Coya Therapeutics (COYA) Q4 2025 earnings summary

Executive summary

• Advanced COYA 302 with the launch and active enrollment of the ALSTARS Phase 2 ALS trial across ~25 sites in the US and Canada.

• Achieved key regulatory milestones, including FDA and Health Canada approvals for clinical trials in ALS and FTD.

• Reported scientific validation for COYA 302 and COYA 303, including published results linking inflammation to neurodegenerative disease progression.

• Strengthened intellectual property with a new US patent for an RTU IL-2 formulation.

Financial highlights

• Cash and cash equivalents were $46.8 million as of December 31, 2025, up from $38.3 million at year-end 2024.

• Collaboration revenues rose to $7.9 million for FY2025 from $3.6 million in FY2024, driven by license and R&D services revenue.

• R&D expenses increased to $16.7 million from $11.9 million year-over-year, reflecting clinical advancement of COYA 302.

• General and administrative expenses rose to $11.4 million from $8.9 million year-over-year.

• Net loss widened to $21.2 million for FY2025 from $14.9 million in FY2024.

Outlook and guidance

• Cash runway extended into the second half of 2027 following a $23 million public offering and $11.1 million private placement.

• Key 2026 catalysts include publications on immune profiling and biomarkers, full enrollment of ALSTARS Phase 2, and initiation of a Phase 2a FTD study.