Form 20-F þ
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Form 40-F o
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Oncolytics Biotech Inc.
(Registrant)
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Date: May 8, 2020
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By:
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/s/ Kirk Look
Kirk Look
Chief Financial Officer
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As at
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Notes
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March 31,
2020 $ |
December 31,
2019 $ |
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Assets
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Current assets
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Cash and cash equivalents
|
3
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30,567,480
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14,148,021
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Other receivables
|
9
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127,495
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2,068,772
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Prepaid expenses
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3,210,313
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2,713,591
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Total current assets
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33,905,288
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18,930,384
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Non-current assets
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Property and equipment
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290,194
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296,768
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Right-of-use assets
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357,290
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430,713
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Total non-current assets
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647,484
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727,481
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Total assets
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34,552,772
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19,657,865
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Liabilities And Shareholders’ Equity (Deficit)
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Current Liabilities
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Accounts payable and accrued liabilities
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2,778,237
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3,173,218
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Other liabilities
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9
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712,982
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847,215
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Lease liabilities
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343,859
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339,846
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Warrant derivative
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4
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462,039
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8,508,764
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Total current liabilities
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4,297,117
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12,869,043
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Non-current liabilities
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Contract liability
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8
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6,730,287
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6,730,287
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Lease liabilities
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93,355
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166,429
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Total non-current liabilities
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6,823,642
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6,896,716
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Total liabilities
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11,120,759
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19,765,759
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Commitments and contingencies
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9
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Shareholders’ equity (deficit)
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Share capital
Authorized: unlimited Issued: March 31, 2020 – 37,817,113 December 31, 2019 – 32,198,453 |
5
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333,789,397
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311,077,859
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Warrants
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3,617,570
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3,617,570
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Contributed surplus
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6
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29,472,344
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29,338,849
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Accumulated other comprehensive income
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759,313
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464,101
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Accumulated deficit
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(344,206,611
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)
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(344,606,273
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)
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Total shareholders’ equity (deficit)
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23,432,013
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(107,894
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Total liabilities and equity (deficit)
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34,552,772
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19,657,865
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For the three month period ending March 31,
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Notes
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2020
$ |
2019
$ |
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Expenses
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Research and development
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6, 13, 14, 16
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2,529,646
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3,051,902
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Operating
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6, 13, 14
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2,993,388
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1,791,812
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Loss before the following
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(5,523,034
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)
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(4,843,714
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)
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Change in fair value of warrant derivative
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4
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4,151,982
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—
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Foreign exchange gain (loss)
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13, 16
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1,704,805
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(145,018
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)
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Interest income, net
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65,909
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49,981
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Net income (loss)
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399,662
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(4,938,751
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)
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Other comprehensive income (loss) items that may be reclassified to net income (loss)
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Translation adjustment
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295,212
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(59,433
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Net comprehensive income (loss)
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694,874
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(4,998,184
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)
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Earnings (loss) per common share
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Basic
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7
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0.01
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(0.27
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Diluted
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7
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(0.04
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(0.27
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)
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Notes
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Share Capital
$
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Warrants
$
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Contributed Surplus
$
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Accumulated Other Comprehensive Income
$
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Accumulated Deficit
$
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Total
$
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As at December 31, 2018
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285,193,061
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3,617,570
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28,260,613
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607,504
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(311,483,385
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6,195,363
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Net loss and other comprehensive loss
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—
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—
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—
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(59,433
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)
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(4,938,751
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)
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(4,998,184
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)
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Issued pursuant to incentive share award plan
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5
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36,845
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—
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(36,845
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)
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—
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—
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—
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Issued pursuant to Common Stock Purchase Agreement
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5
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3,562,608
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—
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—
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—
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—
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3,562,608
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Issued pursuant to "At the Market" Agreement
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5
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710,293
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—
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—
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—
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—
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710,293
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Share based compensation
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6
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—
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—
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300,923
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—
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—
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300,923
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Share issue costs
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5
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(70,970
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—
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—
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—
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—
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(70,970
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)
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As at March 31, 2019
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289,431,837
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3,617,570
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28,524,691
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548,071
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(316,422,136
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5,700,033
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As at December 31, 2019
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311,077,859
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3,617,570
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29,338,849
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464,101
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(344,606,273
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(107,894
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Net income and other comprehensive income
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—
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—
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—
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295,212
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399,662
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694,874
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Issued pursuant to stock option plan
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5
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134,985
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—
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(49,835
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)
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—
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—
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85,150
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Issued pursuant to incentive share award plan
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5
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209,475
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—
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(209,475
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)
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—
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—
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—
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Issued pursuant to "At the Market" Agreement
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5
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17,529,109
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—
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—
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—
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—
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17,529,109
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Issued pursuant to warrant derivative exercised
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4, 5
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5,529,266
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—
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—
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—
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—
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5,529,266
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Share based compensation
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6
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—
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—
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392,805
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—
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—
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392,805
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Share issue costs
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5
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(691,297
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)
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—
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—
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—
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—
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(691,297
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)
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As at March 31, 2020
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333,789,397
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3,617,570
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29,472,344
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759,313
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(344,206,611
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)
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23,432,013
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For the three month period ending March 31,
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Notes
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2020
$ |
2019
$ |
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Operating Activities
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Net income (loss) for the period
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399,662
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(4,938,751
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)
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Depreciation - property and equipment
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13
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23,045
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48,338
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Depreciation - right-of-use-assets
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13
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91,023
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90,773
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Share based compensation
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6, 13, 14
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392,805
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300,923
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Interest expense on lease liabilities
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18,209
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20,414
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Unrealized foreign exchange (gain) loss
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(1,427,756
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)
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84,028
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Change in fair value of warrant derivative
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4
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(4,151,982
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)
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—
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Net change in non-cash working capital
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12
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699,737
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1,008,584
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Cash used in operating activities
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(3,955,257
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)
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(3,385,691
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)
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Investing Activities
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Acquisition of property and equipment
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(10,715
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)
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(2,766
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)
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Cash used in investing activities
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(10,715
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)
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(2,766
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)
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Financing Activities
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Proceeds from exercise of stock options
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6
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85,150
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—
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Proceeds from exercise of warrant derivative
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5
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1,433,142
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—
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Proceeds from Common Stock Purchase Agreement
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5
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—
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3,529,672
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Proceeds from "At the Market" equity distribution agreement
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5
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16,837,813
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672,259
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Payment of lease liabilities
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(113,474
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)
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(123,905
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)
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Cash provided by financing activities
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18,242,631
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4,078,026
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Increase in cash
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14,276,659
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689,569
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Cash and cash equivalents, beginning of period
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|
14,148,021
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13,699,881
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Impact of foreign exchange on cash and cash equivalents
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2,142,800
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(175,639
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)
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Cash and cash equivalents, end of period
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30,567,480
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14,213,811
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Number of Warrants Outstanding
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Fair Value of Warrant Derivative
$ |
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As at December 31, 2019
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1,684,126
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8,508,764
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Exercised
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(1,205,188
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)
|
(4,096,123
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)
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Change in fair value
|
—
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|
(4,151,981
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)
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Foreign exchange impact
|
—
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|
201,379
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|
As at March 31, 2020
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478,938
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|
462,039
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|
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March 31, 2020
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December 31, 2019
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Fair value per warrant
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US$0.68
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US$3.89
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Underlying share price
|
US$1.38
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US$4.76
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Risk-free interest rate
|
0.17%
|
1.59%
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Expected hold period to exercise
|
1.0 year
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1.0 year
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Expected share price volatility
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90.00%
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90.00%
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Expected dividend yield
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Nil
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Nil
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Issued:
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Shares
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Number
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Amount
$ |
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Balance, December 31, 2018
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17,399,749
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285,193,061
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Issued pursuant to incentive share award plan
|
323,301
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|
391,917
|
|
Issued pursuant to Common Stock Purchase Agreement(a)
|
2,494,943
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5,403,385
|
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Issued pursuant to "At the Market" equity distribution agreement(b)
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4,425,040
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|
8,476,454
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Issued pursuant to public offering(c)
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4,619,773
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3,314,429
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Issued pursuant to warrant derivative exercised(c)
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2,935,647
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9,152,869
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Share issue costs
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—
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(854,256
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)
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Balance, December 31, 2019
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32,198,453
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311,077,859
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Issued pursuant to stock option plan
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37,796
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134,985
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Issued pursuant to incentive share award plan
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83,816
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209,475
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Issued pursuant to "At the Market" equity distribution agreement(b)
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4,291,860
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17,529,109
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Issued pursuant to warrant derivative exercised(c)
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1,205,188
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5,529,266
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Share issue costs
|
—
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(691,297
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)
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Balance, March 31, 2020
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37,817,113
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|
333,789,397
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(a)
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On September 27, 2018, we entered into a Common Stock Purchase Agreement (the "Agreement") with Lincoln Park Capital Fund, LLC ("LPC"). Subject to the terms and conditions of the Agreement and at our sole discretion, we may sell up to US$26,000,000 worth of common shares to LPC over the 30-month term. The purchase price of the common shares will be based on the prevailing market prices immediately preceding the notice of sale without any fixed discount. Subject to the terms of the Agreement, we control the timing and amount of any future investment and LPC is obligated to make such purchases, if and when we elect. The Agreement does not impose any upper price limit restrictions, negative covenants or restrictions on our future financing activities. However, in no event will shares be sold to LPC on a day the closing sale price for the common shares is less than the floor price of US$1.00 per common share; or at a price per share that is less than the volume weighted average trading pricing of the common shares on the TSX for the five immediately preceding trading days, less the maximum applicable discount allowed by the TSX. The Agreement limits our sale of common shares to 19.99% of our total outstanding common shares as at the date that the Common Stock Purchase Agreement was entered into, unless and until we have obtained shareholder approval under applicable Nasdaq rules. As at March 31, 2020, we have reached that limit. We can terminate the Agreement at any time at our sole discretion without any monetary cost or penalty.
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(b)
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On October 24, 2018, we entered into an ATM equity offering sales agreement with Canaccord Genuity Inc. The ATM allows us, at our sole discretion, to issue common shares, at prevailing market price, with an aggregate offering value of up to US$30,000,000 over a 19-month period through the facilities of the Nasdaq Capital Market in the United States. During the period ending March 31, 2020, we sold 4,291,860 common shares (March 31, 2019 - 243,584) for gross proceeds of US$13,296,331 (March 31, 2019 - US$535,661). We incurred share issue costs of $691,297 (March 31, 2019 - $38,034).
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(c)
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On August 16, 2019, pursuant to an underwritten public offering, 4,619,773 units were sold at a purchase price of US$0.81 per unit for gross proceeds of US$3,742,016. Each unit included one common share with a fair value of US$0.54 and one common share purchase warrant with a fair value of US$0.27. These warrants were classified as a financial liability. Each
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Number of Warrants Outstanding(1)
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Warrant
$ |
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As at December 31, 2019
|
16,443,500
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|
3,617,570
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As at March 31, 2020
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16,443,500
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|
3,617,570
|
|
|
2020
|
2019
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||||
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Stock Options
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Weighted Average Exercise Price
$ |
Stock Options
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Weighted Average Exercise Price
$ |
||
Outstanding, beginning of the period
|
2,246,947
|
|
5.31
|
1,249,361
|
|
8.73
|
Granted during the period
|
60,000
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|
5.23
|
—
|
|
—
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Forfeited during the period
|
—
|
|
—
|
(1,841
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)
|
6.56
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Exercised during the period
|
(37,796
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)
|
2.25
|
—
|
|
—
|
Outstanding, end of the period
|
2,269,151
|
|
5.36
|
1,247,520
|
|
8.73
|
Options exercisable, end of the period
|
1,370,822
|
|
7.34
|
841,439
|
|
10.74
|
Range of Exercise Prices
|
Number Outstanding
|
Weighted Average Remaining Contractual Life (years)
|
Weighted Average Exercise Price
$ |
Number Exercisable
|
Weighted Average Exercise Price
$ |
||
$0.54 - $1.42
|
100,000
|
|
4.56
|
0.96
|
66,667
|
|
0.75
|
$1.43 - $1.79
|
883,333
|
|
3.70
|
1.45
|
283,342
|
|
1.45
|
$1.80 - $3.39
|
358,544
|
|
4.86
|
2.73
|
266,545
|
|
2.72
|
$3.40 - $7.13
|
451,849
|
|
4.51
|
4.06
|
339,618
|
|
4.02
|
$7.14 - $63.84
|
475,425
|
|
2.28
|
16.74
|
414,650
|
|
18.11
|
|
2,269,151
|
|
3.79
|
5.36
|
1,370,822
|
|
7.34
|
|
2020
|
2019
|
Risk-free interest rate
|
1.63%
|
N/A
|
Expected hold period to exercise
|
3.0 years
|
N/A
|
Expected share price volatility
|
110.84%
|
N/A
|
Expected forfeiture rate
|
3.67%
|
N/A
|
Expected dividend yield
|
Nil
|
N/A
|
Weighted average fair value of options
|
$3.51
|
N/A
|
|
2020
|
2019
|
||
Outstanding, beginning of the period
|
61,051
|
|
63,156
|
|
Vested and released during the period
|
(4,210
|
)
|
(2,105
|
)
|
Outstanding, end of the period
|
56,841
|
|
61,051
|
|
|
2020
|
2019
|
||||
Net income (loss) available for common shareholders - basic
|
$
|
399,662
|
|
$
|
(4,938,751
|
)
|
Effect of warrant derivative
|
(1,957,715
|
)
|
—
|
|
||
Net loss available for common shareholders - diluted
|
$
|
(1,558,053
|
)
|
$
|
(4,938,751
|
)
|
|
|
|
||||
Weighted average number of shares - basic
|
35,865,707
|
|
18,425,919
|
|
||
Effect of stock options and share awards
|
706,186
|
|
—
|
|
||
Effect of warrant derivative
|
661,178
|
|
—
|
|
||
Weighted average number of shares - diluted
|
37,233,071
|
|
18,425,919
|
|
||
|
|
|
||||
Earnings (loss) per common share - basic
|
$
|
0.01
|
|
$
|
(0.27
|
)
|
Loss per common share - diluted
|
$
|
(0.04
|
)
|
$
|
(0.27
|
)
|
•
|
One common share purchase warrant of US$6 million whereby, upon exercise, Adlai may purchase our common shares priced at a 20% premium to the five-day weighted average closing price immediately preceding the exercise date. We have the right to call this warrant upon the enrollment of the 50th patient in the phase 3 metastatic breast cancer study.
|
|
March 31,
2020 $ |
December 31,
2019 $ |
||
Balance, beginning of the period
|
6,730,287
|
|
6,730,287
|
|
Regional licensing agreement
|
—
|
|
—
|
|
Revenue recognized in the period
|
—
|
|
—
|
|
Balance, end of the period
|
6,730,287
|
|
6,730,287
|
|
|
|
|
||
Contract liability - non-current
|
6,730,287
|
|
6,730,287
|
|
|
6,730,287
|
|
6,730,287
|
|
Maturity analysis - contractual undiscounted cash flows
|
||
March 31, 2020
|
|
|
Less than one year
|
384,788
|
|
One to five years
|
96,010
|
|
More than five years
|
—
|
|
Total undiscounted lease liability as at March 31, 2020
|
480,798
|
|
|
March 31,
2020 $ |
December 31,
2019 $ |
||
Cash and cash equivalents
|
30,567,480
|
|
14,148,021
|
|
Shareholders’ equity (deficit)
|
23,432,013
|
|
(107,894
|
)
|
|
US dollars $ |
British pounds £ |
Euro
€ |
Cash and cash equivalents
|
16,140,020
|
27,520
|
23,706
|
Accounts payable and other liabilities
|
(779,086)
|
(280)
|
(286,338)
|
Warrant derivative
|
(325,678)
|
—
|
—
|
|
15,035,256
|
27,240
|
(262,632)
|
|
2020
$ |
2019
$ |
||
Change in:
|
|
|
|
|
Other receivables
|
1,941,277
|
|
(46
|
)
|
Prepaid expenses
|
(496,722
|
)
|
(419,933
|
)
|
Accounts payable and accrued liabilities
|
(394,981
|
)
|
1,406,436
|
|
Other liabilities
|
(134,233
|
)
|
(19,693
|
)
|
Non-cash impact of foreign exchange
|
(215,604
|
)
|
41,820
|
|
Change in non-cash working capital related to operating activities
|
699,737
|
|
1,008,584
|
|
|
2020
$ |
2019
$ |
||
Cash interest received
|
84,118
|
|
70,395
|
|
Cash taxes paid
|
—
|
|
—
|
|
|
2020
$ |
2019
$ |
||
Research and development expenses
|
|
|
|
|
Non-cash share based compensation
|
105,447
|
|
124,491
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
Depreciation - property and equipment
|
23,045
|
|
48,338
|
|
Depreciation - right-of-use-assets
|
91,023
|
|
90,773
|
|
Non-cash share based compensation
|
287,358
|
|
176,432
|
|
|
2020
$ |
2019
$ |
||
Short-term employee compensation and benefits
|
793,632
|
|
703,789
|
|
Share-based payments
|
253,187
|
|
269,099
|
|
|
1,046,819
|
|
972,888
|
|
Title
|
Presenter
|
Location
|
Description/Conclusion
|
CEACAM6 as a candidate biomarker for pelareorep sensitivity in pancreatic adenocarcinoma (PDAC)
|
Dr. Anne Noonan, Department of Medical Oncology, Ohio State University Wexner Medical Center, Richard Solove Research Institute and James Cancer Hospital, and Dr. Tanios Bekaii-Saab Senior, Associate Consultant, Division of Hematology/Oncology, Department of Internal Medicine, Mayo Clinic, Phoenix, Arizona.
|
2020 Gastrointestinal Cancers Symposium, San Francisco, California
|
Key data and conclusions demonstrated:
–
CEACAM6 was the most differentially expressed gene, with an eight-fold decrease in levels of mRNA, in long-term responders compared to early progressors in patients receiving pelareorep.
–
Low levels of CEACAM6 mRNA expression were associated with prolonged PFS in pelareorep-treated patients (p=0.05). This treatment effect was not seen in patients that were not treated with pelareorep (p=0.35).
–
In pelareorep treated patients, CEACAM6 mRNA expression level was very influential with a hazard ratio of 1.54 (p=0.01), suggesting that one unit increase in CEACAM6, corresponds to an increase in the risk of progression and/or death by 54% in this arm. There was no significant relationship seen in patients that were not treated with pelareorep.
–
CEACAM6 may be included as a candidate biomarker of resistance to pelareorep and, in theory, could inhibit viral trafficking in tumor cells.
|
|
2020
$ |
2019
$ |
||
Clinical trial expenses
|
638,512
|
|
827,178
|
|
Manufacturing and related process development expenses
|
466,977
|
|
920,105
|
|
Intellectual property expenses
|
426,159
|
|
469,373
|
|
Research collaboration expenses
|
43,187
|
|
34,976
|
|
Other R&D expenses
|
849,364
|
|
675,779
|
|
Share based payments
|
105,447
|
|
124,491
|
|
Research and development expenses
|
2,529,646
|
|
3,051,902
|
|
|
2020
$ |
2019
$ |
||
Clinical trial expenses
|
638,512
|
|
827,178
|
|
|
2020
$ |
2019
$ |
||
Intellectual property expenses
|
426,159
|
|
469,373
|
|
|
2020
$ |
2019
$ |
||
Research collaboration expenses
|
43,187
|
|
34,976
|
|
|
2020
$ |
2019
$ |
||
Share based payments
|
105,447
|
|
124,491
|
|
|
2020
$ |
2019
$ |
||
Public company related expenses
|
1,897,688
|
|
767,320
|
|
Office expenses
|
694,274
|
|
708,949
|
|
Depreciation - property and equipment
|
23,045
|
|
48,338
|
|
Depreciation - right-of-use assets
|
91,023
|
|
90,773
|
|
Share based payments
|
287,358
|
|
176,432
|
|
Operating expenses
|
2,993,388
|
|
1,791,812
|
|
|
2020
$ |
2019
$ |
||
Change in fair value of warrant derivative
|
4,151,982
|
|
—
|
|
|
2020
$ |
2019
$ |
||
Foreign exchange gain (loss)
|
1,704,805
|
|
(145,018
|
)
|
Maturity analysis - contractual undiscounted cash flows
|
||
March 31, 2020
|
|
|
Less than one year
|
384,788
|
|
One to five years
|
96,010
|
|
More than five years
|
—
|
|
Total undiscounted lease liability as at March 31, 2020
|
480,798
|
|
|
2020
|
2019
|
2018
|
|||||||||||||||||||||
|
Mar
|
Dec
|
Sept
|
June
|
Mar
|
Dec
|
Sept
|
June
|
||||||||||||||||
Revenue
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Net income (loss)(1)(2)
|
400
|
|
(19,402
|
)
|
(3,529
|
)
|
(5,254
|
)
|
(4,939
|
)
|
(4,819
|
)
|
(3,336
|
)
|
(4,211
|
)
|
||||||||
Basic earnings (loss) per common share(1)(2)
|
$
|
0.01
|
|
$
|
(0.71
|
)
|
$
|
(0.16
|
)
|
$
|
(0.26
|
)
|
$
|
(0.27
|
)
|
$
|
(0.28
|
)
|
$
|
(0.20
|
)
|
$
|
(0.27
|
)
|
Diluted loss per common share(3)
|
$
|
(0.04
|
)
|
$
|
(0.71
|
)
|
$
|
(0.16
|
)
|
$
|
(0.26
|
)
|
$
|
(0.27
|
)
|
$
|
(0.28
|
)
|
$
|
(0.20
|
)
|
$
|
(0.27
|
)
|
Total assets(4)
|
34,553
|
|
19,658
|
|
16,285
|
|
15,302
|
|
16,461
|
|
14,865
|
|
18,150
|
|
20,693
|
|
||||||||
Total cash(4)
|
30,567
|
|
14,148
|
|
12,299
|
|
12,276
|
|
14,214
|
|
13,700
|
|
16,214
|
|
18,741
|
|
||||||||
Total long-term debt
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Cash dividends declared(5)
|
Nil
|
|
Nil
|
|
Nil
|
|
Nil
|
|
Nil
|
|
Nil
|
|
Nil
|
|
Nil
|
|
(1)
|
Included in consolidated net income (loss) and earnings (loss) per common share between March 2020 and July 2019 are non-cash change in fair value of warrant derivative gain (loss) of $4,151,982, $(12,486,310) and $(122,498), respectively. There was no change in fair value of warrant derivative gain (loss) between June 2019 and April 2018.
|
(2)
|
Included in net income (loss) and earnings (loss) per common share between March 2020 and April 2018 are quarterly share based payment expenses of $392,805, $658,662, $250,384, $260,184, $300,923, $483,016, $236,607, and $157,092, respectively.
|
(3)
|
Included the effect of dilutive warrant derivative, stock options and share awards. See Note 7 of our interim consolidated financial statements.
|
(4)
|
We issued 5,618,660 common shares for net cash proceeds of $18.4 million in 2020 (2019 - 14,798,704 common shares for net cash proceeds of $21.5 million).
|
(5)
|
We have not declared or paid any dividends since incorporation.
|
|
March 31,
2020 $ |
December 31,
2019 $ |
||
Cash and cash equivalents
|
30,567,480
|
|
14,148,021
|
|
Working capital position
|
30,070,210
|
|
14,570,105
|
|
|
US dollars $ |
British pounds £ |
Euro
€ |
Cash and cash equivalents
|
16,140,020
|
27,520
|
23,706
|
Accounts payable and other liabilities
|
(779,086)
|
(280)
|
(286,338)
|
Warrant derivative
|
(325,678)
|
—
|
—
|
|
15,035,256
|
27,240
|
(262,632)
|
1.
|
Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Oncolytics Biotech Inc. (the “issuer”) for the interim period ended March 31, 2020.
|
2.
|
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
3.
|
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
4.
|
Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52‑109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
|
5.
|
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:
|
(a)
|
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:
|
(i)
|
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
|
(ii)
|
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
(b)
|
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
|
5.1
|
Control framework: The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is the Internal Control -- Integrated Framework (2013) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).
|
5.2
|
ICFR ‑ material weakness relating to design: N/A.
|
5.3
|
Limitation on scope of design: N/A.
|
6.
|
Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2020 and ended on March 31, 2020 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
|
/s/ Matthew Coffey
|
|
|
Matthew Coffey, PhD, MBA
|
|
|
President and CEO
|
|
|
1.
|
Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Oncolytics Biotech Inc. (the “issuer”) for the interim period ended March 31, 2020.
|
2.
|
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
|
3.
|
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
|
4.
|
Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52‑109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
|
5.
|
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:
|
(a)
|
designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:
|
(i)
|
material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
|
(ii)
|
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
|
(b)
|
designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
|
5.1
|
Control framework: The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is the Internal Control -- Integrated Framework (2013) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).
|
5.2
|
ICFR ‑ material weakness relating to design: N/A.
|
5.3
|
Limitation on scope of design: N/A.
|
6.
|
Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2020 and ended on March 31, 2020 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.
|
/s/ Kirk Look
|
|
|
Kirk Look, CA
|
|
|
CFO
|
|
|