Oncolytics Biotech gets Nasdaq minimum bid price deficiency notice, has until January 19, 2027

Oncolytics Biotech Inc. (Nasdaq: ONCY) disclosed on July 24, 2026 that it received a Nasdaq minimum bid price deficiency letter. The company reported the letter in a Form 8-K signed by Chief Financial Officer Kirk Look. The 8-K reports the letter dated July 20, 2026, and the stock continues to trade on the Nasdaq Capital Market under the symbol "ONCY" for now.

What the letter says

The Nasdaq Listing Qualifications Staff wrote that the company's common stock, which has a par value of $0.001 per share, closed below $1.00 for 30 consecutive business days. On that basis, Nasdaq said Oncolytics is not in compliance with the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The 8-K says the letter has no immediate effect on the listing, which depends on the company meeting Nasdaq's other listing requirements.

The compliance period and what follows

The company has a compliance period of 180 calendar days from the date of the letter, under Rule 5810(c)(3)(A). That period runs until January 19, 2027. The stock regains compliance if its closing bid price is at least $1.00 for a minimum of ten consecutive business days at any point in the period. Nasdaq staff can extend that ten-day stretch at their discretion under Rule 5810(c)(3)(H).

If the company does not regain compliance, it may be eligible for a second 180-day period. To qualify, it must meet the market value of publicly held shares requirement and the other initial listing standards for the Capital Market, apart from the bid price test. It must also notify Nasdaq of its intent to cure the deficiency. If Nasdaq finds the company ineligible, or the company cannot cure in time, the stock becomes subject to delisting. The company says it will monitor the closing bid price and assess its options, and it adds there is no assurance it will regain compliance.

Cash and losses

The annual report for 2025, filed March 30, 2026, says that as of December 31, 2025 the company had cash and cash equivalents of $5.2 million. It reported net losses of $28.8 million for 2025 and $22.8 million for 2024, and an accumulated deficit of $429.5 million. The company says it has not generated positive cash flow or an operating profit, and that it does not expect significant revenue until pelareorep becomes commercially viable.

The report says current cash resources will fund near-term milestones, but are not sufficient to fund planned operations over the next 12 months. The report says these factors raise substantial doubt about the company's ability to continue as a going concern. The risk factors add that the company will need more financing to fund research and development and meet its capital requirements. The report says the company may not be able to secure a partnership for pelareorep, which could halt development.

The drug and its risks

Oncolytics describes itself as a clinical-stage biopharmaceutical company developing pelareorep. The company calls it a well-tolerated, intravenously delivered immunotherapeutic agent that selectively replicates in RAS-mutated tumors and activates the innate and adaptive immune systems. Pelareorep is a proprietary isolate of reovirus. The company says that priming the immune system with pelareorep could increase the proportion of patients who respond to cancer treatments, including immunotherapies.

Those claims are the company's own. The annual report warns that the company may not achieve its projected development milestones in the time frames it announces, and that it may not be able to price its product competitively.

Who signed

Kirk Look, Chief Financial Officer, signed the 8-K. The 8-K names no underwriter, placement agent, lender or financial advisor.

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