Decoy Therapeutics Inc. Segments Disclosure
NOTE 12. SEGMENT REPORTING
The Company has been concentrated on developing treatments for cancers caused by dysregulated gene expression. The current pipeline consists of two small molecule drugs: (1) SP-3164, a targeted protein degrader, and (2) seclidemstat (“SP-2577”), a targeted protein inhibitor. (3) IMP3ACT Platform, a single molecule can activate or inhibit multiple targets/receptors in an additive or synergistic manner to achieve superior or multi-indication efficacy. The Company does not have any revenue generating products.
For the years ended December 31, 2025 and December 31, 2024, the Company identified one operating and reportable segment relating to its operations. The Company defines its operating segment based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker (the CODM), its Chief Executive Officer. The CODM reviews the segment’s loss based on net loss reported on the consolidated statement of operations.
The Company’s CODM views specific categories within research and development expenses and general and administrative expenses as significant given the direct correlation between cash burn as a pre-revenue company. The table below is a summary of the segment loss, including significant segment expenses:
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Year Ended December 31, |
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2025 |
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2024 |
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Expenses: |
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Research and development: |
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SP-3164 |
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$ |
56,297 |
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$ |
345,580 |
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SP-2577 |
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4,541 |
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424,447 |
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IMP3ACT |
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307,332 |
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- |
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Acquired in-process research and development asset |
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8,517,966 |
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- |
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General and administrative: |
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Professional services and Consulting |
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1,933,990 |
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2,692,815 |
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Personnel cost |
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1,089,669 |
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1,472,811 |
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Facility cost |
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704,157 |
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798,663 |
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Loss from operations |
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12,613,952 |
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5,734,316 |
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Interest income, net |
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95,472 |
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158,539 |
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Net loss |
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$ |
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12,518,480 |
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$ |
|
5,575,777 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 21, 2025 | |
| 2018 | Mar 6, 2019 | |
| 2017 | Mar 7, 2018 | |
| 2016 | Mar 8, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.