Coya Therapeutics, Inc.
COYAHealthcare|Biotechnology|US
$2.99
+0.18 (+6.41%)
DCF Value
$4.73
Tangible Book / Share
$1.84
Cash / Share
$1.84
Financials
Financial Snapshot
Market Cap
$70.1M
Enterprise Value
$27.0M
Revenue (TTM)
$8.0M
Net Income (TTM)
-$21.7M
Cash & Investments
$43.2M
Net Cash
$43.2M
Free Cash Flow (TTM)
-$13.68B
Operating CF (TTM)
-$13.68B
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$43.2M
Quarterly Burn
$3.42B
Monthly Burn
$1.14B
Est. Runway
~0.0 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.7M | $4.3M | $5.9M | $32.6M | $38.3M | $46.8M | $43.2M | |
| Operating Cash Flow | -$391.3K | -$3.9M | -$7.2M | -$11.2M | -$10.3M | -$10.7M | -$13.68B | |
| Free Cash Flow | -$391.3K | -$4.0M | -$7.2M | -$11.2M | -$10.3M | -$10.7M | -$13.68B | |
| Capital Expenditure | $0.00 | -$136.8K | $0.00 | $0.00 | $0.00 | $0.00 | $885.0K | |
| Financing Cash Flow | $9.1M | -$340.6K | $9.4M | $38.4M | $16.0M | $20.4M | $21.79B |
R&D Spending
R&D (TTM)
$18.8M
R&D Intensity
234.0%
R&D Growth vs Prior
+12.2%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $6.0M | $3.6M | $7.9M | $8.0M | |
| R&D Expense | $373.5K | $2.5M | $4.9M | $6.0M | $11.9M | $16.7M | $18.8M | |
| R&D % of Revenue | — | — | — | 100.7% | 334.6% | 210.6% | 234.0% | |
| SG&A | $668.7K | $2.3M | $4.8M | $7.8M | $8.9M | $11.4M | $11.9M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $6.0M | $3.6M | $7.9M | $8.0M | |
| Cost of Revenue | $0.00 | $0.00 | $4.4M | $5.5M | $11.9M | $27.4K | $6.8K | |
| Gross Profit | $0.00 | $0.00 | -$4.4M | $500.7K | -$8.3M | $7.9M | $8.0M | |
| R&D | $373.5K | $2.5M | $4.9M | $6.0M | $11.9M | $16.7M | $18.8M | |
| SG&A | $668.7K | $2.3M | $4.8M | $7.8M | $8.9M | $11.4M | $11.9M | |
| Operating Income | -$1.0M | -$4.9M | -$9.8M | -$7.9M | -$17.2M | -$20.3M | -$22.6M | |
| Interest Expense | $39.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$1.1M | -$4.9M | -$12.2M | -$7.3M | -$15.6M | -$21.2M | -$21.7M | |
| Net Income | -$1.1M | -$4.9M | -$12.2M | -$8.0M | -$14.9M | -$21.2M | -$21.7M | |
| EPS (Diluted) | -0.42 | -0.74 | -1.23 | -0.79 | -0.98 | -1.27 | -1.07 | |
| EBITDA | $0.00 | -$4.9M | -$9.3M | -$7.3M | -$17.2M | -$21.2M | -$22.1M | |
| Shares Out. (M) | 2.59 | 6.60 | 9.95 | 10.16 | 15.24 | 16.73 | 23.46 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.7M | $4.3M | $5.9M | $32.6M | $38.3M | $46.8M | $43.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $8.7M | $4.6M | $7.2M | $41.2M | $44.3M | $49.9M | $47.1M | |
| Total Assets | $8.7M | $4.8M | $8.4M | $41.3M | $44.3M | $50.0M | $47.3M | |
| Total Current Liabilities | $447.1K | $1.1M | $3.8M | $5.1M | $3.8M | $5.9M | $3.5M | |
| Long-Term Debt | $0.00 | $0.00 | $13.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $447.1K | $1.1M | $16.8M | $5.6M | $4.8M | $6.9M | $4.0M | |
| Stockholders' Equity | $8.3M | $3.6M | -$8.4M | $35.6M | $39.6M | $43.0M | $43.3M | |
| Retained Earnings | -$732.0K | -$5.6M | -$17.9M | -$25.9M | -$40.7M | -$62.0M | -$75.8M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$391.3K | -$3.9M | -$7.2M | -$11.2M | -$10.3M | -$10.7M | -$13.68B | |
| Capital Expenditure | $0.00 | -$136.8K | $0.00 | $0.00 | $0.00 | $0.00 | $885.0K | |
| Free Cash Flow | -$391.3K | -$4.0M | -$7.2M | -$11.2M | -$10.3M | -$10.7M | -$13.68B | |
| Investing Cash Flow | $0.00 | -$136.8K | -$525.0K | -$543.2K | -$25.0K | -$1.2M | -$887.8M | |
| Financing Cash Flow | $9.1M | -$340.6K | $9.4M | $38.4M | $16.0M | $20.4M | $21.79B | |
| Issuance of Stock | $9.1M | $1.3K | $158.00 | $38.3M | $14.0M | $20.3M | $10.97B | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $10.5M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $233.2K | $207.3K | $872.2K | $2.7M | $4.3M | $3.14B | |
| Net Change in Cash | $8.7M | -$4.4M | $1.6M | $26.7M | $5.7M | $8.5M | $7.22B |
Dilution Tracker
Shares outstanding grew 546.0% over 5 years — significant dilution
Shares Outstanding
23M
5-Year Share Growth
+546.0%
Stock Issuance (TTM)
$10.97B
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.59 | 6.60 | 9.95 | 10.16 | 15.24 | 16.73 | 23.46 | |
| Change vs Prior % | — | 154.9% | 50.7% | 2.2% | 49.9% | 9.8% | 40.2% | |
| Stock Issuance | $9.1M | $1.3K | $158.00 | $38.3M | $14.0M | $20.3M | $10.97B | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $233.2K | $207.3K | $872.2K | $2.7M | $4.3M | $3.14B |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | 8.3% | -233.9% | 99.7% | 99.9% | |
| Operating Margin % | — | — | — | -131.7% | -485.4% | -255.0% | -282.3% | |
| Net Margin % | — | — | — | -133.1% | -418.7% | -267.1% | -270.2% | |
| EBITDA Margin % | — | — | — | -122.2% | -483.9% | -266.8% | -275.2% | |
| FCF Margin % | — | — | — | -186.4% | -289.5% | -135.2% | -170613.5% | |
| ROE % | -13.2% | -134.3% | 145.9% | -22.4% | -37.6% | -49.3% | -53.3% | |
| ROA % | -12.6% | -102.1% | -145.8% | -19.4% | -33.6% | -42.5% | -45.8% | |
| ROIC % | -12.6% | -133.7% | -214.6% | -21.8% | -40.6% | -46.0% | -51.7% | |
| R&D / Revenue % | — | — | — | 100.7% | 334.6% | 210.6% | 234.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | -40.8% | 123.6% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 111.3% | -1760.1% | 195.3% | |
| Operating Income | 0.0% | -367.3% | -101.5% | 19.5% | -118.3% | -17.5% | |
| Net Income | 0.0% | -344.8% | -150.3% | 34.8% | -86.3% | -42.6% | |
| EPS (Diluted) | 0.0% | -76.2% | -66.3% | 35.8% | -24.1% | -29.6% | |
| Operating Cash Flow | 0.0% | -897.6% | -85.5% | -54.6% | 8.0% | -4.4% | |
| Free Cash Flow | 0.0% | -932.6% | -79.2% | -54.6% | 8.0% | -4.4% | |
| R&D Expense | 0.0% | 580.7% | 94.2% | 22.4% | 96.7% | 40.7% | |
| SG&A Expense | 0.0% | 245.8% | 109.6% | 61.6% | 13.4% | 28.9% | |
| Total Assets | 0.0% | -45.2% | 75.2% | 391.5% | 7.5% | 12.6% | |
| Book Value / Share | 0.0% | -82.8% | -252.9% | 515.5% | -25.9% | -1.0% | |
| Debt | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | |
| Diluted Shares | 0.0% | 154.9% | 50.7% | 2.2% | 49.9% | 9.8% |
Valuation
P/E (TTM)At Loss
P/S8.75
10Y Low / Med / High12.21 / 12.55 / 24.57
P/B1.62
10Y Low / Med / High1.43 / 2.21 / 8.28
EV/EBITDAAt Loss
EV/Revenue3.36
10Y Low / Med / High6.32 / 7.11 / 13.78
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$4.73
Tangible Book / Share
$1.84
Net Current Assets / Share
$1.83
Graham Net-Net
$1.67
Cash / Share
$1.84
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -10.88 | -6.18 | -3.85 | -9.38 | -5.85 | -4.57 | -2.79 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 12.55 | 24.57 | 12.21 | 8.75 | |
| P/B Ratio | 1.43 | 8.28 | -5.62 | 2.11 | 2.21 | 2.26 | 1.62 | |
| EV/EBITDA | 0.00 | -5.30 | -5.85 | -5.82 | -2.85 | -2.37 | -1.22 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 7.11 | 13.78 | 6.32 | 3.36 |
Analyst Estimates & Quality
Altman Z-Score
7.93
Safe
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.0M | $6.0M | $19.6M |
| Net Income | -$22.2M | -$23.9M | -$19.1M |
| EPS | $-1.33 | $-1.45 | $-1.07 |
| # Analysts (EPS) | 4 | 3 | 2 |