Coya Therapeutics (COYA) Q3 2026 earnings summary

Executive summary

• COYA 302 Phase 2/3 ALSTARS enrollment completed at 137 participants versus 120 planned; FDA granted Fast Track Designation for ALS in May 2026.

• ALSTARS topline data from the 24-week double-blind phase is expected in early Q2 2027; an open-label extension will offer continued COYA 302 treatment.

• No product sales have been recorded; revenue comes from the Dr. Reddy’s collaboration, while development and operating costs drive losses.

Financial highlights

• Q3 2026 collaboration revenue was $234,134 vs. $3.56M YoY; Q3 2025 included $3.3M of immediately recognized license revenue.

• Q3 net loss was $10.62M vs. $2.12M, with loss per share of $0.45 vs. $0.13; operating loss was $10.9M vs. $2.4M.

• Q3 R&D expense rose to $8.57M from $2.92M, primarily reflecting COYA 302 ALS trial costs; G&A was $2.6M in both periods.

• 9M 2026 collaboration revenue was $729,026 vs. $3.99M; net loss was $24.46M vs. $15.52M and loss per share was $1.05 vs. $0.93.

• 9M R&D expense increased to $17.70M from $11.79M; other income was $1.17M vs. $1.01M, primarily reflecting higher interest earned on cash balances.

Outlook and guidance

• Cash of $35.80M at September 30, 2026, was expected to fund planned operations into H2 2027 and past the ALSTARS topline readout; management also concluded funds would not support operations for more than one year after issuance of the statements.

• Significant additional financing is expected to support trials and operations; spending is expected to rise with later-stage development and manufacturing scale-up.

• Additional ALS and AD mechanistic and single-cell proteomics data were expected in 4Q 2026–Q1 2027, subject to publication; FTD biomarker data was expected in Q1 2027.

• A Phase 2 COYA 302 study in FTD is planned for 2027.