Decoy Therapeutics (DCOY) Q1 2026 earnings summary

Executive summary

• Pre-clinical stage biotech focused on 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 approaches.

• No products approved or revenue from product sales; pipeline includes D-MAV antivirals, SP-3164 (protein degrader), and SP-2577 (protein inhibitor).

Financial highlights

• Net loss for Q1 2026 was $2.22 million, up from $1.71 million in Q1 2025.

• Research and development expenses increased to $749,813 from $75,532 year-over-year, mainly due to the merger and new program development.

• General and administrative expenses were $1.53 million, slightly down from $1.64 million in Q1 2025.

• Cash, cash equivalents, and restricted cash totaled $7.8 million as of March 31, 2026, with $3.0 million restricted for grant use.

• Weighted-average shares outstanding increased to 531,968 due to reverse stock splits and equity issuances.

Outlook and guidance

• Anticipates higher R&D expenses in upcoming quarters as it prepares for IND/CTA filings in 2027.

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

• No revenue expected until regulatory approval and commercialization of product candidates.