The offering, priced at $5.91 per share, involves a single healthcare-focused institutional investor. While the initial proceeds are earmarked for advancing the company’s lead asset into clinical trials, the total potential capital is tied to three distinct warrant tiers. These triggers include filing a Clinical Trial Application in the European Economic Area, securing approval for a human challenge trial in the United Kingdom, and successfully reporting data from that study. Curvature Securities LLC is serving as the sole placement agent for the transaction, which is slated to close on or about June 29, 2026.
Decoy Therapeutics Secures $21 Million via Milestone-Linked PIPE
Houston-based biotech Decoy Therapeutics has entered a private investment in public equity financing agreement worth up to $21 million. The deal provides an immediate $3.5 million cash infusion, with the remainder contingent on the company achieving specific regulatory and clinical milestones for its multi-antiviral drug pipeline.
Decoy Therapeutics focuses on Designable Multi-Antivirals, or D-MAVs, which utilize the company’s proprietary IMP(3)ACT platform to target viral mechanisms conserved across multiple families of viruses. Under the terms of the agreement, the company is obligated to file a registration statement with the U.S. Securities and Exchange Commission within 15 days of closing to cover the resale of shares issued during the round. The financing structure allows the biotech to align its liquidity with the technical progression of its respiratory virus treatments.
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