COYA · Coya Therapeutics, Inc.

Coya Therapeutics disclosed its first quarter 2026 financial results alongside key clinical advancements, demonstrating operational progress in a capital-intensive biotech environment. The company reported collaboration revenue of $0.3 million, stable from the prior year, tied to R&D services under its agreement with DRL. Research and development expenses declined 20% to $4.1 million, driven by a $1.2 million reduction in external preclinical and clinical costs following completion of IND-supporting activities for COYA 302 in ALS. This timing shift reflects efficient resource allocation post-key milestones. General and administrative expenses rose 39% to $3.4 million, primarily from a $1.0 million non-cash stock option modification charge related to the former Executive Chairman's resignation, alongside higher employee compensation. Despite the G&A increase, net loss narrowed slightly to $7.2 million from $7.3 million year-over-year, with EPS improving to $(0.32) from $(0.44) on higher share count from financing. Cash position strengthened to $50.7 million from $46.8 million at year-end, bolstered by $11.0 million net proceeds from a private placement led by Dr. Reddy’s Laboratories ($10M) and Greenlight Capital ($1.1M). CEO Arun Swaminathan emphasized a 'strong start' with the ALSTARS Phase 2 trial in full recruitment after protocol amendments to broaden eligibility, maintaining guidance for 1Q 2027 topline data. The FDA's Fast Track Designation for COYA 302 in ALS on May 11, 2026, alongside IND acceptance for FTD, underscores regulatory momentum. Additional catalysts include FTD Phase 2a initiation and data readouts in 2H 2026, positioning Coya to advance its Treg-enhancing pipeline amid immune dysregulation focus in neurodegenerative diseases.