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a Therapeutics(COYA) - 2024 Q3 - Quarterly Results
COYAa Therapeutics(COYA)2024-11-06 13:02

Financial Performance - The net loss for Q3 2024 was 4.0million,comparedtoanetlossof4.0 million, compared to a net loss of 3.4 million in Q3 2023[13] - Net loss for the nine months ended September 30, 2024, was 11,965,011,comparedtoanetlossof11,965,011, compared to a net loss of 9,253,811 in 2023, indicating a 29.3% increase in losses[27] - Net loss per share for the nine months ended September 30, 2024, was (0.80),comparedto(0.80), compared to (0.94) for the same period in 2023[26] Cash and Assets - Coya Therapeutics reported cash and cash equivalents of 31.1millionasofSeptember30,2024,downfrom31.1 million as of September 30, 2024, down from 32.6 million at the end of 2023[11] - Coya's total current assets decreased to 35.5millionasofSeptember30,2024,from35.5 million as of September 30, 2024, from 41.2 million at the end of 2023[22] - Cash and cash equivalents at the end of the period were 31,057,395,downfrom31,057,395, down from 10,886,282 at the end of September 30, 2023[27] Expenses - Research and development expenses increased to 2.2millionforQ32024,comparedto2.2 million for Q3 2024, compared to 1.6 million in Q3 2023, reflecting a 0.3millionriseinpreclinicalexpenses[11]−Generalandadministrativeexpenseswere0.3 million rise in preclinical expenses[11] - General and administrative expenses were 2.2 million for Q3 2024, up from 2.0millioninQ32023,primarilyduetoa2.0 million in Q3 2023, primarily due to a 0.4 million increase in stock-based compensation[12] - Total operating expenses increased to 16,721,525fortheninemonthsendedSeptember30,2024,from16,721,525 for the nine months ended September 30, 2024, from 9,718,504 in 2023, representing a 72.5% increase[25] - Stock-based compensation for the nine months ended September 30, 2024, was 1,872,990,significantlyhigherthan1,872,990, significantly higher than 634,249 in 2023[27] - The company incurred 25,000inin−processresearchanddevelopmentexpensesfortheninemonthsendedSeptember30,2024,downfrom25,000 in in-process research and development expenses for the nine months ended September 30, 2024, down from 350,000 in 2023[27] Revenue and Collaboration - Collaboration revenue for the nine months ended September 30, 2024, was 3,552,109,comparedto3,552,109, compared to 0 in the same period of 2023[25] - The company recorded 7,500,000incollaborationreceivablefortheninemonthsendedSeptember30,2024,withnosuchrevenueinthepreviousyear[27]FuturePlansandDevelopments−Coyaanticipatesreceivingmilestonepaymentsof7,500,000 in collaboration receivable for the nine months ended September 30, 2024, with no such revenue in the previous year[27] Future Plans and Developments - Coya anticipates receiving milestone payments of 8.4 million from Dr. Reddy's Laboratories upon IND acceptance and first patient dosing of COYA-302 in ALS[4] - The company is aligned with the FDA on non-clinical data needed for the Phase 2 study of COYA-302 in ALS, with IND submission for COYA-302 in FTD expected in the second half of 2025[4] - Coya plans to release additional clinical data from the Phase 2 LD IL-2 trial in Alzheimer's Disease in Q1 2025[3] - The company is developing COYA 302, a combination of COYA 301 and CTLA4-Ig, targeting neurodegenerative diseases such as ALS and FTD[16] Liabilities - Total liabilities were reported at 3.5millionasofSeptember30,2024,downfrom3.5 million as of September 30, 2024, down from 5.6 million at the end of 2023[23] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2024, was (7,879,055),comparedto(7,879,055), compared to (8,947,731) in 2023, showing a decrease in cash outflow[27] - The company raised $4,943,668 from the sale of common stock during the nine months ended September 30, 2024, with no such proceeds in the previous year[27]