Decoy Therapeutics Inc. (DCOY)
Market Price (3/30/2026): $6.3 | Market Cap: $0.3 MilSector: Health Care | Industry: Biotechnology
Decoy Therapeutics Inc. (DCOY)
Market Price (3/30/2026): $6.3Market Cap: $0.3 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -1902% | Weak multi-year price returns2Y Excs Rtn is -121%, 3Y Excs Rtn is -162% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Oncology Treatments, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.1 Mil | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1983% | ||
| High stock price volatilityVol 12M is 1277% | ||
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 72% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -1902% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Oncology Treatments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -121%, 3Y Excs Rtn is -162% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.1 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1983% |
| High stock price volatilityVol 12M is 1277% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 72% |
Qualitative Assessment
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1. Reverse Stock Split Signaled Financial Distress and Nasdaq Compliance Concerns.
Decoy Therapeutics Inc. implemented a 1-for-12 reverse stock split, which became effective on March 5, 2026. This corporate action was proposed and approved to increase the company's per-share price to satisfy Nasdaq's minimum bid price requirement. Reverse stock splits often suggest underlying financial challenges or an inability to achieve organic growth, leading to increased investor caution and a subsequent decline in market valuation.
2. Significant Shareholder Dilution and Persistent Negative Financials.
The company has experienced substantial dilution, with total shares outstanding growing by 5385.8% over the past year. As a preclinical-stage biotechnology firm, Decoy Therapeutics reported a negative Earnings Per Share (EPS) of -$9.35 for the current year, with no revenue generated. Furthermore, the company recorded an operating income of -$5.7 million. These financial indicators highlight ongoing cash burn and the likelihood of future capital raises, exacerbating dilution and pressuring the stock price downwards.
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Stock Movement Drivers
Fundamental Drivers
The -44.1% change in DCOY stock from 11/30/2025 to 3/29/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.28 | 6.30 | -44.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 0 | 0 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| DCOY | -44.1% | |
| Market (SPY) | -5.3% | 15.3% |
| Sector (XLV) | -8.7% | 16.0% |
Fundamental Drivers
The -90.9% change in DCOY stock from 8/31/2025 to 3/29/2026 was primarily driven by a -70.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.12 | 6.30 | -90.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 0 | 0 | -70.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| DCOY | -90.9% | |
| Market (SPY) | 0.6% | 10.8% |
| Sector (XLV) | 5.2% | 10.1% |
Fundamental Drivers
The -96.8% change in DCOY stock from 2/28/2025 to 3/29/2026 was primarily driven by a -82.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 194.40 | 6.30 | -96.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 0 | 0 | -82.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| DCOY | -96.8% | |
| Market (SPY) | 9.8% | 3.9% |
| Sector (XLV) | -2.1% | 5.4% |
Fundamental Drivers
The -99.8% change in DCOY stock from 2/28/2023 to 3/29/2026 was primarily driven by a -9.2233720368547763E17% change in the company's P/S Multiple.| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 3060.00 | 6.30 | -99.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -2 | 0 | |
| P/S Multiple | -2.6 | ∞ | -9.2233720368547763E17% |
| Shares Outstanding (Mil) | 0 | 0 | -96.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| DCOY | -99.8% | |
| Market (SPY) | 69.4% | 3.0% |
| Sector (XLV) | 18.4% | 3.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DCOY Return | -46% | -88% | -58% | -65% | -98% | -10% | -100% |
| Peers Return | -33% | -38% | -29% | -55% | -48% | 8% | -93% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| DCOY Win Rate | 25% | 17% | 25% | 33% | 33% | 33% | |
| Peers Win Rate | 31% | 44% | 44% | 36% | 50% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| DCOY Max Drawdown | -46% | -91% | -63% | -77% | -98% | -93% | |
| Peers Max Drawdown | -40% | -52% | -49% | -60% | -61% | -24% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, AKTS, ALPS, DCOY, DFTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | DCOY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -91.6% | -25.4% |
| % Gain to Breakeven | 1088.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -40.8% | -33.9% |
| % Gain to Breakeven | 69.0% | 51.3% |
| Time to Breakeven | 57 days | 148 days |
| 2018 Correction | ||
| % Loss | -68.1% | -19.8% |
| % Gain to Breakeven | 213.5% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to VRTX, AKTS, ALPS, DCOY, DFTX
In The Past
Decoy Therapeutics Inc.'s stock fell -91.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -91.6% loss requires a 1088.9% gain to breakeven.
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About Decoy Therapeutics Inc. (DCOY)
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- Seclidemstat (SP-2577): A small molecular inhibitor undergoing Phase I/II clinical trials for advanced solid tumors and Ewing sarcoma.
- SP-3164: A small molecular protein degrader developed for treating hematological and solid tumors.
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Decoy Therapeutics Inc. (DCOY), as a clinical-stage biotechnology company, is primarily focused on the development of epigenetic-based cancer treatments. Its lead candidates, Seclidemstat (SP-2577) and SP-3164, are currently in Phase I/II clinical trials and have not yet received regulatory approval for commercial sale.
Given that its drug candidates are still in the developmental and clinical trial stages, Decoy Therapeutics Inc. does not currently have major customers that purchase its therapeutic products. Its business model at this stage involves research, development, and strategic partnerships rather than commercial sales to individuals or other companies (such as hospitals, pharmacies, or distributors).
Therefore, Decoy Therapeutics Inc. does not have major customers to list at this time.
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HLB Life Sciences (079430)
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Rick Pierce, Chief Executive Officer
Mr. Pierce co-founded Decoy Therapeutics in 2020 and has served as its Chief Executive Officer and director since its inception. He has over 20 years of senior leadership and operating experience in building successful biotechnology companies. From September 2022 to November 2024, Mr. Pierce was an executive officer of Innovation1 Biotech, Inc., a drug discovery company. He also served as a Senior Advisor for Bionest Partners, a life sciences consulting company, from 2017 to 2020. Mr. Pierce is an advisor to the Canadian Consulate of Boston/Cambridge’s Healthcare and Technology Accelerator and a board member of the Canadian Entrepreneurs of New England, where he chairs the Life Sciences Leadership Council.
Mark Rosenblum, Chief Financial Officer
Mr. Rosenblum was the Chief Financial Officer of Salarius Pharmaceuticals and continued in this role for the combined company, Decoy Therapeutics, following the merger. He was also appointed as the acting Chief Executive Officer of Salarius Pharmaceuticals in August 2025 as the company finalized its merger with Decoy Therapeutics Inc. Prior to joining Salarius as a financial consultant to assist with a previous merger, Mr. Rosenblum served as Chairman and Chief Executive Officer of ActiveCare, Inc., a publicly traded healthcare company, and has held Chief Financial Officer positions at several publicly traded companies. He holds a Masters in Accountancy and a B.S.
Barbara Hibner, Chief Scientific Officer
Dr. Hibner co-founded Decoy Therapeutics in 2020 and has served as its Chief Scientific Officer, Director, and Board Chair since then. From January 2017 to April 2020, she co-founded and was Chief Executive Officer of PercepTx, a company focused on targeted cancer immunotherapy utilizing computational modeling and quantitative pharmacology for antibody drug conjugates. Before that, Dr. Hibner held various scientific and managerial roles in discovery, pharmacology, and research quality at Bayer. Her contributions include work that led to the approval of two small molecule drugs, sorafenib and ixazomib.
Peter Marschel, Chief Business Officer
Mr. Marschel co-founded Decoy Therapeutics in 2020 and has been its Chief Business Officer and director since then. Previously, until April 2020, he co-founded and served as Chief Financial Officer of PercepTx, a targeted cancer immunotherapy accelerator that focused on leveraging computational modeling and quantitative pharmacology to enhance the value of preclinical monoclonal antibody-based therapeutic assets. He holds an MSA and an MBA.
Michael Lipp, Chief Technology Officer
Dr. Lipp is a co-founder of Decoy Therapeutics. He holds a PhD.
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For Decoy Therapeutics Inc. (DCOY), previously Salarius Pharmaceuticals, Inc., the expected drivers of future revenue growth over the next 2-3 years are primarily centered on advancing its innovative peptide conjugate therapeutics platform and pipeline through strategic collaborations and funding, given its preclinical stage.
- Advancement of Pipeline Candidates through Strategic Partnerships: Decoy Therapeutics's focus on developing novel peptide conjugate therapeutics, particularly its lead antiviral programs targeting respiratory viruses like pan-coronavirus, flu, COVID-19, and RSV, and candidates for GI cancers, is a key driver. As these preclinical programs successfully advance into and through early clinical stages, the company is likely to secure milestone payments from existing or new strategic development partners.
- New Strategic Collaborations and Licensing Agreements: The company's proprietary IMP3ACT platform, which leverages machine learning and AI for designing and manufacturing peptide conjugates, presents a significant opportunity for revenue growth. Forming additional strategic partnerships or licensing agreements with larger pharmaceutical companies to co-develop specific drug candidates or to license the platform technology itself could generate upfront payments, research funding, and future milestone payments.
- Increased Non-Dilutive Funding and Grants: Decoy Therapeutics has already secured significant non-dilutive capital, including a Global Access Commitment Agreement with the Gates Foundation to fund the development of a globally accessible manufacturing platform for antiviral therapeutics, and funding support from Google AI startup program and NVIDIA Inception program. Continued and expanded non-dilutive funding from such foundations and governmental agencies like the Biomedical Advanced Research and Development Authority (BARDA) for its antiviral development efforts will contribute directly to its financial resources and R&D capabilities, impacting its revenue over the next 2-3 years.
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Share Issuance
- Decoy Therapeutics implemented a 1-for-12 reverse stock split effective March 6, 2026, reducing outstanding shares from approximately 6.38 million to 532,000, primarily to regain compliance with Nasdaq's minimum bid price requirement.
- Shareholders approved the Decoy Therapeutics 2026 Equity Incentive Plan on February 25, 2026.
- Shareholders have experienced substantial dilution over the past year, with total shares outstanding growing by 5442.4%, and the company previously conducted a 1-for-15 reverse stock split on August 18, 2025.
Inbound Investments
- Decoy Therapeutics entered into a Global Access Commitment Agreement with the Bill & Melinda Gates Foundation in January 2026 to develop a globally accessible manufacturing platform for peptide-conjugate antivirals.
Capital Expenditures
- Decoy Therapeutics has reported minimal or no significant capital expenditures in recent years, with some financial statements indicating $0 for certain periods.
Trade Ideas
Select ideas related to DCOY.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.19 |
| Mkt Cap | 54.9 |
| Rev LTM | 0 |
| Op Inc LTM | -5 |
| FCF LTM | -4 |
| FCF 3Y Avg | -9 |
| CFO LTM | -4 |
| CFO 3Y Avg | -9 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.9% |
| Rev Chg 3Y Avg | 10.4% |
| Rev Chg Q | 9.5% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Mgn LTM | 37.9% |
| Op Mgn 3Y Avg | 24.7% |
| QoQ Delta Op Mgn LTM | 38.7% |
| CFO/Rev LTM | 30.3% |
| CFO/Rev 3Y Avg | 20.5% |
| FCF/Rev LTM | 26.6% |
| FCF/Rev 3Y Avg | 17.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 54.9 |
| P/S | 9.2 |
| P/EBIT | 11.8 |
| P/E | 13.9 |
| P/CFO | 15.1 |
| Total Yield | -987.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -4,601.7% |
| D/E | 0.0 |
| Net D/E | -9.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.8% |
| 3M Rtn | -2.7% |
| 6M Rtn | 8.8% |
| 12M Rtn | 5.3% |
| 3Y Rtn | 18.8% |
| 1M Excs Rtn | -2.0% |
| 3M Excs Rtn | 8.4% |
| 6M Excs Rtn | 12.9% |
| 12M Excs Rtn | -6.2% |
| 3Y Excs Rtn | -43.0% |
Price Behavior
| Market Price | $6.30 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 01/08/2026 | |
| Distance from 52W High | -97.1% | |
| 50 Days | 200 Days | |
| DMA Price | $7.81 | $51.15 |
| DMA Trend | down | down |
| Distance from DMA | -19.3% | -87.7% |
| 3M | 1YR | |
| Volatility | 2,582.5% | 1,284.8% |
| Downside Capture | 1.76 | 1.44 |
| Upside Capture | 256.47 | -166.38 |
| Correlation (SPY) | 16.4% | 3.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.94 | -0.32 | -1.00 | 1.88 | -1.16 | 0.60 |
| Up Beta | 14.17 | -2.65 | 6.13 | 6.73 | -1.20 | 0.23 |
| Down Beta | -1.73 | 3.75 | 1.20 | -4.36 | -0.90 | 8.89 |
| Up Capture | 102% | 159% | 110% | 41% | 11% | 1% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 7 | 14 | 14 | 14 | 14 | 14 |
| Down Capture | 368% | 280% | 213% | 113% | 53% | 34% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 14 | 19 | 19 | 19 | 19 | 19 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DCOY | |
|---|---|---|---|---|
| DCOY | -96.0% | 1,277.3% | 0.75 | - |
| Sector ETF (XLV) | 0.3% | 17.6% | -0.13 | 5.4% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 3.8% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | -2.0% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | -7.8% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 1.2% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 1.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DCOY | |
|---|---|---|---|---|
| DCOY | -83.6% | 583.8% | 0.23 | - |
| Sector ETF (XLV) | 6.0% | 14.5% | 0.23 | 3.6% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 3.1% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | -1.4% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 0.3% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 1.9% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 0.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DCOY | |
|---|---|---|---|---|
| DCOY | -82.6% | 421.9% | 0.10 | - |
| Sector ETF (XLV) | 9.7% | 16.5% | 0.48 | 4.4% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 4.2% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | -1.1% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 3.8% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 3.3% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 1.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/21/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/22/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/27/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/25/2022 | 10-K |
Industry Resources
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