Oncolytics Biotech | ONC-TSX Update

August 9, 2021

ONC-TSX In-Line FQ221 Update. Pelareorep Clinical Activities Rating: Speculative BUY March to Final Data in F2021/22 – Spec BUY Target: $8.50 AB-based cancer biologics developer Oncolytics Biotech reported FQ221 financial Price: $2.79 data for the Jun-end quarter that were in line with our expectations on most income Return: 205% statement and balance sheet metrics, with the firm focusing its conference call Valuation: NPV (35% disc), 20x EPS, commentary on pending clinical milestones for its flagship oncolytic reovirus 10x EV/EBITDA (F2025 formulation Reolysin/pelareorep, on which our ONC valuation is based. estimates) Market Data FQ221 financial summary – no major surprises on R&D spending or on Phase II Basic S/O (M) 55.0 clinical activities in the period. Oncolytics is still a clinical-stage oncology drug FD S/O (M) 61.5 developer of course and thus has few contemporary financial metrics that are Market cap ($M, basic S/O) 147.2 germane to our valuation and PT. Briefly, the firm’s operating expenses were Ent Val ($M, basic S/O) 96.4 equitably distributed between R&D ($3.2M) and administrative ($3.5M) activities in the quarter. But on administrative cost, about $1.2M in cumulative amortization and Pro forma cash (rec Q, $M) 50.8 stock option expense were likely embedded as well. We assume that most current Tot. Debt (rec. Q, $M) 0.0 activities absorbing R&D capital are focused on metastatic breast cancer and 52 Week Range $2.00-$6.06 advanced pancreatic cancer. Both are medical markets embedded into our Avg. Daily Volume (M) 0.4651 valuation, and to a lesser extent by collaborative Phase II pelareorep testing in Fiscal Year End Dec-31 multiple myeloma. Operating loss and operating cash loss were both $6.7M, but cash Financial Metrics loss to that level was negatively impacted by ($1.4M) in working capital deficit that In C$M 2022E 2023E 2024E we expect to equilibrate at nil over time. Breast cancer 0.0 0.0 17.1 Pancreatic cancer 0.0 0.0 0.0 Sufficient capital on the balance sheet to achieve Phase II milestones embedded in Royalty rev, pelareorep 0.0 0.0 17.1 our model & valuation. Oncolytics exited the quarter with $50.8M in cash, which is essentially at FQ121 cash balance of $50.4M. And thus, the firm also benefited from EBITDA ($M) (23.6) (22.4) (4.3) ongoing equity capital raises in the quarter through the firm’s ATM facility, adding Net Inc ($M) (24.1) (22.9) (4.8) $8.1M to the balance sheet in the quarter. S/O increased by 2.1M in the quarter, so EPS (basic) ($0.44) ($0.42) ($0.09) average price would have been $3.82, well above current price level. The firm now EPS (FD) ($0.39) ($0.37) ($0.08) has basic S/O of 55.0M and our valuation is still based on fully-diluted S/O that we P/E NA NA NA EV/EBITDA NA NA NA now calculate to be 61.5M.

Company Description Bottom line. Oncolytics continues to be fairly active on Phase II pelareorep activities, Oncolytics Biotech is an AB-based cancer biologics which we certainly endorse. But while we are maintaining our Speculative BUY rating developer, with oncolytic reovirus formulation pelareo- and one-year PT of $8.50 on ONC, we believe that the firm will need to provide more rep/Reolysin undergoing testing in several Phae II cancer specific details on timelines to commencing pivotal Phase III testing during its next trials, mostly focused on breast & pancreatic cancer, and quarterly update and generate tangible interest from commercial (and not just secondarily on multiple myeloma academic) partners in the process. Pivotal testing will probably be in metastatic $7.00 3 breast cancer, the indication for which already-generated Phase II survival data are $6.00 2.5 most impressive of all Phase II pelareorep studies completed so far.

$5.00 2 Maintaining PT & Speculative BUY rating. As we summarize again below, and as we $4.00 1.5 have in our most recent notes, we are positive about some of the immunological $3.00 1 signals we are seeing from combining pelareorep with other immune-active agents. $2.00 Most of these agents are themselves already FDA-approved, and we thus believe $1.00 0.5 that any future Phase III pelareorep-based combination therapy will likely involve $0.00 0 checkpoint inhibition to some degree. As before, our valuation is based on NPV (35%

discount rate) and multiples of our F2025 EBITDA/EPS forecasts (Exhibits 1 & 2).

Jul-21

Jan-21

Jun-21

Oct-20

Apr-21

Sep-20 Feb-21

Dec-20

Aug-20

Nov-20 Mar-21 May-21 Our PT corresponds to a one-year return of 205%, which we believe is achievable, Source: Consensus data- Refinitiv, Forecasts/Estimates - but only if Phase III activities and related partnerships transpire during the Leede Jones Gable forthcoming one-year time horizon.

Please see end of report for important disclosures.

Oncolytics Biotech | ONC-TSX August 9, 2021

Multiple Phase II pelareorep trials ongoing and marching to final data, with our model still assuming that metastatic breast cancer will be a flagship indication. We have long been focused on Oncolytics’ 38-patient Phase II AWARE-1 trial as a seminal measure of pelareorep’s ability to work synergistically with already-approved checkpoint inhibitor immune therapies. In this case, with Roche’s (ROG-SW, NR) anti-PD-L1 mAb atezolizumab/Tecentriq. Early data has been encouraging so far as we have described before. The most recent update was published at the 2021 AACR annual meeting in Apr/21, in which Oncolytics and its SOLTI collaborators nicely showed that pelareorep/Tecentriq modified the configuration of circulating T-cells in patients with metastatic breast cancer, specifically increasing the ratio of cytotoxic T-cells (those expressing a specific surface receptor called CD8) to regulatory T-cells. This indicated to the authors and to us that this oncolytic virus/mAb combination can enhance the ability of the immune system to target disease, though this hypothesis will of course need to be tested directly in future Phase II/III studies with more survival-based endpoints.

Exhibit 1. Financial Summary for Oncolytics Biotech

Year-end December 31 (C$M, except per share data) 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Pelareorep royalty revenue, by indication Breast cancer $0.0 $0.0 $0.0 $0.0 $17.1 $87.1 $151.0 $203.9 $277.3 $334.7 $394.2 Pancreatic cancer $0.0 $0.0 $0.0 $0.0 $0.0 $6.1 $24.5 $43.7 $63.6 $84.2 $105.7 Royalty rev, pelareorep $0.0 $0.0 $0.0 $0.0 $17.1 $93.2 $175.6 $247.6 $340.8 $418.9 $500.0 Revenue growth (%) NA NA NA NA NA 445% 88% 41% 38% 23% 19% Cash operating expenses $22.5 $22.5 $23.6 $22.4 $21.4 $20.6 $20.1 $22.3 $25.0 $27.9 $31.4 EBITDA ($22.5) ($22.5) ($23.6) ($22.4) ($4.3) $72.6 $155.5 $225.2 $315.9 $391.0 $468.6 EBITDA growth (%) NA NA NA NA NA NA 214.2% 144.9% 140.3% 123.8% 119.9% EBITDA margin (%) NA NA NA NA NA 77.9% 88.6% 91.0% 92.7% 93.3% 93.7% Net Income, fully-taxed ($26.0) ($23.0) ($24.1) ($22.9) ($4.8) $50.4 $108.4 $157.2 $220.7 $273.2 $327.5 EPS (fully-taxed, basic) ($0.61) ($0.42) ($0.44) ($0.42) ($0.09) $0.92 $1.97 $2.86 $4.01 $4.97 $5.96 EPS (fully-taxed, fd) ($0.57) ($0.37) ($0.39) ($0.37) ($0.08) $0.82 $1.76 $2.56 $3.59 $4.44 $5.32 S/O (basic, M) 42.3 55.0 55.0 55.0 55.0 55.0 55.0 55.0 55.0 55.0 55.0 S/O (fully-diluted, M) 45.4 61.5 61.5 61.5 61.5 61.5 61.5 61.5 61.5 61.5 61.5 P/E NA NA NA NA NA 3.4x 1.6x 1.1x 0.8x 0.6x 0.5x EV/EBITDA NA NA NA NA NA 0.5x 0.3x 0.2x 0.1x 0.1x 0.1x Source: Historical data – Company Information (Oncolytics Biotech), Forecasts/Estimates – Leede Jones Gable

Supplemental BRACELET-1 trial is separately marching to data in the next few quarters. Building on AWARE-1, Oncolytics is funding supplemental studies to explore pelareorep’s broader potential in enhancing immunological action of other checkpoint inhibitor drugs, and not just Tecentriq. Thus, the firm has been separately funding the 48-patient Phase II BRACELET-1 trial as well, still testing metastatic breast cancer patients as in AWARE-1 but this time testing another anti-PD-L1 mAb in avelumab (Pfizer’s (PFE-NY, NR)/Merck KGaA’s (MRK-EU, NR) Bavencio).

That trial began enrolling subjects in FQ220 and we look forward to an update on how pelareorep/Bavencio impacts T-cell configuration in diseased patients sometime in FH221, with final data available by FH222. Four-month tumor response rate is the formal primary endpoint in the trial, but secondary endpoints (two-year response rate/survival) will be more germane to how pelareorep/Bavencio would need to perform in a future pivotal trial to merit approval. Patient enrollment should conclude by end- of-F2021.

IRENE trial is not overly impactful on our valuation just yet, but we endorse the initiative to see if pelareorep could be effective in another niche breast cancer indication. As shown in Exhibit 3, we know that Oncolytics is either planning or already actively enrolling subjects in at least four other Phase I/II clinical trials, including the 25-patient IRENE trial in partnership with the NJ- based Rutgers Cancer Institute and testing pelareorep in combination with MacroGenics/Incyte Pharmaceuticals’ (INCY-Q, NR) regulatory-stage anti-PD-1 mAb retifanlimab in patients with triple-negative breast cancer (so no detectable levels of the HER2 or estrogen receptor or progesterone receptor in tumor biopsies). As an aside, we observe that retifanlimab unfortunately just received an approval-denying complete response letter in late Jul/21 for the drug’s BLA filing in refractory anal cancer; separate Phase III studies in lung and gastric cancer are ongoing.

This trial is not overly impactful on our valuation and we do not formally embed pelareorep royalty revenue projections from targeting triple-negative disease. But we will of course be interested to see if pelareorep/retifanlimab can impact T-cell profile in

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 2

Oncolytics Biotech | ONC-TSX August 9, 2021

triple-negative breast cancer patients to a degree similar to that already observed in HER2-negative/HR-positive disease. Final data are expected by FH222.

Exhibit 2. Valuation Scenarios for Oncolytics Biotech

NPV, discount rate 20% 30% 35% 40% 45% 50% Implied value per share $23.57 $12.15 $8.43 $6.51 $4.81 $3.55

Discounted share price end-of-2021 Price/earnings multiple, F2025 P/E 20% 30% 35% 40% 45% 50% Implied share price1 10 $5.04 $3.97 $3.54 $3.18 $2.86 $2.58 20 $10.08 $7.94 $6.66 $6.36 $5.72 $5.16 30 $15.12 $11.91 $10.62 $9.54 $8.58 $7.74

EV/EBITDA multiple, F2025 5x 7.5x 10x 12.5x 15x 20x Implied share price1,2 $4.98 $7.17 $9.35 $11.54 $13.72 $18.10

One-year ONC target price $8.15 1 Based on F2025 fd fully-taxed EPS forecast of $0.82; EBITDA of $72.6M; 35% discount rate 2 EV incorporates pro forma cash of $50.8M (including $8.1M in capital raised under legacy ATM facility), S/O (fd) of 61.5M (55.0M basic S/O)

Source: Forecasts/Estimates – Leede Jones Gable

As with IRENE trial, the pending GOBLET trial is not overly relevant to our valuation, but it could provide new insights into pelareorep’s utility in pancreatic cancer. Another trial that we expect to commence enrollment imminently is the 55-patient Phase II gastrointestinal tumor (GOBLET) trial. As with AWARE-1, the trial will be testing pelareorep in combination with Roche’s Tecentriq (but not in metastatic breast cancer as in AWARE-1) in three distinct advanced cancer forms (pancreatic, colorectal with high microsatellite instability, and anal cancer). Tecentriq is already FDA-approved for targeting multiple cancer forms, but for any of the GOBLET indications just mentioned, so we will be interested to see if pelareorep can enhance Tecentriq’s anticancer activity in these three cancer forms. Two of which are embedded in our pelareorep royalty revenue projections and a third (pancreatic cancer) that is being tested in Phase II with a different checkpoint inhibitor drug (Merck’s pembrolizumab/Keytruda).

Pancreatic cancer has garnered minimal commentary from Oncolytics in most recent quarters, but that shifted recently with updated clinical data presented at ASCO. A third Phase II program, this time in pancreatic cancer, is more directly relevant to our valuation and model, and we are thus encouraged by interim data from the 30-patient Phase II BU-18I01 trial that is testing pelareorep with Merck’s FDA-approved anti-PD-1 mAb pembrolizumab/Keytruda. Data presented at the 2021 ASCO meeting in late Q221 nicely showed a clear correlation between an increase in circulating cytotoxic T-cells (with a parallel reduction in regulatory T-cells) and responsiveness to pelareorep/Keytruda therapy. Although the criteria for responsiveness was only to the level of partial response (one patient) or stable disease (four patients) in a twelve-patient cohort, nonetheless we look forward to final response rate data from this trial in the next few quarters.

Multiple myeloma is still alive within Oncolytics’ clinical portfolio and a definitive decision on its pipeline prospects awaits data from two ongoing Phase II programs. And lastly, Oncolytics continues to be involved with the 62-patient Phase II refractory multiple myeloma trial (the WINSHIP 4398-18 trial), which is combining pelareorep with BMS’ (BMY-NY, NR) nivolumab/Opdivo or with Amgen’s (AMGN-Q, NR) proteasome inhibitor drug carfilzomib/Kyprolis. Kyprolis is already approved for treating multiple myeloma, but Opdivo is not, though it is separately undergoing Phase III testing in the 170-patient CheckMate 602 trial, data in 2022. As indicated above, the trial is being conducted in collaboration with GA-based Emory University and the University of Utah and updated tumor response/survival data are expected by end-of-F2021. A separate 28-patient Phase II multiple myeloma study, in this case sponsored by the US National Cancer Institute, could also generate interim data before end-of-F2021. For now, our model does not incorporate myeloma-specific royalty revenue projections for pelareorep, but we will revisit that assumption once final Phase II data are available for review.

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Oncolytics Biotech | ONC-TSX August 9, 2021

Pelareorep/CAR-T combination therapy showed promise in early preclinical testing reported last quarter, and though no new data were presented, this concept has potential for expanding pelareorep’s prospects into new solid tumor markets. Oncolytics was more transparent about its partnership strategy in its FQ221 commentary than it has been in recent quarters. Specifically the firm emphasized the relevance of recent pelareorep data that exhibited potent anti-tumor activity when administered with tumor-specific CAR-T cell therapies. The firm did not have any supplemental data on pelareorep’s prospects in targeting solid tumors with CAR-T beyond data shared last quarter on which we commented in our FQ121 update note, but we believe that the firm is aggressively exploring collaborations that could drive preclinical/Phase I pelareorep/CAR-T activities into oncology markets not yet contemplated in our model.

As we described in our last note, CAR-T therapies have exhibited extremely strong (and approvable) response rate data in hematologic tumors, but the utility of antigen-primed T-cell therapies is not yet as fully explored in solid tumors and we are encouraged by Oncolytics’ positive preclinical data on this theme as reported back in FQ121. For context, BMS-Celgene-Kite Pharma’s Yescarta and Tecartus, and Novartis-Juno’s (NOVN-SW, NR) Kymriah are already FDA-approved for targeting B-cell lymphomas. But regardless of any nascent advances in this area, our model still expects Oncolytics to advance into pivotal Phase III testing in metastatic breast and pancreatic cancer in the next several quarters.

Exhibit 3. Forthcoming Clinical and Development Milestones for Pelareorep/Oncolytics Biotech

Cancer Patient Co-administered Clinical Date Expected milestone Clinical trial indication num (N) therapies collaborators (calendar)

Final biomarker (T-cell AWARE-1 Metastatic breast 38 Atezolizumab/ Tecen- Roche, SOLTI H221 clonality, tumor cancer (HER2-neg/ triq (anti-PD-L1 mAb) infiltration) data HR-pos) Interim safety & BRACELET-1 Metastatic breast 48 Avelumab/Bavencio Pfizer & Merck Q221-Q321 biomarker data cancer (anti-PD-L1 mAb) KGaA

Final survival-PFS- BU-18I01 Advanced 30 Pembrolizumab/ Key- Northwestern H221 tumor response data pancreatic cancer truda (anti-PD1 mAb) Univ, US NCI (second-line) Interim safety & IRENE Triple-negative 25 Retifanlimab (anti- Rutgers Univ, H221 biomarker (T-cell breast cancer PD1 mAb) Incyte clonality, tumor (HER2-neg/ HR- infiltration) data neg) Commence enrollment GOBLET Advanced 55 Atezolizumab/ Roche, AIO Q321 (key biomarkers are T- pancreatic, Tecentriq (anti-PD-L1 Studien gGmbH cell clonality & CEA- colorectal, anal mAb) CAM6 expression) cancer

Response rate, survival WINSHIP 4398-18 Refractory multiple 62 Nivolumab/Opdivo or BMS & Amgen H221 myeloma Carfilzomib/Kyprolis

Response rate, PFS, NCI-9603 Refractory multiple 28 Carfilzomib/Kyprolis Amgen H221 immune markers myeloma

Response rate & BRACELET-1 Metastatic breast 48 Avelumab/Bavencio Pfizer & Merck Q421/Q122 biomarker (T-cell cancer (anti-PD-L1 mAb) KGaA clonality) data

Source: Oncolytics Biotech, Leede Jones Gable

Pelareorep/reovirus has a sustainable profile in the oncolytic virus medical literature, but few seminal advances were published since our last update. Our review of the medical literature did not identify any salient studies on reovirus in general (or pelareorep specifically) that were overly material to our investment thesis, and virtually all of the biological/clinical insights on reovirus have been advanced by Oncolytics itself in recent years anyway. Pelareorep’s clinical history was represented in a meta-analysis of oncolytic virus clinical studies that was published in recent weeks by Chinese researchers in Virology Journal. But that review was not pelareorep-specific in any way, and it sourced Oncolytics’ completed Phase II studies (in breast, colorectal, prostate, pancreatic, lung & gynecologic cancer) that we have assimilated into (or more accurately, excluded from) our pelareorep financial forecasts already.

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Oncolytics Biotech | ONC-TSX August 9, 2021

Exhibit 4. Comparable Companies for Oncolytics Biotech

Shares Share Filing Out price Mkt cap ($M) Ent val ($M) Company Curr Sym (M) 7-Aug (curr) (C$) (curr) (C$) Status of lead program Bavarian DKK BAVA 63.7 DKK 268.0 DKK 17,067 3,388 DKK 17,849 3,543 Vaccine developer, focused on infectious disease but Nordic AS with HPV program with MVA-BN HPV in Phase II testing; BN-Brachyury/transcription factor vaccine in Phase II testing in advanced chordoma/bone cancer Celldex USD CLDX 46.5 $47.60 2,213 2,777 2,048 2,571 CDX-0159, mAb targeting KIT tyrosine kinase (Phase I, Therapeutics angioedema); CEX-1140, mAb targeting CD40 (Phase II testing with Keytruda); CDX-527, bispecific mAb targeting PD-L1 & CD27 (Phase I, solid tumors) Clovis USD CLVS 118.4 $4.97 588 739 1,006 1,262 Rucaparib developer (PARP inhibitor, ovarian cancer) Oncology Dynavax USD DVAX 114.8 $10.74 1,233 1,547 1,107 1,389 Heplisav-B, recombinant hepatitis B vaccine; DNA Technologies vaccines targeting toll-like receptors (TLR7,8,9, as cancer therapies) Incyte USD INCY 220.8 $76.30 16,850 21,150 14,803 18,581 Itacitinib (Phase III, chronic GvHD); pemigatinib (Phase Corporation III, cholangiosarcoma); INCMGA-00012 (Phase III, non- small cell lung cancer, anal cancer); ruxolitinib (myelofibrosis) Iovance Bio- USD IOVA 155.0 $23.54 3,649 4,581 2,994 3,758 Autologous T-cell immune therapies. C-144-01 (Phase II, therapeutics melanoma); C-145-03 (Phase II, H&N cancer); C-145-04 (Phase II, cervical cancer) Oxford GBP OXB 82.6 p1,344.0 £1,110 1,933 £1,077 1,876 Lentivirus-based gene therapy (engineers T-cells to Biomedica express Abs against 5T4 surface antigen) for multiple diseases, including hematologic cancers Novavax, Inc. USD NVAX 74.1 $189.89 14,070 17,660 12,425 15,596 Nanoparticle vaccine technology, targeting viral respiratory pathogens including RSV & SaRS-CoV2 Oncorus USD ONCR 25.7 $13.28 342 429 169 212 Oncolytic virus developer; ONCR-177, intratumoral herpes virus construct in Phase I/solid tumor trial, coxsack- ievirus A21 (CVA21) in preclinical testing, IPO in Oct/20 Sorrento USD SRNE 297.6 $8.39 2,497 3,134 2,362 2,964 Diversified pipeline, with mAb checkpoint inhibitor and Therapeutics CAR-T/DAR-T cell therapy development programs; herpes simplex virus-based Seprehvir/Seprehvec in Phase I solid tumor testing Sunesis USD SNSS 37.0 $11.43 423 531 305 383 Vecabrutinib in Phase I B-cell lymphoma testing; PDK1 Pharma inhibitor SNS-510 in Phase I solid/hematologic tumor testing; Viracta merger is pending Transgene EUR TNG 83.3 € 2.25 € 187 276 € 198 293 Oncolytic vaccinia virus TG6002 in multiple cancer trials (breast cancer, mesothelioma; neoantigen vaccine TG4050 in Phase I H&N/ovarian cancer VBI Vaccines USD VBIV 256.0 $3.08 789 990 681 855 Mostly focused on hepatitis B with Sci-B-Vac but also glioblastoma with VBI-1901 (bivalent VLP expressing the CMV Ags pp65 and gB)

Average $4,549 $4,099 Oncolytics CAD ONC 52.8 $2.79 $147 $185 $97 $122 Reovirus-based pelareorep, Phase II testing in Biotech HER2(-)/ HR(+) breast cancer, pancreatic cancer, multiple myeloma

Source: Refinitiv, Leede Jones Gable

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Oncolytics Biotech | ONC-TSX August 9, 2021

Exhibit 5. Experimental Therapies in Advanced Clinical Testing for HER2(-)/HR(+) Metastatic Breast Cancer

Mechanism of Sponsor/ Co-admin Patient Primary Start Data Therapy Action Phase Innovator therapies number Endpoint(s) Date by Comments/Clinical History HR+ HER2- Breast Cancer - Experimental Therapies BGB-290 poly (ADP-ribose) II Beigene Monotherapy 75 ORR (out to 2 Jun-18 Dec-20 Data from 15-pt Phase I trial testing BGB-290 in ovarian cancer or (Pamiparib) polymerases years) triple negative breast cancer presented at AACR, well-tolerated in (PARP1/PARP2) Chinese population. Separately testing BGB-290 with checkpoint inhibitor inhibitor tislelizumab/ BGB-A317 in Phase Ib solid tumor trial

BKM120 Phosphatidyl- III Novartis (NOVN-Fulvestrant 432 PFS (up to 5.5 Oct-12 Dec-17 BELLE-3 trial. Testing HR+, HER2- metastatic breast cancer pts (Buparlisib) Inositol-3 Kinase SW, NR); now mo); BELLE-3 who progressed after mTOR inhibitor therapy. Results in Lancet (PI3K) Inhibitor Adlai Nortye Oncology (2017) showed median PFS in BKM120/fulvestrant arm (Private) vs fulvestrant alone of 3.9 mo vs 1.8 mo, but with 22% of pts with elevated serum liver enzymes [AAT])

BKM120 Phosphatidyl- III Adlai Nortye Fulvestrant/ 1,149 PFS (Up to 8.3 Aug-12 Apr-19 BELLE-2 trial. Also published in Lancet Oncology (2017) . Rights (Buparlisib) Inositol-3 Kinase (Private) Faslodex mo); BELLE-2 acquired by Oncolytics partner Adlai Nortye in 2018; median PFS (PI3K) Inhibitor of 6.9 mo vs 5.0 mo, but with elevated ATT levels in 25% of pts. PI3K inhibitor + endocrine therapy deemed effective in post- menopausal women, but with lingering toxicity concerns BKM120 Phosphatidyl- III Adlai Nortye Paclitaxel 416 PFS (up to 12 Aug-12 Jun-15 BELLE-4 trial. No PFS benefit at final analysis (8.0 mo vs 9.2 mo (Buparlisib) Inositol-3 Kinase (Private) mo); BELLE-4 for placebo). BELLE-4 data published in 2017 in Annals of (PI3K) Inhibitor Oncology Capecitabine Pentanoic acid III Sun Yat-sen Aromatase inhi- 240 PFS/ORR (out to Jul-17 May-23 Trial is exploring utility of low-dose (metronomic) Xeloda for (Xeloda, low- derivative of 5- University bitors (letrozole, 20 mo); OS (out maintaining disease control. Study proposes that time-to- dose) FU; nucleoside anastrozole, to 48 mo) progression on aromatase inhibitor therapy alone is about 9 mo in analog exemestane) this population

Copanlisib PI3K inhibitor I/II Bayer (BAYN- Letrozole, 102 Change in Ki-67 Aug-17 Aug-21 Drug first approved for relapsed follicular lymphoma in Sep/17; (Aliqopa) (targets PI3K-α Q, NR) Palbociclib expression, therapy now tested in Stage I-IV HR+, HER2- breast cancer; and PI3K-Δ forms safety (DLT) collaboration with US NCI & Jonsson Comprehensive Cancer on malig B cells) Center G1T38 Short-acting CDK I/II G1 Fulvestrant 102 Safety (DLT and Jan-17 Dec-20 Phase Ib data in Annals of Oncology (2019) with ORR/ median (Trilaciclib) 4 and 6 inhibitor Therapeutics adverse events), PFS/OS of 66.7%/6.2 mo/10.9 mo vs. placebo at 56.8%/5mo/10.6 (GTHX-Q, NR) recommended mo. Update in Sep/19 for trilaciclib-gemcitabine-carboplatin in dose and interval triple negative breast cancer showed OS of 20.1 mo vs 12.6 mo for control. Oral selective estrogen receptor degrader G1T48 in Phase I HER2-/ER+ Phase I trial, data in May/22 GDC-0077 Selective PIK3 III Roche (ROG- Co-administered 400 PFS/ORR (out to Jan-20 Nov-25 Phase III trial targeting HER2(-)/HR(+) metastatic breast cancers inhibitor, targets SW, NR) with palbociclib- 72 mo) with co-presenting PIK3CA mutations; a separate Phase I trial p110-alpha sub- fulvestrant, which is testing '0077 with aromatase inhibitor letrozole & palbociclib also unit; fluorinated also control therapy ongoing at MSKCC propanamide

Ipatasertib Akt Inhibitor III Roche (ROG- Paclitaxel 450 PFS (up to 53 Jan-18 Dec-21 Testing patients with triple-negative breast cancer, so not same (inhibits Akt SW, NR) mo) market as targeted by Reolysin in upcoming trial; Phase II LOTUS serine-threonine results showed median PFS of 6.2 mo vs placebo PFS of 4.9 mo in kinase activity) triple-negative disease Ipatasertib Akt Inhibitor III Roche (ROG- Palbociclib & 370 ORR/PFS/OS (up Nov-19 Jan-26 IPATunity150 trial. Enrolled patients are either sustained on or (inhibits Akt SW, NR) Fulvestrant to 64 mo) have become refractory to adjuvant endocrine therapy. serine-threonine kinase activity) MM-121 Anti-ERBB3 II Merrimack Fulvestrant 80 PFS (up to 20 mo Aug-17 Sep-20 Slightly different indication targeting HR+, HRG+ (heregulin), HER2- (Seribantumab) human IgG2 mAb (MACK-Q, NR) or 58 PFS disease; results on the therapy as a com-bination with paclitaxel in events) ovarian cancer published in 2016, noting PFS in 3.75 mo vs 3.68 mo in paclitaxel alone; not significant but exploratory analyses suggested benefit with HRG+ and low HER2 patients SHR6390 CDK4/CDK6 III Jiangsu Heng- Fulvestrant/ 288 PFS up to 2 yrs May-19 Apr-21 Exhibited 62.5% disease-control rate in 40-pt Phase I trial inhibitor Rui Medicine Faslodex presented at 2020 ASCO meeting SHR6391 CDK4/CDK6 III Jiangsu Heng- Anastrozole, 426 PFS up to 2 yrs Jun-19 Jun-22 Phase I testing established reasonable dose range, as indicated inhibitor Rui Medicine letrozole above. Preclinical data published in 2019 in Cancer Science showed synergy with endocrine therapy in HR+ breast tumors

Tesetaxel Oral taxane II Odonate Capecitabine 125 ORR (out to 2-2.5 Feb-19 Mar-22 Phase II CONTESSA 2 trial testing taxane-naive patients, Interim (chemotherapy Therapeutics years) data from 46-patient TOB203 trial testing HER2- disease showed agent) (ODT-Q, NR) ORR of 45%, duration of response of 8.7 mo, well-tolerated Tesetaxel Oral taxane III Odonate Capecitabine 685 PFS to 3 yrs; OS Dec-17 Mar-23 Phase III CONTESSA trial, comparing to capecitabine mono- (chemotherapy Therapeutics to 5 yrs therapy, pts will have bone-only metastatic disease, testing in agent) (ODT-Q, NR) either neoadjuvant or adjuvant setting

TRC105 Anti-Endoglin I/II Tracon (TCON- Letrozole, 35 Dosing (MTD) Feb-16 Feb-21 More advanced in angiosarcoma, where therapy is evaluated as (carotuximab) IgG1 mAb Q, NR) & Roche Everolimus combination with pazopanib (Votrient), the Phase III TAPPAS trial was terminated due to futility after an IDMC review in Apr/19

Source: US National Institutes of Health clinical database, company reports

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Oncolytics Biotech | ONC-TSX August 9, 2021

Exhibit 6. Already-Approved Cancer Therapies in Advanced Clinical Testing for HER2(-)/HR(+) Metastatic Breast Cancer

Mechanism of Sponsor/ Co-admin Patient Primary Start Data Therapy Action Phase Innovator therapies number Endpoint(s) Date by Comments/Clinical History Already-approved, but evaluating various combination therapies through clinical/academic collaborations Abemaciclib CDK4/CDK6 III Eli Lilly (LLY- Fulvestrant 669 PFS (out to 31 Jul-14 Jan-24 Continuation of MONARCH 2 trial. Com- (LY2835219)/ inhibitor; NY, NR) mo); OS (out to bined with tamoxifen in 234-pt Next Verzenio fluorinated 80 mo) MONARCH 1 trial, 21-mo PFS data in pyrimidine Aug/21; FDA-approved for metastatic derivative breast cancer in Sept/17 (MONARCH 2 data in Mar/17 showed PFS benefit vs fulvestrant alone; 16.4 mo vs 9.3 mo in JCO 2017 ; 46.7 mo vs 37.3 mo in JAMA Oncol 2020 ), trial ongoing to assess long- term OS Abemaciclib CDK4/CDK6 III Eli Lilly (LLY- Anastrozole, 493 PFS (interim Nov-14 Jul-21 MONARCH 3 trial. Positive data reported in (LY2835219)/ inhibitor NY, NR) letrozole analysis at 189 J Clin Oncol in 2017, median PFS not Verzenio events) reached for abemaciclib pts, was 14.7 mo for control pts Abemaciclib CDK4/CDK6 III Eli Lilly (LLY- Anastrozole, 463 PFS at 26 mo Dec-16 Jul-21 MONARCH plus trial. Positive interim data (LY2835219)/ inhibitor NY, NR) letrozole (fulve- pub-lished in 2020 in Ther Adv in Med Verzenio strant as ctrl) Oncol, but PFS not reached vs 14.7mo ctrl. Superior per-formance on ORR - 65.9% vs 36.1% ctrl Abemaciclib CDK4/CDK6 III Eli Lilly (LLY- Anastrozole, 4,580 Disease-free Jul-17 Jun-29 MonarchE trial. Longer-term survival-based (LY2835219)/ inhibitor NY, NR) letrozole survival at 10 open-label trial to more fully explore Verzenio years Verzenio's utility in stemming disease progression following surgery Everolimus Mammalian target III Novartis (NOVN-Aromatase inhibitors 110 PFS (PrE0102) Jul-14 Jun-20 PFS of 10.3 mo for everolimus/ fulvestrant (Afinitor) of rapamycin SW, NR) (letrozole, vs 5.1 mo in fulvestrant-treated patients; complex 1 anastrozole, Everolimus FDA-approved (in Jul/12) for (mTORC1) exemestane) treating both HER+ & HER2- breast cancer inhibitor in combination with exemestane (Aromasin) in second-line patients refractory to letrozole/anastrozole Fulvestrant Selective III Eli Lilly (LLY- Abemaciclib (brand 630 PFS (Up to 31 Jul-14 Feb-20 Fulvestrant approved for this indication (Faslodex) antagonist of NY, NR), name Verzenio) mo) since Aug/17; Abemaciclib has been estrogen AstraZeneca approved for this indication since Sep/17 (AZN-L, NR) Goserelin LHRH agonist, III Peking Tamoxifen, cyclo- 234 Ultrasound Jul-15 Jun-25 Assessing neoadjuvant therapy given two (Zoladex), anthracycline- University phosphamide response rate, weeks before surgery in pre-menopausal epirubicin DNA binding two weeks women with HER2-/HR+ disease (Ellence) before surgery LEE011/ CDK4 and CDK6 III Novartis (NOVN-Fulvestrant 726 PFS up to 26 mo Nov-17 Feb-22 MONALEESA-3 trial. Kisquali-Faslodex vs Ribociclib inhibitor SW, NR) Faslodex alone, crossover in Jan/20 put all (Kisquali) pts to receive Kisquali. Interim data in 2020 in NEJM ; 57.8% Kisquali-Faslodex vs 45.9% Faslodex pts survived to 42 mo

LEE011/ CDK4 and CDK6 III Novartis (NOVN-Tamoxifen, 672 PFS (up to 25 Nov-14 Dec-21 MONALEESA-7 trial. Kisqali approved as Ribociclib inhibitor SW, NR) Letrozole, mo) endocrine-based therapy for HR+/HER2- (Kisquali) Anastrozole, breast cancer (Mar/17), data from 668-pt Goserelin Phase III MONALEESA-2 trial showed reduction in death/progression risk by 44% (median PFS not reached) in Kisqali/letrozole-treated subjects LEE011/ CDK4 and CDK6 III Novartis (NOVN-Letrozole (Femara) 3,255 Adverse event Nov-19 May-21 COMPLEEMENT-1 trial. Open-label, all pts Ribociclib inhibitor SW, NR) goserelin (Zoladex) rate, PFS to 36 receive Kisquali-Femara, with Zoladex- (Kisquali) leuprolide (Lupron) mo Lupron admin to pre-menopausal women Paclitaxel/Taxol, Microtubule-bind- III Chugai Pharma Cocktail with or 280 PFS up to 2 yrs Jan-21 Jun-25 AMBITION trial, open label, testing Taxol/ bevacizumab/ ing, anti-VEGF, Japanese without Tecentriq Avastin with or without checkpoint inhibition Avastin, atezoliz- anti-PD-L1 Foundation for in HER2-/HR+ disease umab/Tecentriq Cancer Res Source: US National Institutes of Health clinical database, company reports

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 7

Oncolytics Biotech | ONC-TSX August 9, 2021

Exhibit 7. Already-Approved Therapies (for Other Cancer Indications) in Advanced Clinical Testing for HER2(-)/HR(+) Metastatic Breast Cancer

Mechanism of Sponsor/ Co-admin Patient Primary Start Data Therapy Action Phase Innovator therapies number Endpoint(s) Date by Comments/Clinical History Already-approved, but evaluating various combination therapies through clinical/academic collaborations Palbocicilib CDK4 and CDK6 III Pfizer (PFE-NY, Estrogen antagonist 180 PFS (up to 3.5 Feb-18 Feb-22 Ibrance already approved (in Mar/17) as (Ibrance) inhibitor NR), US NCI Tamoxifen and/or yrs) part of combination with aromatase inhib- Astra's goserelin itors for patients with HR+, HER2- meta- (Zoladex) static breast cancer; approved on 666-pt PALOMA-2 trial (median PFS 24.8 mo for palbociclib/letrozole vs 14.5 mo for letrozole Palbocicilib CDK4 and CDK6 III Pfizer (PFE-NY, 400 PFS (time to first Aug-19 Nov-26 POLAR trial, testing women with mastec- (Ibrance) inhibitor NR) recurr, local, reg- tomy or lumpectomy as adjuvant therapy ional, or distal) Palbocicilib CDK4 and CDK6 III Pfizer (PFE-NY, Fulvestrant 521 Overall survival Oct-13 Jun-20 PALOMA-3 PFS data already published in (Ibrance) inhibitor NR) (PALOMA-3) 2016 in The Lancet ; update showed trends to overall survival improvement, but no statistical significance Ribociclib/ CDK4 and CDK6 III Novartis (NOVN-Capecitabine, 158 PFS/ORR (out to May-18 Jun-26 Two-arm trial, exclusively conducted in Ger- Kisquali inhibitor SW, NR); bevacizumab, 15 mo); OS (out many, randomized by liver/lung metastasis iOMEDICO AG paclitaxel to 48 mo) Ribociclib/ CDK4 and CDK6 III Novartis (NOVN-Endocrine therapy 5,000 Invasive disease- Dec-18 May-26 NATALEE trial, testing Ibrance with endo- Kisquali inhibitor SW, NR) (tamoxifen, letro- free survival to crine therapy (hormone-receptor targeted) zole, anastrozole, 44 mo as adjuvant therapy goserelin) Ribociclib/ CDK4 and CDK6 III Novartis (NOVN-Letrozole, or 287 Change in circu- Feb-18 Dec-22 BioItaLEE trial. Piqray approved for treating Kisquali inhibitor SW, NR) alpelisib (Piqray)- lating tumor DNA PIK3CA-mutated HR+ disease, so used as fulvestrant until progression control therapy in second-line breast (Fasodex) (3 yrs) cancer pts harboring such mutations Ribociclib/ CDK4/CDK6 III iOMEDICO AB, Aromatase inhib- 158 ORR, CBR up to May-18 Jun-26 Also testing Kisqali with bevacizumab/ Kisquali inhibitor Novartis (NOVN-itors (letrozole, 15 mo, OS up to Avastin or capecitabine/Temodar or pacli- SW, NR) anastrozole, 48 mo taxel, as first-line therapy exemestane)

Sacituzumab Trop-2-tgted III German Breast Control therapy 1,200 Disease-free Oct-20 Dec-28 Testing HER2-negative disease, but com- govitecan mAb, conjugated Group, Gilead- either cis-platin or survival rate at paring HR+ vs HR- as background markers. (Trodelvy) to SN-38 (DNA Immunomedics carboplatin or 385 events, prob Approved in Apr/20 for treating metastatic topo I inhibitor) (GILD-Q, NR) capecitabine 6-7 years triple-negative breast cancer. Sacituzumab Trop-2-tgted II Merck Sharp & Pembrolizumab 110 PFS/ORR at 36 Sep-20 Jun-27 Combining Trop-2 inhibition with PD-1 govitecan mAb, conjugated Dohme, Gilead- (Keytruda), anti-PD1 mo checkpoint inhibition in HER2-/HR+ disease (Trodelvy) to SN-38 Immunomedics mAb (GILD-Q, NR)

Source: US National Institutes of Health clinical database, company reports

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 8

Oncolytics Biotech | ONC-TSX August 9, 2021

Exhibit 8. Experimental Therapies in Advanced Clinical Testing for Advanced Pancreatic Cancer

Sponsor/ Co-admin Patient Primary Start Therapy Mechanism of Action Phase Innovator therapies number Endpoint(s) Date Data by Comments/Clinical History Metastatic Pancreatic Cancer - Experimental Therapies Anti-CEA CAR-T Chimeric antigen recep- III Sorrento Abraxane- 167 PFS/OS (up to 12 Nov-21 Jan-22 Trial is targeting liver metastatis arising from tor T-cells, primed with Therapeutics gemcytabine, mo) primary pancreatic tumors carcinoembryonic Ag various controls APG-1387 Targets apoptosis II Ascentage Gemcitabine or 44 PK, PFS/OS up Dec-20 Dec-23 Basic pharmacol of APG-1387 as a SMAC proteins IAP/XIAP (X- Pharma Group Abraxane as control to 24 mo mimetic published in Biochem Pharmacol, linked inhibitor of (CH) 2018 by Ascentage Pharma apoptosis protein), SMAC mimetic BMS-813160 CCR2/CCR5 chemokine II BMS (BMY-NY, Nivolumab/Opdivo, 30 PFS/OS to 36 mo Dec-19 Mar-22 GVAX & ipilimumab (Yervoy) did not dual antagonist NR), Sidney GVAX (irradiated improve OS in 82-pt Phase II pancreatic Kimmel Cancer autologous cancer trial (Clin Canc Res, 2020 ) Center (Johns pancreatic tumor Hopkins cells, modified to Hospital) express GM-CSF)

Carbon ion radio- Localized radiation, III Univ. of Texas Control is alterna- 110 PFS/OS (up to 24 May-19 Jul-23 CIPHER trial. Carbon ion RT has advan- therapy irreversibly impede DNA Southwestern tive RT (intensity- mo) tage of deploying energy predominantly repair & replication Medical Center modulated radiation within target tumor and not surrounding ther); gemcitabine & healthy tissue Abraxane as bkgd chemo in both RTs CPI-613 Dibenzylthio-octanoic III Rafael Phar- mFolfirinox 500 PFS (at least 10 Nov-18 Mar-22 AVENGER 500 trial achieves 75% (devimistat) acid derivative, targets maceuticals (oxaliplatin, folinic mo follow-up) enrollment in Mar/20; Phase II data showed pyruvate deH2ase & (private) acid, irinotecan, 5- 61% ORR, 17% CR. Other indications being alpha-ketoglutarate de- fluorouracil) tested include AML, MDS, Burkitt's H2ase in mitochondria lymphoma & peripheral T-cell lymphoma

Durvalumab Anti-PD-L1 mAb, PARP II AstraZeneca Cediranib failed 90 Change in Apr-21 Mar-22 DAPPER trial, also testing mismatch repair- (Imfinzi), inhibitor, VEGFR (AZN-L, NR), lung & brain cancer immune markers, proficient colorectal cancer & leiomyo- Olaparib inhibitor, respectively Univ Health trials, but worked also PFS/OS up sarcoma; testing anticancer activity from (Lynparza), Networks (ON) better with olaparib to 36 mo simultaneously inhibiting DNA repair, PD-L1 cediranib in ovarian cancer checkpoint, poly-ADP ribosylation (2014 ASCO) EndoTAG-1 Microtubule stabilizing III SynCore Gemcitabine, 218 PFS/OS (up to 12 Jun-18 Jun-22 Performed well in 200-pt Phase II trial, also (cationic agent; EndoTAG target Biotech-nology already failed mo) com-bining with gemcitabine, 33-36% sur- liposomal negatively-charged Co FOLFIRINOX vival to one-year in med/high dose Endo- paclitaxel) (sialylated) endothelium TAG1/gem arm vs 17% gem alone of new blood vessels

Fluzoparib poly (ADP-ribose) III Jiangsu Monotherapy 136 ORR/PFS (up to Apr-20 Apr-22 Specifically targeting tumors harboring (SHR3162) polymerase (PARP1/ HengRui 36 mo) germinal BRCA/ PALB2 mutations in PARP2) inhibitor Medicine Co patients without progression on first-line Pt Glufosfamide (β- Alkylating agent, inhibits III Eleison Pharma- 5-FU, already failed 480 OS (up to 6 mo) Sep-13 Jun-21 therapyFailed 303-pt Phase III trial funded by D-glucose- DNA synthesis, tumor- ceuticals gemci-tabine Threshold Pharmaceuticals & published in ifosfamide), targeted Eur J Canc in 2009 D19575 Irinotecan DNA topoisomerase I III Ipsen Oxaliplatin-5-FU- 750 PFS/OS (anal- Feb-20 Dec-23 NAPOLI 3 trial. NAPOLI 1 trial (Eur J Canc (liposomal)/ inhibitor leucovorin vs ysis triggered at 2019 ) was three-arm trial testing Nal-IRI Onivyde Abraxane-gem- 564 events) alone, 5-FU/ leucovorin alone, and combo; citabine control one-year survival ws 26% in combo vs 16% for 5-FU/LV, funded by Merrimack Pharma Source: US National Institutes of Health clinical database, company reports

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 9

Oncolytics Biotech | ONC-TSX August 9, 2021

Exhibit 9. Experimental Therapies in Advanced Clinical Testing for Advanced Pancreatic Cancer

Sponsor/ Co-admin Patient Primary Start Therapy Mechanism of Action Phase Innovator therapies number Endpoint(s) Date Data by Comments/Clinical History Metastatic Pancreatic Cancer - Experimental Therapies Masitinib Selective tyrosine kinase III AB Science Gemcitabine 377 PFS/OS (up to 60 Jul-14 Sep-20 Main target markets are neurological (ALS, inhibitor; derivatized mo) MS), but also inflammation & prostate benzamide cancer; sold in Europe in vet market as Masivet, treats mast cell tumors in animals

Nal-IRI (liposomal DNA topoisomerase I III AIO-Studien- Monotherapy, 270 PFS/OS (up to 12 Mar-18 Oct-20 PREDICT trial. Already FDA-approved by irinotecan; inhibitor gGmbH already failed mo) Ipsen as Onivyde, in comb with 5-FU & Onivyde) gemcitabine leucovorin, in second-line, gemcitabine- resistant pancreatic cancer NanoPac, intra- Microtubule stabilizing II NanOlogy LLC Particles created by 65 PK parameters, Dec-17 Dec-21 Performed well with carboplatin & paclitaxel tumoral, pacli- natural product, LSAM (TX) solvent extraction, response rate in 10-pt Phase I gynecologic cancer trial taxel large designed to impede ultrasound, super- (Gynecologic Oncology Reports, 2020 ) surface diffusion out of tumor critical CO2 extrac- microparticles) once injected tion, particles 800nm Napabucasin STAT3 transcription III 1Global Health Paclitaxel/ 230 PFS/OS (up to 30 Oct-18 Dec-21 Already failed one Phase III trial (CanStem- (BBI608) inhibitor Institute gemcitabine mo) 111P trial) when combined with Abraxane/ Gemzar; manufactured by Boston Biomed- ical; activated by NADPH:quinone oxido- reductase 1, creates reactive O2 species NovoTTF- 150 kHz continuous III NovoCure Gemcitabine or 556 PFS/OS (up to 48 May-18 Sep-23 PANOVA-3 trial, open-label testing TTF in 100L(P) electrical field (tumor (NVCR-Q, NR) Abraxane mo) combo with approved pancreatic cancer treatment field), mitotic drugs. Optune Lua is FDA-approved for disruption meso-thelioma based on STELLAR trial (Lancet Oncology, 2019 ) Olaparib poly (ADP-ribose) III AstraZeneca, Monotherapy 154 PFS/OS (up to 48 Dec-14 Feb-21 FDA-approved for metastatic disease in (Lynparza) polymerase (PARP1/ Myriad mo) patients with BRCA1/2 mutations; data from PARP2) inhibitor Genetics, 154-pt trial (POLO trial) showed PFS Merck benefit (7.4 mo vs 3.8 mo on placebo) but no OS benefit (18.9 mo vs 18.1 mo) (NEJM, Jul/19) Paclitaxel- Microtubule stabilizing III Fudan mFolfirinox 300 PFS/OS (up to 36 Sep-20 Sep-23 Abraxane FDA-approved for pancreatic albumin agent, formulated in University (oxaliplatin, folinic mo) cancer, trial is thus exploring combo with nanoparticle albumin instead of (Shanghai CH) acid, irinotecan, 5- mFolfirinox, which itself worked well in 493- (Abraxane) Cremophor EL fluorouracil) pt trial vs gemcitabine (NEJM, 2018 ) Ramucirumab VEGF2 receptor II Eli Lilly (LLY- Gemcitabine or 50 PFS/OS up to 33 Jan-19 Sep-21 RACING trial. Enrolling centers mostly in (Cyramza) antagonist mAb, NY, NR), Abraxane as control mo Greece, partnered with Hellenic Coop originally developed by Celgene-BMS Oncol Group ImClone (BMY-NY, NR) XELOXIRI-3 DNA-active agents II Centre Gemcitabine as 90 PFS at 6 mo Jul-19 Jul-22 Overlapping chemo FOLFIRINOX (5-FU, (capecitabine, Hospitalier control leucovorin/vincristine, irinotecan, oxali- irinotecan, Universitaire de platin) already shown to be clinically useful oxaliplatin) Besancon (FR) in pancreatic cancer

Source: US National Institutes of Health clinical database, company reports

Douglas W. Loe, PhD MBA | Managing Director & Analyst | [email protected] | 416.365.9924 Page 10

Oncolytics Biotech | ONC-TSX August 9, 2021

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Oncolytics Biotech | ONC-TSX August 9, 2021

Rating Definitions The security represents attractive relative value and is expected to appreciate significantly from the current Buy price over the next 12 month time horizon. Speculative Buy The security is considered a BUY but carries an above-average level of risk. The security represents fair value and no material appreciation is expected over the next 12 month time Hold horizon. Sell The security represents poor value and is expected to depreciate over the next 12 month time horizon. Under Review The rating is temporarily placed under review until further information is disclosed. Leede Jones Gable Inc. recommends that investors tender to an existing public offer for the securities in Tender the absence of a superior competing offer. Not Rated Leede Jones Gable Inc. does not provide research coverage of the relevant issuer.

Rating Distribution NO. OF RECOMMENDATION % COMPANIES Buy 6 35.3% Speculative Buy 8 47.1% Hold 3 17.6% Sell - - Tender - - Under Review - -

Historical Target Price

Date Target ($) Rating Oncolytics Biotech Inc. (TSX:ONC) 15 Dec 2020 C$8.50 Spec Buy $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 Coverage Initiated: Dec 15, 2020 Aug 20 Oct 20 Dec 20 Feb 21 Apr 21 Jun 21 Aug 21 Data sourced from: Refinitiv Last Sale Price PT revision

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