Oncolytics Biotech Inc. (NASDAQ: ONCY) announced that it will domesticate its incorporation from Alberta, Canada, to the State of Nevada. The change will take effect after a shareholder vote at a special meeting scheduled for January 15, 2026, and will make the company a U.S. domestic issuer under Securities and Exchange Commission rules, eliminating its status as a foreign private issuer.
The company said the move is intended to simplify its regulatory structure and improve access to U.S. capital markets. Nevada was chosen for its favorable corporate environment and flexible corporate laws, and the domestication is expected to be completed around April 1, 2026. The change aligns with Oncolytics’ strategy to operate as a U.S.‑focused oncology company, with management and investors largely based in the United States.
Oncolytics is a clinical‑stage biotech with no revenue to date. In the fourth quarter of 2024 the company reported a net loss of $8.0 million and a year‑end 2024 loss of $31.7 million, while holding $15.9 million in cash. The cash burn rate is high, but the balance sheet is expected to provide runway through the third quarter of 2025. The company’s financial position underscores the importance of the Nevada incorporation for future financing and partnership opportunities.
The company’s lead candidate, pelareorep, has received FDA Fast Track designation for pancreatic and breast cancers and has shown a 33 % objective response rate in a colorectal cancer study, outperforming historical benchmarks. The pipeline remains the primary driver of the company’s valuation and future growth prospects.
CEO Jared Kelly said, “We are a U.S.‑focused oncology company with U.S.‑based leadership, operations, and investors. This move simplifies our structure, improves capital markets access, and positions us more effectively for future strategic opportunities.”
The domestication is expected to streamline regulatory compliance, reduce reporting burdens, and open the door to larger U.S. financing rounds and potential collaborations. By consolidating its corporate domicile in Nevada, Oncolytics aims to strengthen its strategic position in the competitive oncology landscape and accelerate the development of its pipeline.
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