Oncolytics Biotech (ONCY) Reports Preclinical Pelareorep Data in Liver Cancer; Stock Falls 2% Premarket

Oncolytics Biotech Inc. (ONCY) announced preclinical data published Sept. 28 in the Proceedings of the National Academy of Sciences showing pelareorep treatment was associated with changes in the hepatocellular carcinoma tumor microenvironment, including increased PD-L1 expression, higher ICOSL levels on tumor cells, and greater CD8+ T-cell density. The company said the findings suggest pelareorep may shift the tumor environment from an immunologically "cold" state toward a more immune-active state, potentially relevant to combination approaches with immune checkpoint inhibitors. Oncolytics stated liver cancer is not an indication it currently intends to pursue. The company is evaluating pelareorep in the REO 033 randomized trial in second-line RAS-mutant, microsatellite-stable metastatic colorectal cancer, with interim Part A data expected by year-end 2026. Pelareorep holds FDA Fast Track designation for colorectal, anal, and pancreatic cancer. ONCY closed Sept. 29 at $0.67, up 1.73%, and fell 2.05% to $0.66 premarket. Shares have traded between $0.64 and $1.47 over the past year.