🧠 At a Glance
Onconetix, Inc. (OTC: ONCO) just dropped its Form 10-K for FY2024, and honestly — it’s the biotech equivalent of submitting your resume to NASA after failing 10th-grade physics.
- 💰 Revenue: $0
- 🔥 Annual Loss: $3.84 million
- 💸 Cash Left: $12,000 — enough for 6 months of rent or one failed conference trip
- 🧪 Drug Pipeline: One molecule, zero trials, infinite optimism
- 📉 Stock Price: $0.12 and falling faster than investor patience
- 🚑 Auditor’s Mood: “Going Concern? Bro, it’s already gone.”
If biotech was a religion, Onconetix is that guy knocking on doors asking for funding in the name of science… and offering prayers instead of data.
🧬 The Company: Onconetix, Inc.
Previously known as Sophiris Bio, this is a cancer drug company with:
- One legacy molecule (Topsalysin)
- Zero trials currently running
- Zero approvals
- Zero employees with anything new to say
They rebranded as Onconetix to sound edgy and oncology-centric. But let’s be real — this is a shell with a fancy name and a terminal diagnosis.
📉 Financials: Broke Is an Understatement
| 💀 Metric | 💸 Value |
|---|---|
| Revenue | $0 |
| Net Loss | $3.84 million |
| Total Assets | $41,775 |
| Liabilities | $2.4 million |
| Working Capital Deficit | $1.3 million |
| Cash Left | $12,000 |
That’s not a biotech balance sheet. That’s a failed Kickstarter page.
📉 Stock Performance
| Date | Share Price |
|---|---|
| Jan 2024 | $1.10 |
| Jun 2024 | $0.52 |
| Dec 2024 | $0.18 |
| Now | $0.12 and sinking |
Even meme coins offer more hope than this ticker. Every chart looks like a ski slope.
🧪 Drug Update: What Drug?
- Topsalysin: A once-promising molecule for prostate cancer.
- 2024: No new trials, no progress, no updates.
- 2025 Plan: Raise money… somehow. Test something… someday. Make believers… maybe?
Their own 10-K admits:
“We do not currently have any clinical trials in progress…”
That’s biotech speak for: “We’re just here to vibe until someone wires money.”
📜 Management Speak – Translated
🗣️ Them: “We intend to evaluate options for the development of our lead product candidate.”
💬 Translation: “We’re emailing old trial contacts and hoping one replies.”
🗣️ Them: “We’ll need to raise additional capital.”
💬 Translation: “Expect a desperate PIPE deal or a glorified bake sale.”
🔥 EduInvesting Take
This isn’t a 10-K. It’s a $3.8 million expense report stapled to a bankruptcy warning.
If Onconetix was a restaurant, it’d have one dish, no chef, no customers, and an open GoFundMe in the menu.
Every page of this filing screams:
“We’re still here. Don’t know why. But here’s our burn rate.”
🧨 Red Flags to Frame on Your Wall
- 🚫 Zero revenue for another year
- 🚪 “Going concern” in bold
- 📉 Sub-$1 OTC stock (delisting risk!)
- 🪙 Cash burn + no income = guaranteed dilution
- 🙈 No updated clinical results, investor presentations, or product traction
Even their Form 10-K reads like it was submitted out of obligation — not ambition.
🧼 Closing Thoughts: The Real Pipeline Is Copium
Onconetix is what happens when:
- Hope outlives cash
- Ticker symbols outlive science
- Filings outlive operations
Investors aren’t betting on the next blockbuster drug.
They’re betting the company survives until next quarter’s internet bill.
Tags: Onconetix 10-K 2024, ONCO stock, Biotech penny stocks, SEC filings, cancer drug pipeline, Topsalysin, going concern risk, financial roasting, EduInvesting style
Author: Prashant Marathe
Date: June 3, 2025
