a Therapeutics(COYA) - 2024 Q3 - Quarterly Results

Financial Performance - The net loss for Q3 2024 was $4.0 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, 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), compared to $(0.94) for the same period in 2023[26] Cash and Assets - Coya Therapeutics reported cash and cash equivalents of $31.1 million as of September 30, 2024, down from $32.6 million at the end of 2023[11] - Coya's total current assets decreased to $35.5 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, down from $10,886,282 at the end of September 30, 2023[27] Expenses - Research and development expenses increased to $2.2 million for Q3 2024, compared to $1.6 million in Q3 2023, reflecting a $0.3 million rise in preclinical expenses[11] - General and administrative expenses were $2.2 million for Q3 2024, up from $2.0 million in Q3 2023, primarily due to a $0.4 million increase in stock-based compensation[12] - Total operating expenses increased to $16,721,525 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, significantly higher than $634,249 in 2023[27] - The company incurred $25,000 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, compared to $0 in the same period of 2023[25] - The company recorded $7,500,000 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 $3.5 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), 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]