Decoy Therapeutics (DCOY) Registration filing summary

Company overview and business model

• Preclinical-stage biotech developing peptide-conjugate therapeutics with its IMP3ACT platform, combining AI/ML and high-speed synthesis; initial focus is infectious diseases and oncology.

• Pipeline includes Designable Multi-Antivirals across respiratory viruses and legacy clinical-stage candidates SP-3164, a targeted protein degrader, and seclidemstat (SP-2577), a targeted protein inhibitor.

• No products approved for commercial sale and no product-sales revenue.

Financial performance and metrics

• Cash, cash equivalents and restricted cash totaled ~$8.0M at Sep. 30, 2026; $2.5M is restricted to specific development purposes under the Gates Foundation grant.

• Recurring operating losses since inception; management and the auditor cited substantial doubt about the ability to continue as a going concern. Existing cash is expected to fund operations only into early 2027.

• Common stock: 2,385,282 shares outstanding as of Oct. 6, 2026; last reported Nasdaq sale price was $1.55 per share.

Use of proceeds and capital allocation

• No proceeds from selling-stockholder resales; cash exercise of all New Warrants would yield ~$7.7M gross at $3.25 per share, but exercise timing and cash proceeds are uncertain.

• Any net cash-exercise proceeds are intended for working capital and general corporate purposes.

• The Sep. 2026 inducement transaction generated ~$3.85M gross from cash exercise of Existing Series B Warrants, before expenses.