Decoy Therapeutics, Inc. filed a Form S-1 to register the resale of up to 3,766,500 common stock shares by selling stockholders. These shares are issuable upon the exercise of warrants originally issued in a June 2026 private placement.
The registration covers Pre-Funded Warrants, milestone-based Series A, B, and C Warrants, and Placement Agent Warrants. Decoy Therapeutics will not receive any proceeds from the secondary sale of these shares by stockholders.
The company could receive approximately $19.1 million in gross proceeds if holders exercise all underlying warrants for cash. However, the filing discloses substantial doubt regarding the company's ability to continue as a going concern. Management expects current cash to fund operations only into late 2026.