Overview

• U.S. biotech developer's Q1 collaboration revenue was flat yr/yr at $0.25 mln

• Net loss for Q1 narrowed slightly to $7.2 mln from $7.3 mln last year

• Company raised $11.1 mln in private placement, ending Q1 with $50.7 mln cash

Outlook

• Coya maintains guidance for 1Q 2027 topline readout from ALSTARS Phase 2 ALS trial

• Company targets full enrollment of ALSTARS Phase 2 trial in 2H 2026

• Coya expects to initiate Phase 2a study for FTD in 2H 2026

Result Drivers

• LOWER R&D SPENDING - Research and development expenses fell due to lower external preclinical and clinical activity, reflecting timing of IND-supporting work in early 2025

• HIGHER ADMIN COSTS - General and administrative expenses rose due to increased employee compensation, including a $1.0 mln non-cash charge for stock option modifications after the former Executive Chairman's resignation

Company press release: ID:nBw44Dn8Xa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		-$0.32
Q1 Net Income		-$7.2 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Coya Therapeutics Inc is $15.50, about 270.8% above its May 11 closing price of $4.18

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