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  4. [8-K] ONCOLYTICS BIOTECH INC Reports Material Event

ONCOLYTICS BIOTECH INC reported a $28.8M net loss for fiscal 2025. See the full ONCY financial statements: income statement, balance sheet, cash flow and ratios, each column linked to its SEC filing.

Oncolytics Biotech switches auditor to Baker Tilly

Oncolytics Biotech Inc. changed its independent auditor, disengaging Ernst & Young LLP and appointing Baker Tilly US, LLP for the 2026 fiscal year, subject to Baker Tilly completing its client acceptance procedures.

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Oncolytics Biotech Inc. changed its independent auditor, disengaging Ernst & Young LLP and appointing Baker Tilly US, LLP for the 2026 fiscal year, subject to Baker Tilly completing its client acceptance procedures. The company states this change is related to its corporate restructuring.

EY’s audit reports on the financial statements for the years ended December 31, 2025 and December 31, 2024 contained no adverse or disclaimed opinions and were not qualified or modified, other than an explanatory paragraph about Oncolytics Biotech’s ability to continue as a going concern. The company reports no disagreements with EY and no reportable events under Item 304(a) of Regulation S-K, and also notes that it did not consult Baker Tilly on accounting or auditing issues before this engagement.

Positive

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Insights

Oncolytics changes auditors with no reported disputes, but going concern language remains a key context.

Oncolytics Biotech is replacing Ernst & Young with Baker Tilly as its independent auditor for the 2026 fiscal year, citing corporate restructuring. The company emphasizes that EY’s prior opinions for 2024 and 2025 were clean apart from a going concern explanatory paragraph.

The filing explicitly notes no disagreements with EY on accounting principles, disclosures, or audit scope, and no reportable events under Item 304(a) of Regulation S-K. It also states the company did not consult Baker Tilly on specific accounting treatments or opinions before the engagement, which aligns with regulatory expectations around auditor independence.

The continuing presence of a going concern explanatory paragraph in EY’s reports for 2024 and 2025 highlights that the company’s ability to continue operating was a significant consideration in recent audits. Future audited financial statements under Baker Tilly for the 2026 fiscal year will show whether that explanatory paragraph persists or changes.

Item 4.01 Changes in Registrant's Certifying Accountant Governance
The company changed its independent auditing firm, which may involve disagreements on accounting matters.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
New audit firm fiscal year 2026 fiscal year Baker Tilly engaged as independent auditor for this period
Prior audited year Year ended December 31, 2025 EY report included going concern explanatory paragraph
Prior audited year Year ended December 31, 2024 EY report included going concern explanatory paragraph
Regulation S-K item cited Item 304(a)(1)(v) Company reports no reportable events under this item
independent registered public accounting firm financial
"to engage Baker Tilly US, LLP (“Baker Tilly”) as the Company’s independent registered public accounting firm for the 2026 fiscal year"
An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.
going concern financial
"EY’s reports contained an explanatory paragraph regarding the Company’s ability to continue as a going concern"
Going concern is the accounting assumption that a company will keep operating and meeting its obligations for the foreseeable future. The phrase matters most when a company or its auditors disclose substantial doubt about it, a formal warning that the business may not have enough resources to continue without raising money, restructuring, or selling assets. That language in a filing or press release signals elevated financial risk.
reportable events regulatory
"there have been no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K"
Reportable events are significant incidents or changes a company is legally required to disclose to regulators and the public, such as major safety problems, legal actions, financial irregularities, or management changes. They matter to investors because these events can alter a company’s risk profile or future performance, much like a dashboard warning light signals a problem that could affect a car’s safety or reliability. Timely disclosure helps investors make informed decisions and maintain market fairness.
Item 304(a)(1)(v) of Regulation S-K regulatory
"no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K promulgated by the Securities and Exchange Commission"
emerging growth company regulatory
"or Rule 12b-2 of the Exchange Act (§240.12b-2 of this chapter). Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

FAQ

What auditor change did Oncolytics Biotech (ONCY) disclose in this 8-K?
Oncolytics Biotech disengaged Ernst & Young LLP and appointed Baker Tilly US, LLP as its independent registered public accounting firm for the 2026 fiscal year, subject to Baker Tilly completing its client acceptance procedures. The company attributes the change to its corporate restructuring efforts.

Did Ernst & Young issue adverse opinions on Oncolytics Biotech (ONCY) financials?
Ernst & Young’s reports for the years ended December 31, 2025 and December 31, 2024 did not contain adverse opinions or disclaimers. They were not qualified or modified, other than including an explanatory paragraph about Oncolytics Biotech’s ability to continue as a going concern.

Were there any disagreements between Oncolytics Biotech (ONCY) and Ernst & Young?
The company states there were no disagreements with Ernst & Young during the fiscal years ended December 31, 2025 and 2024, or through the change date, regarding accounting principles, financial statement disclosure, or auditing scope or procedures that would have been referenced in EY’s reports.

Did Oncolytics Biotech (ONCY) report any Regulation S-K Item 304 reportable events?
Oncolytics Biotech reports no reportable events under Item 304(a)(1)(v) of Regulation S-K during the fiscal years ended December 31, 2025 and 2024 and the subsequent period through the date of change, indicating no specified significant issues with Ernst & Young were identified.

Did Oncolytics Biotech (ONCY) consult Baker Tilly before appointing it as auditor?
The company states that during the fiscal years ended December 31, 2025 and 2024, and up to Baker Tilly’s engagement, neither Oncolytics Biotech nor anyone acting on its behalf consulted Baker Tilly on accounting principles, potential audit opinions, disagreements, or reportable events as defined under Regulation S-K.

What going concern language did Ernst & Young include for Oncolytics Biotech (ONCY)?
Ernst & Young’s reports on Oncolytics Biotech’s financial statements for the years ended December 31, 2025 and December 31, 2024 included an explanatory paragraph regarding the company’s ability to continue as a going concern, highlighting uncertainty about its future operational continuity during those periods.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001129928 0001129928 2026-07-06 2026-07-06 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 6, 2026

 

 

 

Oncolytics Biotech Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Nevada 001-38512 98-0541667
(State or other jurisdiction
of incorporation)		 (Commission File Number) (IRS Employer
Identification No.)

 

4350 Executive Drive, Suite 325

San Diego, CA 92121

 92121
(Address of principal executive offices) (Zip Code)
   
(403) 670-7377
(Registrant's telephone number, including area code)
 
N/A
(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, par value $0.001 per share   ONCY   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 4.01.Changes in Registrant’s Certifying Accountant.

 

On July 6, 2026, due to the Company’s corporate restructuring, the Audit Committee of the Board of Directors of Oncolytics Biotech Inc. (the “Company”), unanimously voted to disengage Ernst & Young LLP (“EY”) as the Company’s independent registered public accounting firm and to engage Baker Tilly US, LLP (“Baker Tilly”) as the Company’s independent registered public accounting firm for the 2026 fiscal year, subject to completion of Baker Tilly’s client acceptance procedures.

 

EY’s reports on the Company’s financial statements for each of the fiscal years ended December 31, 2025 and December 31, 2024 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles, except EY’s reports contained an explanatory paragraph regarding the Company’s ability to continue as a going concern. During the Company’s fiscal years ended December 31, 2025 and December 31, 2024, and through the date of change, there were no disagreements with EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to the satisfaction of EY, would have caused EY to make reference to the subject matter of the disagreement in connection with its report.

 

During the fiscal years ended December 31, 2025 and December 31, 2024 and the subsequent period through the date of change, there have been no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K promulgated by the Securities and Exchange Commission (the “SEC”).

 

During the fiscal years ended December 31, 2025 and December 31, 2024 and the subsequent period to the date of its engagement, neither the Company nor anyone acting on its behalf has consulted with Baker Tilly regarding (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report or oral advice was provided to the Company that Baker Tilly concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K; or (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K.

 

The Company provided EY with a copy of this Form 8-K on July 7, 2026, and requested that EY furnish it with a letter addressed to the SEC stating whether it agrees with the statements made by the Company in this Item 4.01 concerning EY, and, if not, stating the respects in which it does not agree. The letter of EY addressed to the SEC is attached hereto as Exhibit No. 16.1.

 

Item 9.01.Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No. Description
   
16.1 Letter from Ernst & Young LLP, dated July 7, 2026.
   
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: July 8, 2026

 

  ONCOLYTICS BIOTECH INC.  
     
  By:   /s/ Kirk Look  
  Name:   Kirk Look  
  Title:   Chief Financial Officer  

 

 

 

Source: View Original Filing on SEC EDGAR

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