Decoy Therapeutics (DCOY) Financials
Ticker history: SLRX became DCOY (Decoy Therapeutics Inc.) on . Earlier news and filings retain their original names and dates. View SLRX history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DCOY SEC filings page.
This page shows Decoy Therapeutics Inc. (DCOY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The latest numbers show a development-stage business whose research spending and financing inflows, rather than sales, currently drive reported activity.
In FY2025, research and development rose1006.2% from FY2024 while selling, general and administrative spending fell24.9% , indicating that the spending mix shifted toward development rather than broad overhead growth.
The company recorded a net loss of
Financing supplied
Financial Health Signals
We do not publish a peer-relative financial health score for Decoy Therapeutics Inc., because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Decoy Therapeutics Inc. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass.
Decoy Therapeutics Inc. reported a net loss of $12.5M while operations used $4.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Decoy Therapeutics Inc. generated $228K in revenue in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.
Decoy Therapeutics Inc.'s EBITDA was -$2.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Decoy Therapeutics Inc. reported a net loss of $2.4M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Decoy Therapeutics Inc. earned -$4.46 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Decoy Therapeutics Inc. held $8.3M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Decoy Therapeutics Inc.'s quarterly ROE was -54.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. Against the prior quarter it is up 2.4 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Decoy Therapeutics Inc. invested $1.3M in research and development in Q2 2026. This represents an increase of 1020.7% from the same quarter a year earlier. Against the prior quarter it is up 74.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
DCOY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $228Kn/m | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| R&D Expenses | $1.3M+1020.7% | $750K+892.7% | N/A | $62K-54.9% | $116K-45.7% | $76K-68.9% | $175K+192.5% | $137K-86.8% |
| SG&A Expenses | $1.3M+56.2% | $1.5M-6.6% | $402K-69.4% | $833K-4.1% | $849K-32.2% | $1.6M+7.5% | $1.3M+44.2% | $869K-41.9% |
| Operating Income | -$2.6Mn/m | -$2.3Mn/m | -$9.0Mn/m | -$895Kn/m | -$966Kn/m | -$1.7Mn/m | -$1.5Mn/m | -$1.0Mn/m |
| EBITDA | -$2.6Mn/m | -$2.3Mn/m | N/A | -$894Kn/m | -$964Kn/m | -$1.7Mn/m | N/A | -$1.0Mn/m |
| Net Income | -$2.4Mn/m | -$2.2Mn/m | -$9.0Mn/m | -$873Kn/m | -$958Kn/m | -$1.7Mn/m | -$1.5Mn/m | -$972Kn/m |
| EPS (Basic) | -$4.46 | -$4.18 | N/A | -$1.81 | -$0.08 | -$240.07 | -$0.66 | -$11.38 |
| EPS (Diluted) | -$4.46 | -$4.18 | N/A | -$1.81 | -$81.21 | -$240.07 | -$0.66 | -$11.38 |
| Diluted Shares (Avg) | 531,968 | 531,968 | N/A | 481,587 | 11,794 | 7,121 | N/A | 85,458 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
DCOY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.0M+546.3% | $8.4M+260.1% | $11.1M+265.8% | $6.1M+58.0% | $1.4M-60.8% | $2.3M-52.1% | $3.0M-54.1% | $3.9M-54.1% |
| Current Assets | $8.6M+530.6% | $8.4M+262.6% | $11.0M+267.7% | $6.1M+58.7% | $1.4M-61.3% | $2.3M-52.3% | $3.0M-54.2% | $3.8M-54.1% |
| Cash & Equivalents | $8.3M+942.8% | $7.8M+334.9% | $10.7M+339.9% | $4.8M+46.5% | $795K-75.7% | $1.8M-58.9% | $2.4M-58.7% | $3.3M-56.7% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $4.7M+110.6% | $4.5M+99.6% | $5.2M+241.9% | $1.8M+97.8% | $2.2M+88.6% | $2.3M+84.5% | $1.5M+16.3% | $935K-59.7% |
| Current Liabilities | $4.7M | $4.5M | $5.2M+241.9% | N/A | N/A | N/A | $1.5M | N/A |
| Non-Current Liabilities | $0 | $0 | $0n/m | N/A | N/A | N/A | $0 | N/A |
| Total Equity | $4.3Mn/m | $3.9M+6167.4% | $5.9M+289.6% | $4.2M+45.3% | -$830K-134.9% | $62K-98.3% | $1.5M-71.4% | $2.9M-51.9% |
| Retained Earnings | -$99.0Mn/m | -$96.7Mn/m | -$94.4Mn/m | -$85.5Mn/m | -$84.6Mn/m | -$83.6Mn/m | -$81.9Mn/m | -$80.5Mn/m |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
DCOY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.7Mn/m | -$2.9Mn/m | -$1.1Mn/m | -$1.6Mn/m | -$862Kn/m | -$1.2Mn/m | -$743Kn/m | -$1.4Mn/m |
| Depreciation & Amortization | $14K+1132.5% | $6K+435.6% | $4K+246.6% | $1K+0.1% | $1K0.0% | $1K-0.1% | $1K+0.1% | $1K-80.3% |
| Stock-Based Compensation | N/A | $213K+535.3% | N/A | N/A | N/A | $34K-56.7% | N/A | N/A |
| Investing Cash Flow | N/A | N/A | $965Kn/m | -$200K | N/A | N/A | $0n/m | N/A |
| Financing Cash Flow | $3.2Mn/m | $0-100.0% | $6.1Mn/m | $5.9M+328.5% | -$141Kn/m | $546Kn/m | -$107Kn/m | $1.4Mn/m |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
DCOY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1155.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -1042.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -54.9% | -57.4%+2705.9pp | -152.4%-55.6pp | -20.6%+12.7pp | N/A | -2763.3%-2716.3pp | -96.8%-80.2pp | -33.2%+6.9pp |
| Return on Assets | -26.4%+42.4pp | -26.4%+46.7pp | -81.2%-32.8pp | -14.3%+10.9pp | -68.8%-28.7pp | -73.1%-38.0pp | -48.4%-35.0pp | -25.2%+3.9pp |
| Current Ratio | 1.83 | 1.84 | 2.13+0.1x | N/A | N/A | N/A | 1.98 | N/A |
| Liabilities-to-Equity | 1.08 | 1.17-35.6x | 0.88-0.1x | 0.44+0.1x | N/A | 36.81+36.5x | 1.00+0.8x | 0.32-0.1x |
| Asset Turnover | 0.030.0x | N/A | N/A | N/A | 0.00 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin, Debt-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Decoy Therapeutics Inc. DCOY | FY2025 | N/A | -$12.5M | N/A | $2.5M | — |
| Calidi Biotherapeutics, Inc. CLDI | FY2025 | N/A | -$19.9M | N/A | $2.4M | — |
| HCW Biologics Inc. HCWB | FY2025 | $54K | -$8.0M | N/A | $2.5M | — |
| Aptevo Therapeutics Inc APVO | FY2025 | N/A | -$26.0M | N/A | $2.4M | — |
| Jupiter Neurosciences, Inc. JUNS | FY2025 | $22K | -$8.6M | N/A | $3.0M | — |
| Enlivex Ltd. ENLV | FY2025 | N/A | $1.2B | N/A | $2.2M | — |
Where Decoy Therapeutics Inc. Ranks
Frequently Asked Questions
No, Decoy Therapeutics Inc. (DCOY) reported a net loss of $12.5M in fiscal year 2025.
Decoy Therapeutics Inc. (DCOY) had EBITDA of -$12.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Decoy Therapeutics Inc. (DCOY) has a return on equity of -212.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Decoy Therapeutics Inc. (DCOY) recorded an outflow of $5.4M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Decoy Therapeutics Inc. (DCOY) recorded an outflow of $4.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Decoy Therapeutics Inc. (DCOY) had $11.1M in total assets as of fiscal year 2025, including both current and long-term assets.
Decoy Therapeutics Inc. (DCOY) invested $577K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Decoy Therapeutics Inc. (DCOY) invested $8.5M in research and development during fiscal year 2025.
Decoy Therapeutics Inc. (DCOY) had a current ratio of 2.13 as of fiscal year 2025, which is generally considered healthy.
Decoy Therapeutics Inc. (DCOY) had a liabilities-to-equity ratio of 0.88 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Decoy Therapeutics Inc. (DCOY) had a return on assets of -113.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Decoy Therapeutics Inc. (DCOY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $2.5M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Decoy Therapeutics Inc. (DCOY) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $2.5M as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2025, Decoy Therapeutics Inc. (DCOY) held $10.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $4.8M over that year. Dividing the one by the other, the reported balance equals about 27 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Decoy Therapeutics Inc. (DCOY) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Decoy Therapeutics Inc. (DCOY) reported a net loss of $12.5M while operations used $4.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.