Oncolytics Biotech is a clinical-stage biopharmaceutical company with a single drug candidate: pelareorep, an intravenous immunotherapy for cancer. Pelareorep is a modified reovirus that selectively infects and replicates inside cancer cells, killing those cells directly while also stimulating the immune system to attack the tumor more broadly. The core idea is that pelareorep converts "cold" tumors — those that are invisible or resistant to the immune system — into "hot" tumors that are more susceptible to other cancer treatments. Pelareorep is designed to be combined with chemotherapy, checkpoint inhibitors, and other oncology drugs rather than replace them. Oncolytics has no approved product and no commercial revenue; all activities are focused on clinical development. The company's primary focus areas are HR+/HER2- metastatic breast cancer and GI cancers, including metastatic pancreatic cancer, metastatic colorectal cancer, and anal cancer. Two Phase 2 studies in breast cancer showed pelareorep combined with paclitaxel outperformed paclitaxel alone, and Oncolytics is planning a registration-enabling Phase 2 study targeting accelerated FDA approval. In pancreatic cancer, pelareorep showed an objective response rate well above the historical standard. Oncolytics' business model is to generate clinical data compelling enough to attract a large pharma partner who would fund pivotal trials and commercialization in exchange for upfront fees, milestones, and royalties. The company is entirely funded by equity raises and grants, carries going concern uncertainty, and will need to raise substantial additional capital to fund its planned studies.