Coya Therapeutics (COYA) Q1 2026 earnings summary

Executive summary

• Net loss for Q1 2026 was $7.2 million, a slight improvement from $7.3 million in Q1 2025, driven by lower R&D expenses and higher G&A costs due to a one-time stock option modification expense.

• Achieved key clinical milestones, including FDA Fast Track Designation for COYA 302 in ALS and IND acceptance for FTD treatment.

• ALSTARS Phase 2 ALS trial in full recruitment, with protocol expanded to increase eligible patient pool.

• Strengthened scientific rationale for COYA 302 with new publications and investigator-initiated study results.

• Cash and cash equivalents stood at $50.7 million as of March 31, 2026, expected to fund operations into the second half of 2027.

Financial highlights

• Collaboration revenue was $0.3 million for Q1 2026, consistent with Q1 2025, related to R&D services under the DRL agreement.

• Research and development expenses decreased to $4.1 million from $5.2 million year-over-year, mainly due to reduced external preclinical and clinical activities.

• General and administrative expenses increased to $3.8 million, primarily from a $1.0 million non-cash charge for stock option modification.

• Net cash used in operating activities was $6.2 million, with $0.9 million used in investing and $11.0 million provided by financing activities from a private placement.

• Net loss per share (basic and diluted) was $(0.32) for Q1 2026, compared to $(0.44) for Q1 2025.

Outlook and guidance

• Cash runway is projected into the second half of 2027, but additional capital will be needed for continued development and commercialization efforts.

• Topline readout for ALSTARS Phase 2 ALS trial expected in Q1 2027.

• Full enrollment of ALSTARS trial targeted for 2H 2026.

• Phase 2a study for COYA 302 in FTD to initiate in 2H 2026.

• The company expects continued operating losses as it advances clinical and preclinical programs and scales up operations.