New Risk • Jun 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 25% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.5m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings are forecast to decline by an average of 21% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 44x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (US$2.94m market cap). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$12m net loss next year). 공고 • May 21
Decoy Therapeutics Inc., Annual General Meeting, Jul 14, 2026 Decoy Therapeutics Inc., Annual General Meeting, Jul 14, 2026. New Risk • May 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$6.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.5m free cash flow). Earnings are forecast to decline by an average of 21% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 53x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (US$3.04m market cap). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$12m net loss next year). New Risk • Apr 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 53x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (US$3.09m market cap). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (US$18m net loss in 2 years). New Risk • Jan 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 61% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$4.4m free cash flow). Share price has been highly volatile over the past 3 months (30% average weekly change). Earnings are forecast to decline by an average of 61% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 65x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (US$4.79m market cap). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (US$16m net loss in 2 years). 공고 • Jan 13
Decoy Therapeutics Reaches Global Access Commitment Agreement to Focus on Development of A Globally Accessible, Scalable Peptide-Conjugate Manufacturing Platform Decoy Therapeutics Inc. announced that the development of a flexible, globally accessible manufacturing platform for peptide-conjugate antivirals is a key 'funded development' of Decoy's Global Access Commitment Agreement (GACA) with the Gates Foundation. Decoy is creating an easily transferable manufacturing capability for peptide-conjugated antivirals designed on its IMP3ACT platform that can rapidly advance therapeutic products from laboratory to commercial scale. Decoy is working with a leading contract manufacturing organization based in the U.S. and Europe to establish the manufacturing capability. The platform will be validated using Decoy's intranasal pan-coronavirus fusion inhibitor funded from the same grant, which demonstrates the 'design-for-manufacturing' capability of Decoy's proprietary IMP3ACT platform. The intranasal pan-Coronavirus inhibitor is being developed as a conveniently administered, broad-acting, antiviral to prevent and mitigate infections from multiple coronaviruses in immune-compromised and high-risk populations. The Company is focused on advancing its pipeline of peptide conjugate therapeutics engineered through its IMP3ACT platform that reduces the complexity of drug development and manufacturing. During the next 12 months, Decoy expects to advance its lead asset, a pan-coronavirus antiviral, to the filing of an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA), and to make progress on other programs including a novel broad-acting antiviral to treat flu, COVID-19 and respiratory syncytial virus (RSV), and a peptide drug conjugate targeting GI cancers. Decoy's drug design engine uses the power of computational tools and fast peptide synthesis technology pioneered in the laboratory of Brad Pentelute, Ph.D., Professor of Chemistry at MIT and Decoy co-founder, to rapidly engineer and synthesize novel antivirals that directly target highly conserved viral machinery. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the risk that the Company will not obtain sufficient financing to execute on their business plans and risks related to Decoy's products and development plans, including unanticipated issues with any IND application process and the potential of the IMP3ACT platform. Readers areurged to carefully review and consider the various disclosures made by Decoy's Company's proprietary IMP3ACT™? platform. 
