ONCOLYTICS BIOTECH INC

ONCYdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

ONCOLYTICS BIOTECH INC earns about -691% on equity, but has diluted owners by 660% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2016	FY 2017	FY 2024	FY 2025
Revenue	$0¹	$6.18M¹	—	—
Net income	—	—	−$22.8M²	−$28.8M²
Operating cash flow	—	—	−$19.9M³	−$20.1M³
Capital expenditure	—	—	$174,000⁴	$6,000⁴
Free cash flow (derived)	—	—	−$20.1M³	−$20.1M³
Total debt	—	—	—	—
Cash & equivalents	—	—	$11.1M⁵	$5.2M⁵
Diluted shares	12.6M	141.8M	76.5M	95.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$0.4

your share of equity

Profit it earned you last year

−$3

Free cash flow it threw off

−$2.1

Debt you’d be carrying

—

10 shares is a claim on −$0.4 of net worth that earned you −$3 and generated −$2.1 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-691% avg · 4y

FY16 —FY17 —FY24 -691%FY25 —

It earned an average -691% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+660% shares · 4y

Share count is up 660% over 4 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2016-12-31 · accession 0001129928-18-000028 (RevenueFromContractsWithCustomers)
10-K · period ending 2024-12-31 · accession 0001129928-26-000020 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001129928-26-000020 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001129928-26-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001129928-26-000020 (CashAndCashEquivalentsAtCarryingValue)