Decoy Therapeutics Inc.
DCOYHealthcare|Biotechnology|US
$1.13
+0.01 (+0.88%)
DCF Value
$20.42
Tangible Book / Share
$8.12
Cash / Share
$15.58
Financials
Financial Snapshot
Market Cap
$601.1K
Enterprise Value
-$7.7M
Revenue (TTM)
$0.00
Net Income (TTM)
-$14.4M
Cash & Investments
$8.3M
Net Cash
$8.3M
Free Cash Flow (TTM)
-$8.4M
Operating CF (TTM)
-$8.3M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$8.3M
Quarterly Burn
$2.1M
Monthly Burn
$693.7K
Est. Runway
~4.0 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $61.1M | $33.3M | $9.8M | $3.7M | $11.1M | $29.2M | $12.1M | $5.9M | $2.4M | $10.7M | $8.3M | |
| Operating Cash Flow | -$32.1M | -$27.7M | -$23.6M | -$11.6M | -$10.3M | -$10.2M | -$17.6M | -$12.8M | -$4.5M | -$4.8M | -$8.3M | |
| Free Cash Flow | -$32.6M | -$27.8M | -$23.6M | -$11.6M | -$10.3M | -$10.2M | -$19.1M | -$12.8M | -$4.5M | -$4.8M | -$8.4M | |
| Capital Expenditure | -$559.4K | -$113.5K | $0.00 | $0.00 | -$2.6K | $0.00 | -$1.5M | -$3.00 | $0.00 | $0.00 | -$42.4K | |
| Financing Cash Flow | $22.1K | $2.6K | $118.0K | $3.6M | $17.7M | $28.3M | $2.0M | $6.6M | $1.1M | $12.3M | $15.1M |
R&D Spending
R&D (TTM)
$2.2M
R&D Intensity
—
R&D Growth vs Prior
+505.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M | $1.3M | $838.1K | $3.5M | $5.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $20.4M | $17.0M | $11.9M | $4.0M | $6.9M | $8.5M | $15.8M | $7.2M | $770.0K | $368.2K | $2.2M | |
| R&D % of Revenue | 2016.3% | 1333.1% | 1420.8% | 116.0% | 132.1% | — | — | — | — | — | — | |
| SG&A | $19.9M | $18.5M | $10.6M | $7.7M | $6.1M | $6.1M | $7.1M | $5.7M | $5.0M | $3.7M | $4.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M | $1.3M | $838.1K | $3.5M | $5.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $662.7K | $506.5K | $430.8K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.5M | $8.5M | |
| Gross Profit | $347.9K | $768.0K | $407.4K | $3.5M | $5.2M | $0.00 | $0.00 | $0.00 | $0.00 | -$8.5M | -$8.5M | |
| R&D | $20.4M | $17.0M | $11.9M | $4.0M | $6.9M | $8.5M | $15.8M | $7.2M | $770.0K | $368.2K | $2.2M | |
| SG&A | $19.9M | $18.5M | $10.6M | $7.7M | $6.1M | $6.1M | $7.1M | $5.7M | $5.0M | $3.7M | $4.1M | |
| Operating Income | -$39.9M | -$34.7M | -$22.1M | -$8.3M | -$7.8M | -$12.8M | -$31.8M | -$12.9M | -$5.7M | -$12.6M | -$14.8M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $3.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$39.5M | -$34.4M | -$21.9M | -$6.9M | -$7.4M | -$12.8M | -$31.6M | -$12.5M | -$5.6M | -$12.5M | -$14.4M | |
| Net Income | -$39.5M | -$34.4M | -$21.9M | -$6.9M | -$7.4M | -$12.8M | -$31.6M | -$12.5M | -$5.6M | -$12.5M | -$14.4M | |
| EPS (Diluted) | -182250.00 | -149250.00 | -87374.00 | -6366.21 | -1415.85 | -926.01 | -1785.33 | -461.04 | -86.92 | -25.99 | -29.09 | |
| EBITDA | -$39.6M | -$34.4M | -$21.8M | -$8.1M | -$7.6M | -$12.7M | -$23.0M | -$12.5M | -$5.6M | -$12.5M | -$14.4M | |
| Shares Out. (M) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.03 | 0.06 | 0.48 | 0.53 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.4M | $19.2M | $9.8M | $3.7M | $11.1M | $29.2M | $12.1M | $5.9M | $2.4M | $10.7M | $8.3M | |
| Short-Term Investments | $38.7M | $14.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $62.5M | $34.5M | $10.3M | $4.7M | $15.8M | $30.2M | $14.5M | $6.5M | $3.0M | $11.0M | $8.6M | |
| Total Assets | $63.2M | $35.0M | $10.4M | $13.9M | $24.9M | $40.8M | $14.7M | $6.6M | $3.0M | $11.1M | $9.0M | |
| Total Current Liabilities | $3.9M | $5.8M | $5.0M | $3.3M | $2.8M | $2.1M | $4.3M | $1.3M | $1.5M | $5.2M | $4.7M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $3.9M | $5.9M | $1.1M | $3.3M | $2.8M | $2.1M | $4.3M | $1.3M | $1.5M | $5.2M | $4.7M | |
| Stockholders' Equity | $59.3M | $29.1M | $9.3M | $10.6M | $22.2M | $38.7M | $10.4M | $5.3M | $1.5M | $5.9M | $4.3M | |
| Retained Earnings | -$76.6M | -$111.1M | -$133.0M | -$12.1M | -$19.4M | -$32.2M | -$63.8M | -$76.3M | -$81.9M | -$94.4M | -$99.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$32.1M | -$27.7M | -$23.6M | -$11.6M | -$10.3M | -$10.2M | -$17.6M | -$12.8M | -$4.5M | -$4.8M | -$8.3M | |
| Capital Expenditure | -$559.4K | -$113.5K | $0.00 | $0.00 | -$2.6K | $0.00 | -$1.5M | -$3.00 | $0.00 | $0.00 | -$42.4K | |
| Free Cash Flow | -$32.6M | -$27.8M | -$23.6M | -$11.6M | -$10.3M | -$10.2M | -$19.1M | -$12.8M | -$4.5M | -$4.8M | -$8.4M | |
| Investing Cash Flow | -$12.2M | $24.5M | $14.1M | $5.6M | -$2.6K | $0.00 | -$1.5M | $0.00 | $0.00 | $764.7K | $722.3K | |
| Financing Cash Flow | $22.1K | $2.6K | $118.0K | $3.6M | $17.7M | $28.3M | $2.0M | $6.6M | $1.1M | $12.3M | $15.1M | |
| Issuance of Stock | $22.1K | $2.6K | $118.0K | $4.1M | $14.8M | $27.3M | $2.0M | $6.9M | $1.5M | $12.6M | $15.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$417.9K | -$974.4K | -$477.0K | $0.00 | -$280.9K | -$466.5K | -$221.9K | $0.00 | |
| Stock Based Comp. | $6.6M | $4.2M | $1.9M | $751.6K | $319.4K | $559.0K | $796.8K | $524.8K | $273.7K | $219.1K | $442.1K | |
| Net Change in Cash | -$44.3M | -$3.2M | -$9.4M | -$2.4M | $7.4M | $18.1M | -$17.1M | -$6.2M | -$3.5M | $8.3M | $7.5M |
Dilution Tracker
Shares outstanding grew 9175.6% over 5 years — significant dilution
Shares Outstanding
1M
5-Year Share Growth
+9175.6%
Stock Issuance (TTM)
$15.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.03 | 0.06 | 0.48 | 0.53 | |
| Change vs Prior % | — | 6.5% | -90.9% | 5085.7% | 376.8% | 165.6% | 28.4% | 53.7% | 135.8% | 650.8% | 10.5% | |
| Stock Issuance | $22.1K | $2.6K | $118.0K | $4.1M | $14.8M | $27.3M | $2.0M | $6.9M | $1.5M | $12.6M | $15.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.6M | $4.2M | $1.9M | $751.6K | $319.4K | $559.0K | $796.8K | $524.8K | $273.7K | $219.1K | $442.1K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 34.4% | 60.3% | 48.6% | 100.0% | 100.0% | — | — | — | — | — | — | |
| Operating Margin % | -3946.5% | -2724.6% | -2633.7% | -238.5% | -148.8% | — | — | — | — | — | — | |
| Net Margin % | -3907.6% | -2701.7% | -2615.6% | -200.2% | -140.5% | — | — | — | — | — | — | |
| EBITDA Margin % | -3919.1% | -2699.2% | -2606.5% | -234.8% | -145.1% | — | — | — | — | — | — | |
| FCF Margin % | -3226.7% | -2184.1% | -2815.6% | -334.2% | -197.1% | — | — | — | — | — | — | |
| ROE % | -66.6% | -118.3% | -236.2% | -65.6% | -33.2% | -33.0% | -304.4% | -237.2% | -368.8% | -212.6% | -315.2% | |
| ROA % | -62.5% | -98.4% | -211.0% | -49.9% | -29.5% | -31.3% | -215.7% | -190.4% | -184.4% | -113.2% | -160.5% | |
| ROIC % | -67.2% | -119.1% | -410.8% | -74.6% | -34.4% | -33.1% | -306.6% | -231.2% | -330.8% | -214.2% | -343.5% | |
| R&D / Revenue % | 2016.3% | 1333.1% | 1420.8% | 116.0% | 132.1% | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 26.1% | -34.2% | 313.4% | 51.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 797.5% | 120.7% | -47.0% | 750.5% | 51.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | -36.5% | 12.9% | 36.4% | 62.6% | 5.8% | -64.6% | -148.5% | 59.5% | 55.5% | -120.0% | |
| Net Income | -35.5% | 12.8% | 36.3% | 68.4% | -6.0% | -73.7% | -147.6% | 60.3% | 55.5% | -124.5% | |
| EPS (Diluted) | -16.8% | 18.1% | 41.5% | 92.7% | 77.8% | 34.6% | -92.8% | 74.2% | 81.1% | 70.1% | |
| Operating Cash Flow | -54.5% | 13.5% | 14.9% | 50.9% | 11.0% | 1.1% | -72.5% | 27.0% | 64.8% | -6.7% | |
| Free Cash Flow | -55.2% | 14.6% | 15.2% | 50.9% | 10.9% | 1.1% | -87.2% | 32.7% | 64.8% | -6.7% | |
| R&D Expense | 59.8% | -16.6% | -29.9% | -66.3% | 72.0% | 23.6% | 85.3% | -54.7% | -89.3% | -52.2% | |
| SG&A Expense | 20.6% | -6.8% | -42.9% | -27.1% | -20.8% | -0.0% | 16.9% | -19.9% | -13.2% | -24.9% | |
| Total Assets | -33.5% | -44.6% | -70.3% | 33.7% | 79.4% | 63.8% | -64.1% | -55.0% | -54.1% | 265.8% | |
| Book Value / Share | -44.3% | -53.9% | 249.3% | -97.8% | -56.1% | -34.2% | -79.1% | -66.9% | -87.9% | -48.1% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -5.0% | -100.0% | 0.0% | 0.0% | -23.4% | -100.0% | |
| Diluted Shares | 15.5% | 6.5% | -90.9% | 5085.7% | 376.8% | 165.6% | 28.4% | 53.7% | 135.8% | 650.8% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High7.44 / 42.77 / 1015.60
P/B0.14
10Y Low / Med / High0.64 / 7.68 / 24.82
EV/EBITDA0.53
EV/Revenue0.00
10Y Low / Med / High30.47 / 551.78 / 993.42
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$20.42
Tangible Book / Share
$8.12
Net Current Assets / Share
$7.32
Graham Net-Net
$6.78
Cash / Share
$15.58
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -26.07 | -21.05 | -3.40 | -21.38 | -23.14 | -19.27 | -1.23 | -2.03 | -3.81 | -0.30 | -0.04 | |
| P/S Ratio | 1015.60 | 566.83 | 7.44 | 42.77 | 32.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 17.30 | 24.82 | 0.67 | 14.01 | 7.68 | 6.35 | 3.76 | 4.82 | 14.05 | 0.64 | 0.14 | |
| EV/EBITDA | -25.35 | -20.44 | 0.16 | -17.82 | -21.00 | -17.00 | -1.17 | -1.58 | -3.42 | 0.56 | 0.53 | |
| EV/Revenue | 993.42 | 551.78 | -4.29 | 41.83 | 30.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-20.11
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $11.9M | $0.00 | $0.00 |
| Net Income | -$4.3M | -$4.0M | $0.00 |
| EPS | $-8.96 | $-8.28 | $0.00 |
| # Analysts (EPS) | 1 | 1 | 0 |
Revenue Segments
By Product
| Segment | 2016 | 2017 | 2018 | 2020 |
|---|---|---|---|---|
| Consumer Operations | $1.0M | $1.3M | — | — |
| Drug Development | — | — | — | — |
| Product and Service, Other | — | — | $11.6K | — |
| Product | — | — | $826.5K | — |
| Grant, Castration-Resistant Prostate Study | — | — | — | $2.6M |