Equity Research — Momentum Desk
DCOY Runs Again Premarket as Warrant Inducement Shares Prepare to Land
DCOY — prior session → report time
Data Box — DCOY · as of 8:27 AM ET, 2026-09-23 · Pre-market session
| Metric | Value |
|---|---|
| Price | $4.29 |
| Previous close | $3.10 |
| Change | +38.39% |
| Volume (premarket) | 12.99M |
| Float | 570.8K |
| Shares outstanding | 655.2K |
| Market cap | $2.81M |
| 52-week range | $2.18 - $16.92 |
| Avg daily volume (20d) | 5.30M |
| Relative volume | N/A (premarket) |
All figures machine-sourced from market data APIs at publication time.
Decoy Therapeutics (DCOY) is running again in Wednesday’s premarket — up roughly 38% from Tuesday’s close as of this writing at 8:27 AM ET, with premarket volume already running more than twenty times the entire float. This is day two of a violent tape: Tuesday September 22 the stock opened at $5.15, tagged $7.61, and collapsed all the way back to close at $3.10 on over 105 million shares — against a float under 600K. That’s the float turning over more than a hundred times in one session. No fresh headline explains this morning’s pop; this is structural continuation on a microscopic float. The news that does matter is the financing mechanics underneath it.
The catalyst is a financing, and it’s worth understanding
Tuesday midday, Decoy — formerly Salarius Pharmaceuticals, renamed in January 2026 — announced a warrant inducement. Here’s the mechanic, because you’ll see this pattern again: the company convinces an existing warrant holder to exercise early by sweetening the deal. An institutional investor is immediately exercising 1,184,434 Series B Milestone Warrants, originally issued June 29, 2026, at a reduced exercise price of $3.25 per share, generating $3.85 million in gross proceeds. The sweetener: the investor receives new unregistered warrants to purchase up to 2,368,868 shares, and per Monday evening’s correction, those new warrants are not subject to stockholder approval, become exercisable immediately upon issuance, and expire five years out. Closing is expected on or about September 23 — today. A resale registration statement covering the new warrant shares is also coming.
The supply math and the levels
Do the arithmetic: 1.18M new shares landing on a share count of roughly 655K nearly triples supply, with another 2.37M warrant shares behind it — all struck at $3.25. Every dollar above that strike is profit for the holder, and the registration promise means those shares get a path to the tape. Cash isn’t the issue — reports peg about $8.3M in cash and zero debt — supply is. $3.25 is your line in the sand: it’s the warrant strike and sits just above Tuesday’s close. The premarket high in the low $5s is first resistance, Tuesday’s $7.61 spike high the ceiling beyond that. Faders own control below premarket VWAP; a reclaim of the premarket high on sustained volume is the only bull tell. Size for 50% adverse moves — Tuesday proved it can round-trip in hours.
Not investment advice; do your own research.
- Shares outstanding: 655.2K · Float: 570.8K
- Dilution-relevant SEC filings (30d): none found in the last 30 days
- Splits: 1-for-12 reverse (2026-03-09)
- DCOY has roughly 655K shares outstanding and a float under 600K. A warrant inducement closing on or about September 23 adds 1,184,434 shares exercised at $3.25 plus 2,368,868 new warrants at the same strike, immediately exercisable with a resale registration statement promised. The company is the renamed Salarius Pharmaceuticals (January 2026) with reverse-split history; recent reports cite roughly $8.3M cash and no debt against a ~$2.6M quarterly burn.
The Setup: This is a Dilution Machine play — read the pattern guide to learn how these setups typically unfold.
This report is for informational purposes only and does not constitute investment advice. Always conduct your own due diligence before making any investment decision.