Decoy Therapeutics (DCOY) investor relations material

Executive summary

• Preclinical-stage biotech focused on peptide conjugate therapeutics using the IMP³ACT platform, leveraging AI/ML for rapid drug design targeting infectious diseases and oncology.

• Completed a merger in November 2025, integrating complementary drug development assets and changing its name and ticker.

• No commercial products or product sales revenue to date; all candidates are preclinical.

• Lead programs include a pan-coronavirus prophylactic and a broad respiratory antiviral targeting flu, COVID-19, and RSV.

• Supported by non-dilutive funding from Gates Foundation, BARDA, and others.

Financial highlights

• Net loss for 2025 was $12.5 million, up from $5.6 million in 2024, driven by $8.5 million in acquired in-process R&D from the merger.

• Research and development expenses rose to $8.9 million in 2025 from $0.8 million in 2024.

• General and administrative expenses decreased to $3.7 million in 2025 from $5.0 million in 2024.

• Cash and cash equivalents at year-end 2025 were $10.7 million, with $3.0 million restricted for grant use.

• Accumulated deficit reached $94.4 million as of December 31, 2025.

Outlook and guidance

• Cash runway expected to fund operations into late 2026; substantial doubt exists about ability to continue as a going concern without additional capital.

• Plans to file IND for lead pan-coronavirus candidate in 1H 2027 and initiate Phase 1 trial.

• Intends to seek further non-dilutive funding and strategic partnerships.