diff --git a/.changeset/sunny-bears-greet.md b/.changeset/sunny-bears-greet.md
new file mode 100644
index 000000000..761800a5e
--- /dev/null
+++ b/.changeset/sunny-bears-greet.md
@@ -0,0 +1,5 @@
+---
+type: Fixed
+pr: 4883
+---
+**Decision bullets with code spans in their titles now parse** — a backticked token like `node:http` or `*-UAT.md` inside a decision's bold lead-in was treated as a malformed separator and the whole decisions block failed to parse, hard-blocking the decision-coverage gate; backticked spans are now opaque to the grammar, while a bare colon outside a code span still fails loud. (#4788)
diff --git a/src/decisions.cts b/src/decisions.cts
index b277e08d8..b89ae3909 100644
--- a/src/decisions.cts
+++ b/src/decisions.cts
@@ -115,7 +115,7 @@ const ID_ATTEMPT_SOURCE = 'D(?:[0-9][A-Za-z0-9]*)?-';
 
 /**
  * Colon form: `- **D[phase]-NN[ [tags]]:** text`
- * (#1343: `[^:*]*` subsumes any pre-colon prose, stops at `:**`)
+ * (#1343: the pre-colon run subsumes any pre-colon prose, stops at `:**`; #4788: the run is code-span-aware — a backticked span is consumed whole, so a `:` or `*` INSIDE it is data, never grammar)
  * Group 1 captures the FULL id including any phase prefix (#4130).
  * The ID is consumed atomically `(?=(…))\1` — see the hardening note above
  * the constants (#4130 follow-up); with the tail unable to give back, the
@@ -123,7 +123,7 @@ const ID_ATTEMPT_SOURCE = 'D(?:[0-9][A-Za-z0-9]*)?-';
  * linear in line length.
  */
 const bulletColonRe = new RegExp(
-  `^\\s*-\\s+\\*\\*(?=(${DECISION_ID_SOURCE}))\\1(?:\\s*\\[([^\\]]+)\\])?[^:*]*:\\*\\*\\s*(.*)$`,
+  `^\\s*-\\s+\\*\\*(?=(${DECISION_ID_SOURCE}))\\1(?:\\s*\\[([^\\]]+)\\])?(?:\\u0060[^\\u0060]*\\u0060|[^:*\\u0060])*:\\*\\*\\s*(.*)$`,
 );
 
 /**
@@ -146,7 +146,7 @@ const bulletColonRe = new RegExp(
  * dash position. The ID is atomic like the other forms (driver #1).
  */
 const bulletEmDashRe = new RegExp(
-  `^\\s*-\\s+\\*\\*(?=(${DECISION_ID_SOURCE}))\\1(?:\\s*\\[([^\\]]+)\\])?[^*—–]*[—–][^*]*\\*\\*\\s*(.*)$`,
+  `^\\s*-\\s+\\*\\*(?=(${DECISION_ID_SOURCE}))\\1(?:\\s*\\[([^\\]]+)\\])?(?:\\u0060[^\\u0060]*\\u0060|[^*—–\\u0060])*[—–](?:\\u0060[^\\u0060]*\\u0060|[^*\\u0060])*\\*\\*\\s*(.*)$`,
 );
 
 /**
@@ -154,17 +154,19 @@ const bulletEmDashRe = new RegExp(
  * A title sits between the colon and the closing `**` (so the `:**` anchor of
  * bulletColonRe fails, and there is no em-dash for bulletEmDashRe). This is a strict
  * superset of the colon-immediate form, so it MUST be checked AFTER bulletColonRe and
- * bulletEmDashRe — it only catches bullets those two miss. The title run is `[^:*]*` (no
- * colon, no `*`) so a genuinely-malformed bullet with a colon in the pre-separator run
- * (e.g. `D-07 ratio 3:1:**`) still fails the anchor and falls through to the parse-miss
- * guard — matching bulletColonRe's `[^:*]*` discipline that the separator colon is the
- * only colon permitted before `**`. (#1639)
+ * bulletEmDashRe — it only catches bullets those two miss. The title runs are code-span-aware
+ * (#4788) but still exclude BARE colons and `*`, so a genuinely-malformed bullet with a bare
+ * colon in the pre-separator run (e.g. `D-07 ratio 3:1:**` — the `:**` supplies the second
+ * colon) still fails the anchor and falls through to the parse-miss guard — the #1639
+ * fail-loud discipline: the separator must be the only BARE colon before `**`. A code span's
+ * `:`/`*` is data, never grammar; an UNTERMINATED backtick now fails loud (previously it was
+ * an ordinary character) — the deliberate cost of span opacity.
  *
  * The ID is consumed atomically `(?=(…))\1` like the other forms — the
  * hardening note above the constants explains why (#4130 follow-up).
  */
 const bulletTitledColonRe = new RegExp(
-  `^\\s*-\\s+\\*\\*(?=(${DECISION_ID_SOURCE}))\\1(?:\\s*\\[([^\\]]+)\\])?[^:*]*:[^:*]*\\*\\*\\s*(.*)$`,
+  `^\\s*-\\s+\\*\\*(?=(${DECISION_ID_SOURCE}))\\1(?:\\s*\\[([^\\]]+)\\])?(?:\\u0060[^\\u0060]*\\u0060|[^:*\\u0060])*:(?:\\u0060[^\\u0060]*\\u0060|[^:*\\u0060])*\\*\\*\\s*(.*)$`,
 );
 
 /**
diff --git a/tests/decisions.test.cjs b/tests/decisions.test.cjs
index 0d07f18bd..ecb4c6140 100644
--- a/tests/decisions.test.cjs
+++ b/tests/decisions.test.cjs
@@ -2795,8 +2795,14 @@ describe('parseDecisions hardening — regex lattice pins the mechanism (#4130 f
     // `[^*—–]*[—–]` has exactly one. The narrowing is behavior-preserving
     // because every candidate dash lies before the first `*` and the second
     // `[^*]*` scan reaches that same first star from any candidate.
-    assert.ok(emDashSrc.includes('[^*—–]*[—–]'),
-      `bulletEmDashRe must use the narrowed first separator:\n${emDashSrc}`);
+    //
+    // #4788 makes the leading run code-span-aware (`\u0060` = escaped backtick
+    // in the template): the class-only branch keeps the dash exclusion, so a
+    // dash-laden title WITHOUT spans still has exactly one viable split, and a
+    // span-internal dash is never a separator candidate — the span branch
+    // consumes it atomically. The #4130 no-re-split property is preserved.
+    assert.ok(emDashSrc.includes('[^*—–\\u0060])*[—–]'),
+      `bulletEmDashRe must use the span-aware narrowed first separator:\n${emDashSrc}`);
     assert.ok(!emDashSrc.includes('[^*]*[—–]'),
       `bulletEmDashRe must not retain the overlapping first separator:\n${emDashSrc}`);
   });
@@ -3041,3 +3047,89 @@ describe('parseDecisions hardening — pathological single bullets terminate cor
     assert.strictEqual(r.decisions[0].text, text);
   });
 });
+
+// ─── #4786 sibling family: code spans in the bold lead-in are opaque to the separator grammar (#4788) ──
+
+describe('#4788: code spans in the bold lead-in are opaque to the separator grammar', () => {
+  // Decision titles name modules, paths and globs — `node:http`, `*-UAT.md` —
+  // and inside backticks a `:` is not a separator and a `*` is not emphasis.
+  // The `[^:*]*` runs treated both as grammar characters, so the bullet fell
+  // to the parse-miss guard and a single miss forced outcome:"could-not-parse"
+  // (which blocks check.decision-coverage-plan during plan-phase).
+  const contentWith = (bullets) => `<decisions>\n${bullets.map((b) => '- ' + b).join('\n')}\n</decisions>`;
+
+  test('colon-immediate form: a code span containing a colon sits in the pre-separator run', () => {
+    const md = contentWith([
+      '**D-12 `cfg:a`:** does the thing',
+    ]);
+    const ds = parseDecisions(md);
+    assert.strictEqual(ds.length, 1, `expected the bullet to parse, got: ${JSON.stringify(ds)}`);
+    assert.strictEqual(ds[0].id, 'D-12');
+  });
+
+  test('titled-colon form: a code span containing a colon parses (the D-91 shape)', () => {
+    const md = contentWith([
+      '**D-91: Serve the hub over `node:http` with no framework.** Dropped: colon inside a code span.',
+    ]);
+    const ds = parseDecisions(md);
+    assert.strictEqual(ds.length, 1);
+    assert.strictEqual(ds[0].id, 'D-91');
+    assert.ok(ds[0].text.includes('Dropped: colon inside a code span'), 'body after the closing ** must be preserved');
+  });
+
+  test('titled-colon form: a code span containing an asterisk parses (the D-119 shape)', () => {
+    const md = contentWith([
+      '**D-119: UAT reports are named `*-UAT.md` beside the plan.** Dropped: asterisk inside a code span.',
+    ]);
+    const ds = parseDecisions(md);
+    assert.strictEqual(ds.length, 1);
+    assert.strictEqual(ds[0].id, 'D-119');
+  });
+
+  test('em-dash form: a code span containing an asterisk parses', () => {
+    const md = contentWith([
+      '**D-13 `*-UAT.md` — the naming rule** body text',
+    ]);
+    const ds = parseDecisions(md);
+    assert.strictEqual(ds.length, 1);
+    assert.strictEqual(ds[0].id, 'D-13');
+  });
+
+  test('#1639 negative: a bare second colon before the closing ** still fails loud', () => {
+    const r = extractDecisions(contentWith([
+      '**D-07 ratio 3:1:** body',
+    ]));
+    assert.strictEqual(r.outcome, 'could-not-parse', 'the genuinely-malformed bullet must still fail loud');
+  });
+
+  test('an unterminated backtick in the lead-in now fails loud (pinned trade-off)', () => {
+    // Before the span-aware runs, a lone backtick was an ordinary character and
+    // the bullet parsed. The span-aware grammar treats an unterminated ` as the
+    // start of an opaque span that never closes — the bullet fails to the
+    // parse-miss guard. Deliberate: fail-loud beats mis-parsing prose as grammar.
+    const r = extractDecisions(contentWith([
+      '**D-11: see `docs.** body',
+    ]));
+    assert.strictEqual(r.outcome, 'could-not-parse');
+  });
+
+  test('a safe code span (no :/* inside) keeps parsing (control)', () => {
+    const md = contentWith([
+      '**D-14: Title with `code`.** body',
+    ]);
+    const ds = parseDecisions(md);
+    assert.strictEqual(ds.length, 1);
+    assert.strictEqual(ds[0].id, 'D-14');
+  });
+
+  test('a real mixed block parses end to end (the issue measured 2 of 36 missing)', () => {
+    const r = extractDecisions(contentWith([
+      '**D-01: Single-line title with no code span.** Parses fine.',
+      '**D-91: Serve the hub over `node:http` with no framework.** Dropped: colon inside a code span.',
+      '**D-119: UAT reports are named `*-UAT.md` beside the plan.** Dropped: asterisk inside a code span.',
+      '**D-92: Serve the hub with no framework.** Uses `node:http`. Parses: the same token in the body.',
+    ]));
+    assert.strictEqual(r.outcome, 'parsed');
+    assert.deepEqual(r.decisions.map((d) => d.id), ['D-01', 'D-91', 'D-119', 'D-92']);
+  });
+});