04:12 PM EST, 03/07/2024 (MT Newswires) -- Oncolytics Biotech ( ONCY ) was up 2.9% in after hours Nasdaq trading after the company on Thursday said its fourth-quarter loss narrowed on a non-cash gain.

The development-stage biopharmaceutical company said it lost C$3.9 million, or C$0.05, in the period, compared with a loss of C$8.6 million, or C$0.14, in the year-prior quarter.

The company, which reported no revenue, said the narrowing loss came on a C$4.8-million gain on the fair value of a warrant issue.

Oncolytics said it ended the quarter with C$34.9 million in cash, enough to keep operating for 12 months.

The company's shares were last seen up US$0.03 to US$1.07 after hours. They closed up C$0.02 to C$1.41 on the Toronto Stock Exchange.