Pason Reports First Quarter 2025 Results and Declares Quarterly Dividend
Financial Highlights
Three Months Ended March 31,
2025
2024
Change
(000s, except per share data)
($)
($)
( %)
North American Drilling Revenue
75,772
73,604
3
International Drilling Revenue
13,989
14,632
(4)
Completions Revenue
16,013
12,785
25
Solar and Energy Storage Revenue
7,403
3,738
98
Total Revenue
113,177
104,759
8
Adjusted EBITDA (1)
45,212
42,425
7
As a % of revenue
39.9
40.5
(60) bps
Funds flow from operations
36,543
34,846
5
Per share – basic
0.46
0.44
5
Per share – diluted
0.46
0.44
5
Cash from operating activities
39,942
31,014
29
Net capital expenditures (2)
16,708
19,281
(13)
Free cash flow (1)
23,234
11,733
98
Cash dividends declared (per share)
0.13
0.13
—
Net income
19,646
69,123
(72)
Net income attributable to Pason
20,009
69,529
(71)
Per share – basic
0.25
0.87
(71)
Per share – diluted
0.25
0.87
(71)
As at
March 31, 2025
December 31, 2024
Change
(CDN 000s)
($)
($)
( %)
Cash and cash equivalents
84,372
77,197
9
Short-term investments
3,032
3,581
(15)
Total Cash (1)
87,404
80,778
8
Working capital
122,058
120,583
1
Total interest bearing debt
—
—
—
Shares outstanding end of period (#)
78,962,675
79,426,065
(1)
(1) Non-GAAP and supplementary financial measures are defined under Non-GAAP Financial Measures in this press release.
(2) Includes additions to property, plant, and equipment and development costs, net of proceeds on disposal from Pason's Condensed Consolidated Interim Statements of Cash Flows
Pason generated $113.2 million in consolidated revenue in the first quarter of 2025, representing a 8% increase from the $104.8 million generated in the comparative period of 2024 and a result that continues to significantly outpace underlying industry conditions.
The North American Drilling business unit generated $75.8 million of revenue in the first quarter of 2025, a 3% increase over the comparative period of 2024 despite industry conditions that continued to be challenging. Industry activity in North America was 3% lower in the first quarter of 2025 when compared to the first quarter of 2024, driven by a reduction in US land rig counts, slightly offset by an increase in Canadian activity. However, during this time Pason's Revenue per Industry Day increased 7% to $1,067 from the comparative 2024 period. Revenue per Industry Day in the current quarter represents increased product adoption across Pason's technology offering and also benefited from strength in the US dollar versus the Canadian dollar when compared to the prior year quarter. While a strengthening US dollar negatively impacted US dollar sourced operating expenses in the first quarter of 2025, this increase was offset by lower levels of repairs. As a result, segment gross profit of $46.8 million during the first quarter of 2025 increased from $44.4 million in the 2024 comparative period, and demonstrates the segment's operating leverage and ability to outpace industry activity levels on a mostly fixed cost base.
The International Drilling business unit generated $14.0 million of revenue and $5.8 million in gross profit in the first quarter of 2025, both representing decreases over the comparative period of 2024. Current quarter revenue in this segment was impacted by lower levels of activity within the Company's Argentinian operations, due to a large customer's operational focus shifting away from conventional wells toward more unconventional drilling, leading to a reduction in active rigs pending results from this shift. While the segment's cost base remains primarily fixed, current quarter operating expenses were impacted by inflationary effects and changes in foreign exchange.
Industry conditions for completions activity in North America continued to be challenging in the first quarter of 2025 with active frac spreads in the US declining by 21% from the prior year comparative period. However, against this backdrop the Company's Completions segment generated $16.0 million in revenue representing a 25% increase from the prior year comparative period. During the first quarter of 2025, the business unit averaged 32 IWS Active Jobs, up from 28 in the first quarter of 2024, and up from 26 in the fourth quarter of 2024. Revenue per IWS day of $5,486 also increased year over year by 9%, benefiting from mix of active jobs and also from strength in the US dollar. As the Completions segment grows its customer base, Revenue per IWS Day will fluctuate depending on the mix of technology adopted amongst those existing customers. Segment gross profit of $1.6 million in the quarter compares to $1.2 million in the prior year comparative quarter, and includes $5.6 million of depreciation and amortization expense, of which $2.1 million relates to amortization expense on intangible assets acquired through the IWS Acquisition.
Revenue generated by the Solar and Energy Storage business unit was $7.4 million, a 98% increase from the comparative period in 2024 and a new quarterly record for the segment. Revenue grew year over year with an increased number of control systems delivered in the current quarter. With the increase in revenue, operating expenses were $6.5 million during the first quarter of 2025 reflecting the cost of goods sold on controls systems revenue. Resulting segment gross profit was $0.8 million for the first quarter of 2025 compared to $0.2 million in the comparable period in 2024.
Pason generated $45.2 million in Adjusted EBITDA, or 39.9% of revenue in the first quarter of 2025, compared to $42.4 million or 40.5% of revenue in the first quarter of 2024. While Adjusted EBITDA grew year over year with increasing revenue, a comparison of Adjusted EBITDA margins reflects higher levels of revenue generated by the Company's Completions and Solar and Energy Storage segments at lower margins given the investments made for the current stage of growth of those segments.
The Company recorded net income attributable to Pason of $20.0 million ($0.25 per share) in the first quarter of 2025, compared to net income attributable to Pason of $69.5 million ($0.87 per share) recorded in the corresponding period in 2024. First quarter 2024 net income attributable to Pason included a non- recurring $50.8 million non-cash accounting gain realized on the revaluation of the Company's previously held equity investment in IWS following the acquisition of all remaining outstanding common shares not held by Pason on January 1, 2024.
Sequentially, Q1 2025 consolidated revenue of $113.2 million was a 5% increase from consolidated revenue of $107.6 million generated in the fourth quarter of 2024. Adjusted EBITDA of $45.2 million or 39.9% of revenue in the first quarter of 2025 also increased from $42.1 million or 39.1% of revenue in the fourth quarter of 2024. First quarter 2025 results benefited from higher levels of Canadian drilling activity through the winter drilling season and sequential growth in Revenue per Industry Day. Further, the Company's Completions and Solar and Energy Storage segments both grew revenue sequentially, offsetting a sequential decline seen in the Company's International Drilling segment as a result of reduced levels of activity in Argentina. The Company recorded net income attributable to Pason in the first quarter of 2025 of $20.0 million ($0.25 per share) compared to net income attributable to Pason of $16.9 million ($0.21 per share) in the fourth quarter of 2024 where the increase quarter over quarter reflects higher levels of Adjusted EBITDA.
Pason's balance sheet remains strong, with no interest bearing debt, and $87.4 million in Total Cash as at March 31, 2025, compared to $80.8 million as at December 31, 2024. Pason generated cash from operating activities of $39.9 million in the first quarter of 2025, compared to $35.8 million in the fourth quarter of 2024, which reflects higher Adjusted EBITDA year over year.
During the three months ended March 31, 2025, Pason invested $16.7 million in net capital expenditures, a decrease from $19.3 million in the first quarter of 2024. Net capital expenditures in Q1 2025 includes investments associated with supporting the continued growth of the Company's pressure control automation technology offering for the completions segment, the ongoing refresh of Pason's drilling related technology platform and continued investments in the new Pason Mud Analyzer. Resulting Free Cash Flow in the first quarter of 2025 was $23.2 million, compared to $11.7 million in the same period in 2024.
In the first quarter of 2025, Pason returned $16.3 million to shareholders through the Company's quarterly dividend of $10.3 million and $6.0 million in share repurchases.
President's Message
The strength and resilience of Pason's competitive position was again demonstrated in our financial and operating results for the first quarter of 2025. Consolidated revenue increased by 8% year-over-year while North American drilling industry activity decreased by 3%. We continue to outpace underlying industry activity through both increasing Revenue per Industry Day, primarily through growing product adoption, and generating higher levels of revenue from our Completions and Solar and Energy Storage segments.
The compounding effect of Pason's continued outperformance against North American drilling industry activity is more evident when taking a longer-term view. Revenue per Industry Day in North America has grown at a compound annual growth rate of 6.6% over the past 10 years, resulting in a 90% total increase from $562 in the first quarter of 2015 to $1,067 in the first quarter of 2025. The impact of Pason's progress in generating additional sources of revenue can also be seen through a historical comparison; first quarter consolidated revenue of $113.2 million was slightly higher than $107.3 million in the first quarter of 2013, a time when there were 2,216 active drilling rigs in North America compared to 785 active drilling rigs in the first quarter of 2025.
Our International Drilling segment saw revenue decline 4% from the first quarter of 2024, primarily due to lower levels of activity in our operations in Argentina resulting from a change in a large customer's operational focus away from conventional wells towards more unconventional drilling. While this puts pressure on near-term activity as conventional development slows, over time we expect to benefit from this transition through higher activity on unconventional assets with higher adoption of a wider suite of products and service.
Our Completions segment generated revenue of $16.0 million in the first quarter, on the strength of year- over-year increases in both the average number of IWS Active Jobs and Revenue per IWS Day. Compared to the prior year period, segment revenue increased by 25%, while the reported number of active US frac spreads decreased by 21%.
Energy Toolbase, our business in the Solar and Energy Storage segment, also posted strong results in the first quarter, with revenue of $7.4 million representing a 98% increase from the prior year period on the strength of additional control system deliveries in the quarter. Reported revenue from this segment will fluctuate based on the timing of control system deliveries.
Adjusted EBITDA increased by 7% year-over-year to $45.2 million, with margins declining slightly as a result of a greater contribution of revenue from Completions and Solar and Energy Storage, where segment margins are lower owing to their current stage of growth and development. Net capital expenditures of $16.7 million were 13% lower than the same period of 2024. As a result, free cash flow for the quarter of $23.2 million represented a 98% increase from the first quarter of 2024.
We returned $16.3 million to shareholders in the first quarter through our regular dividend and share repurchases and are maintaining our quarterly dividend at $0.13 per share. Our capital allocation priorities remain unchanged. Our highest expected returns on capital come from the investments we are making to grow our Completions business and to continue the rollout of our Mud Analyzer in our drilling- related business. We continue to expect our 2025 capital program to total approximately $65 million. In the current environment of uncertainty and market volatility, we favour maintaining greater flexibility to repurchase additional shares over higher dividends for incremental shareholder returns.
In recent weeks, ongoing trade disputes, changes to announced OPEC+ production plans, and growing concerns about the potential for economic recession have placed greater focus on geopolitical factors. We anticipate that companies may adjust their development plans should their commodity price forecasts change; however, even in the event of reductions in capital programs, we expect any activity decreases to be more modest in both depth and duration as compared to previous industry slowdowns. Today, the North American oil and gas industry is comprised of a smaller number of larger, well-capitalized producers with much stronger balance sheets that can withstand commodity price changes. Oil supply and demand are more balanced with oil storage levels at the low end of their 20-year range. A more significant amount of current activity is directed at maintaining current production levels, meaning there is much less opportunity to reduce growth capital. Whereas in previous downturns companies were able to maintain production by completing previously drilled wells, the current inventory of drilled but uncompleted wells (DUCs) appears to be at or near its minimum sustainable level; thus, we anticipate that efforts to maintain production will require both drilling and completions activity. Analysts have a more positive outlook for natural gas fundamentals, supported by growth expectations from LNG projects coming online and increased power demand related to data centre requirements to support artificial intelligence applications.
Our experience through previous cycles has been that maintaining investments focused on service quality and technology development through periods of uncertainty provides the greatest opportunity to expand competitive gaps. We see opportunities for greater adoption of data-driven technologies over time in both drilling and completions, and we intend to ensure our product and service offerings continue to evolve to ensure we can capitalize on those opportunities.
Quarterly Dividend
Pason announced today that the Board of Directors have declared a quarterly dividend of thirteen cents (C$0.13) per share on the company's common shares. The dividend will be paid on June 30, 2025 to shareholders of record at the close of business on June 16, 2025.
First Quarter Conference Call
Pason will be conducting a conference call for interested analysts, brokers, investors, and media representatives to review its 2025 first quarter results at 9:00 a.m. (MT) on Friday, May 2, 2025. The conference call dial-in numbers are 1-888-510-2154 or 1-437-900-0527, and the call will be simultaneously audio webcast via: www.pason.com/webcast. You can access the fourteen-day replay by dialing 1-888-660-6345 or 1-289-819-1450, using password 02840#.
An archived audio webcast of the conference call will also be available on Pason's website at www.pason.com/investors.
Non-GAAP Financial Measures
A non-GAAP financial measure has the definition set out in National Instrument 52-112 'Non-GAAP and Other Financial Measures Disclosure'.
The following non-GAAP measures may not be comparable to measures used by other companies. Management believes these non-GAAP measures provide readers with additional information regarding the Company's operating performance, and ability to generate funds to finance its operations, fund its research and development and capital expenditure program, and return capital to shareholders through dividends or share repurchases.
EBITDA and Adjusted EBITDA
EBITDA is defined as net income before interest income and expense, income taxes, stock-based compensation expense, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA, adjusted for foreign exchange, impairment of property, plant, and equipment, restructuring costs, net monetary adjustments, government wage assistance, revaluation of put obligation, gain on previously held equity interest and other items, which the Company does not consider to be in the normal course of continuing operations.
Management believes that EBITDA and Adjusted EBITDA are useful supplemental measures as they provide an indication of the results generated by the Company's principal business activities prior to the consideration of how these results are taxed in multiple jurisdictions, how the results are impacted by foreign exchange or how the results are impacted by the Company's accounting policies for equity-based compensation plans.
Reconcile Net Income to EBITDA
Three Months Ended
Jun 30,
2023
Sep 30,
2023
Dec 31,
2023
Mar 31,
2024
Jun 30,
2024
Sep 30,
2024
Dec 31,
2024
Mar 31,
2025
(000s)
($)
($)
($)
($)
($)
($)
($)
($)
Net income
24,962
27,399
8,012
69,123
10,284
23,717
16,585
19,646
Add:
Income taxes
7,906
7,356
6,710
9,057
6,048
6,148
2,404
8,214
Depreciation and amortization
5,815
6,988
7,797
11,730
12,901
13,659
13,889
14,184
Stock-based compensation
1,986
5,082
4,732
3,011
4,634
(117)
3,370
2,892
Net interest (income)
(2,847)
(3,858)
(5,082)
(1,411)
(522)
(803)
(218)
(512)
EBITDA
37,822
42,967
22,169
91,510
33,345
42,604
36,030
44,424
Reconcile EBITDA to Adjusted EBITDA
Three Months Ended
Jun 30,
2023
Sep 30,
2023
Dec 31,
2023
Mar 31,
2024
Jun 30,
2024
Sep 30,
2024
Dec 31,
2024
Mar 31,
2025
(000s)
($)
($)
($)
($)
($)
($)
($)
($)
EBITDA
37,822
42,967
22,169
91,510
33,345
42,604
36,030
44,424
Add:
Foreign exchange loss (gain)
1,597
681
14,247
714
(1,202)
(1,245)
5,574
(170)
Put option revaluation
—
—
(149)
—
—
—
(1,413)
—
Net monetary loss
(1,196)
(1,477)
—
—
—
—
—
—
Gain on previously held equity interest
—
—
—
(50,830)
—
—
—
—
Other
(336)
110
2,621
1,031
992
2,789
1,928
958
Adjusted EBITDA
37,887
42,281
38,888
42,425
33,135
44,148
42,119
45,212
Free cash flow
Free cash flow is defined as cash from operating activities plus proceeds on disposal of property, plant, and equipment, less capital expenditures (including changes to non-cash working capital associated with capital expenditures), and deferred development costs. This metric provides a key measure on the Company's ability to generate cash from its principal business activities after funding capital expenditure programs, and provides an indication of the amount of cash available to finance, among other items, the Company's dividend and other investment opportunities.
Reconcile cash from operating activities to free cash flow
Three Months Ended
Jun 30,
2023
Sep 30,
2023
Dec 31,
2023
Mar 31,
2024
Jun 30,
2024
Sep 30,
2024
Dec 31,
2024
Mar 31,
2025
(000s)
($)
($)
($)
($)
($)
($)
($)
($)
Cash from operating activities
29,658
31,698
27,412
31,014
25,976
30,375
35,825
39,942
Less:
Net additions to property, plant and equipment
(11,303)
(6,474)
(7,720)
(17,834)
(16,695)
(12,444)
(16,707)
(15,268)
Deferred development costs
(367)
(208)
(375)
(1,447)
(1,250)
(1,277)
(1,472)
(1,440)
Free cash flow
17,988
25,016
19,317
11,733
8,031
16,654
17,646
23,234
Supplementary Financial Measures
A supplementary financial measure: (a) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) is not presented in the financial statements of the Company; (c) is not a non-GAAP financial measure; and (d) is not a non-GAAP ratio. Supplementary financial measures found within this press release are as follows:
Revenue per Industry Day
Revenue per Industry Day is defined as the total revenue generated from the North American Drilling segment over all active drilling rig days in the North American market. This metric provides a key measure of the North American Drilling segment's ability to evaluate and manage product adoption, pricing, and market share penetration. Drilling rig days are calculated by using accepted industry sources.
IWS Active Jobs
IWS Active Jobs represents the average number of jobs per day that IWS is generating revenue on through the rental of its technology offering to customers during the reporting period. This metric provides a key measure of IWS' market penetration.
Revenue per IWS Day
Revenue per IWS Day is defined as the total revenue generated by the Completions segment over all IWS active days during the quarter. IWS active days are calculated by using IWS Active Jobs in the reporting period. This metric provides a key measure of the IWS' ability to evaluate and manage product adoption and pricing.
Adjusted EBITDA as a percentage of revenue
Calculated as adjusted EBITDA divided by revenue.
Total Cash
Calculated as the sum of cash and cash equivalents, and short-term investments from the Company's Consolidated Balance Sheets. The Company's short term-investments are comprised of US dollar bonds.
Forward Looking Information
Certain statements contained herein constitute 'forward-looking statements' and/or 'forward-looking information' under applicable securities laws (collectively referred to as 'forward-looking statements'). Forward- looking statements can generally be identified by the words 'anticipate', 'expect', 'believe', 'may', 'could', 'should', 'will', 'estimate', 'project', 'intend', 'plan', 'outlook', 'forecast' or expressions of a similar nature suggesting a future outcome or outlook.
Without limiting the foregoing, this document includes, but is not limited to, the following forward-looking statements: the Company's growth strategy and related schedules; divergence in activity levels between the geographic regions in which we operate; demand fluctuations for our products and services; the Company's ability to increase or maintain market share; projected future value, forecast operating and financial results; planned capital expenditures; expected product performance and adoption, including the timing, growth and profitability thereof; potential dividends and dividend growth strategy; future use and development of technology; our financial ability to meet long-term commitments not included in liabilities; the collectability of accounts receivable; the application of critical accounting estimates and judgements; treatment under governmental regulatory and taxation regimes; and projected increasing shareholder value.
These forward-looking statements reflect the current views of Pason with respect to future events and operating performance as of the date of this document. They are subject to known and unknown risks, uncertainties, assumptions, and other factors that could cause actual results to be materially different from results that are expressed or implied by such forward-looking statements.
Although we believe that these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the state of the economy; volatility in industry activity levels and resulting customer expenditures on exploration and production activities; customer demand for existing and new products; the industry shift towards more efficient drilling and completions activity and technology to assist in that efficiency; the impact of competition; the loss of key customers; the loss of key personnel; cybersecurity risks; reliance on proprietary technology and ability to protect the Company's proprietary technologies; changes to government regulations (including those related to safety, environmental, or taxation); the impact of extreme weather events and seasonality on our suppliers and on customer operations; and war, terrorism, pandemics, social or political unrest that disrupts global markets.
These risks, uncertainties and assumptions include but are not limited to those discussed in Pason's Annual Information Form for the year ended December 31, 2024 under the heading, 'Risk and Uncertainty,' in our management's discussion and analysis for the year ended December 31, 2024, and in our other filings with Canadian securities regulators. These documents are on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or through Pason's website (www.pason.com).
Forward-looking statements contained in this document are expressly qualified by this cautionary statement. Except to the extent required by applicable law, Pason assumes no obligation to publicly update or revise any forward-looking statements made in this document or otherwise, whether as a result of new information, future events or otherwise.
Pason Systems Inc.
Pason is a leading global provider of specialized data management systems for drilling rigs. Our solutions, which include data acquisition, wellsite reporting, remote communications, web-based information management, and analytics, enable collaboration between the rig and the office. Through Intelligent Wellhead Systems Inc. ('IWS'), we also provide engineered controls, data acquisition, and software, to automate workflows and processes for oil and gas well completions operations, improving wellsite safety and efficiency. Through Energy Toolbase Software, Inc. ('ETB'), we also provide products and services for the solar power and energy storage industry. ETB's solutions enable project developers to model, control and monitor economics and performance of solar energy and storage projects.
Pason's common shares trade on the Toronto Stock Exchange and OTC Markets Group under the symbol PSI and PSYTF, respectively. For more information about Pason Systems Inc., visit the company's website at www.pason.com or contact investorrelations@pason.com.
Additional information on risks and uncertainties and other factors that could affect Pason's operations or financial results are included in Pason's reports on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or through Pason's website (www.pason.com).
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USA News Group News CommentaryIssued on behalf of Oncolytics Biotech Inc. VANCOUVER, BC, July 23, 2025 /CNW/ — USA News Group News Commentary – Cancer diagnoses are climbing fastest among younger women, sparking alarm that looming cuts to U.S. research budgets could stall progress in prevention and treatment. Adding to the strain, federal and state regulators are re‑examining mRNA vaccines, creating a cloud of uncertainty over future cancer‑funding priorities. Yet even amid this policy turbulence, a new wave of oncology innovators is lining up near‑term milestones that could reshape the landscape—led by Oncolytics Biotech Inc. (NASDAQ: ONCY) (TSX: ONC), Cue Biopharma, Inc. (NASDAQ: CUE), Verastem, Inc. (NASDAQ: VSTM), Allogene Therapeutics, Inc. (NASDAQ: ALLO), and Perspective Therapeutics, Inc. (NYSE-American: CATX). While regulatory red tape tightens, surging diagnoses of colorectal and other GI cancers in young people demand quicker innovation in oncology. Forecasts suggest worldwide cancer‑drug revenues could blow past US$900 billion by 2034. Within that, next‑gen therapies built on precision techniques are slated to reach US$175.2 billion, advancing at a brisk 7.35% annual clip. Oncolytics Biotech Inc. (NASDAQ: ONCY) (TSX: ONC) recently held a well‑attended key opinion leader (KOL) webinar where pancreatic and gastrointestinal cancer specialists dissected pelareorep's clinical history, its biomarker data package, and where the oncolytic virus could slot into evolving chemotherapy and immunotherapy regimens. 'I want to thank our esteemed panel of oncologists for their meaningful contributions to our KOL event,' said Jared Kelly, CEO of Oncolytics. 'Their insights underscore a critical and timely message: pelareorep is a compelling immunotherapy platform that is well situated for combination strategies and a highly differentiated asset for pharma partners looking to expand or establish leadership in GI oncology. We are committed to moving forward aggressively toward registrational development while engaging with partners who share our vision of transforming outcomes in these difficult-to-treat cancers.' The panel revisited survival gains in metastatic pancreatic ductal adenocarcinoma (mPDAC), reviewed translational evidence of 'cold‑to‑hot' tumor conversion, and outlined next steps for a registration-enabling study. Management said feedback from the discussion would inform both upcoming trial designs and partnering talks now underway. The event came on the heels of Oncolytics having rolled out an expanded translational‑data review that tightened the scientific case for pelareorep, an intravenously delivered oncolytic reovirus. Renewed analyses from the GOBLET gastrointestinal cancer study and the AWARE‑1 breast cancer study confirmed that the virus replicates inside tumors, switches on interferon signaling in the immune system, and draws tumor‑infiltrating lymphocytes into the tumor microenvironment. 'This robust data set, amassed from several studies in cancers that have historically resisted immunotherapeutic approaches, provides definitive validation of pelareorep's immune-mediated mechanism of action,' said Dr. Thomas Heineman, Chief Medical Officer of Oncolytics. 'We observed tumor biopsy-confirmed virus replication, immune cell activation, and the recruitment of cytotoxic T cells into the TME – all consistent with the durable responses observed in patients with metastatic PDAC and HR+/HER2- breast cancer who were treated with pelareorep.' Investigators also recorded higher PD‑L1 expression and tracked newly expanded cytotoxic T‑cell clones in blood samples that matched those inside shrinking lesions—molecular fingerprints that point to stronger responses when pelareorep is combined with standard-of-care treatments and checkpoint inhibitors. 'The collection of data here show that pelareorep works how a cancer immunotherapy should work,' said Jared Kelly, CEO of Oncolytics. 'Pelareorep is a versatile product candidate with strong platform potential to enhance immunological responses in multiple indications, including hard-to-treat cancers. Such compelling findings should be exciting to strategic partners focused on finding a platform immunotherapy in large indications with high unmet medical needs.' Clinical outcomes already hint at real‑world benefit. In more than 100 first‑line mPDAC patients, pelareorep‑based regimens achieved a 21.9% two‑year overall‑survival rate versus a 9.2% historical benchmark. A separate single‑arm study that paired pelareorep with chemotherapy and a checkpoint blocker produced a 62% objective‑response rate—especially notable given that no checkpoint therapy is approved in this cancer today. In hormone‑receptor‑positive, HER2‑negative metastatic breast cancer (HR+/HER2‑ mBC), two randomized trials added more than ten months of median overall survival, while BRACELET‑1 nearly doubled median progression‑free survival to 12.1 months compared with 6.4 months for control patients. To steer these data toward value‑creating deals and late‑stage trials, the company strengthened its leadership earlier this year by appointing industry veteran Jared Kelly as CEO and naming Andrew Aromando Chief Business Officer. The duo previously helped guide Ambrx Biopharma into a US$2 billion sale to Johnson & Johnson, experience the board believes will support capital‑efficient development and strategic partnering for pelareorep. 'Pelareorep's clinical data across multiple tumors is striking and represents the potential for a true backbone immunotherapy to address many in-need indications,' said Kelly. 'With a renewed focus and sharpened clinical development plan, we believe we will move pelareorep forward effectively and efficiently to a place where potential partners will see the value of a de-risked immunotherapy.' As CBO, Aromando is now leading global business development and helping shape the company's corporate, clinical, and regulatory strategies. The leadership tandem is expected to prioritize partnering and expansion opportunities while preserving capital efficiency—a strategy well-suited for pelareorep's growing clinical profile. 'I'm thrilled to join Oncolytics at such a pivotal moment in its evolution,' said Aromando. 'With promising data in difficult-to-treat cancers and a compelling body of clinical evidence in over 1,100 patients, I believe the Company is uniquely positioned to deliver meaningful value to patients and other stakeholders in the near term.' Pelareorep currently holds FDA Fast Track designations in mPDAC (pancreatic cancer) and HR+/HER2‑ mBC (breast cancer), along with Orphan‑Drug status for pancreatic cancer in the United States and Europe. With mechanistic proof, survival data that outperform historical controls, and fresh validation from the recent KOL event, Oncolytics Biotech is aligning its clinical, regulatory, and business strategies to move pelareorep into registration‑enabling trials and position it as a backbone immunotherapy across solid tumors. CONTINUED… Read this and more news for Oncolytics Biotech at: In other recent industry developments and happenings in the market include: Cue Biopharma, Inc. (NASDAQ: CUE) recently reported that adding CUE‑101 to pembrolizumab produced a 50% overall response rate in patients with recurrent/metastatic HPV‑positive head and neck cancer who had a combined positive score (CPS) ≥ 1, including the same 50% response in those with low CPS 1–19. The regimen has now generated two complete responses, an 88% 12‑month overall survival rate, and a median overall survival of 32 months, handily outperforming historical pembrolizumab data. 'The culmination of maturing data further support our conviction that CUE-101, representative of our approach with the CUE-100 series, demonstrates a potential breakthrough therapeutic approach for establishing a new standard of care,' said Dan Passeri, CEO of Cue Biopharma. 'With this maturing data, we are further emboldened in our conviction that our Immuno-STAT® platform represents transformative potential for selectively modulating the patient's immune system.' Verastem, Inc. (NASDAQ: VSTM) recently published Phase 2 RAMP 201 results in the Journal of Clinical Oncology, showing avutometinib + defactinib delivered a 31% confirmed overall response rate in recurrent low‑grade serous ovarian cancer, rising to 44% in KRAS‑mutant tumors. 'The publication of the primary analysis of the RAMP 201 study in recurrent low-grade serous ovarian cancer in the Journal of Clinical Oncology reflects the meaningful clinical advancement demonstrated by the combination of avutometinib plus defactinib for patients with recurrent low-grade serous ovarian cancer,' said John Hayslip, M.D., Chief Medical Officer at Verastem Oncology. 'The findings supported the recent FDA approval of the combination in KRAS-mutated recurrent low-grade serous ovarian cancer and our ongoing global Phase 3 RAMP 301 trial of the combination in recurrent low-grade serous ovarian cancer with and without a KRAS mutation.' Median progression‑free survival reached 12.9 months overall and 31.0 months in the KRAS‑mutant subgroup, with 82% of patients experiencing some tumor shrinkage regardless of mutation status. Back in June, Allogene Therapeutics, Inc. (NASDAQ: ALLO) presented updated Phase 1 TRAVERSE data showing a single dose of ALLO‑316 achieved a 31% confirmed response rate in heavily pre‑treated renal cell carcinoma patients whose tumors expressed CD70 in ≥ 50 % of cells. 'ALLO-316 is showing clear evidence of targeted antitumor activity in patients who had failed most or all approved therapies for advanced or metastatic renal cell carcinoma,' said Zachary Roberts, M.D., Ph.D., EVP, Research and Development and Chief Medical Officer at Allogene. 'Our proprietary Dagger technology allows the use of a standard cyclophosphamide and fludarabine-based lymphodepletion regimen with a single dose of ALLO-316. Strong CAR T-cell kinetics and extensive infiltration of tumor tissue by CAR T cells are combining to generate deep and durable remissions. These are results that were previously considered out of reach for patients with advanced solid tumors.' Four of five responders remain in remission—including one lasting more than 12 months—while safety remained manageable with no graft‑versus‑host disease observed. Investigators say the results highlight allogeneic CAR T's potential in solid tumors and justify continued expansion of the study. Perspective Therapeutics, Inc. (NYSE-American: CATX) recently began recruiting the third dose‑escalation cohort of its Phase 1/2a trial testing [²¹²Pb]VMT‑α‑NET in unresectable or metastatic somatostatin receptor 2 (SSTR2)‑positive neuroendocrine tumors, raising the fixed dose by 20% to 6 mCi. Earlier cohorts showed anti‑tumor activity with mostly low‑grade adverse events, prompting FDA alignment to explore whether the higher dose can further enhance efficacy. 'We are excited to start exploring a higher dose level of VMT-α-NET after successfully completing an interaction with the FDA that was agreed prior to commencement of this trial,' commented Markus Puhlmann, Chief Medical Officer of Perspective. 'We are encouraged by the overall clinical profile observed at the second dose level of VMT-α-NET—including evidence of anti-tumor activity and primarily low-grade adverse events—and we believe it is important to assess whether a higher dose could further improve the therapeutic profile.' The company plans additional safety and efficacy readouts, including dosimetry analyses, at scientific meetings in 2H 2025. Source: CONTACT:USA NEWS GROUPinfo@ 265-2873 DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ('MIQ'). MIQ has been paid a fee for Oncolytics Biotech Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Oncolytics Biotech Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Oncolytics Biotech Inc. which were purchased in the open market, and reserve the right to buy and sell, and will buy and sell shares of Oncolytics Biotech Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by Oncolytics Biotech Inc.; this is a paid advertisement, we currently own shares of Oncolytics Biotech Inc. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. 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D2L Announces Createspace to Help Simplify Course Creation with Real-Time Collaboration
More innovative D2L Brightspace features announced alongside all-new D2L Academy and exciting H5P updates SAVANNAH, Ga., July 22, 2025 /CNW/ – D2L, a global leader in learning innovation, today announced during its annual Fusion user conference the launch of its all-new Createspace, the next generation of authoring and content management—now available in beta for all Creator+ users. Createspace allows educators and course authors to create, edit, and collaborate on content with intuitive tools in a dedicated space before publishing it to learners. Createspace is set to be generally available to all D2L Brightspace users later this year. 'Inspired and informed by our work on Creator+, we are proud to introduce Createspace to help transform authoring and content management within D2L Brightspace,' said Christian Pantel, Chief Product Officer at D2L. 'By giving educators a collaborative space to create and manage content more efficiently all in one place, we are helping them save time, reduce complexity, and focus on what matters most: reaching and engaging learners.' New Capabilities D2L also launched a suite of additional features to its core D2L Brightspace learning platform. The latest updates are designed to help educators and learners get even more out of their platform and deliver improved upskilling outcomes. The new D2L Brightspace offerings include: Enhancements to Assessments, allowing instructors to quickly reopen quiz attempts, deliver feedback in bulk, and use quiz filters to help analyze results and make grading faster. Expanded group enrollment capacity, increasing the group size limit from 200 to 3,000 learners, and providing educators with more enhanced filters to tailor groups. Improved visibility for Parents and Guardians by allowing educators to communicate more effectively through the class list, announcements, and templated emails. Updates to employee learning with a flexible UX design that can empower organizations to deliver structured, repeatable learning at scale–equipped with progress tracking, prerequisites, and integration with HR systems. Print Quiz helps educators increase quiz value and accessibility for learners. 'With the latest enhancements to D2L Brightspace, we are giving educators even more powerful tools to help unlock the full potential of learners,' said John Baker, President, Founder and CEO of D2L. 'From expanding group capacity to launching Print Quiz and improving assessment workflows, we're making it easier for educators to deliver highly accessible, future-ready education at scale. By helping to empower learning leaders with innovative tools, we are not just breaking barriers—we are helping to build a future where all learners can thrive.' Announcing D2L Academy D2L also announced the launch of D2L Academy, a centralized hub for D2L learning resources to help educators and leaders unlock the full potential of D2L Brightspace. D2L Academy provides access to a comprehensive suite of training material, including more than 40 courses, expert-led live sessions, industry-recognized certifications and support for configuring D2L Brightspace, specifically designed to help empower educators, learning leaders and course administrators. Enhancements to H5P New enhancements to H5P to refresh the user experience, providing users with a more intuitive way to build and interact with engaging content – including: Smart Import powered by generative AI expands to support 56 languages. A visual, drag-and-drop editing experience to better combine text and multimedia content. Enhanced accessibility with new ARIA roles and improved keyboard navigation. Newly redesigned native integration into D2L Creator+. Explore the D2L product roadmap to learn more about upcoming releases, updates, and features. About D2L D2L is transforming the way the world learns, helping learners achieve more than they dreamed possible. Working closely with customers all over the world, D2L is on a mission to make learning more inspiring, engaging and human. Find out how D2L helps transform lives and delivers outstanding learning outcomes in K-12, higher education and business at The D2L family of companies includes D2L Inc., D2L Corporation, D2L Ltd, D2L Australia Pty Ltd, D2L Europe Ltd, D2L Asia Pte Ltd, D2L India Pvt Ltd, D2L Brasil Soluções de Tecnologia para Educação Ltda and D2L Sistemas de Aprendizaje Innovadores, S. D2 R.L de C.V., and H5P Group AS. All D2L and H5P marks are owned by the D2L group of companies. Please visit for a list of D2L marks. All other trademarks are the property of their respective owners.
