Decoy Therapeutics is trading 7.4% down now in pre-market at $3.56, with warrant-inducement financing overhang following a sharp two-session rally. - The $3.85 million transaction, announced September 23, involved discounted $3.25 warrant exercises and additional warrants, creating potential dilution and supply concerns. - Broader markets are weaker while biotechnology is stronger, making the company-specific financing overhang the more relevant explanation for the pre-market decline.