a Therapeutics(COYA) - 2025 Q3 - Quarterly Results

Financial Position - As of September 30, 2025, Coya Therapeutics had cash and cash equivalents of $28.1 million[6] - Cash and cash equivalents decreased from $31,057,395 at the end of September 2024 to $28,129,866 at the end of September 2025, a decline of approximately 9%[24] - The company experienced a net decrease in cash and cash equivalents of $10,209,896 in 2025, compared to a decrease of $1,569,373 in 2024, highlighting a worsening cash position[24] Revenue and Collaboration - Collaboration revenues for the three months ended September 30, 2025, were $3.6 million, primarily due to the recognition of $3.3 million in license revenue following FDA acceptance of the IND for the Phase 2 study[6] - The company expects to receive a $4.2 million milestone payment from Dr. Reddy's Laboratories upon the first patient dosing in the COYA 302 ALS trial[7] - Collaboration receivable was reported as zero in 2025, compared to $7,500,000 in 2024, indicating a significant reduction in expected collaboration revenue[24] Expenses - Research and development (R&D) expenses increased to $2.9 million for the three months ended September 30, 2025, compared to $2.2 million for the same period in 2024, reflecting a $0.4 million increase in clinical advancement costs[7] - General and administrative expenses rose to $2.6 million for the three months ended September 30, 2025, from $2.2 million in the prior year, primarily due to increased employee compensation[8] - Coya's total operating expenses for the three months ended September 30, 2025, were $6.0 million, compared to $4.5 million for the same period in 2024[22] - Stock-based compensation increased significantly to $3,186,687 in 2025 from $1,872,990 in 2024, reflecting a rise of about 70%[24] - The company reported a cash outflow of $515,996 for the purchase of in-process research and development assets in 2025, compared to $25,000 in 2024, indicating a substantial increase in investment in R&D[24] Net Loss - The net loss for the three months ended September 30, 2025, was $2.1 million, an improvement from a net loss of $4.0 million for the same period in 2024[9] - Net loss for the nine months ended September 30, 2025, was $15,517,565, compared to a net loss of $11,965,011 for the same period in 2024, representing an increase of approximately 29%[24] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2025, was $9,732,174, compared to $7,879,055 in 2024, indicating a 23% increase in cash outflow[24] - The net cash provided by financing activities was $38,274 in 2025, a decrease from $6,334,682 in 2024, reflecting a decline of approximately 99%[24] - Proceeds from the exercise of stock options amounted to $38,274 in 2025, up from $1,975 in 2024, showing a significant increase in stock option exercises[24] Clinical Development - Coya Therapeutics completed a $23.0 million upsized public offering, extending its cash runway into the second half of 2027[4] - The company launched the ALSTARS Trial, a Phase 2 clinical study for COYA 302 in ALS, with the first patient dosed[4] - Coya anticipates submitting an IND for COYA 302 in Frontotemporal Dementia (FTD) by the end of 2025[11]