Detailed financial statements for Coya Therapeutics, Inc. (COYA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Coya Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing innovative therapeutic agents that fine-tune the function of regulatory T cells (Tregs). Its therapeutic pipeline leverages diverse approaches, including biologics designed to enhance Treg activity, Treg-derived exosomes, and personalized autologous Treg cell therapies.
Analysis Summary
Trailing-twelve-month margins: gross margin 99.9%, operating margin -282.3%, net margin -270.2%.
At the current price of $4.46, COYA has negative trailing earnings (P/E not meaningful) and an ROE of -0.20%. Market capitalisation stands at $105M.
Balance sheet quality for COYA: current ratio of 8.5. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | $6.0M | $3.6M | $7.9M |
| Cost of Revenue | 0 | 0 | $4.4M | $5.5M | $11.9M | $27361 |
| Gross Profit | 0 | 0 | -$4.4M | $500679 | -$8.3M | $7.9M |
| Research & Development | $373454 | $2.5M | $4.9M | $6.0M | $11.9M | $16.7M |
| Selling, General & Admin | $668700 | $2.3M | $4.8M | $7.8M | $8.9M | $11.4M |
| Operating Expenses | $1.0M | $4.9M | $5.4M | $8.4M | $8.9M | $28.2M |
| Operating Income | -$1.0M | -$4.9M | -$9.8M | -$7.9M | -$17.2M | -$20.3M |
| EBITDA | 0 | -$4.9M | -$9.3M | -$7.3M | -$17.2M | -$21.2M |
| Interest Expense | $38976 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$1.1M | -$4.9M | -$12.2M | -$7.3M | -$15.6M | -$21.2M |
| Income Tax | 0 | 0 | 0 | $723852 | -$720287 | $3089 |
| Net Income | -$1.1M | -$4.9M | -$12.2M | -$8.0M | -$14.9M | -$21.2M |
| EPS | $-0.42 | $-0.74 | $-1.23 | $-0.79 | $-0.98 | $-1.27 |
| EPS (Diluted) | $-0.42 | $-0.74 | $-1.23 | $-0.79 | $-0.98 | $-1.27 |
| Shares Outstanding (Diluted) | $2.6M | $6.6M | $9.9M | $10.2M | $15.2M | $16.7M |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.7M | $4.3M | $5.9M | $32.6M | $38.3M | $46.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1000 | 0 | 0 | $7.5M | $730581 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.7M | $4.6M | $7.2M | $41.2M | $44.3M | $49.9M |
| Property, Plant & Equipment | 0 | $120671 | $93310 | $65949 | $38588 | $11227 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $8.7M | $4.8M | $8.4M | $41.3M | $44.3M | $50.0M |
| Accounts Payable | $447121 | $857567 | $1.8M | $1.2M | $1.6M | $1.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $447121 | $1.1M | $3.8M | $5.1M | $3.8M | $5.9M |
| Long-term Debt | 0 | 0 | $13.0M | 0 | 0 | 0 |
| Total Liabilities | $447121 | $1.1M | $16.8M | $5.6M | $4.8M | $6.9M |
| Retained Earnings | -$731979 | -$5.6M | -$17.9M | -$25.9M | -$40.7M | -$62.0M |
| Total Equity | $8.3M | $3.6M | -$8.4M | $35.6M | $39.6M | $43.0M |
| Total Debt | 0 | 0 | $13.0M | 0 | 0 | 0 |
| Net Debt | -$8.7M | -$4.3M | $7.0M | -$32.6M | -$38.3M | -$46.8M |
| Working Capital | $8.3M | $3.4M | $3.4M | $36.1M | $40.5M | $44.1M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | -$733000 | -$4.9M | -$12.2M | -$8.0M | -$14.9M | -$21.2M |
| Depreciation & Amortization | 0 | $16133 | $27361 | $27361 | $27361 | $27361 |
| Stock-based Compensation | 0 | $233222 | $207346 | $872248 | $2.7M | $4.3M |
| Change in Working Capital | $77953 | $739169 | $751838 | -$4.6M | $1.9M | $3.9M |
| Operating Cash Flow | -$391266 | -$3.9M | -$7.2M | -$11.2M | -$10.3M | -$10.7M |
| Capital Expenditure | 0 | -$136804 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$391266 | -$4.0M | -$7.2M | -$11.2M | -$10.3M | -$10.7M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -40.8% | +123.6% | ||||
| Net Income Growth (YoY) | -344.8% | -150.3% | +34.8% | -86.3% | -42.6% | |
| EPS Growth (YoY) | -76.2% | -66.3% | +35.8% | -24.1% | -29.6% | |
| Shares Change (YoY) | +154.9% | +50.7% | +2.2% | +49.9% | +9.8% | |
| FCF Growth (YoY) | -932.6% | -79.2% | -54.6% | +8.0% | -4.4% | |
| Gross Margin | 8.3% | -233.9% | 99.7% | |||
| Operating Margin | -131.7% | -485.4% | -255.0% | |||
| EBITDA Margin | -122.2% | -483.9% | -266.8% | |||
| Net Margin | -133.1% | -418.7% | -267.1% | |||
| FCF Margin | -186.4% | -289.5% | -135.2% | |||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -10.0% | 4.6% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $-0.15 | $-0.61 | $-0.73 | $-1.10 | $-0.68 | $-0.64 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.6M | $6.6M | $9.9M | $10.2M | $15.2M | $16.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -0.20% |
| Return on Invested Capital | -0.05% |
| Return on Assets | -0.05% |
| Gross Margin | 99.91% |
| Operating Margin | -282.26% |
| Net Margin | -270.22% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 13.40 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 6.55 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | -10.88 | -6.18 | -3.85 | -9.38 | -5.85 | -4.57 |
| P/B | 1.43 | 8.28 | -5.62 | 2.11 | 2.21 | 2.26 |
| P/S | 0.00 | 0.00 | 0.00 | 12.55 | 24.57 | 12.21 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 8.3% | -233.9% | 99.7% |
| Operating Margin | 0.0% | 0.0% | 0.0% | -131.7% | -485.4% | -255.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | -133.1% | -418.7% | -267.1% |
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Explore sector: Healthcare · Biotechnology
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