Decoy Therapeutics (DCOY) Registration filing summary

Company overview and business model

• Pre-clinical stage biotechnology company focused on peptide conjugate therapeutics using the proprietary IMP³ACT™ platform, leveraging AI/ML for rapid drug design and synthesis targeting infectious diseases and oncology.

• No approved products or revenue from product sales; aims to become a fully integrated biopharmaceutical company.

• Recent merger combined complementary drug development approaches and expanded the pipeline to include legacy small molecule assets.

• Corporate history includes multiple name changes and reverse stock splits to maintain Nasdaq compliance.

Financial performance and metrics

• As of March 31, 2026, stockholders' equity was approximately $3.9 million, modestly above the $2.5 million Nasdaq minimum.

• Recurring operating losses since inception; no product revenue; substantial doubt about ability to continue as a going concern.

• Existing cash and equivalents expected to fund operations only into late 2026, with a portion restricted for grant agreements.

Use of proceeds and capital allocation

• Up to $5,000,000 in gross proceeds may be received from the equity line; 50% of net proceeds must be used to redeem Series B Preferred Stock until fully redeemed.

• Remaining proceeds allocated to working capital and general corporate purposes.

• As of June 9, 2026, the aggregate redemption amount for Series B Preferred Stock was approximately $8.36 million.