COYA

MKT CAP:$73M

Coya Therapeutics, Inc.

Market Cap

$73M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$4.34-$1.31 (-23.19%)

Apr 23, 2026

Company Details

Coya Therapeutics, Inc., a clinical-stage biotechnology company, develops proprietary medicinal products to modulate the function of regulatory T cells (Tregs). The company's product candidate pipeline is based on therapeutic modalities, su...

CEO

Arun Swaminathan

IPO Date

Dec 29, 2022

Website

www.coyatherapeutics.com

Key Metrics TTM

Revenue

$4M

-58.3% YoY

Net Income

-$18M

EPS (Diluted)

-$1.11

Free Cash Flow

-$12M

Revenue / Share

$0.24

Gross Margin

-79.7%

Operating Margin

-503.8%

Net Margin

-462.3%

FCF Margin

-304.5%

P/S

18.2x

P/E

—

Earnings Reports

Q4 2025

May 12, 2026

PENDING

FY 2025

Mar 16, 2026

$8M+123.6%EPS -$1.27

Q3 2025

Nov 12, 2025

$4MEPS -$0.13

Q2 2025

Aug 12, 2025

$163.6K-95.2%EPS -$0.36

Q1 2025

May 13, 2025

$257.9K+103.3%EPS -$0.44

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$2M
Q1 22	$0	$0	-$2M
Q2 22	$0	$0	-$3M
Q3 22	$0	$0	-$3M
Q4 22	$0	-$4M	-$2M
Q1 23	$0	-$1M	-$3M
Q2 23	$0	-$1M	-$3M
Q3 23	$0	-$2M	-$4M
Q4 23	$6M	$4M	$2M
Q1 24	$126.8K	-$3M	-$5M
Q2 24	$3M	-$1M	-$3M
Q3 24	$0	-$2M	-$4M
Q4 24	$2.0K	-$2M	-$4M
Q1 25	$257.9K	-$5M	-$8M
Q2 25	$163.6K	$156.8K	-$6M
Q3 25	$4M	$4M	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	16.8x	—
Q1 24	23.8x	—
Q2 24	9.7x	—
Q3 24	10.3x	—
Q4 24	24.9x	—
Q1 25	29.4x	—
Q2 25	227.0x	—
Q3 25	23.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$1M	-$1M
Q1 22	-$2M	-$2M
Q2 22	-$1M	-$1M
Q3 22	-$2M	-$2M
Q4 22	-$2M	-$2M
Q1 23	-$4M	-$4M
Q2 23	-$3M	-$3M
Q3 23	-$2M	-$2M
Q4 23	-$2M	-$2M
Q1 24	$2M	$2M
Q2 24	-$5M	-$5M
Q3 24	-$5M	-$5M
Q4 24	-$2M	-$2M
Q1 25	-$3M	-$3M
Q2 25	-$6M	-$6M
Q3 25	-$1M	-$1M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+75.2%
Q2 22	—	+255.1%
Q3 22	—	+100.0%
Q4 22	—	+25.4%
Q1 23	—	+70.6%
Q2 23	—	-5.6%
Q3 23	—	+33.9%
Q4 23	—	+109.0%
Q1 24	—	+93.4%
Q2 24	—	+104.7%
Q3 24	—	+24.9%
Q4 24	-100.0%	-2.5%
Q1 25	+103.3%	+41.4%
Q2 25	-95.2%	-1.2%
Q3 25	—	+23.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$26.6K	—
Q1 22	$21.4K	—
Q2 22	$44.7K	—
Q3 22	$69.8K	—
Q4 22	$71.4K	—
Q1 23	$180.4K	—
Q2 23	$191.1K	—
Q3 23	$262.8K	—
Q4 23	$238.0K	4.0%
Q1 24	$435.7K	343.5%
Q2 24	$662.3K	19.3%
Q3 24	$775.0K	—
Q4 24	$790.5K	40499.4%
Q1 25	$1M	418.8%
Q2 25	$1M	633.0%
Q3 25	$1M	30.0%

OpEx Breakdown

Quarter	R&D	G&A
Q4 21	$855.8K	$732.1K
Q1 22	$978.8K	$717.5K
Q2 22	$1M	$2M
Q3 22	$1M	$1M
Q4 22	$1M	$898.6K
Q1 23	$1M	$2M
Q2 23	$1M	$2M
Q3 23	$2M	$2M
Q4 23	$2M	$2M
Q1 24	$3M	$2M
Q2 24	$5M	$2M
Q3 24	$2M	$2M
Q4 24	$2M	$2M
Q1 25	$5M	$3M
Q2 25	$3.7B	$2.9B
Q3 25	$3M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$9M	$9M
Q2 22	$10M	$0	$10M
Q3 22	$9M	$0	$9M
Q4 22	$6M	$0	$6M
Q1 23	$16M	$0	$16M
Q2 23	$13M	$0	$13M
Q3 23	$11M	$0	$11M
Q4 23	$33M	$0	$33M
Q1 24	$36M	$0	$36M
Q2 24	$37M	$0	$37M
Q3 24	$31M	$0	$31M
Q4 24	$38M	$0	$38M
Q1 25	$36M	$0	$36M
Q2 25	$30M	$0	$30M
Q3 25	$28M	$0	$28M
Q4 25	$47M	$0	$47M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	7M	-31.8%	—
Q1 22	7M	0.0%	+154.9%
Q2 22	7M	0.0%	+154.9%
Q3 22	10M	+46.6%	+0.0%
Q4 22	10M	+2.8%	+50.7%
Q1 23	10M	0.0%	+50.7%
Q2 23	10M	0.0%	+50.7%
Q3 23	10M	0.0%	+2.8%
Q4 23	10M	+2.2%	+2.2%
Q1 24	14M	+42.2%	+45.3%
Q2 24	15M	+3.2%	+49.9%
Q3 24	15M	+2.1%	+53.0%
Q4 24	16M	+7.5%	+60.9%
Q1 25	17M	+2.2%	+15.7%
Q2 25	17M	+0.0%	+12.1%
Q3 25	17M	+0.0%	+9.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$0	6
Q1 23	$0	6
Q2 23	$0	6
Q3 23	$0	6
Q4 23	$750.3K	8
Q1 24	$15.9K	8
Q2 24	$428.2K	8
Q3 24	$0	8
Q4 24	$244	8
Q1 25	$32.2K	8
Q2 25	$20.5K	8
Q3 25	$445.5K	8

Revenue / Employee