Coya Therapeutics, Inc. (NASDAQ: COYA), a clinical-stage biotechnology company focused on enhancing T-cell function in neurodegenerative disorders, has released its financial results for the fiscal year ending December 31, 2025. The company reported a net loss of $21.2 million, an increase from the $14.9 million loss in 2024. Coya's cash and cash equivalents stood at $46.8 million as of December 31, 2025, bolstered by a $23 million public offering and an $11.1 million private placement led by Dr. Reddy's Laboratories and Greenlight Capital.

In terms of operational execution, Coya has made significant strides with its COYA 302 program. The company successfully launched the ALSTARS Phase 2 trial for ALS, which is now actively enrolling patients across approximately 25 clinical sites in the U.S. and Canada. Additionally, Coya received Clinical Trial Application acceptance from Health Canada and U.S. FDA acceptance of its IND application for COYA 302 for frontotemporal dementia (FTD).

Coya's collaboration revenues increased to $7.9 million in 2025, up from $3.6 million in 2024, primarily due to milestone payments related to the IND acceptance and the initiation of patient dosing in the ALSTARS trial. Research and development expenses rose to $16.7 million, reflecting the company's ongoing commitment to advancing its clinical programs.

Looking ahead, Coya has outlined several expected catalysts for 2026, including the publication of peripheral immune profiling in FTD and the initiation of a Phase 2a study evaluating COYA 302 for FTD. The company is optimistic about its strategy to target immune imbalance and neuroinflammation through regulatory T cell enhancement, as highlighted by CEO Dr. Arun Swaminathan's remarks on the progress made in 2025 and the momentum heading into 2026.

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