Oncorus, Inc. is contemplating filing for bankruptcy, as of June 1, 2023. According to company press release, Oncorus anticipates that its existing cash and projected cash flows will not be sufficient to meet its working capital and operational needs beyond the third quarter of 2023. The Company cannot currently provide any assurance that it will be able to secure sufficient liquidity to fund its operations beyond that date.

The Company continues to assess all available strategic options to maximize value for all of its stakeholders, including, but not limited to, an acquisition, merger, reverse merger, divestiture of assets, licensing, or other strategic transactions. However, there is no set timetable for this process and there can be no assurance that this process will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms. If the Company is unable to complete a transaction, it will be required to seek bankruptcy protection or other alternatives for restructuring and resolving its liabilities, including an orderly winddown. The Company's board of directors has approved a workforce reduction of approximately 55 employees, representing substantially all of Oncorus' workforce, which is expected to be completed by August 2023.