Decoy Therapeutics Inc (DCOY) is a clinical-stage biopharmaceutical company that develops peptide-based therapeutic candidates using its proprietary IMP3ACT platform. The company generates no product revenue, funding operations through equity issuances and grants, including a grant agreement with The Gates Foundation (originally dated September 9, 2021, with amendments through February 26, 2025). The IMP3ACT platform uses alpha-helical peptide conjugate chemistry, combining computational and machine learning tools to design peptides with improved enzymatic stability, half-life, and bioavailability relative to conventional antibody-based therapeutics. Active research and development candidates as of fiscal year ended December 31, 2025 include SP-3164 and SP-2577, with total R&D spending across candidates reaching amounts disclosed in the FY2025 10-K filed March 31, 2026. Operating cash outflow was $4,827,188 in FY2025 versus $4,525,337 in FY2024. The company relies on contract research organizations and third-party manufacturers for clinical and nonclinical programs and carries an accumulated deficit on its balance sheet as of December 31, 2025.

Revenue model

No commercial product revenue as of FY2025. Operations are funded through equity issuances (financing activities of $12,337,862 in FY2025) and grant funding, including from The Gates Foundation. Revenue model is pre-commercial.

Products and services

IMP3ACT platform: alpha-helical peptide conjugate technology using coiled-coil chemistry and machine learning design tools. Pipeline candidates include SP-3164 and SP-2577. Platform differentiators cited in the filing include high tissue penetration, simpler synthetic manufacturing versus biologics, and improved oral bioavailability through PEG-linked peptide conjugates.

Customers and end markets

No commercial customers as of FY2025. Grant funding relationship with The Gates Foundation (grant dated September 9, 2021, amended August 29, 2023 and February 26, 2025). End markets are not specified by indication in the available filing excerpts.

Value-chain role

Drug discovery and clinical development. Relies on contracted CROs for clinical and nonclinical trial execution and third-party manufacturers for drug product supply. Does not conduct in-house manufacturing.

Source: SEC 10-K, filed 2026-03-31

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