a Therapeutics(COYA) - 2024 Q4 - Annual Results

Financial Performance - Coya Therapeutics reported a net loss of $14.9 million for the year ended December 31, 2024, compared to a net loss of $8.0 million for the year ended December 31, 2023, representing an increase of 86.25%[13] - Net loss for 2024 was $14,880,787, compared to a net loss of $7,987,836 in 2023, reflecting an increase in losses of approximately 86%[26] - Net loss per share increased to $0.98 in 2024 from $0.79 in 2023, indicating a deterioration in per-share performance[26] - The company reported a pre-tax loss of $15,601,074 in 2024, compared to a pre-tax loss of $7,263,984 in 2023, indicating a worsening of about 115%[26] Expenses - Research and development (R&D) expenses increased to $11.9 million in FY 2024 from $5.5 million in FY 2023, primarily due to a $5.0 million rise in preclinical expenses[11] - General and administrative expenses rose to $8.9 million in FY 2024 from $7.8 million in FY 2023, an increase of approximately 14.1%[12] - Total operating expenses increased to $20,803,772 in 2024, up from $13,905,555 in 2023, marking an increase of about 50%[26] - Stock-based compensation increased significantly to $2,663,539 in 2024 from $872,248 in 2023, representing an increase of approximately 205%[28] Cash Flow and Assets - Cash and cash equivalents as of December 31, 2024, were $38.3 million, up from $32.6 million as of December 31, 2023, indicating a growth of 17.5%[10] - Cash and cash equivalents at the end of 2024 were $38,339,762, up from $32,626,768 at the end of 2023, showing an increase of about 17%[28] - The company had a net cash provided by financing activities of $16,026,816 in 2024, down from $38,425,063 in 2023, a decrease of approximately 58%[28] - Coya's total assets increased to $44.3 million as of December 31, 2024, compared to $41.3 million as of December 31, 2023[24] Revenue and Collaboration - Collaboration revenue decreased to $3,554,061 in 2024 from $6,002,206 in 2023, representing a decline of approximately 41%[26] - The company recorded a collaboration receivable of $7,500,000 in 2024, compared to a negative $7,500,000 in 2023, indicating a significant change in cash flow dynamics[28] Strategic Initiatives - Coya raised $10.0 million in a private placement of 1.38 million shares of common stock, primarily from existing institutional shareholders[4] - The company received a strategic investment of $5.0 million from the Alzheimer's Drug Discovery Foundation to support the development of COYA 302 for Frontotemporal Dementia[4] - Coya is on track to initiate a randomized, double-blind controlled Phase 2b trial in patients with Amyotrophic Lateral Sclerosis (ALS) upon IND acceptance[6] - The company plans to submit additional nonclinical data to support the start of the COYA-302 Phase 2 trial in ALS in Q2 2025[9] - The company is expected to publish ALS biomarker data and additional clinical data in the second half of 2025, which may provide insights into the role of inflammation in neurodegenerative diseases[9]