Coya Therapeutics (COYA) Q2 2026 earnings summary

Executive summary

• Focused on developing therapies targeting regulatory T cell (Treg) dysfunction for neurodegenerative, autoimmune, and metabolic diseases, with lead asset COYA 302 in Phase 2 ALS trials and Fast Track Designation from the FDA.

• Advanced lead program COYA 302 with ongoing enrollment in the ALSTARS Phase 2 ALS trial, on track for topline data in Q1 2027.

• Initiation of a Phase 2 study in frontotemporal dementia (FTD) planned for 2H 2026.

• Operations funded primarily through equity sales and collaboration payments; no product sales revenue to date.

• Published supporting biomarker data and presented at major scientific meetings.

Financial highlights

• Net loss was $6.6 million for Q2 2026, compared to $6.1 million in Q2 2025; net loss for the six months ended June 30, 2026 was $13.8 million, up from $13.4 million year-over-year.

• Collaboration revenue was $0.2 million for Q2 2026 and $0.5 million for the six months, both related to R&D services under the DRL Development Agreement.

• Research and development expenses increased to $5.0 million in Q2 2026 (from $3.7 million in Q2 2025), mainly due to advancement of COYA 302 ALS Phase 2 trial.

• General and administrative expenses decreased to $2.3 million in Q2 2026 (from $2.9 million in Q2 2025), primarily due to lower professional services and compensation.

• Cash and cash equivalents were $43.2 million as of June 30, 2026, sufficient to fund operations into 2H 2027.

Outlook and guidance

• Existing cash is expected to fund operations into the second half of 2027, but substantial additional capital will be needed for continued development and commercialization.

• Completion of ALSTARS Phase 2 trial enrollment and initiation of FTD Phase 2 study expected in 2H 2026.

• Additional biomarker and single-cell proteomics data from ALS, FTD, and AD studies to be reported in 2H 2026.

• Expenses and losses are expected to increase as clinical and preclinical programs advance and as commercialization activities ramp up.