Coya Therapeutics closes $23 million public offering

Coya Therapeutics, Inc. (NASDAQ: COYA) completed a $23.0 million underwritten public offering of common stock, the company announced. The biotechnology company sold 4,181,818 shares at $5.50 per share, including 545,454 additional shares issued through the full exercise of the underwriter's option to purchase additional shares.

The Houston-based company focuses on developing biologics that enhance regulatory T cell function in patients with neurodegenerative disorders. The offering included participation from existing investors and new biotechnology and healthcare-focused institutional investors.

Lucid Capital Markets served as the sole book-running manager for the offering. Allele Capital Partners, through its executing broker-dealer Wilmington Capital Securities, acted as financial advisor to the company.

Coya plans to use the net proceeds for working capital and general corporate purposes, including funding its clinical development plan. The company is currently conducting the ALSTARS Trial, a Phase 2 study evaluating its investigational product candidate COYA 302 for treating ALS.

The shares were offered pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on August 19, 2025. The company's therapeutic platforms include Treg-enhancing biologics, Treg-derived exosomes, and autologous Treg cell therapy.

COYA 302 comprises proprietary low dose interleukin-2 and CTLA-4 Ig and is designed for subcutaneous administration. The investigational treatment has not been approved by the FDA or other regulatory agencies.

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