Decoy Therapeutics (DCOY) Q2 2026 earnings summary

Executive summary

• Focused on pre-clinical peptide conjugate therapeutics using the IMP³ACT platform, targeting infectious diseases and oncology.

• Completed a merger with Legacy Decoy in November 2025, integrating complementary drug development assets.

• No commercial product sales or product revenue to date; operations funded by grants and equity financings.

Financial highlights

• Grant revenue for Q2 2026 was $0.2 million, up from $0 in Q2 2025, driven by Gates Foundation grant activity.

• Research and development expenses rose to $1.3 million in Q2 2026 from $0.1 million in Q2 2025, reflecting the addition of the IMP³ACT program post-merger.

• General and administrative expenses increased to $1.3 million in Q2 2026 from $0.8 million in Q2 2025, mainly due to the merger.

• Net loss for Q2 2026 was $2.4 million, compared to $1.0 million in Q2 2025; net loss for the first half of 2026 was $4.6 million, up from $2.7 million in the prior year.

• Cash, cash equivalents, and restricted cash totaled $8.3 million as of June 30, 2026, with $2.7 million restricted for grant use.

Outlook and guidance

• Anticipates higher R&D expenses in upcoming quarters as it prepares to file an IND or CTA in the first half of 2027.

• Current cash is expected to fund operations into late 2026; additional capital will be needed for continued development.