0001193125-26-214816 | 10-Q | XBRL Viewer

ORGANIZATION AND OPERATIONS	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	NOTE 1. ORGANIZATION AND OPERATIONS Nature of Business Decoy Therapeutics Inc. (“Decoy” or the “Company”), together with its subsidiaries, Salarius Pharmaceuticals, LLC, Flex Innovation Group LLC, and TK Pharma, Inc., is a pre-clinical stage biotechnology company focused on advancing our pipeline of peptide conjugate therapeutics engineered through a proprietary IMP3ACT™ platform. Utilizing a novel IMP3ACT™ platform that increases the drug development speed and reduces the complexity of variant synthesis, the Company aims to build a robust portfolio of novel peptide conjugate therapeutics, initially focusing on infectious diseases and oncology. The Company currently has no products approved for commercial sales and has not generated any revenue from product sales. Prior to January 8, 2026, the Company was known as Salarius Pharmaceuticals, Inc. (“Salarius”). In November 2025, Salarius completed a Merger (as defined below) with Decoy Therapeutics Inc. (“Legacy Decoy”) and conducted financings to raise capital for its business (together, along with future steps set forth elsewhere in this Annual Report on Form 10-K, the “Decoy Transaction”). We refer herein to the post-transaction entity as the “Combined Company.” In connection with the Decoy Transaction, on January 8, 2026, Salarius filed an amendment to its amended and restated certificate of incorporation to change its name to Decoy Therapeutics Inc. (the “Name Change”). Except where the context otherwise requires or where otherwise indicated, all historical references to “Salarius” in this report refer to the Company prior to the Name Change. Prior to the Name Change, the Combined Company’s shares of common stock traded on the Nasdaq Capital Market (“Nasdaq”) under the symbol “SLRX.” Following the Name Change, the Combined Company’s shares of common stock now trade on the Nasdaq under the symbol “DCOY.” The Merger combines our complementary approaches to create a comprehensive drug development platform. The Company's IMP³ACT platform is generating a pipeline of Designable Multi-Antivirals ("D-MAV") candidates across respiratory viruses, designed to be extended, not rebuilt, when the next threat emerges. Additionally, the pipeline include two small molecule drugs that address gene dysregulation: (1) SP-3164, a targeted protein degrader, and (2) seclidemstat (“SP-2577”), a targeted protein inhibitor. SP-2577 has received FDA fast track designation as a potential treatment for Ewing sarcoma, a rare pediatric disease. We have supported The University of Texas MD Anderson Cancer Center (“MDACC”) in MDACC’s sponsored clinical trial evaluating SP-2577 in combination with azacytidine in adult patients with myelodysplastic syndromes and chronic myelomonocytic leukemia, which is no longer enrolling patients. The Company plans to integrate certain assets, particularly the proprietary compound SP-3164, to expand the Company's opportunities in creating a novel class of peptide conjugates called peptide-based proteolysis targeting chimeras (“P-PROTACs”). The Company believes the synergies from the Merger are evident in our combined approach to drug development, integrating expertise in peptide conjugates with our small molecule assets. This combination enables the Company to address a wider range of diseases and potentially “undruggable” targets. Going Concern Decoy has no products approved for commercial sale, has not generated any revenue from product sales to date and has had recurring losses from operations since its inception. The lack of revenue from product sales to date and recurring losses from operations since its inception raise substantial doubt as to the Company's ability to continue as a going concern. The accompanying financial statements are prepared using accounting principles generally accepted in the United States applicable to a going concern entity, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities should the Company be unable to continue as a going concern. Based on Decoy's expected cash requirements, Decoy believes that there is substantial doubt that its existing cash and cash equivalents, will be sufficient to fund its operations through one year from the financial statements' issuance date. The Company may attempt to obtain additional capital through the sale of equity securities in one or more offerings or through issuances of debt instruments, and may also consider new collaborations or selectively partnering its technology. However, the Company cannot provide any assurance that it will be successful in accomplishing any of its plans. If the Company is unable to obtain additional capital in the very near term, it will be forced to cease operations, liquidate its assets and pursue the winding down and dissolution of the Company. Reverse Stock Split On March 5, 2026, the Company filed a Certificate of Amendment to the Company’s restated certificate of incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-12 reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.0001 per share (the “2026 Reverse Stock Split”) which became effective as of March 6, 2026. On August 15, 2025, the Company filed a Certificate of Amendment to the Company’s restated certificate of incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-15 reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.0001 per share which became effective as of August 18, 2025. (the “2025 Reverse Stock Split”, and together with the 2026 Reverse Stock Split, the “Reverse Stock Splits”). All historical share and per share amounts reflected throughout this report have been adjusted to reflect the Reverse Stock Splits.

ORGANIZATION AND OPERATIONS

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 1. ORGANIZATION AND OPERATIONS

Nature of Business

Decoy Therapeutics Inc. (“Decoy” or the “Company”), together with its subsidiaries, Salarius Pharmaceuticals, LLC, Flex Innovation Group LLC, and TK Pharma, Inc., is a pre-clinical stage biotechnology company focused on advancing our pipeline of peptide conjugate therapeutics engineered through a proprietary IMP3ACT™ platform. Utilizing a novel IMP3ACT™ platform that increases the drug development speed and reduces the complexity of variant synthesis, the Company aims to build a robust portfolio of novel peptide conjugate therapeutics, initially focusing on infectious diseases and oncology. The Company currently has no products approved for commercial sales and has not generated any revenue from product sales.

Prior to January 8, 2026, the Company was known as Salarius Pharmaceuticals, Inc. (“Salarius”). In November 2025, Salarius completed a Merger (as defined below) with Decoy Therapeutics Inc. (“Legacy Decoy”) and conducted financings to raise capital for its business (together, along with future steps set forth elsewhere in this Annual Report on Form 10-K, the “Decoy Transaction”). We refer herein to the post-transaction entity as the “Combined Company.” In connection with the Decoy Transaction, on January 8, 2026, Salarius filed an amendment to its amended and restated certificate of incorporation to change its name to Decoy Therapeutics Inc. (the “Name Change”). Except where the context otherwise requires or where otherwise indicated, all historical references to “Salarius” in this report refer to the Company prior to the Name Change. Prior to the Name Change, the Combined Company’s shares of common stock traded on the Nasdaq Capital Market (“Nasdaq”) under the symbol “SLRX.” Following the Name Change, the Combined Company’s shares of common stock now trade on the Nasdaq under the symbol “DCOY.”

The Merger combines our complementary approaches to create a comprehensive drug development platform. The Company's IMP³ACT platform is generating a pipeline of Designable Multi-Antivirals ("D-MAV") candidates across respiratory viruses, designed to be extended, not rebuilt, when the next threat emerges. Additionally, the pipeline include two small molecule drugs that address gene dysregulation: (1) SP-3164, a targeted protein degrader, and (2) seclidemstat (“SP-2577”), a targeted protein inhibitor. SP-2577 has received FDA fast track designation as a potential treatment for Ewing sarcoma, a rare pediatric disease. We have supported The University of Texas MD Anderson Cancer Center (“MDACC”) in MDACC’s sponsored clinical trial evaluating SP-2577 in combination with azacytidine in adult patients with myelodysplastic syndromes and chronic myelomonocytic leukemia, which is no longer enrolling patients. The Company plans to integrate certain assets, particularly the proprietary compound SP-3164, to expand the Company's opportunities in creating a novel class of peptide conjugates called peptide-based proteolysis targeting chimeras (“P-PROTACs”). The Company believes the synergies from the Merger are evident in our combined approach to drug development, integrating expertise in peptide conjugates with our small molecule assets. This combination enables the Company to address a wider range of diseases and potentially “undruggable” targets.

Going Concern

Decoy has no products approved for commercial sale, has not generated any revenue from product sales to date and has had recurring losses from operations since its inception. The lack of revenue from product sales to date and recurring losses from operations since its inception raise substantial doubt as to the Company's ability to continue as a going concern. The accompanying financial statements are prepared using accounting principles generally accepted in the United States applicable to a going concern entity, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities should the Company be unable to continue as a going concern. Based on Decoy's expected cash requirements, Decoy believes that there is substantial doubt that its existing cash and cash equivalents, will be sufficient to fund its operations through one year from the financial statements' issuance date. The Company may attempt to obtain additional capital through the sale of equity securities in one or more offerings or through issuances of debt instruments, and may also consider new collaborations or selectively partnering its technology. However, the Company cannot provide any assurance that it will be successful in accomplishing any of its plans.

If the Company is unable to obtain additional capital in the very near term, it will be forced to cease operations, liquidate its assets and pursue the winding down and dissolution of the Company.

Reverse Stock Split

On March 5, 2026, the Company filed a Certificate of Amendment to the Company’s restated certificate of incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-12 reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.0001 per share (the “2026 Reverse Stock Split”) which became effective as of March 6, 2026.

On August 15, 2025, the Company filed a Certificate of Amendment to the Company’s restated certificate of incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-15 reverse stock split of the Company’s issued and outstanding shares of common stock, par value $0.0001 per share which became effective as of August 18, 2025. (the “2025 Reverse Stock Split”, and together with the 2026 Reverse Stock Split, the “Reverse Stock Splits”).

All historical share and per share amounts reflected throughout this report have been adjusted to reflect the Reverse Stock Splits.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 6. FAIR VALUE OF FINANCIAL INSTRUMENTS

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable, are used to measure fair value:


Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities.


Level 2 -	Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 -	Significant unobservable inputs including Decoy’s own assumptions in determining fair value.

The Company believes the recorded values of its financial instruments, including cash and cash equivalents, accounts payable, and note payable approximate their fair values due to the short-term nature of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Cash And Investments Current	$ 3.0
Antidilutive securities excluded from computation of earnings per share (shares)	1,347,865	657

STOCKHOLDERS' EQUITY - Common Stock Issuances - (Additional Information) (Details) - USD ($)		3 Months Ended		12 Months Ended
	Dec. 12, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Mar. 05, 2026	Aug. 15, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Issuance of equity securities, net			$ 226,170
Exercised (shares)		0	0
Common stock, par value (in dollar per share)		$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Warrants outstanding (in shares)		932,991	481	932,991			3,116
Pre-Funded Warrant
Class of Stock [Line Items]
Issued pre-funded warrants to purchase shares of Common Stock				179,361
Stock and warrants issued for additional shares of common stock				58,333
Series A Warrants
Class of Stock [Line Items]
Issued pre-funded warrants to purchase shares of Common Stock				388,889
Stock and warrants issued for additional shares of common stock				58,333
Series B Warrants
Class of Stock [Line Items]
Issued pre-funded warrants to purchase shares of Common Stock				388,889
Stock and warrants issued for additional shares of common stock				58,333
Representative Warrants [Member]
Class of Stock [Line Items]
Issued pre-funded warrants to purchase shares of Common Stock				22,218
Exercise price (in dollar per share)				$ 27.9
Minimum
Class of Stock [Line Items]
Exercise price (in dollar per share)				2,970
Maximum
Class of Stock [Line Items]
Exercise price (in dollar per share)				$ 42,552
Purchase Agreement
Class of Stock [Line Items]
Issuance of equity securities, net	$ 10,000,000
Common stock, par value (in dollar per share)	$ 0.0001
Proceeds from issuance			$ 700,000
Percentage issued	1.00%
Number of shares issued (in shares)			1,593
Common Stock
Class of Stock [Line Items]
Issuance of equity securities, net (in shares)			3,559
Common Stock \| ATM
Class of Stock [Line Items]
Issuance of equity securities, net			$ 400,000
Issuance of equity securities, net (in shares)			1,966
Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)		481		481

SEGMENT REPORTING (Details)	3 Months Ended
SEGMENT REPORTING (Details)	Mar. 31, 2026 USD ($) Segment	Mar. 31, 2025 USD ($) Segment
Segment Reporting [Abstract]
Number of operating segments \| Segment	1	1
Number of reportable segments \| Segment	1	1
Segment Reporting Information [Line Items]
Research and development	$ 749,813	$ 75,532
Loss from operations	2,283,739	1,718,695
Net loss	$ 2,224,628	$ 1,709,533
Number of reportable segments \| Segment	1	1
Reportable Segment
Segment Reporting Information [Line Items]
Professional services and Consulting	$ 902,563	$ 1,233,695
Personnel cost	435,058	251,108
Insurance expenses	119,083	128,953
Facility cost and other	77,222	29,407
Loss from operations	2,283,739	1,718,695
Interest income, net	59,111	9,162
Net loss	2,224,628	1,709,533
Reportable Segment \| SP-3164
Segment Reporting Information [Line Items]
Research and development	15,160	21,037
Reportable Segment \| SP-2577
Segment Reporting Information [Line Items]
Research and development	8,310	54,495
Reportable Segment \| IMP3ACT (Designable Multi-Antivirals)
Segment Reporting Information [Line Items]
Research and development	$ 726,343	$ 0

SUBSEQUENT EVENT (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2025
Purchase Agreement
Subsequent Event [Line Items]
Number of shares issued (in shares)	1,593
Proceeds from issuance	$ 0.7
Maximum
Subsequent Event [Line Items]
Exercise price (in dollar per share)		$ 42,552
Minimum
Subsequent Event [Line Items]
Exercise price (in dollar per share)		$ 2,970

SEGMENT REPORTING (Additional Information) (Details) - Segment	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Number of operating segments	1	1
Number of reportable segments	1	1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standard Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as of March 31, 2026. All significant intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying interim financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited financial statements and accompanying notes for the year ended December 31, 2025 included elsewhere in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2026. In the opinion of management, the unaudited interim financial statements reflect all the adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2026 and the results of operations for the three months ended March 31, 2026 and 2025. The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The December 31, 2025 balance sheet included herein was derived from the audited financial statements, but does not include all disclosures, including notes, required by GAAP for complete financial statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America as defined by the FASB ASC requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash, Cash Equivalents, and Restricted Cash Decoy considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Approximately $3.0 million of our March 31, 2026 and December 31, 2025 cash position is restricted for use under our Gates Foundation Grant Agreement. Financial Instruments and Credit Risks Financial instruments that potentially subject the Company to credit risk include cash and cash equivalents. Cash is deposited in demand accounts in federally insured domestic institutions to minimize risk. Insurance is provided through the Federal Deposit Insurance Corporation. Although the balances in these accounts exceed the federally insured limit from time to time, the Company has not incurred losses related to these deposits. Warrants The Company determines whether warrants should be classified as a liability or equity. For warrants classified as liabilities, the Company estimates the fair value of the warrants at each reporting period using Level 3 inputs with changes in fair value recorded in the Condensed Consolidated Statement of Operations within change in fair value of warrant liability. The estimates in valuation models are based, in part, on subjective assumptions, including but not limited to stock price volatility, the expected life of the warrants, the risk-free interest rate and the fair value of the common stock underlying the warrants, and could differ materially in the future. The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrant. For warrants classified as equity contracts, the Company allocates the transaction proceeds to the warrants and any other free-standing instruments issued in the transaction based on an allowable allocation method. Research and Development Costs Research and development costs consist of expenses incurred in performing research and development activities, including pre-clinical studies. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract research services, the costs of laboratory equipment and facilities, license fees and other external costs. Research and development costs are expensed when incurred. Equity-Based Compensation Decoy measures equity-based compensation based on the grant date fair value of the awards and recognizes the associated expense in the financial statements over the requisite service period of the award, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options granted to employees and directors. Assumptions utilized in these models include expected volatility calculated based on implied volatility from traded stocks of peer companies, dividend yield and risk-free interest rate. Additionally, forfeitures are accounted for in compensation cost as they occur. Restricted stock and restricted stock units granted to employees and directors are measured at fair value based upon the closing price of the Company's common stock on the grant date. Loss Per Share Basic net loss per share is calculated by dividing the net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods, as the inclusion of all potential common shares outstanding is anti-dilutive. The number of potentially anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, (iii) rights entitling holders to receive warrants to purchase the Company's common shares, and (iv) restricted stock units which have been excluded from the computation of diluted loss per share, was approximately 1,347,865 and 657 shares as of March 31, 2026 and 2025, respectively. Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore, a valuation allowance has been established for the full amount of the deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of March 31, 2026 and December 31, 2025, the Company did not have any significant uncertain tax positions and no interest or penalties have been charged. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to routine audits by taxing jurisdictions.

STOCKHOLDERS' EQUITY - Schedule Of Stockholders Equity Warrants (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Warrants Outstanding Beginning Balance	932,991	3,116
Expired	0	(109)
Granted	0
Canceled	0	(2,526)
Warrants Outstanding Ending Balance	932,991	481
Weighted Average Exercise Price Beginning Balance	$ 26.06	$ 6,162
Weighted Average Exercise Price Ending Balance	$ 26.06

RELATED PARTY TRANSACTIONS (Additional Information) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Tranche Two [Member] \| Outstanding Promissory Note [Member]
Related Party Transaction [Line Items]
Principal amount	$ 100,000	$ 100,000
Accrued Interest	20,000	20,000
Demand Note [Member]
Related Party Transaction [Line Items]
Loan Due to the Company	140,000	140,000
Demand Note [Member] \| Tranche One [Member]
Related Party Transaction [Line Items]
Principal amount	55,555	55,555
Accrued Interest	$ 13,000	$ 13,000
Percentage of accrued Interest	10.00%	10.00%
Maturity Date	Dec. 28, 2024	Dec. 28, 2024
Demand Note [Member] \| Tranche Two [Member]
Related Party Transaction [Line Items]
Principal amount	$ 83,333	$ 83,333
Accrued Interest	$ 22,000	$ 22,000

ORGANIZATION AND OPERATIONS (Details) - $ / shares	Mar. 31, 2026	Mar. 05, 2026	Dec. 31, 2025	Aug. 15, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, par value (in dollar per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001

EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

NOTE 9. EQUITY-BASED COMPENSATION

Equity Incentive Plans

The Company has granted options to employees, directors, and consultants under the 2015 Equity Incentive Plan (the "2015 Plan"). The 2015 Plan provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance-based stock awards and other stock-based awards. Additionally, the 2015 Plan provides for the grant of performance-based cash awards. ISOs may be granted only to the Company's employees. All other awards may be granted to the Company's employees, including officers, and to non-employee directors and consultants. The 2015 Plan expired in accordance with its terms in January 2025 and was replaced by a stockholder approved plan in February 2026.

No stock options were granted during the three months ended March 31, 2026 and 2025.

The following table summarizes stock option activity for employees and non-employees for the three months ended March 31, 2026 and 2025:


	Shares		Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Outstanding at December 31, 2024		175	$	12,015.00	8.2
Granted		—
Exercised		—
Forfeited		—
Expired		—
Outstanding at March 31, 2025		175	$	12,015.00	8.2
Exercisable at March 31, 2025		144	$	13,980.60	7.8
					.
Outstanding at December 31, 2025		13,723	$	480.70	7.51
Granted		—
Exercised		—
Forfeited		—
Expired		—
Outstanding at March 31, 2026		13,723	$	480.70	7.27
Exercisable at March 31, 2026		11,258	$	460.54	7.16

(1)

Shares and weighted average exercise price have been recast to reflect the 1-for-15 and 1-for-12 reverse stock splits effected on August 15, 2025 and March 6, 2026, respectively.

As of March 31, 2026 and December 31, 2025, there was approximately $0.9 million and $1.1 million, respectively, of total unrecognized compensation cost related to unvested stock options. Total unrecognized compensation cost will be adjusted for future changes in employee and non-employee forfeitures, if any. The Company expects to recognize that cost over a remaining weighted-average period of 0.37 years.

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 8. STOCKHOLDERS' EQUITY

Common Stock Issuances

On February 5, 2021, the Company entered into an At the Market Offering Agreement ("ATM") with Ladenburg Thalmann & Co. Inc. Under this agreement the Company is able to issue and sell, from time to time, shares of its common stock. During the three months ended March 31, 2025 the Company sold 1,966 shares of common stock in an "at the market offering" with gross proceeds of $0.4 million.

On December 12, 2024, the Company entered into a securities purchase agreement (the “ELOC Agreement”) with C/M Capital Master Fund, LP (the “Purchaser”), pursuant to which the Company, subject to the restrictions and satisfaction of the conditions in the ELOC Agreement, has the right, but not the obligation, to sell to the Purchaser, and the Purchaser is obligated to purchase, up to the lesser of (i) $10 million of newly issued shares (the “Purchase Shares”) of the Company’s common stock, $0.0001 par value per share (the “Common Stock”) and (ii) a specified cap dictated by the rules of the Nasdaq Stock Market. As consideration for the Purchaser’s execution and delivery of the ELOC Agreement, the Company has agreed to issue to the Purchaser, simultaneously with the delivery of any and all Purchase Shares purchased under the ELOC Agreement, a number of shares of Common Stock equal to one percent (1%) of the number of Purchase Shares actually sold in each sale under the ELOC Agreement (the “Commitment Shares” and, together with the Purchase Shares, the “Securities”).The Company issued 1,593 shares of common stock with proceeds of $0.7 million during the three months ended March 31, 2025 pursuant to the ELOC Agreement.

Preferred Stock Issued to Legacy Decoy Stockholders and Debtholders

In November 2025, the Company issued 877.709 shares of Series A Non-Voting Convertible Preferred Stock (the "Series A Stock") and 796.306 shares of Series B Non-Voting Convertible Preferred Stock (the "Series B Stock") to former Legacy Decoy stockholders and debtholders. In connection with the adjustment to the conversion ratio in the

certificate of designations for the Series A and Series B Preferred stock triggered by the Offering, the number of Company common shares underlying the issued and reserved shares of Series A and Series B Preferred Stock is 401,126. The shares of Series A Preferred Stock and Series B Preferred Stock are not convertible into common stock until such time as the Company’s stockholders approve such conversion in accordance with Nasdaq Rule 5635 and the approval of the Company’s initial listing application with Nasdaq. As of March 31, 2026 and December 31, 2025, no shares have been converted.

Warrants

In connection with the Offering closed on November 12, 2025, Salarius issued pre-funded warrants to purchase up to 179,361 shares of Common Stock. All pre-funded warrants from this Offering were fully exercised as of December 31, 2025. The Company also issued Series A warrants to purchase up to 388,889 shares of Common Stock, Series B warrants to purchase up to 388,889 shares of Common Stock, and up to 58,333 additional shares of Common Stock, Series A warrants to purchase up to an additional 58,333 shares of Common Stock and Series B warrants to purchase up to an additional 58,333 shares of Common Stock that may be purchased pursuant to a 45-day option to purchase additional securities granted to the Representative by the Company. The Company also issued warrants to the Representative to purchase up to 22,218 shares of Common Stock at an exercise price of $27.90 (the “Representative Warrants”). The Representative Warrants are exercisable at any time and from time to time, in whole or in part, until November 11, 2030, and have substantially similar terms to the Series A warrants. All Series A warrants, Series B warrants and Representative Warrants are outstanding at March 31, 2026 and December 31, 2025. All numbers were adjusted for 1-for-12 reverse stock split effective on March 6, 2026.

As of March 31, 2026 and December 31, 2025, the Company had 481 outstanding warrants issued between 2020 and 2023, with exercise prices ranging from $2,970 to $42,552 per share.

As of March 31, 2026 approximately 932,991 warrants remained outstanding


	Warrants		Weighted Average Exercise Price
Outstanding at December 31, 2024		3,116	$	6,162
Expired		(109)
Canceled		(2,526)
Outstanding at March 31, 2025		481

Outstanding at December 31, 2025		932,991	$	26.06
Granted		—
Canceled		—
Expired		—
Outstanding at March 31, 2026		932,991	$	26.06

The terms of the outstanding warrants require the Company, upon the consummation of any fundamental transaction to, among other obligations, cause any successor entity resulting from the fundamental transaction to assume the Company's obligations under the warrants and the associated transaction documents. In addition, holders of warrants are entitled to participate in any fundamental transaction on an as-converted or as-exercised basis, which could result in the holders of the Company's common stock receiving a lesser portion of the consideration from a fundamental transaction. The terms of the warrants could also impede the Company's ability to enter into certain transactions or obtain additional financing in the future.

- Definition

The entire disclosure for equity.

+ References

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+ Details

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2026	May 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36812
Entity Registrant Name	Decoy Therapeutics Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5087339
Entity Address, Address Line One	2450 Holcombe Blvd
Entity Address, Address Line Two	Suite X
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77021
City Area Code	713
Local Phone Number	913-5608
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	DCOY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		531,968
Entity Central Index Key	0001615219
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standard Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB").
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as of March 31, 2026. All significant intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying interim financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited financial statements and accompanying notes for the year ended December 31, 2025 included elsewhere in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2026. In the opinion of management, the unaudited interim financial statements reflect all the adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2026 and the results of operations for the three months ended March 31, 2026 and 2025. The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The December 31, 2025 balance sheet included herein was derived from the audited financial statements, but does not include all disclosures, including notes, required by GAAP for complete financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America as defined by the FASB ASC requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash Decoy considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Approximately $3.0 million of our March 31, 2026 and December 31, 2025 cash position is restricted for use under our Gates Foundation Grant Agreement.
Financial Instruments and Credit Risks	Financial Instruments and Credit Risks Financial instruments that potentially subject the Company to credit risk include cash and cash equivalents. Cash is deposited in demand accounts in federally insured domestic institutions to minimize risk. Insurance is provided through the Federal Deposit Insurance Corporation. Although the balances in these accounts exceed the federally insured limit from time to time, the Company has not incurred losses related to these deposits.
Warrants	Warrants The Company determines whether warrants should be classified as a liability or equity. For warrants classified as liabilities, the Company estimates the fair value of the warrants at each reporting period using Level 3 inputs with changes in fair value recorded in the Condensed Consolidated Statement of Operations within change in fair value of warrant liability. The estimates in valuation models are based, in part, on subjective assumptions, including but not limited to stock price volatility, the expected life of the warrants, the risk-free interest rate and the fair value of the common stock underlying the warrants, and could differ materially in the future. The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrant. For warrants classified as equity contracts, the Company allocates the transaction proceeds to the warrants and any other free-standing instruments issued in the transaction based on an allowable allocation method.
Research and Development Costs	Research and Development Costs Research and development costs consist of expenses incurred in performing research and development activities, including pre-clinical studies. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract research services, the costs of laboratory equipment and facilities, license fees and other external costs. Research and development costs are expensed when incurred.
Equity-Based Compensation	Equity-Based Compensation Decoy measures equity-based compensation based on the grant date fair value of the awards and recognizes the associated expense in the financial statements over the requisite service period of the award, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to estimate the fair value of stock options granted to employees and directors. Assumptions utilized in these models include expected volatility calculated based on implied volatility from traded stocks of peer companies, dividend yield and risk-free interest rate. Additionally, forfeitures are accounted for in compensation cost as they occur. Restricted stock and restricted stock units granted to employees and directors are measured at fair value based upon the closing price of the Company's common stock on the grant date.
Loss Per Share	Loss Per Share Basic net loss per share is calculated by dividing the net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods, as the inclusion of all potential common shares outstanding is anti-dilutive. The number of potentially anti-dilutive shares, consisting of common shares underlying (i) common stock options, (ii) stock purchase warrants, (iii) rights entitling holders to receive warrants to purchase the Company's common shares, and (iv) restricted stock units which have been excluded from the computation of diluted loss per share, was approximately 1,347,865 and 657 shares as of March 31, 2026 and 2025, respectively.
Income Taxes	Income Taxes Income taxes are recorded in accordance with FASB ASC Topic 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore, a valuation allowance has been established for the full amount of the deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of March 31, 2026 and December 31, 2025, the Company did not have any significant uncertain tax positions and no interest or penalties have been charged. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to routine audits by taxing jurisdictions.

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


		Three-Months Ended March 31
		2026			2025
Expenses:
Research and development:
SP-3164	$		15,160	$		21,037
SP-2577			8,310			54,495
IMP3ACT (Designable Multi-Antivirals)			726,343			-
General and administrative:
Professional services and Consulting			902,563			1,233,695
Personnel cost			435,058			251,108
Insurance expenses			119,083			128,953
Facility cost and other			77,222			29,407
Loss from operations			2,283,739			1,718,695
Interest income, net			59,111			9,162
Net loss	$		2,224,628	$		1,709,533

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets at March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid insurance	$	231,289	$	—
Other prepaid expense and current assets		305,755		275,223
Total prepaid expenses and other current assets	$	537,044	$	275,223

STOCKHOLDERS' EQUITY - Warrants Exercised for Cash - (Additional Information) (Details 1) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Warrants outstanding (in shares)	932,991	932,991	481	3,116
Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)	481	481
Maximum
Class of Stock [Line Items]
Exercise price (in dollar per share)		$ 42,552
Minimum
Class of Stock [Line Items]
Exercise price (in dollar per share)		$ 2,970

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

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+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid insurance	$	231,289	$	—
Other prepaid expense and current assets		305,755		275,223
Total prepaid expenses and other current assets	$	537,044	$	275,223

Insurance is mainly comprised of prepaid directors' and officers' insurance. Other prepaid assets primarily include unamortized subscription fees, as well as security deposits related to our operating lease and equipment.

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents, and restricted cash	$ 7,820,608	$ 10,709,937
Prepaid expenses and other current assets	537,044	275,223
Total current assets	8,357,652	10,985,160
Property and equipment, net	35,741	40,559
Other assets	29,882	30,988
Total assets	8,423,275	11,056,707
Current liabilities:
Accounts payable	936,030	940,586
Accrued expenses and other current liabilities	244,456	861,748
Deferred revenue	3,225,581	3,225,581
Due to related parties	139,823	139,823
Total current liabilities	4,545,890	5,167,738
Total liabilities	4,545,890	5,167,738
Commitments and contingencies (Note 6)
Convertible preferred stock:
Common stock, $0.0001 par value;100,000,000 shares authorized; 531,968 and 8,006 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	53	53
Additional paid-in capital	100,544,058	100,331,014
Accumulated deficit	(96,666,726)	(94,442,098)
Total stockholders' (deficit) equity	3,877,385	5,888,969
Total liabilities and stockholders' (deficit) equity	8,423,275	11,056,707
Preferred Stock
Convertible preferred stock:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 1,674 and 0 shares issued and outstanding at March 31,2026 and December 31,2025, respectively	$ 0	$ 0

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 749,813	$ 75,532
General and administrative	1,533,926	1,643,163
Total operating expenses	2,283,739	1,718,695
Loss from operations	(2,283,739)	(1,718,695)
Interest income, net and other	59,111	9,162
Loss from continuing operations	(2,224,628)	(1,709,533)
Net loss	(2,224,628)	(1,709,533)
Loss from continuing operation, Total	(2,224,628)	(1,709,533)
Loss from continuing operations attributable to common stockholders	$ (2,224,628)	$ (1,709,533)
Net loss per share attributable to common stockholders - basic	$ (4.18)	$ (240.07)
Net loss per share attributable to common stockholders - diluted	(4.18)	(240.07)
Total net loss per share - basic	(4.18)	(240.07)
Total net loss per share - diluted	$ (4.18)	$ (240.07)
Weighted-average number of common shares used in net loss per share attributable to common stockholders - basic	531,968	7,121
Weighted-average number of common shares used in net loss per share attributable to common stockholders - diluted	531,968	7,121

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

Related Party Transactions

NOTE 7. RELATED PARTY TRANSACTIONS

As of March 31, 2026 and December 31, 2025, one officer/founder of the Company had an outstanding Demand Note in the principal amount of $55,555, plus accrued interest of approximately $13,000. This note accrues interest at 10% and has a maturity date of December 28, 2024. An agreement to exchange this note for Salarius Series B Preferred Stock was executed and the note was extinguished at the closing of the Merger.

As of March 31, 2026 and December 31, 2025, one family member of an officer/founder of the Company had an outstanding Demand Note in the amount of $83,333, plus accrued interest of approximately $22,000 and an outstanding Promissory Note in the amount of $100,000, plus accrued interest of approximately $20,000. An agreement to exchange this note for Salarius Series B Preferred Stock was executed and the note was extinguished at the closing of the Merger. During the second half of 2024 and first half of 2025, founders of the Legacy Decoy loaned Legacy Decoy approximately $140,000 through non- interest bearing, open-ended maturity notes. As of July 22, 2025 these notes were amended to have a maturity date in November 2026. These notes were extinguished at the closing of the transaction with Legacy Decoy in November 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 5. COMMITMENTS AND CONTINGENCIES

Key Relationship and Licenses

Legacy Decoy has received non-dilutive investments from the European Union’s IMI-CARE Consortium, The Gates Foundation, The U.S. Government’s Biological Research and Development Authority (“BARDA”) and Johnson & Johnson through the U.S. Government’s Blue Knight Program.

Gates Foundation

The Company received a foundation grant from the Gates Foundation for the development of a nasally inhaled, low cost, peptide conjugate pan-Coronavirus antiviral inhibitor. The initial award in September 6, 2021 provided up to a total of approximately $904,000 and expired on February 28, 2023. Legacy Decoy initially recorded the proceeds in deferred revenue. As work commenced under the grant, the Company recognizes income from deferred revenue.

In 2023 the Company entered into a supplemental grant with the Gates Foundation for an additional $4,084,500 for continued work on the nasally inhaled, low cost, peptide conjugate pan-Coronavirus antiviral inhibitor referenced above. The Company received payment of $3,500,000 on September 28, 2023. The remaining $584,500 will be received after the completion of certain milestones.

The Company had approximately $2.9 million in both deferred revenue balance and restricted cash related to this grant at March 31, 2026 and December 31, 2025.

Johnson and Johnson Quickfire Grants

The Company received a grant from the Johnson and Johnson through the U.S. government’s Blue Knight Program (Quickfire Grant) for experiments relating to the pharmacokinetics and tolerability of the aforementioned pan-Coronavirus inhibitor in the Human Airway Epithelium (HAE) model. The initial award to the Company on January 31, 2023 provided for $100,000. The Company initially records all grant proceeds in deferred income. As work commenced under the grant, the Company recognizes income from deferred revenue.

During 2023 the Company received $1,000,000 of additional Quickfire grant for work to investigate the potential for broader therapeutic use of the aforementioned pan-Coronavirus inhibitor.

On March 25, 2024 the Company received an additional grant of $250,000 Quickfire Grant for experiments relating to the pharmacokinetics and tolerability of the aforementioned pan-Coronavirus inhibitor in the Human Airway Epithelium (HAE) model. At March 31, 2026 the Company recorded the $250,000 proceeds in deferred revenue.

The Company recognized income of approximately $0 for the three months ended March 31, 2026 and March 31, 2025.

Cancer Prevention and Research Institute of Texas

In June 2016, the Company entered into a Cancer Research Grant Contract with CPRIT. Pursuant to the contract, CPRIT awarded the Company a grant up to $18.7 million, further modified to $16.1 million to fund development of LSD 1 inhibitor. The grant expired during 2023.

The Company agreed to grant to CPRIT a nonexclusive, irrevocable, royalty-free, perpetual, worldwide license with right to sublicense any necessary additional intellectual property rights to exploit all Project Results by CPRIT, other governmental entities and agencies of the State of Texas, and private or independent institutions of higher education located in Texas, for education, research and other non-commercial purposes. The Company agreed to retain its Texas headquarters address for three years post grant expiration.

The Company is obligated to make revenue-sharing payments to CPRIT with respect to net sales of any product covered by the contract, up to a maximum repayment of a certain percentage of the aggregate amount paid to the Company by CPRIT under the CPRIT contract. The payments are determined as a percentage of net sales, which may be reduced if the Company is required to obtain a license from a third party to sell any such product. In addition, upon meeting the foregoing limitation on revenue-sharing payments, the Company agreed to make continued revenue-sharing payments to CPRIT of less than 1% of net sales.

License Agreement with the University of Utah Research Foundation

In 2011, the Company entered into a license agreement with the University of Utah, under which, the Company acquired license to LSD 1. In exchange for the license, the Company issued 2% equity ownership in the Company based on a fully diluted basis at the effective date of the agreement and subject to certain adjustments specified in the agreement, granted revenue sharing rights on any resulting products or processes to commence on first commercial sale, and milestone payments based upon regulatory approval of any resulting product or process as well as on the second anniversary of first commercial sale.

Lease Agreement

The Company presently leases office and laboratory space under operating lease agreements on a month to month basis.

EQUITY-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for employees and non-employees for the three months ended March 31, 2026 and 2025:


	Shares		Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Outstanding at December 31, 2024		175	$	12,015.00	8.2
Granted		—
Exercised		—
Forfeited		—
Expired		—
Outstanding at March 31, 2025		175	$	12,015.00	8.2
Exercisable at March 31, 2025		144	$	13,980.60	7.8
					.
Outstanding at December 31, 2025		13,723	$	480.70	7.51
Granted		—
Exercised		—
Forfeited		—
Expired		—
Outstanding at March 31, 2026		13,723	$	480.70	7.27
Exercisable at March 31, 2026		11,258	$	460.54	7.16

(1)

Shares and weighted average exercise price have been recast to reflect the 1-for-15 and 1-for-12 reverse stock splits effected on August 15, 2025 and March 6, 2026, respectively.

EQUITY-BASED COMPENSATION - Summary of Stock Option Activity (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Shares
Outstanding, beginning balance (shares)	13,723	175	175
Granted (shares)	0	0
Exercised (shares)	0	0
Forfeited (shares)	0	0
Expired (shares)	0	0
Outstanding, ending balance (shares)	13,723	175	13,723	175
Exercisable (shares)	11,258	144
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 480.7	$ 12,015	$ 12,015
Ending balance (in usd per share)	480.7	12,015	$ 480.7	$ 12,015
Exercisable (in usd per share)	$ 460.54	$ 13,980.6
Weighted-Average Remaining Contractual Term (in years)
Outstanding, weighted-average remaining contractual term	7 years 3 months 7 days	8 years 2 months 12 days	7 years 6 months 3 days	8 years 2 months 12 days
Exercisable, weighted-average remaining contractual term	7 years 1 month 28 days	7 years 9 months 18 days

DEFERRED REVENUE AND GRANT REVENUE

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

DEFERRED REVENUE AND GRANT REVENUE

NOTE 4. DEFERRED REVENUE AND GRANT REVENUE

Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. Deferred revenue balances were $3.2 million and $3.2 million as of March 31, 2026 and December 31, 2025, respectively.

Legacy Decoy has received grants from two funding sources, including a private not-for-profit organization and a federal agency. Funds received in advance of services being performed are recorded as deferred revenue. Income under the not-for-profit and federal agency grants is recognized as labor and material costs are incurred. Labor costs are recognized based on actual salary costs incurred related to the projects, and material costs are recognized based on actual expenditures.

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,224,628)	$ (1,709,533)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Preferred Stock [Member]
Beginning balance (in shares) at Dec. 31, 2024		8,006
Beginning balance at Dec. 31, 2024	$ 1,511,695	$ 1	$ 83,435,312	$ (81,923,618)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of equity securities, net (in shares)		3,559
Issuance of equity securities, net	226,170		226,170
Equity-based compensation expense	33,534		33,534
Net Income (Loss)	(1,709,533)			(1,709,533)
Ending balance (in shares) at Mar. 31, 2025		11,565
Ending balance at Mar. 31, 2025	$ 61,866	$ 1	83,695,016	(83,633,151)
Beginning balance (in shares) at Dec. 31, 2025	8,006	531,968			1,674
Beginning balance at Dec. 31, 2025	$ 5,888,969	$ 53	100,331,014	(94,442,098)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation expense	213,044		213,044
Net Income (Loss)	$ (2,224,628)			(2,224,628)
Ending balance (in shares) at Mar. 31, 2026	531,968	531,968			1,674
Ending balance at Mar. 31, 2026	$ 3,877,385	$ 53	$ 100,544,058	$ (96,666,726)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common stock, par value (in dollar per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	531,968	8,006
Common stock, shares outstanding (in shares)	531,968	8,006
Preferred Stock
Preferred stock, par value (in dollar per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	1,674	1,674
Preferred stock, shares outstanding (in shares)	1,674	1,674

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	1 Months Ended	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Mar. 25, 2024	Dec. 31, 2023	Sep. 28, 2023	Sep. 22, 2023	Jan. 31, 2023	Sep. 06, 2021	Dec. 31, 2011
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Award amount	$ 18,700,000	$ 16,100,000
Deferred revenue		$ 3,225,581		$ 3,225,581
Continued payments, percent of net sales		1.00%
Johnson and Johnson Quickfire [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Grant Receive					$ 250,000				$ 100,000
Additional Grant								$ 1,000,000
Deferred Income, Revenue Recognized		$ 0	$ 0
Deferred revenue		250,000
Gates Foundation [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Grant Receive										$ 904,000
Additional Grant						$ 4,084,500
Payment Receive							$ 3,500,000
Remaining Milestones Received						$ 584,500
Restricted Cash		$ 2,900,000		$ 2,900,000
University of Utah Research Foundation
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage by noncontrolling owner											2.00%

DEFERRED REVENUE AND GRANT REVENUE (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
CPRIT \| Grant
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred revenue	$ 3.2	$ 3.2

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 10. SEGMENT REPORTING

The Company has been concentrated on developing treatments for cancers caused by dysregulated gene expression. The current pipeline consists of two small molecule drugs: (1) SP-3164, a targeted protein degrader, (2) seclidemstat (“SP-2577”), a targeted protein inhibitor, as well as (3) IMP3ACT Platform, a single molecule that can activate or inhibit multiple targets/receptors in an additive or synergistic manner to achieve superior or multi-indication efficacy. The Company does not have any revenue generating products.

For the three months end March 31, 2026 and 2025, the Company identified one operating and reportable segment relating to its operations. The Company defines its operating segment based on internally reported financial

information that is regularly reviewed by the Chief Operating Decision Maker (the CODM), its Chief Executive Officer. The CODM reviews the segment’s loss based on net loss reported on the consolidated statement of operations.

The Company’s CODM views specific categories within research and development expenses and general and administrative expenses as significant given the direct correlation between cash burn as a pre-revenue company. The table below is a summary of the segment loss, including significant segment expenses:


		Three-Months Ended March 31
		2026			2025
Expenses:
Research and development:
SP-3164	$		15,160	$		21,037
SP-2577			8,310			54,495
IMP3ACT (Designable Multi-Antivirals)			726,343			-
General and administrative:
Professional services and Consulting			902,563			1,233,695
Personnel cost			435,058			251,108
Insurance expenses			119,083			128,953
Facility cost and other			77,222			29,407
Loss from operations			2,283,739			1,718,695
Interest income, net			59,111			9,162
Net loss	$		2,224,628	$		1,709,533

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 231,289	$ 0
Other prepaid expense and current assets	305,755	275,223
Total prepaid expenses and other current assets	$ 537,044	$ 275,223

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net Income (Loss)	$ (2,224,628)	$ (1,709,533)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,924	1,106
Equity-based compensation	213,044	33,534
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(261,821)	46,328
Accounts payable	(4,556)	254,645
Accrued expenses and other	(617,292)	192,206
Net cash used in operating activities	(2,889,329)	(1,181,714)
Financing activities
Proceeds from issuance of equity securities, net	0	655,202
Payments on note payable	0	(109,636)
Net cash provided by financing activities	0	545,566
Net decrease in cash	(2,889,329)	(636,148)
Cash, cash equivalents, and restricted cash at beginning of period	10,709,937	2,434,528
Cash, cash equivalents, and restricted cash at end of period	7,820,608	1,798,380
Supplemental cash flow information
Cash paid for interest	8,476	4,094
Accrued issuance costs for public offering	$ 0	$ 429,032

EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (shares)	0	0
Unrecognized compensation cost, options	$ 0.9		$ 1.1
Unrecognized compensation cost, recognition period	4 months 13 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stockholders Equity Warrants

As of March 31, 2026 approximately 932,991 warrants remained outstanding


	Warrants		Weighted Average Exercise Price
Outstanding at December 31, 2024		3,116	$	6,162
Expired		(109)
Canceled		(2,526)
Outstanding at March 31, 2025		481

Outstanding at December 31, 2025		932,991	$	26.06
Granted		—
Canceled		—
Expired		—
Outstanding at March 31, 2026		932,991	$	26.06