MeritValue

Decoy Therapeutics Inc.

DCOYdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Decoy Therapeutics Inc. earns about -231% on equity, and has bought back 94% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.84M1$01———
Net income−$12.8M2−$31.6M3−$12.5M4−$5.58M5−$12.5M5
Operating cash flow−$10.2M6−$17.6M7−$12.8M8−$4.53M9−$4.83M9
Capital expenditure$010——$011$577,00011
Free cash flow (derived)−$10.2M6——−$4.53M9−$5.4M9
Total debt—————
Cash & equivalents$29.2M12$12.1M13$5.9M14$2.43M15$10.7M15
Diluted shares1.7M2.1M408,07880,18496,967

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$607.32
your share of equity
Profit it earned you last year
−$1,291
Free cash flow it threw off
−$557.32
Debt you’d be carrying
—

10 shares is a claim on $607.32 of net worth that earned you −$1,291 and generated −$557.32 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-231% avg · 5y
FY21 -33%FY22 -304%FY23 -237%FY24 -369%FY25 -213%

It earned an average -231% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001615219-23-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001615219-23-000030 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001615219-24-000025 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001615219-25-000037 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-134897 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001615219-23-000030 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001615219-24-000025 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001615219-25-000037 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-134897 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001615219-22-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-134897 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2021-12-31 · accession 0001615219-23-000030 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001615219-24-000025 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001615219-25-000037 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-134897 (CashAndCashEquivalentsAtCarryingValue)