Oncorus says no cash beyond Q3, cuts remaining jobs, shares tumble

Oncorus

02/06/2023 10:31

** Oncorus Inc  ONCR.O  tumbles 28% to 12 cents premarket
after the biotech firm says it doesn't have enough cash to stay
operational beyond Q3
    ** If losses hold, stock to open at an all time low
    ** ONCR to cut all of its remaining jobs by August 2023, and
to incur related expenses of $2.6 mln
    ** ONCR says current and expected cash flows will not be
sufficient to meet working capital and operational needs after
Q3 (Sept 2023)
    ** ONCR says if no other viable option comes up, it will be
required to declare bankruptcy
    ** Since its public debut in Oct 2020, co has not posted
earnings on an annual basis
    ** Up to last close, stock had fallen 28% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))