{"url_path":"/sec/dcoy/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1615219/0001193125-26-214816-index.html","accession_number":"0001193125-26-214816","cik":"0001615219","ticker":"DCOY","issuer_name":"Decoy Therapeutics Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1615219/0001193125-26-214816-index.html","primary_entity_key":"0001615219","primary_entity_name":"Decoy Therapeutics 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of Contents](#toc_page)\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Transition Period from to\n\n \n\nCommission File Number: 001-36812\n\n \n\nDecoy Therapeutics Inc.\n\n(Exact name of registrant as specified in its charter)\n\n \n\nDelaware\n\n \n\n46-5087339\n\n \n\n \n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(I.R.S. Employer\n\nIdentification Number)\n\n \n\n \n\n2450 Holcombe Blvd., Suite X, Houston, TX 77021\n\n(Address of principal executive offices)(Zip Code)\n\n \n\n \n\n(713) 913-5608\n\nRegistrant's telephone number, including area code\n\n \n\n(Former name, former address and former fiscal year, If changed since last report)\n\n \n\n \n\nSecurities registered pursuant to Section 12(b) of the Act\n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon Stock, $0.0001 par value\n\nDCOY\n\n \n\nThe Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge Accelerated Filer\n\n☐\n\nAccelerated Filer\n\n☐\n\nNon-accelerated Filer\n\n☒\n\nSmaller Reporting Company\n\n☒\n\n Emerging Growth Company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☒\n\n \n\nAs of May 7, 2026, there were 531,968 shares of common stock outstanding.\n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nDECOY THERAPEUTICS INC.\n\nTABLE OF CONTENTS\n\n \n\n \n\n \n\nPage\n\n \n\n[PART I.](#part_1)\n\n[Financial Information](#part_1)\n\n \n\n[Item 1.](#part_1_1)\n\n[Financial Statements (Unaudited)](#part_1_1)\n\n5\n\n \n\n[Condensed Consolidated Balance Sheets](#balance_sheets)\n\n5\n\n \n\n[Condensed Consolidated Statements of Operations](#statements_of_operations)\n\n6\n\n \n\n[Condensed Consolidated Statements of Cash Flows](#cash_flows)\n\n7\n\n \n\n[Condensed Consolidated Statements of Stockholders' Equity](#stockholders_equity)\n\n8\n\n \n\n[Notes to Condensed Consolidated Financial Statements](#notes_to_condensed)\n\n9\n\n[Item 2.](#part_1_2)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#part_1_2)\n\n19\n\n[Item 3.](#part_1_3)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#part_1_3)\n\n23\n\n[Item 4.](#part_1_4)\n\n[Controls and Procedures](#part_1_4)\n\n23\n\n \n\n[PART II.](#part_ii)\n\n[Other Information](#part_ii)\n\n \n\n[Item 1.](#part_ii_1)\n\n[Legal Proceedings](#part_ii_1)\n\n24\n\n[Item 1A.](#part_ii_1a)\n\n[Risk Factors](#part_ii_1a)\n\n24\n\n[Item 2.](#part_ii_2)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#part_ii_2)\n\n25\n\n[Item 3.](#part_ii_3)\n\n[Defaults Upon Senior Securities](#part_ii_3)\n\n25\n\n[Item 4.](#part_ii_4)\n\n[Mine Safety Disclosures](#part_ii_4)\n\n25\n\n[Item 5.](#part_ii_5)\n\n[Other Information](#part_ii_5)\n\n25\n\n[Item 6.](#item_6_exhibits)\n\n[Exhibits](#item_6_exhibits)\n\n26\n\n[SIGNATURES](#signatures)\n\n \n\n28\n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nVarious statements made in this Quarterly Report on Form 10-Q are forward-looking and involve risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements give our current expectations or forecasts of future events and are not statements of historical or current facts. These statements include, among others, statements about:\n\n•\nour ability to continue as a going concern and support our operations;\n\n•\nour expectations regarding the timing, likelihood, expected benefits of, and potential value created by, the recently completed merger transaction between us and Legacy Decoy;\n\n•\nour ability to maintain the listing of our shares of common stock on The Nasdaq Stock Market (“Nasdaq”), including specifically our ability to continue to comply with the minimum $2.5 million stockholders' equity requirement, and the effect of noncompliance on the potential liquidity and trading of our shares of common stock;\n\n•\nour ability to successfully manage our cash and cash equivalents and any anticipated proceeds from financing transactions;\n\n•\nour ability to acquire sufficient sources of funding if and when needed;\n\n•\nthe plans, strategies and objectives of management for future operations, including the execution of integration plans and the anticipated timing of filings, commencement of preclinical studies or clinical trials of our current and future program candidates, including statements regarding the timing of our planned regulatory communications, submissions and approvals, and release of data from such studies or trials;\n\n•\nour financial performance;\n\n•\nour estimates and expectations as to expenses, ongoing losses, future revenue, cash flow, capital requirements and our need for or ability to obtain additional funding before we can expect to generate any revenue from product sales;\n\n•\nour belief regarding the sufficiency of our cash resources to support our operations;\n\n•\nour liquidity position and the expected sufficiency of such position for anticipated operating and capital requirements;\n\n•\nour plans to develop and commercialize potential product candidates, including planned preclinical, clinical, regulatory, commercialization and manufacturing activities;\n\n•\nour expectations regarding the scope of any approved indication for any product candidate, if approved;\n\n•\nthe attraction and retention of highly qualified personnel;\n\n•\nthe ability to protect and enhance our products and intellectual property;\n\n•\ndevelopments and projections relating to our competitors or industry;\n\n•\nour relationships and actions with third parties;\n\n•\nfuture regulatory, judicial and legislative changes in our industry; and\n\n•\nany other statements of expectations, plans, intentions or beliefs, and any statements of assumptions underlying any of the foregoing.\n\nForward-looking statements also include statements other than statements of current or historical fact, including, without limitation, all statements related to any expectations of revenues, expenses, cash flows, earnings or losses from operations, cash required to maintain current and planned operations, capital or other financial items; any statements of the plans, strategies and objectives of management for future operations; any plans or expectations with respect to product research, development and commercialization, including regulatory approvals; any other statements of expectations, plans, intentions or beliefs; and any statements of assumptions underlying any of the foregoing. We often, although not always, identify forward-looking statements by using words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “indicate,” “seek,” “should,” “would,” “target”, “potential,” “evaluate,” “proceeding.”\n\n \n\n[Table of Contents](#toc_page)\n\n \n\nThe following are some of the factors that could cause actual results to differ materially from the anticipated results or other expectations expressed, anticipated or implied in our forward-looking statements:\n\n•\nthe risk that the recently completed merger transaction with Legacy Decoy may not enhance stockholder value and may adversely affect our operating results, business or investor perceptions;\n\n•\nour ability to raise additional funds when necessary, and/or on acceptable terms;\n\n•\nthe adequacy of our capital to support our future operations;\n\n•\nour ability to obtain and maintain regulatory approvals for our potential product candidates;\n\n•\nthe potential impact of changes and disruptions at the FDA, including a reduction in the FDA’s workforce and/or decreased funding for the FDA, on our business;\n\n•\nour ability to identify patients that can be treated by our potential product candidates and to enroll these patients in our clinical trials;\n\n•\nour ability to successfully commercialize our potential product candidates, if approved.\n\n•\nour ability to leverage technology to identify and develop future potential product candidates;\n\n•\nfluctuations in our operating results; and\n\n•\nother factors described in our filings with the SEC.\n\nWe cannot guarantee that the results and other expectations expressed, anticipated or implied in any forward-looking statement will be realized. The risks set forth under Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as supplemented by Part II, Item 1A of this Quarterly Report on Form 10-Q, describe major risks to our business, and you should read and interpret any forward-looking statements together with these risks. A variety of factors, including these risks, could cause our actual results and other expectations to differ materially from the anticipated results or other expectations expressed, anticipated or implied in our forward-looking statements. Should known or unknown risks materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected in the forward-looking statements. You should bear this in mind as you consider any forward-looking statements.\n\nOur forward-looking statements speak only as of the dates on which they are made. We do not undertake any obligation to publicly update or revise our forward-looking statements even if experience or future changes makes it clear that any projected results expressed or implied in such statements will not be realized.\n\n \n\n[Table of Contents](#toc_page)\n\n \n\nPART I - FINANCIAL INFORMATION"}