Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jul 28, 2026
Decoy Therapeutics Inc. (DCOY)
A forensic read on Decoy Therapeutics Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-30.9
Altman Z-score
Not computable
Earnings quality
4
Forensic signals
-212.6%
ROE
Financial health / Altman Z-score above is based on book value, not market value — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Decoy Therapeutics Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -30.9, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns — halted.
What the filings flag
stopped
FY2019→FY2020
Shareholder returns — halted.Capital returns have STOPPED — $133,594 of buybacks + dividends in FY2019, but ~$0 in FY2020. A halt usually means the company is conserving cash; understand why before reading it as neutral.
317d DSO
FY2020→FY2021
Receivables vs revenue.Days sales outstanding moved from 272 to 317 days FY2020→FY2021 (receivables -59% vs revenue -65%). Receivables are creeping up relative to sales — watch the trend. There's no FY2019 figure on file for receivables, so FY2020 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -95% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -64.3%/yr figure isn't a real buyback/dilution read here.
$9M
FY2022–FY2022
Goodwill impairments.Took $9M of goodwill writedowns across 1 year (FY2022 ($9M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Free Cash Flow$-5.4M
Return on Equity-212.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Decoy Therapeutics Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about DCOY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown