DCOY$1.08+4.35%
Decoy Therapeutics Inc.
Sector: Pharmaceutical PreparationsIndustry: BiotechnologyCountry: USExchange: Nasdaq
Mkt Cap:$2.58M
Float & O/S:2.25M / 2.39M
Inst Own:1.5%
DilutionScan read 36 of Decoy Therapeutics Inc.'s SEC filings and found 15 warrant series, 6 convertibles, 1 ATM program, 1 equity line, 2 shelf registrations, 5 S-1 registrations and 3 completed offerings on file for DCOY. The latest dilution event on file is a registration statement on Oct 16, 2026. Analysis updated Nov 1, 2026.
Signal8 Summary
DCOY
Going-concern warning, severe dilution overhang
- Business
- WeakNo revenue, $12.5M net loss, going-concern warning
- Stock risk
- HighMicro-cap, reverse split, shares +650% YoY, 99% dilution
Snapshot
Decoy is a pre-revenue biotech still in preclinical/early development, losing $12.5M in FY 2025 with no product sales. It holds $8.3M in cash and no debt, but Signal8 models only about 7.5 months of runway.
What's Happening Right Now
- : Decoy filed an Oct 16, 2026 prospectus registering 2,368,868 warrant shares from a September 2026 inducement deal with Armistice Capital (~$3.85M raised); the shares nearly match the company's entire float, creating roughly 99% potential dilution, and the filing repeats a going-concern warning with cash expected to last only into early 2027.
- : On Sep 29, 2026, Decoy reported preclinical data showing a single intranasal dose of DCOY-CoV sustains therapeutic drug levels for up to seven days, supporting once-weekly dosing, though clinical trials aren't expected until 2027.
- : On Sep 22, 2026, Decoy outlined a pan-filovirus antiviral strategy via the FDA Animal Rule pathway, citing low-micromolar potency against Ebola Zaire and Marburg in lab testing, with plans to fund it through non-dilutive grants.
- : Stockholders approved, at a Sep 14, 2026 special meeting, the issuance of shares under Series A/B/C milestone warrants from a prior private placement, and approved cutting authorized shares by 10 million to 90 million.
- : Decoy's Q2 2026 10-Q (filed Aug 12, 2026) disclosed going-concern doubt, $8.3M cash ($2.7M restricted), $5.5M burned in H1 2026, and warned it could be forced to cease operations without near-term capital.
- : On Aug 3, 2026, Decoy said its patent portfolio now spans seven patent families and 19 pending applications across seven jurisdictions covering its antiviral peptide platform.
