Decoy Therapeutics is a pre-clinical stage biotechnology company developing peptide conjugate antiviral drugs using its proprietary IMP3ACT platform, which combines AI/ML-driven drug design with rapid peptide synthesis. Decoy's core focus is respiratory infectious diseases. Its lead program, DCOY101, is a nasally inhaled pan-Coronavirus prophylactic targeting immunocompromised patients — such as transplant recipients and cancer patients — who cannot use existing options like Paxlovid due to drug-drug interactions or mRNA vaccines due to blunted immune responses. A second program aims to develop a single molecule active against flu, COVID-19, and RSV simultaneously. Decoy also inherited two small molecule oncology assets from a late 2025 merger with Salarius Pharmaceuticals, which it plans to out-license or integrate into exploratory proteolysis-targeting work. Decoy has no approved products and no revenue. The company funds R&D through equity raises and non-dilutive grants from organizations including the Gates Foundation and BARDA. Decoy's business model is to advance candidates to clinical proof-of-concept, then partner with larger pharma companies for later-stage development and commercialization. Decoy targets an IND filing for its lead coronavirus program in H1 2027, followed by Phase 1 and Phase 2 trials. The company relies entirely on contract manufacturers and has 11 full-time employees.