Coya Therapeutics, Inc 10-Q for FY2024 Q3

Coya Therapeutics, Inc. (COYA)

10-Q 2024-11-06 For: 2024-09-30

Added on April 11, 2026

About this 10-Q

Coya Therapeutics, Inc filed this 10-Q on November 6, 2024, covering the quarter ended September 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $4.02M; compared with a net loss of $3.42M a year earlier
Diluted EPS: -$0.26; compared with -$0.34 a year earlier

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Delaware	85-4017781
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
5850 San Felipe St., Suite 500 Houston, TX	77057
(Address of principal executive offices)	(Zip Code)


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒


		Page
PART I	Financial Information	3

Item 1.	Financial Statements	3

	Condensed Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023	3
	Condensed Unaudited Interim Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023	4
	Condensed Unaudited Interim Statements of Stockholders’ Equity (Deficit) for the Nine Months Ended September 30, 2024 and 2023	5
	Condensed Unaudited Interim Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	7
	Notes to the Condensed Unaudited Interim Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32

PART II	Other Information	33

Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	33

	Signatures	34


	September 30,			December 31,
	2024			2023
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	31,057,395		$	32,626,768
Collaboration receivable		-			7,500,000
Prepaids and other current assets		4,449,006			1,069,557
Total current assets		35,506,401			41,196,325
Fixed assets, net		45,429			65,949
Total assets	$	35,551,830		$	41,262,274

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	336,722		$	1,155,656
Accrued expenses		1,409,235			2,973,215
Deferred collaboration revenue		573,089			923,109
Total current liabilities		2,319,046			5,051,980
Deferred collaboration revenue		1,222,596			574,685
Total liabilities		3,541,642			5,626,665

Commitments and contingencies (Note 6)

Stockholders' equity:
Series A convertible preferred stock, $0.0001 par value: 10,000,000 shares authorized, none issued or outstanding as of September 30, 2024 or December 31, 2023		-			-
Common stock, $0.0001 par value; 200,000,000 shares authorized; 15,221,308 and 14,405,325 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		1,523			1,441
Additional paid-in capital		69,830,059			61,501,801
Subscription receivable		-			(11,250	)
Accumulated deficit		(37,821,394	)		(25,856,383	)
Total stockholders' equity		32,010,188			35,635,609
Total liabilities and stockholders' equity	$	35,551,830		$	41,262,274


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Collaboration revenue	$	—		$	—		$	3,552,109		$	-
Operating expenses:
Research and development		2,223,903			1,592,232			9,928,214			3,891,896
In-process research and development		—			—			25,000			350,000
General and administrative		2,219,545			1,964,990			6,747,790			5,456,087
Depreciation		6,841			6,841			20,521			20,521
Total operating expenses		4,450,289			3,564,063			16,721,525			9,718,504
Loss from operations		(4,450,289	)		(3,564,063	)		(13,169,416	)		(9,718,504	)
Other income:
Other income		428,871			142,089			1,204,405			464,693
Net loss	$	(4,021,418	)	$	(3,421,974	)	$	(11,965,011	)	$	(9,253,811	)

Per share information:
Net loss per share of common stock, basic and diluted	$	(0.26	)	$	(0.34	)	$	(0.80	)	$	(0.94	)
Weighted-average shares of common stock outstanding, basic and diluted		15,221,308			9,947,915			14,866,089			9,873,387


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Convertible Preferred Stock								Additional								Total
	Series A				Common Stock				Paid-In		Subscription			Accumulated			Stockholders'
	Shares		Amount		Shares		Amount		Capital		Receivable			Deficit			Equity
Balance as of December 31, 2023		-	$	-		14,405,325	$	1,441	$	61,501,801	$	(11,250	)	$	(25,856,383	)	$	35,635,609
Stock-based compensation expense		-		-		-		-		435,663		-			-			435,663
Exercise of stock options		-		-		1,829		-		1,975		-			-			1,975
Proceeds from subscription receivable		-		-		-		-		-		11,250			-			11,250
Exercise of warrants		-		-		206,018		21		1,509,686		(149,250	)		-			1,360,457
Net loss		-		-		-		-		-		-			(5,051,913	)		(5,051,913	)
Balance as of March 31, 2024		-		-		14,613,172		1,462		63,449,125		(149,250	)		(30,908,296	)		32,393,041
Stock-based compensation expense and vesting of restricted shares		-		-		5,000		1		662,320		-			-			662,321
Sale of common stock in Private Placement, net of issuance costs of $0.1 million		-		-		603,136		60		4,943,608		-			-			4,943,668
Proceeds from subscription receivable		-		-		-		-		-		149,250			-			149,250
Net loss		-		-		-		-		-		-			(2,891,680	)		(2,891,680	)
Balance as of June 30, 2024		-		-		15,221,308		1,523		69,055,053		-			(33,799,976	)		35,256,600
Stock-based compensation expense		-		-		-		-		775,006		-			-			775,006
Net loss		-		-		-		-		-		-			(4,021,418	)		(4,021,418	)
Balance as of September 30, 2024		-	$	-		15,221,308	$	1,523	$	69,830,059	$	-		$	(37,821,394	)	$	32,010,188


	As of September 30,
	2024		2023
Common stock warrants		2,286,223		2,174,737
Stock options		2,233,658		1,238,612
		4,519,881		3,413,349


Warrant Type	Outstanding		Exercise price per share		Expiration date
Common stock warrants issued related to the IPO		1,345,825	$	7.50	December 2024
Common stock warrants issued related to the Over-Allotment option		145,000	$	7.50	December 2024
Common stock warrants issued to underwriters as compensation for IPO		201,803	$	6.25	December 2026
Common stock warrants issued to placement agent as part of the convertible promissory notes conversion		182,407	$	6.00	January 2028
Common stock warrants issued in connection with the Series A convertible preferred stock issued in 2020		92,184	$	9.15	December 2025
Common stock warrants issued as compensation for the 2023 Private Placement		319,004	$	7.58	December 2027
		2,286,223


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
General and administrative	$	473,123	$	145,394	$	1,114,480	$	389,899
Research and development		301,883		117,358		758,510		244,350
	$	775,006	$	262,752	$	1,872,990	$	634,249


						Weighted
				Weighted average		average remaining		Aggregate
				exercise		contractual		intrinsic
	Options			price		term (years)		value
Outstanding at January 1, 2024		1,134,145		$	3.24		8.7
Granted		1,101,342		$	6.95
Exercised		(1,829	)	$	1.08			$	8,249
Outstanding at September 30, 2024		2,233,658		$	5.07		8.7	$	3,914,188
Exercisable at September 30, 2024		904,501		$	3.66		8.1	$	2,601,045
Vested and expected to vest at September 30, 2024		2,233,658		$	5.07		8.7	$	3,914,188


			Weighted average
	Number of		grant date
	Shares		fair value
Beginning balance at January 1, 2024		16,500	$	4.61
Granted and Vested		5,000		8.02
Ending balance at September 30, 2024		21,500	$	5.40


Exhibit Number		Description
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover page formatted as Inline XBRL and contained in Exhibit 101


	Coya Therapeutics, Inc.

Date: November 6, 2024	By:	/s/ Arun Swaminathan Ph.D.
		Arun Swaminathan Ph.D.
		Chief Executive Officer
		(Principal Executive Officer)

Date: November 6, 2024	By:	/s/ David Snyder
		David Snyder
		Chief Financial Officer and Chief Operating Officer
		(Principal Financial and Accounting Officer)


	Nine Months Ended September 30,
	2024			2023
Risk-free interest rate		4.2	%		4.1	%
Expected term (years)	5.74				5.8
Expected volatility		106.32	%		92.30	%
Expected dividend yield		-			-


	Three Months Ended September 30,
	2024		2023
External costs:
Preclinical product candidates:
COYA 200 Series		-		18,186
COYA 300 Series		1,205,689		894,971
Sponsored research		180,788		108,634
Internal costs:
Internal research and development expenses, including stock-based compensation		837,426		570,441
Total	$	2,223,903	$	1,592,232


	Nine Months Ended September 30,
	2024		2023
Preclinical product candidates:
COYA 200 Series	$	-	$	25,870
COYA 300 Series		7,422,525		2,373,664
Sponsored research		394,207		211,038
Internal costs:
Internal research and development expenses, including stock-based compensation		2,111,482		1,281,324
Total	$	9,928,214	$	3,891,896


	Nine Months Ended September 30,
	2024			2023
Cash used in operating activities	$	(7,879,055	)	$	(8,947,731	)
Cash used in investing activities		(25,000	)		(350,000	)
Cash provided by financing activities		6,334,682			14,250,311
Net (decrease) increase in cash and cash equivalents	$	(1,569,373	)	$	4,952,580



1.	I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2024 of Coya Therapeutics, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	(Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Dated: November 6, 2024	By:	/s/ Arun Swaminathan Ph.D.
		Arun Swaminathan Ph.D.
		Chief Executive Officer
		(Principal Executive Officer)