Decoy Therapeutics (DCOY) Q3 2026 earnings summary

Executive summary

• Preclinical-stage pipeline centers on the IMP³ACT peptide-conjugate platform and Designable Multi-Antivirals for respiratory viruses; no products are approved and no product-sales revenue has been generated.

• Portfolio also includes SP-3164 and SP-2577; efforts are focused on integrating SP-3164 into peptide-based PROTACs, while seeking strategic alternatives for SP-2577.

Financial highlights

• Q3 2026 grant revenue was $307,430, all from the Gates Foundation, versus $0 in Q3 2025; net loss was $2.99 million versus $873,467.

• Q3 R&D expense rose to $1.57 million from $61,826 and G&A expense to $1.75 million from $833,304, largely reflecting the post-merger addition of Legacy Decoy operations and the IMP³ACT program.

• 9M 2026 grant revenue was $535,059 versus $0; net loss was $7.59 million versus $3.54 million, with R&D of $3.63 million and G&A of $4.61 million.

• 9M operating cash use was $8.13 million versus $3.69 million; cash, cash equivalents and restricted cash fell to $8.17 million from $10.71 million at year-end 2025.

Outlook and guidance

• Higher R&D expense is expected in upcoming quarters as development advances toward an IND filing with the FDA, or equivalent CTA, in H2 2027.

• Current cash resources are expected to fund current and restructured operations into early 2027; additional capital is needed to fund continued development and operations.

• Grant revenue may fluctuate with development stage and timing of qualifying expenses; no product-sales revenue is expected until a candidate receives regulatory approval and is commercialized.