ONCOLYTICS BIOTECH INC

We are a clinical-stage biopharmaceutical company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep is a proprietary isolate of reovirus, a naturally occurring, non-pathogenic double-stranded RNA ("dsRNA") virus. It selectively replicates in RAS-mutated tumors, activating the innate and adaptive immune systems and weakening tumor defense mechanisms. This process improves the immune system's ability to fight cancer, making tumors more susceptible to various oncology treatments. Pelareorep has demonstrated promising results in changing the tumor microenvironment ("TME") to be more immunologically favorable, which makes the tumor more susceptible to treatment combinations. These combinations include chemotherapies, checkpoint inhibitors ("CPIs"), and other immuno-oncology approaches such as CAR T therapies, bispecific antibodies, and RAS or CDK4/6 inhibitors. Pelareorep induces tumor-reactive T cells, helps these cells infiltrate the tumor through an inflammatory process, and upregulates the expression of PD-1/PD-L1. The company has not been profitable since its inception and expects to continue incurring substantial losses as research and development efforts continue. Significant revenues are not expected until pelareorep becomes commercially viable.