INDEX/$DCOY · 2026-09-22
$DCOY
$2.56−7.91%Decoy Therapeutics Inc. · NasdaqCM · mkt cap ~$1.7M at basis · cash GC — into late 2026 without new capital · O/S 655,185 (10-Q cover)
Cutoff 2026-09-22 09:30 ET
ANIMAL-RULE / PRV NARRATIVE INTO MICRO-O/S + REGISTERED PREFUNDED OVERHANG
RATINGS
- OVERALLHIGH
- OVERHEADHIGH
- DILUTIONHIGH
- DIL. FREQ
- OFFERING
- CASH NEEDHIGH
- COMPLIANCE
- BANKERHIGH
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THREE FINDINGS
- 01Animal Rule PR is aspiration, not cash
Sep 22 ~07:30 ET PR explores pan-filovirus via FDA Animal Rule + grants/partners + PRV optionality. No grant, approval, or financing closed. Premarket roughly doubled vs $2.56 basis.
- 02Near-term sellable = prefunded, not milestones
Armistice ~592k prefunded under S-1 EFFECT is the near-term registered overhang. ~2.96M Milestone A/B/C need clinical milestones; Sep 14 Nasdaq 5635 vote cleared math only. ITM≠sellable.
- 03Same theme faded Jul 27; clocks still bind
Jul 27 in-vitro Ebola PR closed ~-26%. ATM/ELOC dark ~Dec 23; panel monitor → Mar 31 2027; going-concern cash into late 2026.
SUPPLY
- O/S
655,185
10-Q cover (VERIFY mid-ladder)
- ATM / ELOC
Dark
~Dec 23 2026 contractual lock
- Armistice prefunded
592,217
S-1 EFFECT; near-sellable on exercise; 9.99% blocker
- Milestone A/B/C
2,961,085
NOT sellable — clinical gates unmet; $5.91 OTM
- PA warrants
213,198
First exercise ~Dec 29 2026
COMPLIANCE CLOCK
2026-09-22
Bid clears at basis
5550(a)(2): $2.56 vs $1.00; under Mandatory Panel Monitor
2026-12-23
ATM/ELOC dark ends
~180 days from Jun 26 2026 PIPE (VERIFY)
2027-03-31
Panel monitor ends
Repeat fail → expedited delisting path
NEXT WATCH
- ATM/ELOC dark end ~Dec 23 2026
- PA warrant first exercise ~Dec 29 2026
- Clinical milestones for Series A/B/C
- Panel monitor end Mar 31 2027
Internal research only — not investment advice. NOT a retail broker. Cutoff 2026-09-22 09:30 ET. Source files: HTML dossier, 1-pager, social pack, and PDF linked in VIEW. Do not treat this console as a solicitation or an offer to buy or sell securities.