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Oncolytics: 2015 Third Quarter Financial Statements Exhibit Interim Consolidated Financial Statements

The following excerpt is from the company's SEC filing.

(unaudited)

Oncolytics Biotech

September 30, 2015

ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

December 31,

Assets

Current assets

Cash and cash equivalents

27,962,462

14,152,825

Short-term investments

2,060,977

2,031,685

Accounts receivable

53,040

191,751

Prepaid expenses

480,611

291,553

Total current assets

30,557,090

16,667,814

Non-current assets

Property and equipment

443,468

525 ,376

Total non-current assets

Total assets

31,000,558

17,193,190

Liabilities And Shareholders’ Equity

Current Liabilities

Accounts payable and accrued liabilities

3,276,279

3,373,997

Total current liabilities

Commitments

Shareholders’ equity

Share capital

Authorized: unlimited

Issued:

September 30, 2015 – 117,981,672

December 31, 2014 - 93,512,494

261,229,719

237,657,056

Contributed surplus

26,029,865

25,848,429

Accumulated other comprehensive income

657,103

280,043

Accumulated deficit

(260,192,408

(249,966,335

Total shareholders’ equity

27,724,279

13,819,193

Total liabilities and equity

See accompanying notes

INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

Three Month Period Ending September 30, 2015

Three Month Period Ending September 30, 2014

Nine Month Period Ending September 30, 2015

Nine Month Period Ending September 30, 2014

Expenses

Research and development

5, 11, 12

1,704,784

3,571,939

6,601,877

11,305,328

Operating

1,176,023

1,105,274

3,780,812

3,706,343

Operating loss

(2,880,807

(4,677,213

(10,382,689

(15,011,671

Interest

52,756

39,937

153,313

178,177

Loss before income taxes

(2,828,051

(4,637,276

(10,229,376

(14,833,494

Income tax expense

(6,728

Net loss

(2,823,977

(4,636,608

(10,226,073

(14,840,222

Other comprehensive income items that may be

reclassified to net loss

Translation adjustment

192,586

100,461

377,060

108,442

Net comprehensive loss

(2,631,391

(4,536,147

(9,849,013

(14,731,780

Basic and diluted loss per common share

Weighted average number of shares (basic and

diluted)

117,963,979

88,592,863

110,757,811

86,786,937

See accompanying notes

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Share Capital

Contributed Surplus

Warrants

Accumulated Other Comprehensive Income

(Loss)

Accumulated Deficit

As at December 31, 2013

228,612,564

24,491,212

376,892

79,698

(231,347,000

22,213,366

Net loss and other comprehensive income

Issued, pursuant to Share Purchase Agreement

6,427,899

Expired warrants

(376,892

Share based compensation

870,423

As at September 30, 2014

235,040,463

25,738,527

188,140

(246,187,222

14,779,908

As at December 31, 2014

4,305,396

Issued, pursuant to "At the Market" Agreement

19,267,267

181,436

As at September 30, 2015

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

Operating Activities

Net loss for the period

Amortization - property and equipment

44,761

39,904

134,743

118,073

Share based compensation

10,791

199,821

Unrealized foreign exchange loss (gain)

(182,131

243,290

(485,653

193,301

Net change in non-cash working capital

92,792

(261,622

(327,690

(2,701,103

Cash used in operating activities

(2,857,764

(4,415,215

(10,723,237

(16,359,528

Investing Activities

Acquisition of property and equipment

(17,695

(113,782

(47,292

(131,001

Purchase of short-term investments

(29,292

(30,041

Cash used in investing activities

(76,584

(161,042

Financing Activities

Proceeds from Share Purchase Agreement

2,736,749

Proceeds from "At the Market" equity distribution agreement

213,742

Cash provided by financing activities

23,572,663

Increase in cash

(2,661,717

(1,792,248

12,772,842

(10,092,671

Cash and cash equivalents, beginning of period

30,018,217

16,880,730

25,220,328

Impact of foreign exchange on cash and cash equivalents

605,962

(75,514

1,036,795

(114,689

Cash and cash equivalents, end of period

15,012,968

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Incorporation and Nature of Operations

Oncolytics Biotech Inc.

was incorporated on April 2, 1998 under the Business Corporations Act (Alberta) as 779738 Alberta Ltd. On April 8, 1998, we changed our name to Oncolytics Biotech Inc.

Our interim consolidated financial statements for the period ended

, were authorized for issue in accordance with a resolution of the Board of Directors (the "Board") on

November 4, 2015

. We are a limited company incorporated and domiciled in Canada. Our shares are publicly traded and our registered office is located at 210, 1167 Kensington Crescent NW, Calgary, Alberta, Canada.

We are a development stage biopharmaceutical company that focuses on the discovery and development of pharmaceutical products for the treatment of cancers that have not been successfully treated with conventional therapeutics. Our product being developed may represent a novel treatment for Ras mediated cancers which can be used as an alternative to existing cytotoxic or cytostatic therapies, as an adjuvant therapy to conventional chemotherapy, radiation therapy, or surgical resections, or to treat certain cellular proliferative disorders for which no current therapy exists.

Note 2: Basis of Financial Statement Presentation

Our interim consolidated financial statements include our financial statements and the financial statements of our subsidiaries as at

and are presented in Canadian dollars, our functional currency.

Our accounts are prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the International Accounting Standards Board (“IASB”). The accounts are prepared on the historical cost basis, except for certain assets and liabilities which are measured at fair value as explained in the notes to these financial statements.

These interim consolidated financial statements have been prepared in compliance with International Accounting Standard 34

Interim Financial Reporting.

The notes presented in these interim consolidated financial statements include only significant events and transactions occurring since our last fiscal year end and are not fully inclusive of all matters required to be disclosed in our annual audited consolidated financial statements. Accordingly, these interim consolidated financial statements should be read in conjunction with our most recent annual audited consolidated financial statements, for the year ended

December 31, 2014

. We have consistently applied the same accounting policies for all periods presented in these interim consolidated financial statements as those used in our audited consolidated financial statements for the year ended

Note 3: Cash Equivalents and Short Term Investments

Cash equivalents consist of interest bearing deposits with our bank totaling $

26,450,302

$7,620,520

). The current annual interest rate earned on these deposits is

Short-Term Investments

Short-term investments which consist of guaranteed investment certificates are liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. The objectives for holding short-term investments are to invest our excess cash resources in investment vehicles that provide a better rate of return compared to our interest bearing bank account with limited risk to the principal invested. We intend to match the maturities of these short-term investments with the cash requirements of the Company’s activities and treat these as held-to-maturity short-term investments.

Original Cost

Accrued Interest

Carrying

Effective

Interest Rate

Fair value is determined by using published market prices...


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