Oncolytics Biotech Inc Liquidation Value

Oncolytics Biotech Inc. (ONCY) is a clinical-stage biopharmaceutical company with no revenue-generating operations. Under a liquidation lens as of March 31, 2026, the recovery posture is deeply negative. Cash and cash equivalents stood at $5,493 thousand, which at 100% recovery constitutes the only material recoverable asset on the balance sheet. Additional assets include prepaid expenses of $1,033 thousand (insurance, R&D, professional fees, other) recoverable at modest haircut, a PanCAN grant receivable of $917 thousand recoverable at 90-95%, and minimal right-of-use assets offset by corresponding lease liabilities. No inventory, no PP&E of scale, and no intangibles are carried; pelareorep IP is expensed as incurred and does not appear on the balance sheet. Total recoverable assets on a liquidation basis are estimated at approximately $7.0-7.2 million before liability settlement. Liabilities at face value include accounts payable, accrued liabilities of $2,576 thousand (accrued R&D $1,251 thousand, accrued professional fees $1,208 thousand, accrued other $117 thousand), a noncurrent contract liability (deferred revenue from Adlai Nortye licensing agreement) of $4,910 thousand which does not extinguish on windup and would require settlement or negotiation, operating lease liabilities with present value of $508 thousand (undiscounted payments of $620 thousand through 2029), and a newly created stock option liability of $2,616 thousand arising from reclassification of CAD-denominated employee stock options from equity to liability classification effective January 1, 2026, under ASC 718 triggered by the functional currency change. This stock option liability is a cash obligation on windup. Uncommitted clinical and manufacturing purchase commitments of approximately $350 thousand are also expected to crystallize. Aggregate liabilities plus commitments at face value are approximately $11.0-11.5 million, producing a negative equity recovery in the range of $(3.8)-(4.5) million, consistent with MFFAIS CLV/LLV/OLV of approximately $(1.3)-(1.8) million (filing figures suggest a slightly larger deficit depending on how the contract liability is treated in a wind-down). The filing contains an explicit going concern qualification: management states current cash is insufficient to fund operations for twelve months from issuance date. Operating cash burn was $(7,293) thousand for Q1 2026, up from $(4,733) thousand in Q1 2025, driven by $9,243 thousand net loss. The Q1 2026 ATM raise of $7,614 thousand net effectively offset only one quarter of burn. Post-period, a new Jefferies ATM ($75,000 aggregate capacity) was executed April 6, 2026, with $2,292 thousand net raised through May 12, 2026. A material accounting change occurred this quarter: functional currency for the parent and Barbados subsidiary shifted from CAD to USD effective January 1, 2026 under ASC 830, converting all translated balances into the new accounting basis prospectively. This triggered reclassification of CAD-denominated stock options to liability classification, adding $2,616 thousand to the liability stack where none existed at December 31, 2025. The filing does not separately XBRL-tag total assets, total liabilities, or cash and cash equivalents as discrete balance sheet line items in the TAG_CONTEXT provided; accordingly, all balance sheet values referenced above are drawn from narrative disclosures and note detail in the filing body rather than from XBRL tags.