Decoy Therapeutics Inc. DCOY
We are a pre-clinical stage biotechnology company focused on advancing our pipeline of peptide conjugate therapeutics engineered through our proprietary IMP3ACT platform. Our IMP3ACT platform represents a paradigm shift in peptide conjugate drug discovery and manufacturing, leveraging machine learning ("ML") and artificial intelligence ("AI") tools alongside high-speed synthesis techniques to rapidly engineer, optimize and manufacture peptide conjugates that target serious unmet medical needs. Peptide conjugates are emerging as a major therapeutic drug modality, with the potential to transform multiple therapeutic areas. Utilizing our novel IMP3ACT platform that increases the drug development speed and reduce the complexity of variant synthesis, we aim to build a robust portfolio of novel peptide conjugate therapeutics, initially focusing on infectious diseases and oncology, with the goal of becoming a fully integrated biopharmaceutical company at the forefront of this field. Through this approach, we intend to revolutionize the design, development, and commercialization of peptide conjugate therapeutics. We have no products approved for commercial sales and have not generated any revenue from product sales.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | $1.8M | $5.2M | $3.5M | $2.0M | $1.3M | $1.0M |
| Cost of revenue | — | — | — | — | — | — | — | $430.8K | $506.5K | $662.7K |
| Gross profit | — | — | — | — | — | — | — | $1.5M | $768.0K | $347.9K |
| R&D | $368.2K | $770.0K | $7.2M | $15.8M | $8.5M | $6.9M | $4.0M | $1.3M | $17.0M | $20.4M |
| SG&A | $3.7M | $5.0M | $5.7M | $7.1M | $6.1M | $6.1M | $7.7M | $2.3M | $18.5M | $19.9M |
| Total operating expenses | $12.6M | $5.7M | $12.9M | $31.8M | $14.7M | $13.0M | $11.7M | $3.6M | $36.0M | $40.9M |
| Operating income | -$12.6M | -$5.7M | -$12.9M | -$31.8M | -$12.8M | -$7.8M | -$8.3M | -$1.7M | -$34.7M | -$39.9M |
| Pre-tax income | $12.5M | — | — | — | — | — | -$6.9M | — | — | — |
| Income tax | $0 | — | — | — | — | — | $0 | — | — | — |
| Net income | $12.5M | $5.6M | $12.5M | -$31.6M | -$12.8M | -$7.4M | -$6.9M | -$1.7M | -$34.4M | -$39.5M |
| EPS, basic | -129.10 | -69.54 | -30.74 | -14.88 | -7.72 | -0.50 | — | — | — | — |
| EPS, diluted | -129.10 | -69.54 | -30.74 | -14.88 | -7.72 | -0.50 | -2.12 | -1.16 | -1.99 | -2.43 |
| Shares, diluted (wtd. avg.) | $97.0K | $80.2K | $408.1K | $2.1M | $1.7M | $15.6M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.7M | $2.4M | $5.9M | $12.1M | $29.2M | $11.1M | $3.7M | $6.1M | $519.3K | $22.5M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $14.1M | $38.7M |
| Receivables | — | — | — | — | $1.6M | $3.9M | $0 | $9.9K | $10.4K | $12.2K |
| Inventory | — | — | — | — | — | — | — | $186.9K | $431.9K | $454.1K |
| Total current assets | $11.0M | $3.0M | $6.5M | $14.5M | $30.2M | $15.8M | $4.7M | $6.4M | $34.5M | $62.5M |
| Property, plant and equipment | $40.6K | $0 | — | — | $7.9K | $22.6K | $25.0K | $37.5K | $331.0K | $556.3K |
| Goodwill | — | — | — | $0 | $8.9M | $8.9M | $8.9M | $0 | — | — |
| Total assets | $11.1M | $3.0M | $6.6M | $14.7M | $40.8M | $24.9M | $13.9M | $6.6M | $35.0M | $63.2M |
| Accounts payable | $940.6K | $937.0K | $602.9K | $2.9M | $1.5M | $1.9M | $1.8M | $379.8K | $2.0M | $1.2M |
| Total current liabilities | $5.2M | $1.5M | — | — | — | — | — | $1.1M | $5.8M | $3.9M |
| Total liabilities | $5.2M | $1.5M | $1.3M | $4.3M | $2.1M | $2.8M | $3.3M | $7.9M | $5.9M | $3.9M |
| Retained earnings | -$94.4M | -$81.9M | -$76.3M | -$63.8M | -$32.2M | -$19.4M | -$12.1M | -$5.1M | -$111.1M | -$76.6M |
| Total equity | $5.9M | $1.5M | $5.3M | $10.4M | $38.7M | $22.2M | $10.6M | -$1.3M | -$2.9M | $59.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.8M | -$4.5M | -$12.8M | -$17.6M | -$10.2M | -$10.3M | -$11.6M | $4.2M | -$27.7M | -$32.1M |
| Depreciation and amortisation | $7.2K | $4.4K | $10.1K | $6.7K | $19.2K | $18.1K | $127.4K | $16.9K | $324.5K | $277.2K |
| Stock-based compensation | $219.1K | $273.7K | $524.8K | $796.8K | $559.0K | $319.4K | $751.6K | $31.0K | $4.2M | $6.6M |
| Capital expenditure | $577.0K | $0 | — | — | $0 | $2.6K | $0 | $0 | $113.5K | $559.4K |
| Investing cash flow | $764.7K | $0 | $0 | -$1.5M | $0 | -$2.6K | $5.6M | $0 | $24.5M | -$12.2M |
| Financing cash flow | $12.3M | $1.1M | $6.6M | $2.0M | $28.3M | $17.7M | $3.6M | $1.4M | $2.6K | $22.1K |
| Dividends paid | — | — | — | — | — | $0 | $133.6K | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-256541.
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