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what it is
Coya is a biotech company developing immune-based treatments for ALS and other brain diseases.
how it gets paid
Last year Coya Therapeutics made $8M in revenue.
why it's growing
Revenue grew 123.6% last year. Revenue was $4M. That is up 12% vs. prior year.
what just happened
Coya missed estimates on a $4M quarter and lost $0.93 a share.
At a glance
C++ balance sheet — some cracks in the foundation
-$0.98 fy2024 eps est
$4M fy2024 rev est
n/a operating margin
1.5 beta
xvary composite: 41/100 — below average
What they do
Coya is a biotech company developing immune-based treatments for ALS and other brain diseases.
You are buying one lead program, not a broad drug factory. COYA 302 is in Phase 2 ALS testing, and Coya says it also targets 4 brain diseases. That makes the story fragile, but your upside is tied to one readout instead of a shelf of sleepy assets.
How they make money
$8M
annual revenue · their business grew +123.6% last year
total revenue
$8M
+123.6%
The products that matter
lead ALS/FTD program
COYA 302
core value driver
it is the lead asset behind a company valued at roughly $106M despite just $8M in revenue. if this program slips, most of the story slips with it.
binary catalyst
pipeline platform
Treg Platform
runway into 2027
this is the scientific base for the broader pipeline, and the 10-K says the current runway extends into 2027. that matters because the balance sheet does not leave much room for long delays.
science first
collaboration economics
Partner Deals
$8M revenue line
the current revenue base comes from collaboration activity, not drug sales. that is why $8M of revenue can coexist with a $21.2M net loss.
lumpy cash source
Key numbers
$8M
annual revenue
That is tiny next to a $106M market cap. You are paying more than 13 times sales for a company with one lead asset.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Each $1 of sales turned into $2.84 of operating loss. That is why cash keeps mattering.
1.5
beta
The stock has moved 50% more than the market on average. Smaller swings are not the story here.
8
employees
This is a tiny team. You are buying a laboratory, not a commercial machine.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for COYA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Coya missed estimates on a $4M quarter and lost $0.93 a share.
Revenue rose 12% vs. prior year to $4M. EPS was -$0.93, worse than the prior-year quarter's -$0.13.
$4M
revenue
-$0.93
eps
n/a
n/a
the number that mattered
Revenue was $4M. That is up 12% vs. prior year, but it is still too small to cover a trial-stage burn.
source: company earnings report, 2026
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What could go wrong
The #1 risk here is clinical failure or delay in COYA 302. When one program carries most of the narrative, one disappointing readout can reset the whole stock.
med
COYA 302 disappoints
The lead program is the main reason the company has a public valuation at all. Weak data in ALS or frontotemporal dementia would hit the core thesis directly.
Impact: the current ~$106M market cap has no broad commercial base to fall back on.
med
Funding turns expensive
Coya reported a $21.2M net loss and has a $62.0M accumulated deficit. Even with runway into 2027, small biotechs rarely get to the next milestone without negotiating for capital.
Impact: new financing can dilute existing holders or come with weaker terms if data timing slips.
med
Revenue stays lumpy
This business is showing collaboration revenue, not established product sales. That is why one line says $8M and another says $4M. The model is still deal-driven.
Impact: quarterly and annual revenue can move sharply without telling you much about long-term commercial value.
med
No moat, just science
Switching costs score 24/100 and network effects 39/100. There is no business-model cushion here. If a rival shows better data, the market can reprice this quickly.
Impact: competitive positioning depends on clinical proof, not on installed customers or hard-to-replicate distribution.
A company with $8M in revenue, a $21.2M net loss, and no clear moat has very little room for a bad clinical or funding surprise.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
COYA 302 data timing
The lead readout matters more than almost anything else on this page. A delay is not neutral when the stated runway only extends into 2027.
funding
another capital raise or partner deal
January 2026 already brought an $11.1M deal. With a $21.2M annual loss, you should expect funding updates to matter almost as much as clinical ones.
revenue quality
whether collaboration revenue holds up
The segment line shows $8M and fast growth from last year, but the total revenue figure is still just $4M. Watch whether future filings make that picture cleaner or weaker.
volatility
price swings versus fundamentals
A 1.5 beta and 5 / 100 price stability mean the stock can move far more than the underlying business changes. That is useful when data is good and painful when it is not.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for COYA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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