6–11%
- 27-month median overall survival — more than double the usual 11–13 month benchmark
- 16.6-month progression-free survival — against a historical 5–7 month range
These aren’t marginal improvements. The durability gap between pelareorep’s data and standard-of-care history is wide enough to warrant serious attention.
Why the Platform Matters
The underlying science gives some context for why the data looks the way it does. Most GI tumors are immunologically “cold” — the immune system essentially fails to recognize them as threats, which is a core reason checkpoint inhibitors alone have underperformed in colorectal and pancreatic settings.
Pelareorep is an intravenously delivered dsRNA immunotherapy designed to work around that problem. It selectively replicates inside tumor cells, triggers immunogenic cell death, and appears to remodel the tumor microenvironment in ways that make checkpoint inhibitors more effective. The result is a potential “cold to hot” tumor conversion — activating both innate and adaptive immune responses in cancers that have historically resisted them.
CEO Jared Kelly has described the ambition as building pelareorep into a “backbone immunotherapy” across multiple cancer types, which is a bold framing — but the multi-indication data is at least beginning to support the thesis.
The Market Opportunity
The indications ONCY is targeting aren’t small. The global colorectal cancer therapeutics market is estimated around $20 billion, with the specific second-line KRAS-mutant MSS segment representing a potential $3–5 billion annual opportunity given how few effective options currently exist. Pancreatic cancer adds another multi-billion-dollar layer, and the anal cancer market is projected to expand significantly over the next decade.
For a company trading under a dollar, the gap between current valuation and addressable opportunity is notable.

What to Watch
Execution is the variable that matters most from here. The key milestones on the horizon include the anticipated trial launch in anal cancer, further data updates from the colorectal program, and any partnership or collaboration developments that could accelerate the pipeline.
ONCY carries the risk profile inherent to any clinical-stage biotech — regulatory outcomes are never certain, and early data doesn’t guarantee late-stage success. But the combination of FDA alignment, multi-indication durability data, Fast Track designations, and a sub-dollar entry point creates the kind of asymmetric setup that tends to attract attention in the small-cap biotech space.
The story is still being written. But the recent chapters have been more interesting than most.
Pipeline

Oncolytics Biotech® Announces Positive Initial Preclinical Findings Supporting Further Evaluation of Pelareorep in Combination with RAS-Targeted Approaches
Early results from solid tumor model support additional studies in pancreatic and colorectal cancer models; full dataset planned for presentation later in 2026
SAN DIEGO, June 01, 2026 (GLOBE NEWSWIRE) — Oncolytics Biotech® Inc. (Nasdaq: ONCY) (“Oncolytics” or the “Company”), a clinical-stage company developing pelareorep, today 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. Pelareorep is an investigational, systemically active immunotherapy that promotes potentially protective immune responses, including the upregulation of key inflammatory cytokines resulting in the formation of tertiary lymphoid structures and the expansion of tumor-infiltrating lymphocytes.
Based on these findings, the Company is planning additional studies in models of pancreatic ductal adenocarcinoma (“PDAC”) and colorectal cancer (“CRC”) 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.
“We believe these initial findings further support pelareorep’s potential to serve as an immune-priming backbone for next-generation targeted therapies,” said Jared Kelly, Chief Executive Officer of Oncolytics. “RAS-mutated tumors, particularly pancreatic and colorectal cancers, remain among the most difficult cancers to treat due to intrinsic immune resistance and the emergence of therapeutic resistance over time. These preclinical results support further study of the combinations’ anti-tumor and immune effects, including in models designed to assess durability and time-to-resistance.”
Mr. Kelly continued, “Importantly, we believe this strategy may ultimately represent a potentially important area for further investigation in pancreatic cancer, where nearly all tumors harbor RAS pathway alterations and where patients continue to face extremely limited treatment options. The potential synergy observed in previous PDAC clinical studies and preclinical RAS-targeted modalities reinforces our belief that pelareorep may play an important role in future combination strategies designed to improve the durability of targeted therapies.”
Full results from the initial preclinical studies are expected to be presented in the fall or winter of 2026.
NEWS
3 days ago
May 22, 2026
Oncolytics Biotech® Reports Durable Responses in Second-Line RAS-Mutant MSS Colorectal Cancer
May 4, 2026
Oncolytics Aligns with FDA on Planned Pivotal Anal Cancer Study
Apr 27, 2026
Apr 6, 2026
Oncolytics Biotech® Completes Domicile Change to the United States
Apr 1, 2026
The Patent Cliff is Coming, Driving Smart Money Towards Precision Oncology
Mar 19, 2026
Mar 19, 2026
Next-Generation Cancer Therapies Post Breakthrough Results Across Multiple Tumor Types
Mar 5, 2026
Oncolytics Biotech® Launches Randomized Colorectal Cancer Study
Mar 2, 2026
MANAGEMENT
Jared Kelly
Chief Executive Officer & Director
Jared Kelly is an accomplished lawyer and executive with a distinguished career in corporate law, particularly within the biotechnology sector. Mr. Kelly recently served as head of legal and corporate strategy at Ambrx and played a central role in its $2 billion sale to Johnson & Johnson. He has managed numerous transactions in the biotech space for companies at various stages of development. After leaving Ambrx, he has served as an advisor to multiple public and private drug development and pharmaceutical companies. Prior to becoming a biotech executive, Mr. Kelly was a sought-after public company lawyer who began his career with Kirkland & Ellis LLP, where he represented various public companies in securities offerings, IPOs and merger transactions. He also served as a partner at Lowenstein Sandler LLP, where his practice focused on representing biotechnology companies in financing transactions, mergers and acquisitions, and other complex transactions. Mr. Kelly received his J.D. and an LL.M. in Securities and Financial Regulation from Georgetown University Law Center, where he was the recipient of multiple honors and fellowships, including the Lane Evans Fellowship and Decrane Scholarship.
Kirk Look, CA, MSJ
Chief Financial Officer
Kirk Look is a Chartered Accountant with more than twenty years of experience in accounting, finance, tax and treasury. Mr. Look joined Oncolytics as the Company’s Controller in April 2003 and assumed the role of Chief Financial Officer in November 2012. Prior to joining Oncolytics, from 2000 to April 2003, Mr. Look was Manager of Audit and Assurance Services with Ernst & Young LLP in Canada. From 1998 to the end of 1999, Mr. Look held the positions of Audit Manager and Senior Accountant at Ernst & Young LLP in Chile. Mr. Look has a Bachelor of Commerce from the University of Calgary and a Master of Science in Jurisprudence Law Degree from the Seton Hall Law School.
Thomas C. Heineman, MD, PhD
Chief Medical Officer
Prior to joining Oncolytics, Dr. Thomas Heineman was Senior Vice President and Head of Clinical Development at Denovo Biopharma. Prior to his time at Denovo, he served as Vice President and Head of Clinical Development at both Genocea Biosciences and Halozyme Therapeutics. At Halozyme, Dr. Heineman was also Head of Translational Medicine and oversaw clinical trials in indications such as breast and pancreatic cancer. Dr. Heineman’s experience further extends to big pharma and academia, as he previously worked as Senior Director, Global Clinical Research and Development at GlaxoSmithKline and as an Associate Professor at the Saint Louis University School of Medicine. Dr. Heineman has co-authored over 60 peer-reviewed publications and is board certified in Internal Medicine and Infectious Diseases. He completed his fellowship in Infectious Diseases at the National Institutes of Health and his internship and residency at the University of Maryland. Dr. Heineman earned his MD and PhD in Virology at the University of Chicago.
Allison Hagerman, PEng, PMP, MBT
Chief Technology Officer
A professional engineer focused on biotechnology, Allison Hagerman joined Oncolytics in 2010 and has been integral to the progress of its product development program ever since. Prior to being appointed as Vice President of Product Development, Ms. Hagerman was the Director, Manufacturing and Engineering from 2013-2017 and Project Manager from 2010-2013, during which time she led the process performance qualification for pelareorep drug substance. Ms. Hagerman is a Professional Engineer (P.Eng., APEGA) and Project Management Professional (PMP, PMI). She holds a Master of Biomedical Technology (MBT) degree from the University of Calgary, and B.Sc. degrees in both Chemical Engineering and Biological Sciences. She is an accomplished equestrian and spends her spare time on horseback.
SINCERELY,

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