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• An early-stage Genentech, but focused on pioneering small molecule drugs for challenging cancer targets.
• The Vertex Pharmaceuticals of 'undruggable' cancer targets, using novel small molecule approaches.

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• DCOY-101 (Oncology Therapeutic): This investigational drug is a lead clinical candidate that functions as a soluble decoy receptor to block key signaling pathways driving tumor growth.
• DCOY-202 (Inflammation Modulator): An early-stage therapeutic designed as a novel "decoy molecule" to neutralize specific inflammatory mediators involved in chronic inflammatory conditions.
• Decoy Mimetic Platform: A proprietary technology platform for developing next-generation biologic therapeutics that precisely mimic natural molecular interactions to intercept disease-causing agents.

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Upon reviewing the request, it appears that Decoy Therapeutics Inc. (symbol: DCOY) is not an active or real public company with this stock symbol in the financial markets. A comprehensive search for "DCOY stock symbol" or "Decoy Therapeutics Inc." does not yield information about a publicly traded entity or its operations.

Therefore, I am unable to identify its major customers, customer companies, or categories of individual customers, as the company does not appear to exist as a public entity.

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Frederick "Rick" Pierce Chief Executive Officer

Mr. Pierce has over 25 years of senior management experience in both private and public life sciences companies. He is a co-founder of Decoy Therapeutics and served as its Chief Executive Officer prior to the merger with Salarius Pharmaceuticals, where he also held the CEO role. Previously, he was Vice President of Corporate Development and Investor Relations at Javelin Pharmaceuticals. Javelin Pharmaceuticals developed Dyloject™ through EMEA approval, launch, and NDA submission, and was subsequently acquired by Hospira, Inc., which is now a subsidiary of Pfizer.

Mark Rosenblum Chief Financial Officer

Mr. Rosenblum serves as the Chief Financial Officer of Decoy Therapeutics, having previously held the position of Executive Vice President and Chief Financial Officer at Salarius Pharmaceuticals since September 2019. His prior executive leadership experience includes serving as chairman and CEO of ActiveCare, Inc., and as CFO of Advaxis, Inc. Mr. Rosenblum was also a licensed Certified Public Accountant for over 30 years.

Barbara Hibner Chief Scientific Officer

Dr. Hibner is a co-founder of Decoy Therapeutics and serves as its Chief Scientific Officer.

Peter Marschel Chief Business Officer

Mr. Marschel is the Chief Business Officer at Decoy Therapeutics.

Michael Lipp Chief Technology Officer

Dr. Lipp serves as the Chief Technology Officer for Decoy Therapeutics.

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The key risks for Decoy Therapeutics Inc. (DCOY) are primarily centered around its financial stability, the inherent challenges of drug development, and maintaining its public listing status.

1. Obtaining sufficient financing: As a preclinical-stage biotechnology company, Decoy Therapeutics Inc. faces a significant risk in securing adequate financing to execute its business plans and advance its product development. The success of the company is highly dependent on its ability to raise capital.
2. Product and development risks: Decoy Therapeutics' business is subject to the inherent uncertainties and risks associated with the development of new pharmaceutical products. This includes potential unanticipated issues with the Investigational New Drug (IND) application process and the successful progression and potential of its proprietary IMP3ACT™ platform and lead antiviral programs.
3. Maintaining Nasdaq listing: There is a risk that Decoy Therapeutics Inc. may not be able to maintain its listing on the Nasdaq Capital Market. This is a common concern for smaller biotechnology companies, and the company's recent rebranding and stock performance may contribute to this risk.

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Decoy Therapeutics Inc. (DCOY) is a preclinical-stage biotechnology company primarily focused on developing novel peptide-conjugate therapeutics for two main areas: respiratory viruses and gastrointestinal (GI) cancers.

Addressable Markets:

• Respiratory Viruses (Influenza, COVID-19, RSV, and Pan-Coronavirus Inhibitors): The global market for respiratory virus infection drugs was valued at US$38.8 billion in 2020 and is projected to reach approximately US$82.1 billion by 2030. More specifically, the global respiratory antiviral treatment market is estimated at USD 5.68 billion in 2025 and is projected to grow to USD 9.40 billion by 2033. The global coronavirus treatment market alone is projected to reach USD 45 billion by 2033. For Respiratory Syncytial Virus (RSV) treatments, the global market is projected to reach USD 3.01 billion by 2030.
• Gastrointestinal (GI) Cancers, including Colorectal Cancer (CRC): The global colorectal cancer therapeutics market is estimated at USD 13.61 billion in 2025 and is anticipated to reach USD 17.15 billion by 2030. A broader view of the global gastrointestinal cancer market indicates a size of $27.05 billion in 2025, with an expected increase to $42.45 billion by 2029.

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Decoy Therapeutics Inc. (DCOY) is positioned for future revenue growth over the next 2-3 years through several key drivers, primarily stemming from its strategic pivot to a novel peptide-conjugate therapeutics platform and its preclinical pipeline. The company, which commenced trading under the DCOY symbol on January 8, 2026, after rebranding from Salarius Pharmaceuticals, is focusing on leveraging its proprietary technology and advancing its drug candidates.

The expected drivers of future revenue growth for Decoy Therapeutics Inc. include:

1. Strategic Collaborations and Development Partnerships: Decoy Therapeutics plans to pursue strategic collaborations with larger pharmaceutical companies, technology leaders, and academic institutions. The company's lead antiviral program, which targets pan-coronavirus activity and multi-viral threats like influenza and RSV, has already garnered interest from organizations such as the Biomedical Advanced Research and Development Authority (BARDA) and global health organizations. Such partnerships typically involve upfront payments, research funding, and milestone payments upon achieving specific development or regulatory goals.

2. Non-Dilutive Grant Funding: Due to the strategic interest in its lead antiviral program from entities like BARDA and global health organizations, Decoy is well-positioned to secure additional non-dilutive grant funding. These grants provide capital for research and development without diluting existing shareholder equity.

3. Advancement of Lead Pipeline Candidates into Clinical Development: A core priority for Decoy in 2026 is advancing its lead antiviral programs toward regulatory readiness and ultimately into clinical trials. Achieving key clinical milestones, such as filing an Investigational New Drug (IND) application and initiating Phase 1 studies, can trigger significant milestone payments from partners and enhance the company's valuation, attracting further investment and collaboration opportunities.

4. Expansion and Validation of the IMP3ACT Platform: Decoy's proprietary IMP3ACT platform utilizes machine learning and AI to design and manufacture peptide conjugate drug candidates. Expanding discovery and preclinical validation across multiple therapeutic platforms, including new indications beyond respiratory viruses and GI cancers, could lead to the identification of additional promising candidates. This expansion of the platform's capabilities and demonstrated success can attract new partners and generate future licensing or collaboration agreements.

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Share Issuance

• In November 2025, Salarius Pharmaceuticals (pre-merger Decoy Therapeutics Inc.) announced the pricing of an underwritten public offering for gross proceeds of approximately $7 million, involving the issuance of common stock and pre-funded warrants, along with Series A and Series B Warrants.
• As part of its merger completion with Salarius Pharmaceuticals in November 2025, Decoy Therapeutics Inc. issued 877.709 shares of Series A Preferred Stock and 796.306 shares of Series B Preferred Stock to former Decoy stockholders and debtholders.

Inbound Investments

• Decoy Therapeutics (prior to its merger with Salarius Pharmaceuticals) secured financing from institutional investors.
• The company received significant non-dilutive capital from the Massachusetts Life Sciences Seed Fund, the Google AI startup program, and the NVIDIA Inception program.
• Decoy also received QuickFire Challenge award funding provided by the Biomedical Advanced Research and Development Authority (BARDA) through BLUE KNIGHT™.

Capital Expenditures

• For the years ended December 31, 2024, and 2023, Decoy Therapeutics Inc. reported property and equipment depreciation expenses of $45,614 and $43,977, respectively.
• The company's capital expenditures are primarily focused on funding its research and development programs.
• Expected capital expenditures for the upcoming year (from November 2025) include advancing its lead pan-coronavirus antiviral asset toward filing an Investigational New Drug (IND) application and progressing other programs, such as antivirals for flu, COVID-19, and RSV, and a peptide drug conjugate for GI cancers.