Decoy Therapeutics Inc. (DCOY) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 24, 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
Distress distance
Clean
Earnings quality
5
Forensic signals
-212.6%
ROE
26.1%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — 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, going concern, valuation). 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 balance-sheet distress test reads -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). 5 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.
311d
FY2016→FY2017
Inventory days.Measured to FY2017 — 8 years behind FY2025, the most recent year this filer has reported, because its filings carry no cost of sales figure after FY2017. What follows is the last reading these filings support on this line, not a read on the business as it files today. Days inventory outstanding moved from 250 to 311 FY2016→FY2017 (against cost of goods sold; inventory -5% vs -24% in cost of sales). Inventory is building a little faster than sales — watch for markdowns. There's no FY2015 figure on file for inventory, so FY2016 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.
331% of rev
FY2017
Stock-based comp load.Stock-based compensation ran 331% of revenue in FY2017. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 24.7% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$1.3M
Revenue Growth YoY+26.1%
Net Margin-2701.7%
Free Cash Flow-$5.4M
Return on Equity-212.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Decoy Therapeutics Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
$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.