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Coya Therapeutics, Inc. (COYA) reported a net loss of $21.2 million for FY 2025, ending December 31, 2025, compared to $14.9 million in FY 2024, driven by increased operating expenses of $30.5 million, including $16.7 million in research and development, $2.3 million in in-process R&D, and $11.4 million in general and administrative costs. Collaboration revenue of $7.9 million partially offset expenses, resulting in a $22.6 million operating loss, mitigated by $1.3 million in other income. Balance sheet shows $50.0 million in total assets, with $46.8 million in cash and equivalents supporting operations into the second half of 2027. Stockholders' equity stands at $43.0 million, with accumulated deficit at $62.0 million. Cash flows reflect -$10.7 million used in operations, -$1.2 million in investing, and $20.4 million from financing, yielding a $8.5 million net increase in cash. Basic and diluted net loss per share was -$1.00 on 16.7 million weighted-average shares. The company advances its Treg-enhancing pipeline, including Phase 2 ALSTARS trial for COYA 302 in ALS, with recent $11.1 million financing extending runway.
Coya Therapeutics reported FY 2025 net loss of $21.2 million, up from $14.9 million in FY 2024, primarily due to higher R&D expenses of $16.7 million and G&A of $11.4 million, totaling operating expenses of $30.5 million. Collaboration revenue was $7.9 million, leading to operating loss of $22.6 million. Other income of $1.3 million reduced pre-tax loss to $21.2 million. Balance sheet reflects total assets of $50.0 million, including $46.8 million cash, and stockholders' equity of $43.0 million against $62.0 million accumulated deficit. Cash increased $8.5 million net, supported by $20.4 million financing inflows. EPS was -$1.00 basic and diluted on 16.7 million shares.
Collaboration revenue totaled $7.9 million for FY 2025, stemming from agreements like the Dr. Reddy's partnership for COYA 302. No segment breakdown or geographic mix disclosed. Revenue growth drivers include milestones from DRL Development Agreement, with $7.5 million upfront received in January 2024. Prior year revenue not specified in XBRL, but net loss increase indicates expense outpaced revenue growth.
No gross profit or COGS reported, as revenue is collaboration-based. Operating loss of $22.6 million on $7.9 million revenue implies negative operating margin. Expenses rose with R&D at $16.7 million (55% of op ex), in-process R&D $2.3 million, G&A $11.4 million. No margin trends vs prior year detailed beyond net loss increase from $14.9 million to $21.2 million.
Net cash used in operations: -$10.7 million, adjusted for non-cash items like $4.3 million stock comp and $2.3 million acquired IPR&D. Investing: -$1.2 million for IPR&D assets. Financing: $20.4 million, including $20.3 million from common stock sales. Ending cash: $46.8 million (balance sheet), runway to H2 2027. Total liabilities $6.9 million, low debt exposure.
Management expects continued losses funding clinical trials, including ALSTARS Phase 2 for COYA 302 (enrollment H2 2026), FTD IND accepted, COYA 303 preclinical. Recent $11.1 million financing (Jan 2026) accelerates manufacturing. Risks include trial delays, capital needs, competition in Treg therapies. No numerical guidance provided.
EPS
-$1
Revenue
$7.9M
Net Income
-$21.2M
Operating Income
-$22.6M