New Risk • Aug 14
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$8.4m 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$8.4m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). Revenue is less than US$1m (US$228k revenue). Market cap is less than US$10m (US$1.88m market cap). Announcement • Jul 27
Decoy Therapeutics Demonstrates In Vitro Activity Of D-MAV Candidate Against Wild-Type Ebola Zaire Virus And Opens Exploratory Program To Design D-MAVs Against Filoviruses Including Ebola And Marburg Decoy Therapeutics Inc. announced that one of its D-MAV candidates demonstrates in vitro activity against wild-type Ebola Zaire virus in testing at the Texas Biomedical Research Institute. Building on the result, Decoy has opened an exploratory program to design D-MAVs against filoviruses, including Ebola and Marburg. The candidate was engineered on Decoy's IMP3ACT platform to block coronavirus entry, where it has shown nanomolar to picomolar activity across known coronavirus strains. Its activity against Ebola Zaire, a filovirus responsible for 17 of the last 20 Ebola outbreaks, demonstrates the value of the platform's founding premise that one drug engineered against common viral machinery can address many viruses and serve many people. In the same testing, the candidate also showed in vitro activity against Lassa fever virus, an arenavirus. Filovirus diseases, including Ebola, Marburg, and Lassa fever are among the conditions eligible for the FDA's tropical disease priority review voucher program, which supports development of treatments for diseases that lack sufficient commercial markets. The D-MAV was engineered against a mechanism coronaviruses depend on, and it inhibited filovirus infection because they rely on the same class I fusion machinery. This activity validates the strategy behind the broad-based antiviral platform, and demonstrates the breadth of D-MAV effectiveness. Decoy Therapeutics is now designing new D-MAVs for multi-viral inhibition of filoviruses and arenaviruses, the development of which the platform can accelerate. Addressing commercial markets and pandemic preparedness through the same work is how the platform is meant to operate. An ongoing Ebola outbreak in the Democratic Republic of the Congo and Uganda, caused by Bundibugyo virus and lacking any approved vaccine or treatment, underscores why that reach matters. Announcement • Jul 15
Decoy Therapeutics Inc. Elects Patricia Gauthier as Class II Director Decoy Therapeutics Inc. announced that stockholders elected Patricia Gauthier, MBA, LL.B., as a Class II director at the Company's 2026 Annual Meeting of Stockholders, held July 14, 2026. Patricia Gauthier has served as Senior Vice President, Regional Head for Australia, Canada and the United Kingdom at Moderna since 2025, leading strategy and operations across biomanufacturing, national health security partnerships and commercialization. She previously served as General Manager of Moderna Canada, where she built the affiliate from inception, supported the delivery of more than 50 million COVID-19 vaccine doses, and helped secure a biomanufacturing partnership with the Government of Canada. She also held senior leadership roles at GSK across vaccines, specialty care, market access and government affairs, and began her career as a lawyer at McCarthy Tétrault. 
