--- title: "Decoy Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/285775006.md" datetime: "2026-05-08T20:50:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285775006.md) - [en](https://longbridge.com/en/news/285775006.md) - [zh-HK](https://longbridge.com/zh-HK/news/285775006.md) --- # Decoy Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -4.18. EBIT: As of FY2026 Q1, the actual value is USD -2.284 M. Decoy Therapeutics Inc. operates as a single reportable segment and has not generated any revenue from product sales to date, incurring recurring losses since its inception . #### Net Loss For the three months ended March 31, 2026, the net loss was - $2,224,628, compared to - $1,709,533 for the same period in 2025 . #### Operating Expenses Total operating expenses were $2,283,739 for the three months ended March 31, 2026, up from $1,718,695 for the three months ended March 31, 2025 . #### Research and Development Expenses Research and development expenses increased to $749,813 for the three months ended March 31, 2026, from $75,532 for the three months ended March 31, 2025 . This $674,281 increase was primarily due to the addition of the IMP3ACT (Designable Multi-Antivirals) program following the November 2025 merger . ##### Research and Development Costs by Program - **SP-2577**: $8,310 for the three months ended March 31, 2026, down from $54,495 in the prior year . - **SP-3164**: $15,160 for the three months ended March 31, 2026, down from $21,037 in the prior year . - **IMP3ACT (Designable Multi-Antivirals)**: $726,343 for the three months ended March 31, 2026, compared to - $0 in the prior year . #### General and Administrative Expenses General and administrative expenses decreased by $109,237 to $1,533,926 for the three months ended March 31, 2026, from $1,643,163 for the same period in 2025 . This decrease occurred despite higher professional expenses related to the 2025 acquisition and Legacy Decoy operations, and professional fees for a February 2026 Shareholders’ meeting . ##### General and Administrative Costs by Category - **Professional services and Consulting**: $902,563 for the three months ended March 31, 2026, compared to $1,233,695 in the prior year . - **Personnel cost**: $435,058 for the three months ended March 31, 2026, up from $251,108 in the prior year . - **Insurance expenses**: $119,083 for the three months ended March 31, 2026, compared to $128,953 in the prior year . - **Facility cost and other**: $77,222 for the three months ended March 31, 2026, up from $29,407 in the prior year . #### Interest Income, Net Net interest income increased to $59,111 for the three months ended March 31, 2026, from $9,162 for the same period in 2025 . #### Cash Flow Net cash used in operating activities was - $2,889,329 for the three months ended March 31, 2026, an increase of approximately $1.7 million from - $1,181,714 for the same period in 2025, primarily due to higher operating expenses and current period payments to lower accrued expense balances . Net cash provided by financing activities was - $0 for the three months ended March 31, 2026, compared to $545,566 for the same period in 2025 . Cash, cash equivalents, and restricted cash totaled $7,820,608 at March 31, 2026, down from $10,709,937 at December 31, 2025 . Approximately $3.0 million of the cash position at March 31, 2026, is restricted under the Gates Foundation Grant Agreement for specific development purposes . #### Working Capital Working capital stood at $3.8 million at March 31, 2026 . #### Deferred Revenue Deferred revenue remained consistent at $3,225,581 at both March 31, 2026, and December 31, 2025 . #### Equity-Based Compensation Expense Equity-based compensation expense was $213,044 for the three months ended March 31, 2026, compared to $33,534 for the same period in 2025 . #### Outstanding Warrants As of March 31, 2026, there were 932,991 outstanding warrants with a weighted-average exercise price of $26.06 . #### Future Outlook and Strategy Decoy Therapeutics Inc. anticipates increased research and development expenses in upcoming quarters as it plans to file an IND application with the FDA or the European equivalent CTA during the first half of 2027 . The company believes its current cash and cash equivalents will fund operations into late 2026, but additional capital will be required to continue product development . Decoy Therapeutics Inc. also plans to seek strategic alternatives, including potential out-licensing, for its SP-2577 program and integrate SP-3164 to expand opportunities in creating P-PROTACs . ### Related Stocks - [DCOY.US](https://longbridge.com/en/quote/DCOY.US.md) ## Related News & Research - [Advance Auto Parts Reports First Quarter 2026 Results; Reaffirms Full Year 2026 Guidance | AAP Stock News](https://longbridge.com/en/news/287202242.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Hemab Therapeutics Reports First Quarter 2026 Financial Results](https://longbridge.com/en/news/287208997.md) - [REEVES CONFIRMS NO INCREASE IN UK FUEL DUTY IN 2026](https://longbridge.com/en/news/287213292.md)