Coya Therapeutics Founder Berman Steps Down as Executive Chairman
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 02 2026
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Should l Buy COYA?
Coya Therapeutics announced that founder Howard Berman has stepped down as Executive Chairman and as a member of the Board, and that Mark Pavao has been appointed to the Board as an independent director. Berman became Executive Chairman in November 2024 as part of a planned CEO transition that established Arun Swaminathan, as the Company's CEO. Dr. Berman's departure from the Executive Chairman role was a contemplated next step in that process. Coya is also proud to announce that Mark H. Pavao is joining its Board, to fill the Board seat resulting from Dr. Berman's departure. Pavao has held senior leadership roles at Biotech Value Advisors, LLC, R-Pharm US and Bristol-Myers Squibb.
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Analyst Views on COYA
Wall Street analysts forecast COYA stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 4.460
Low
16.00
Averages
17.00
High
18.00
Current: 4.460
Low
16.00
Averages
17.00
High
18.00
About COYA
Coya Therapeutics, Inc. is a clinical-stage biotechnology company, which is engaged in developing treatments focused on the biology and potential therapeutic advantages of regulatory T cells (Tregs) to target systemic inflammation and neuroinflammation. Its initial developmental programs are focused on neurodegenerative, chronic inflammatory, autoimmune, and metabolic diseases of high unmet medical need. Its diversified candidate pipeline includes both ex vivo and in vivo approaches. Its product candidate pipeline is based on its three therapeutic modalities. The product candidates utilizing its Treg-enhancing biologics are collectively referred to as the 300 Series. The product candidates utilizing its Treg-derived exosomes are collectively referred to as the 200 Series. The product candidates utilizing its autologous Treg cell therapy are collectively referred to as the 100 Series. The Company's 300 Series product candidates include COYA 301 and COYA 302.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Coya Publishes Study Results on Frontotemporal Dementia
- Study Overview: Coya Therapeutics published findings indicating that regulatory T cell (Treg) function is significantly reduced in 27 patients with frontotemporal dementia (FTD), alongside a notable increase in inflammatory cytokines compared to 25 healthy controls, highlighting compromised immune modulation in FTD patients.
- Biomarker Discovery: The study revealed significantly elevated levels of pro-inflammatory cytokines such as TNFα and chemokines like CXCL10 and CCL3 (p<0.05) in FTD patients, reflecting dysregulation of inflammation-related gene expression in peripheral monocytes, which may contribute to ongoing neuroinflammation and disease progression.
- Therapeutic Potential Validation: The combination therapy of low-dose interleukin-2 (LD IL-2) and CTLA-4 Ig demonstrated the potential to enhance Treg function in FTD patients, with no cognitive decline observed over a 22-week treatment period, suggesting that this therapy may effectively improve clinical outcomes in FTD.
- Future Research Directions: Coya plans to advance clinical trials for COYA 302, aiming to suppress neuroinflammation by enhancing Treg function, further exploring its applications in ALS and other neurodegenerative diseases, which underscores the company's strategic focus and commitment to research in this area.
See More
Coya Therapeutics Reports Strong Revenue Growth Despite EPS Miss
- Earnings Report: Coya Therapeutics reported a FY GAAP EPS of -$1.27, missing expectations by $0.07, indicating ongoing challenges in achieving profitability.
- Revenue Growth: The company achieved revenue of $7.95M, reflecting a 123.9% year-over-year increase, surpassing market expectations by $2.04M, which suggests strong product demand and improved market acceptance.
- Cash Reserves: As of December 31, 2025, Coya had cash and cash equivalents of $46.8 million, ensuring sufficient funding for future research and operational needs.
- Funding Update: Coya Therapeutics successfully raised $11.1 million in a private placement led by Dr. Reddy's, providing financial support for its ongoing development and enhancing market confidence.
See More
Coya Therapeutics Reports FY 2025 Financial Results and Corporate Updates
- Clinical Trial Progress: Coya Therapeutics successfully launched the ALSTARS Phase 2 trial for COYA 302, actively enrolling patients across approximately 25 clinical sites in the U.S. and Canada, marking a significant advancement in ALS treatment and expected to drive future market opportunities.
- Improved Financial Performance: For FY 2025, collaboration revenue reached $7.9 million, a 124% increase from $3.6 million in 2024, primarily due to FDA acceptance of the IND application for COYA 302, indicating positive progress in the company's R&D efforts.
- Increased R&D Spending: R&D expenses for FY 2025 totaled $16.7 million, up 41% from $11.9 million in 2024, reflecting the company's clinical advancements in ALS and FTD, although this led to a net loss widening to $21.2 million.
- Enhanced Financial Position: Coya announced a successful $23 million public offering, extending its cash runway into the second half of 2027, which strengthens the company's financial flexibility for upcoming clinical trials and supports its ongoing R&D strategy.
See More
Coya Therapeutics Secures $11.1 Million in Private Placement
- Funding Size: Coya Therapeutics announced the sale of approximately 2.52 million shares at $4.40 per share, raising about $11.1 million, which will provide essential capital to accelerate the commercial readiness of its COYA 302 program.
- Investor Background: In this financing round, Dr. Reddy’s Laboratories invested $10 million through a subsidiary, while the company's largest institutional shareholder, Greenlight Capital, contributed $1.1 million, reflecting strong market confidence and support for Coya.
- Use of Proceeds: Coya plans to utilize the funds raised to expedite technology transfer and scale-up manufacturing for low-dose IL-2, thereby enhancing its competitive position in the market as it prepares for the commercialization of COYA 302.
- Transaction Timeline: The private placement is expected to close on or about January 30, 2026, subject to customary conditions, which ensures future liquidity and project advancement for the company.
See More
Coya Therapeutics Secures $11.1 Million in Private Placement
- Funding Amount: Coya Therapeutics has secured approximately $11.1 million through a private placement of 2,522,727 shares at $4.40 each, reflecting strong market confidence in its biologics development.
- Key Investors: The primary investors include Dr. Reddy’s Laboratories, contributing $10 million, and Greenlight Capital with $1.1 million, indicating a positive outlook from institutional investors regarding Coya's future prospects.
- Use of Proceeds: The company intends to utilize the proceeds to accelerate technology transfer and scale-up manufacturing for low-dose IL-2, supporting the commercial readiness of COYA 302, thereby enhancing its competitive position in the neurodegenerative disease market.
- Compliance Commitment: Coya has committed to filing a registration statement with the SEC within 45 days post-closing, ensuring the legal resale of the securities, which will bolster investor confidence and facilitate future capital operations.
See More
Coya Therapeutics Receives FDA IND Approval for COYA 302 to Treat Frontotemporal Dementia
- FDA Approval: Coya Therapeutics announced that its IND for COYA 302 to treat frontotemporal dementia has been accepted by the FDA, marking a significant advancement in the treatment of neurodegenerative diseases and aiming to address the urgent medical needs of approximately 60,000 patients.
- Clinical Need: Frontotemporal dementia is the most common form of dementia in individuals under 65, with an average onset age of 58 and a survival time of only 7.5 years, making Coya's new therapy potentially transformative in improving patient quality of life and slowing disease progression.
- Scientific Rationale: COYA 302 employs a dual immunomodulatory mechanism designed to enhance the anti-inflammatory function of regulatory T cells, which Coya believes will provide a new treatment option for frontotemporal dementia patients, filling a significant gap in the current market with no effective therapies available.
- Clinical Trial Plans: Coya expects to announce topline results from an open-label study evaluating low-dose IL-2 and CTLA4-Ig in patients with mild-to-moderate frontotemporal dementia in the coming weeks, further validating its efficacy and safety profile.
See More
Coya Publishes Study Results on Frontotemporal Dementia
- Study Overview: Coya Therapeutics published findings indicating that regulatory T cell (Treg) function is significantly reduced in 27 patients with frontotemporal dementia (FTD), alongside a notable increase in inflammatory cytokines compared to 25 healthy controls, highlighting compromised immune modulation in FTD patients.
- Biomarker Discovery: The study revealed significantly elevated levels of pro-inflammatory cytokines such as TNFα and chemokines like CXCL10 and CCL3 (p<0.05) in FTD patients, reflecting dysregulation of inflammation-related gene expression in peripheral monocytes, which may contribute to ongoing neuroinflammation and disease progression.
- Therapeutic Potential Validation: The combination therapy of low-dose interleukin-2 (LD IL-2) and CTLA-4 Ig demonstrated the potential to enhance Treg function in FTD patients, with no cognitive decline observed over a 22-week treatment period, suggesting that this therapy may effectively improve clinical outcomes in FTD.
- Future Research Directions: Coya plans to advance clinical trials for COYA 302, aiming to suppress neuroinflammation by enhancing Treg function, further exploring its applications in ALS and other neurodegenerative diseases, which underscores the company's strategic focus and commitment to research in this area.
See More
Coya Therapeutics Reports Strong Revenue Growth Despite EPS Miss
- Earnings Report: Coya Therapeutics reported a FY GAAP EPS of -$1.27, missing expectations by $0.07, indicating ongoing challenges in achieving profitability.
- Revenue Growth: The company achieved revenue of $7.95M, reflecting a 123.9% year-over-year increase, surpassing market expectations by $2.04M, which suggests strong product demand and improved market acceptance.
- Cash Reserves: As of December 31, 2025, Coya had cash and cash equivalents of $46.8 million, ensuring sufficient funding for future research and operational needs.
- Funding Update: Coya Therapeutics successfully raised $11.1 million in a private placement led by Dr. Reddy's, providing financial support for its ongoing development and enhancing market confidence.
See More
Coya Therapeutics Reports FY 2025 Financial Results and Corporate Updates
- Clinical Trial Progress: Coya Therapeutics successfully launched the ALSTARS Phase 2 trial for COYA 302, actively enrolling patients across approximately 25 clinical sites in the U.S. and Canada, marking a significant advancement in ALS treatment and expected to drive future market opportunities.
- Improved Financial Performance: For FY 2025, collaboration revenue reached $7.9 million, a 124% increase from $3.6 million in 2024, primarily due to FDA acceptance of the IND application for COYA 302, indicating positive progress in the company's R&D efforts.
- Increased R&D Spending: R&D expenses for FY 2025 totaled $16.7 million, up 41% from $11.9 million in 2024, reflecting the company's clinical advancements in ALS and FTD, although this led to a net loss widening to $21.2 million.
- Enhanced Financial Position: Coya announced a successful $23 million public offering, extending its cash runway into the second half of 2027, which strengthens the company's financial flexibility for upcoming clinical trials and supports its ongoing R&D strategy.
See More
Coya Therapeutics Secures $11.1 Million in Private Placement
- Funding Size: Coya Therapeutics announced the sale of approximately 2.52 million shares at $4.40 per share, raising about $11.1 million, which will provide essential capital to accelerate the commercial readiness of its COYA 302 program.
- Investor Background: In this financing round, Dr. Reddy’s Laboratories invested $10 million through a subsidiary, while the company's largest institutional shareholder, Greenlight Capital, contributed $1.1 million, reflecting strong market confidence and support for Coya.
- Use of Proceeds: Coya plans to utilize the funds raised to expedite technology transfer and scale-up manufacturing for low-dose IL-2, thereby enhancing its competitive position in the market as it prepares for the commercialization of COYA 302.
- Transaction Timeline: The private placement is expected to close on or about January 30, 2026, subject to customary conditions, which ensures future liquidity and project advancement for the company.
See More
Coya Therapeutics Secures $11.1 Million in Private Placement
- Funding Amount: Coya Therapeutics has secured approximately $11.1 million through a private placement of 2,522,727 shares at $4.40 each, reflecting strong market confidence in its biologics development.
- Key Investors: The primary investors include Dr. Reddy’s Laboratories, contributing $10 million, and Greenlight Capital with $1.1 million, indicating a positive outlook from institutional investors regarding Coya's future prospects.
- Use of Proceeds: The company intends to utilize the proceeds to accelerate technology transfer and scale-up manufacturing for low-dose IL-2, supporting the commercial readiness of COYA 302, thereby enhancing its competitive position in the neurodegenerative disease market.
- Compliance Commitment: Coya has committed to filing a registration statement with the SEC within 45 days post-closing, ensuring the legal resale of the securities, which will bolster investor confidence and facilitate future capital operations.
See More
Coya Therapeutics Receives FDA IND Approval for COYA 302 to Treat Frontotemporal Dementia
- FDA Approval: Coya Therapeutics announced that its IND for COYA 302 to treat frontotemporal dementia has been accepted by the FDA, marking a significant advancement in the treatment of neurodegenerative diseases and aiming to address the urgent medical needs of approximately 60,000 patients.
- Clinical Need: Frontotemporal dementia is the most common form of dementia in individuals under 65, with an average onset age of 58 and a survival time of only 7.5 years, making Coya's new therapy potentially transformative in improving patient quality of life and slowing disease progression.
- Scientific Rationale: COYA 302 employs a dual immunomodulatory mechanism designed to enhance the anti-inflammatory function of regulatory T cells, which Coya believes will provide a new treatment option for frontotemporal dementia patients, filling a significant gap in the current market with no effective therapies available.
- Clinical Trial Plans: Coya expects to announce topline results from an open-label study evaluating low-dose IL-2 and CTLA4-Ig in patients with mild-to-moderate frontotemporal dementia in the coming weeks, further validating its efficacy and safety profile.
See More
