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DCOYDecoy Therapeutics Inc.

Is Decoy Therapeutics struggling financially?

Yes, by its own account. Decoy Therapeutics told the SEC on 8 May 2026, in Form 10-Q, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed May 2026

30/100

Fragile

Cries for help

  • Needs to raise money

    Because early-stage drug development requires major capital investment, as we continue to incur operating losses, we will need to raise additional capital or form strategic partnerships to support our research and development activities in the future.

    Form 10-K, filed 31 Mar 2026. Read it on SEC.gov

Signs of a way out

Nothing in the filings we have read names a way out.

Sector
Biotech/Pharma
Market cap
$2.1M
Source filing
10-Q 8 May 2026
Balance sheet
30 Jun 2026

Cash runway

  • 15months

    If the burn speeds up

    Empty by Sep 2027

  • 22months

    If it eases off

    Empty by Apr 2028

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$8.3M

÷

Cash burned over the last 12 months

$5.4M

What Decoy Therapeutics told the SEC

…losses from operations since its inception. The lack of revenue from product sales to date and recurring losses from operations since its inception raise substantial doubt as to the Company's ability to continue as a going concern. The accompanying financial statements are prepared using accounting principles generally accepted in the United States applicable to a going concern entity, which contemplates the…

Decoy Therapeutics Inc., Form 10-Q, filed 8 May 2026.

Read the filing on SEC.gov

What this means

  • Not a bankruptcy filing, and not a prediction.
  • It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
  • The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

What else the numbers show

  • Cash burn is narrowing It is spending 30% less cash per year than it was, so the runway above is lengthening rather than shortening.

Other Biotech/Pharma companies that filed the doubt