Oncolytics Biotech is a clinical-stage biopharmaceutical company developing pelareorep, a proprietary intravenously delivered immunotherapeutic agent based on a naturally occurring, non-pathogenic reovirus that selectively replicates in RAS-mutated tumor cells. The drug triggers direct tumor lysis while activating immune responses, converting immunologically "cold" tumors to "hot" tumors to enhance responsiveness to existing cancer treatments including chemotherapy, checkpoint inhibitors, CAR-T therapies, and targeted agents. The company is focused on gastrointestinal cancers—particularly colorectal, pancreatic, and anal cancer—where clinical trials have demonstrated improved response rates and survival outcomes, and plans to pursue regulatory approval and commercialization through partnerships with larger pharmaceutical companies.