The financial position has weakened significantly, with total liabilities of $13.3 million now exceeding total assets of $8.2 million, resulting in a negative equity balance of -$5.1 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Total Current Assets | 7.49M | 9.39M | 18.88M | 38.17M | 35.68M | 44.9M | 33.74M | 18.93M | 14.45M | 17.82M | 14.44M | 26.92M | 16.67M | 27.69M | 21.67M | 35.63M | 43.47M | 36.34M | 13.54M | 25.55M | 28.34M | 40.99M | 34.22M | 20.97M | 8.44M | 15.09M | 17.8M | 4.58M |
| Cash & Short-Term Investments | 5.49M | 7.14M | 15.94M | 34.91M | 32.14M | 41.26M | 31.22M | 14.15M | 13.7M | 11.84M | 14.12M | 26.08M | 16.18M | 27.22M | 21.29M | 34.86M | 42.91M | 35.74M | 13.28M | 25.21M | 27.61M | 40.41M | 33.92M | 20.75M | 8.32M | 14.97M | 17.62M | 4.55M |
| Cash Only | 5.49M | 7.14M | 15.94M | 34.91M | 11.67M | 41.26M | 31.22M | 14.15M | 13.7M | 11.84M | 12.03M | 24.02M | 14.15M | 25.22M | 19.32M | 32.92M | 39.3M | 33.98M | 7.43M | 6.72M | 3.49M | 3.51M | 12.41M | 2.64M | 8.32M | 14.97M | 17.62M | 4.55M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 20.47M | 0 | 0 | 0 | 0 | 0 | 2.09M | 2.06M | 2.03M | 2M | 1.97M | 1.94M | 3.61M | 1.76M | 5.85M | 18.5M | 24.12M | 36.89M | 21.51M | 18.11M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 961K | 786.23K | 68K | 15K | 521K | 866K | 0 | 0 | 51.65K | 4.8M | 54.41K | 340.06K | 0 | 0 | 44.98K | 55.39K | 284.99K | 64.79K | 86.32K | 80.08K | 84K | 47.39K | 47.77K | 0 | 48.54K | 95.32K | 137.72K | 19.75K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.38 | - | - | - | - | - | - | 22.08 | 24.92 | - | 84.82 | - | 162.15 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.9K | 0 | 0 | 0 | 540.37K | 250.36K | 156.84K | 0 | 24.19K | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.31 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 980K | 0 | 0 | 0 | 89.66K | 2.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 39.34K | 15.29K |
| Total Non-Current Assets | 674K | 1.01M | 1.31M | 647K | 1.65M | 976K | 609.13K | 727.48K | 412.74K | 333.44K | 319.95K | 459.82K | 525.38K | 532.46K | 409.25K | 392.11K | 962.59K | 934.35K | 444.68K | 5.23M | 5.23M | 5.3M | 5.27M | 5.08M | 9.52M | 3.98M | 3.86M | 2.58M |
| Property, Plant & Equipment | 674K | 1.01M | 1.31M | 647K | 652K | 976K | 609.13K | 727.48K | 412.74K | 333.44K | 319.95K | 459.82K | 525.38K | 532.46K | 409.25K | 392.11K | 226.91K | 218.13K | 263.93K | 201.1K | 149.6K | 189.86K | 5.26M | 290.5K | 308.94K | 211.12K | 58.9K | 18.29K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | 11.85x | - | - | - | - | - | - | 4.13x | 0.13x | 1.08x | 0.68x | - | 5.26x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180.75K | 5.03M | 0 | 0 | 0 | 4.67M | 4.21M | 3.77M | 3.8M | 2.56M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 716.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 998K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 735.68K | 0 | 0 | 0 | 5.08M | 5.11M | 12K | 111.42K | 5.01M | 0 | 0 | 0 |
| Total Assets | 8.16M | 10.4M | 20.19M | 38.82M | 37.33M | 45.88M | 34.35M | 19.66M | 14.87M | 18.15M | 14.76M | 27.38M | 17.19M | 28.22M | 22.08M | 36.02M | 44.43M | 37.27M | 13.99M | 30.78M | 33.57M | 46.29M | 39.49M | 26.05M | 17.97M | 19.07M | 21.66M | 7.16M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.22x | - | - | - | - | - | - | 0.02x | 0.02x | 0.01x | 0.01x | - | 0.01x | - |
| Asset Growth % | -196.67% | -48.46% | -48% | 3.98% | -18.63% | 33.58% | 74.72% | 32.24% | -18.1% | 22.98% | -46.11% | 59.27% | -39.08% | 27.83% | -38.71% | -18.92% | 19.22% | 166.46% | -54.56% | -8.29% | -27.5% | 17.23% | 51.58% | 44.98% | -5.79% | -11.94% | 202.33% | - |
| Total Current Liabilities | 5.42M | 8.37M | 6.69M | 4.24M | 3.94M | 2.69M | 2.71M | 12.87M | 2.81M | 5.23M | 4.07M | 2.71M | 3.37M | 6.01M | 7.29M | 6.5M | 2.5M | 4.43M | 4.53M | 2.82M | 2.62M | 1.69M | 949.26K | 884.93K | 1.26M | 2.32M | 604.89K | 86.1K |
| Accounts Payable | 0 | 4.81M | 1.09M | 1.08M | 2.25M | 594K | 1.81M | 3.17M | 1.83M | 3.51M | 4.07M | 2.71M | 3.37M | 6.01M | 7.29M | 0 | 0 | 0 | 0 | 2.82M | 2.62M | 1.69M | 949.26K | 884.93K | 1.26M | 2.32M | 604.89K | 86.1K |
| Days Payables Outstanding | 51.53K | - | - | 1.32K | 2.73K | 601.29 | 1.98K | 2.39K | 6.99K | 14.1K | 9.15K | 5.48K | - | - | 548.55 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 166K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 927.4K | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.26M | 3.3M | 1.62M | 532K | 79K | 408K | 655.21K | 9.36M | 988.72K | 178.13K | 0 | 0 | 0 | 0 | 0 | 6.5M | 2.5M | 4.43M | 4.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.38x | 1.12x | 2.82x | 9.01x | 9.05x | 16.69x | 12.45x | 1.47x | 5.13x | 3.41x | 3.55x | 9.94x | 4.94x | 4.61x | 2.97x | 5.48x | 17.38x | 8.21x | 2.99x | 9.06x | 10.83x | 24.22x | 36.05x | 23.70x | 6.70x | 6.50x | 29.42x | 53.24x |
| Quick Ratio | 1.38x | 1.12x | 2.82x | 9.01x | 9.05x | 16.69x | 12.45x | 1.47x | 5.13x | 3.41x | 3.55x | 9.94x | 4.94x | 4.61x | 2.97x | 5.48x | 17.38x | 8.20x | 2.99x | 9.06x | 10.83x | 23.90x | 35.78x | 23.52x | 6.70x | 6.49x | 29.42x | 53.24x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.87M | 7.24M | 7.52M | 7.02M | 6.89M | 7.09M | 6.88M | 6.9M | 5.86M | 4.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 150K | 150K | 150K | 150K | 150K | 797.62K | 1.14M | 150K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 150K | 150K | 150K | 150K | 150K | 150K | 150K | 150K |
| Capital Lease Obligations | 1.87M | 507.69K | 787K | 290K | 157K | 361K | 153.17K | 166.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 647.62K | 988.19K | 0 |
| Other Non-Current Liabilities | 2.62M | 0 | 0 | 0 | 0 | 0 | 6.73M | 6.73M | 5.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 13.29M | 15.62M | 14.2M | 11.26M | 10.83M | 9.78M | 9.59M | 19.77M | 8.67M | 9.87M | 4.07M | 2.71M | 3.37M | 6.01M | 7.29M | 6.5M | 2.5M | 4.43M | 4.53M | 2.82M | 2.77M | 1.84M | 1.1M | 1.03M | 1.41M | 3.12M | 1.74M | 236.1K |
| Total Debt | 508K | 772.51K | 1.06M | 423K | 373K | 655K | 402.06K | 506.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 150K | 150K | 150K | 150K | 150K | 150K | 150K | 150K |
| Net Debt | -4.99M | -6.37M | -14.88M | -34.49M | -11.29M | -40.61M | -30.82M | -13.64M | -13.7M | -11.84M | -12.03M | -24.02M | -14.15M | -25.22M | -19.32M | -32.92M | -39.3M | -33.98M | -7.43M | -6.72M | -3.34M | -3.36M | -12.26M | -2.49M | -8.17M | -14.82M | -17.47M | -4.4M |
| Debt / Equity | -0.10x | - | 0.18x | 0.02x | 0.01x | 0.02x | 0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x | 0.01x | 0.02x |
| Debt / EBITDA | -0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.16x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | -5.13M | -5.21M | 5.98M | 27.56M | 26.5M | 36.1M | 24.75M | -107.89K | 6.2M | 8.28M | 10.69M | 24.67M | 13.82M | 22.21M | 14.79M | 29.52M | 41.93M | 32.84M | 9.45M | 27.96M | 30.8M | 44.45M | 38.39M | 25.02M | 16.56M | 15.95M | 19.92M | 6.93M |
| Equity Growth % | -507.97% | -187.13% | -78.29% | 4% | -26.59% | 45.84% | 23041.96% | -101.74% | -25.21% | -22.51% | -56.68% | 78.55% | -37.79% | 50.22% | -49.91% | -29.6% | 27.67% | 247.44% | -66.19% | -9.22% | -30.71% | 15.79% | 53.46% | 51.08% | 3.79% | -19.89% | 187.47% | - |
| Book Value per Share | -0.05 | -0.05 | 0.08 | 0.41 | 0.46 | 0.67 | 0.61 | -0.00 | 0.39 | 0.59 | 0.85 | 2.08 | 1.49 | 2.53 | 1.85 | 3.95 | 6.38 | 6.32 | 2.17 | 6.57 | 8.06 | 12.91 | 12.77 | 10.19 | 7.44 | 8.20 | 10.89 | 0.11 |
| Total Shareholders' Equity | -5.13M | -5.21M | 5.98M | 27.56M | 26.5M | 36.1M | 24.75M | -107.89K | 6.2M | 8.28M | 10.69M | 24.67M | 13.82M | 22.21M | 14.79M | 29.52M | 41.93M | 32.84M | 9.45M | 27.96M | 30.8M | 44.45M | 38.39M | 25.02M | 16.56M | 15.95M | 19.92M | 6.93M |
| Common Stock | 0 | 0 | 438.19M | 430.91M | 404.04M | 391.35M | 356.82M | 311.08M | 285.19M | 271.71M | 262.32M | 261.32M | 237.66M | 228.61M | 198.16M | 177.28M | 0 | 138.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -438.74M | -589.32M | -477.71M | -446M | -418.25M | -393.42M | -367.11M | -344.61M | -311.48M | -294.45M | -278.83M | -263.69M | -249.97M | -231.35M | -207.81M | -171.44M | -138.76M | -124.38M | -102.56M | -80.52M | -65.03M | -50.73M | -37.95M | -24.99M | -16.45M | -10.36M | -4.19M | -574.46K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 6.22M | 8.54M | 961K | 544K | 662K | 388K | 4.02M | 4.08M | 607.5K | 373.73K | 554.06K | 760.98K | 280.04K | 79.7K | -57.12K | -117.5K | -513.84K | -450.77K | -385.84K | 5.35M | 4.22M | 4.43M | 9.7M | 5.3M | 2.7M | 2.5M | 2.5M | 2.5M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity depletion risk
As reported in recent financial statements, ONCY's total assets have plummeted from $38.8 million in 2023Q4 to just $8.2 million by 2026Q1, reflecting a consistent and aggressive depletion of capital reserves as the company continues its pre-revenue clinical development phase without any offsetting commercial inflows.
The consistent decline in total assets over the last ten quarters suggests that the company is consuming its primary resource base to fund ongoing R&D activities. This trajectory indicates that the business model remains entirely dependent on external capital markets, as the balance sheet shows no signs of stabilization or organic growth.
Based on the provided quarterly data, the company's cash position has deteriorated significantly, falling from $34.9 million in 2023Q4 to $5.5 million in 2026Q1, which leaves the firm with a dangerously thin buffer against its ongoing operational burn and clinical trial obligations.
The current ratio has compressed from a high of 9.01 in 2023Q4 to 1.38 in 2026Q1, signaling a substantial reduction in the company's ability to cover short-term liabilities. Investors should monitor this trend closely, as the current liquidity profile appears insufficient to support long-term clinical trial milestones without immediate financing.
According to the latest balance sheet figures, ONCY's equity has shifted into negative territory, reaching -$5.1 million in 2026Q1, a stark reversal from the $27.6 million reported in 2023Q4 that highlights the cumulative impact of persistent net losses and aggressive capital consumption.
The transition to negative equity suggests that the company has exhausted its initial capital base, forcing a reliance on dilutive financing to maintain operations. This structural weakness may limit future strategic flexibility and suggests that existing shareholders face continued risk of dilution as the company seeks to recapitalize.
As indicated by the most recent filings, the company's total liabilities of $13.3 million in 2026Q1 now exceed total assets, creating a balance sheet imbalance that warrants further investigation into the nature of these obligations and their potential impact on future solvency.
The presence of significant accrued liabilities alongside a shrinking asset base implies that the company is operating with limited margin for error. This configuration suggests that any delay in clinical trial progress or failure to secure new funding could lead to immediate solvency challenges, as there are few tangible assets to leverage.
Quick answers to the most common questions about buying ONCY stock.
As of 2025, Oncolytics Biotech Inc. (ONCY) had total assets of $10.4M including $9.4M in current assets.
Oncolytics Biotech Inc. (ONCY) carries total debt of $0.8M, offset by $7.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oncolytics Biotech Inc. (ONCY) has total shareholders' equity (book value) of $-5.2M ($-0.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oncolytics Biotech Inc. (ONCY) reported a current ratio of 1.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.