Coya Therapeutics Prices Upsized $20 Million Public Offering to Advance Treg-Based Therapies for Neurodegenerative Diseases
Coya Therapeutics, Inc. (NASDAQ: COYA), a clinical-stage biotechnology company pioneering biologic therapies designed to enhance regulatory T cell (Treg) function in patients suffering from neurodegenerative disorders, announced the pricing of an upsized underwritten public offering of its common stock. The offering, which raised approximately $20 million in gross proceeds, represents a significant step forward in Coya’s efforts to strengthen its financial position and accelerate its clinical development programs.
Under the terms of the offering, Coya Therapeutics is issuing 3,636,364 shares of common stock at a public offering price of $5.50 per share. The company has also granted the underwriter a 30-day option to purchase up to an additional 545,454 shares of common stock at the same offering price, less underwriting discounts and commissions. The offering is expected to close on or about October 27, 2025, pending the satisfaction of customary closing conditions.
Strategic Rationale Behind the Offering
The decision to move forward with this $20 million upsized public offering reflects Coya’s confidence in its advancing research pipeline and its strategic commitment to developing transformative treatments for patients with severe neurodegenerative conditions. The company noted that the net proceeds from the offering will be used primarily for working capital and general corporate purposes, including funding its clinical development plan.
For a clinical-stage biotechnology firm like Coya, access to capital is essential for sustaining and expanding research initiatives, managing operational expenses, and advancing product candidates through clinical trials. In particular, the proceeds will support ongoing and planned studies exploring the company’s biologic therapies that modulate the immune system by enhancing Treg cell function—a mechanism that has shown promise in mitigating neuroinflammation, a key driver of diseases such as amyotrophic lateral sclerosis (ALS), frontotemporal dementia (FTD), Alzheimer’s disease, and Parkinson’s disease.
Details of the Offering and Market Participation
Lucid Capital Markets is serving as the sole book-running manager for the public offering, reflecting a continued relationship with emerging growth companies in the biotechnology and life sciences sectors. Allele Capital Partners, LLC, through its executing broker-dealer Wilmington Capital Securities, LLC, acted as financial advisor to Coya Therapeutics in connection with the transaction.
The offering was conducted under Coya’s shelf registration statement on Form S-3 (File No. 333-289511), which includes a base prospectus and was previously declared effective by the U.S. Securities and Exchange Commission (SEC) on August 19, 2025. This registration framework enables the company to efficiently access the public markets for future offerings when needed, providing financial flexibility as its development programs progress.
A preliminary prospectus supplement and accompanying base prospectus relating to this public offering have already been filed with the SEC and made available on the SEC’s website. A final prospectus supplement will be filed upon completion of the offering, detailing the final terms and confirming the size, pricing, and underwriter participation.
As per standard securities procedures, the offering will be made solely through these official documents—specifically the prospectus supplement and accompanying base prospectus—which investors are encouraged to review through the SEC’s public database at www.sec.gov or by direct request from Lucid Capital Markets at their New York office.
Strengthening Financial Position and R&D Capabilities
The proceeds from this upsized offering will play a crucial role in advancing Coya’s clinical pipeline, particularly in programs centered around immunomodulatory biologics targeting Treg cell dysfunction. These funds will help Coya continue building a sustainable platform for long-term growth while maintaining the momentum of its existing research collaborations and preclinical studies.
Over the past year, Coya Therapeutics has emerged as one of the most closely watched innovators in the neuroimmunology field. The company’s approach focuses on restoring immune balance through regulatory T cell enhancement, a strategy that aims to suppress harmful neuroinflammation without compromising the body’s ability to defend against infections or malignancies. This therapeutic concept has generated growing interest within both the scientific community and the investment sector due to its potential to transform the treatment paradigm for neurodegenerative disorders.
With the proceeds from the public offering, Coya intends to expand the scope of its research initiatives, invest in clinical operations, and potentially broaden its manufacturing and regulatory infrastructure. These steps will allow the company to advance its drug candidates more efficiently toward later-stage clinical trials and, ultimately, toward potential regulatory submissions.
Regulatory and Legal Framework
Coya’s public offering complies with all SEC regulations governing public securities transactions. The company emphasized that this press release does not constitute an offer to sell or a solicitation to buy shares of common stock in any jurisdiction where such actions would be unlawful before proper registration or qualification under applicable securities laws.
The offering structure also aligns with standard capital market practices for clinical-stage biopharmaceutical companies, which often rely on equity financing to fund their R&D activities. By maintaining transparency through SEC filings, Coya provides investors with access to detailed financial and operational disclosures—an important factor in fostering confidence and compliance within the highly regulated biotech investment landscape.
Company Background: Focus on Treg Biology and Neuroinflammation
Coya Therapeutics, headquartered in Houston, Texas, is dedicated to developing biologic therapies that target Treg cell biology to combat neurodegenerative and autoimmune diseases. The company’s scientific foundation is built on decades of immunology research demonstrating that Tregs—specialized immune cells responsible for maintaining immune tolerance—play a crucial role in preventing excessive inflammation in the nervous system.
In many neurodegenerative diseases, Treg dysfunction contributes to chronic inflammation, which can exacerbate neuronal damage and accelerate disease progression. Coya’s therapeutic strategy seeks to reverse this process by enhancing or restoring Treg function using proprietary biologic compounds. By doing so, the company aims to not only slow disease progression but also improve functional outcomes and quality of life for patients with currently untreatable conditions.
Among its pipeline assets, Coya has multiple candidates in various stages of preclinical and early clinical development targeting diseases such as ALS, Parkinson’s disease, and Alzheimer’s disease. The company’s approach involves the use of biologics, including fusion proteins and cell-based therapies, to modulate immune responses in a targeted and durable manner.
Market Context: Biotech Financing Amid Challenging Conditions
The timing of Coya’s offering comes amid a cautiously optimistic period for biotechnology financing. After several years of volatility in the capital markets, investor sentiment toward small-cap and clinical-stage biotech firms has shown gradual improvement in 2025, driven by renewed interest in companies with strong scientific rationales and emerging clinical data.
For Coya, the successful pricing of an upsized offering signals both investor confidence in its therapeutic platform and the perceived potential of its Treg-targeting strategy. The increase in deal size from the originally anticipated amount indicates strong demand from institutional investors who recognize the long-term potential of immune-modulating approaches in neurodegenerative medicine.
Public offerings remain one of the primary funding mechanisms for biotech firms lacking commercial revenue, particularly those at the clinical stage. By securing $20 million in new capital, Coya enhances its ability to advance its lead programs without excessive reliance on debt financing or dilutive private placements, thereby maintaining strategic flexibility.
Management Outlook and Forward Plans
Coya’s leadership has consistently articulated its vision to transform the treatment landscape for patients affected by debilitating neurodegenerative disorders. With the capital raised from this offering, the company expects to continue its focus on:
- Advancing clinical programs that evaluate Treg-enhancing biologics in ALS and other conditions characterized by neuroinflammation.
- Expanding preclinical research to identify additional indications and optimize drug candidates.
- Building partnerships with academic institutions, contract research organizations (CROs), and biopharmaceutical collaborators to accelerate trial execution.
- Supporting regulatory engagements with the U.S. Food and Drug Administration (FDA) and international agencies to prepare for future trial phases.
- Strengthening manufacturing and analytical capabilities to ensure scalability and quality control for biologic products.
The company’s next phase of growth will likely include the release of interim clinical data from ongoing trials, potential new collaborations, and continued exploration of its Treg-modulating technology in broader neurological and autoimmune applications.
Investor Considerations and Market Implications
For investors, Coya’s upsized offering represents a notable event that could influence the company’s near-term stock performance and long-term valuation trajectory. While dilution is a common consideration in any equity offering, the infusion of capital also positions Coya to deliver meaningful progress in its R&D pipeline, which could, in turn, enhance shareholder value over time.
Given the high costs associated with clinical trials, regulatory submissions, and biologic manufacturing, this capital raise provides a necessary financial runway. The offering also demonstrates that institutional investors view Coya as a credible innovator in a space that continues to attract growing scientific and commercial interest.
Analysts observing the neuroinflammation segment note that the market for disease-modifying therapies in neurodegeneration remains largely underserved. A company like Coya, with its differentiated immunological approach, occupies a potentially valuable niche within this evolving therapeutic landscape.
About Coya Therapeutics, Inc.
Headquartered in Houston, TX, Coya Therapeutics, Inc. (Nasdaq: COYA) is a clinical-stage biotechnology company developing proprietary treatments focused on the biology and potential therapeutic advantages of regulatory T cells (“Tregs”) to target systemic inflammation and neuroinflammation. Dysfunctional Tregs underlie numerous conditions, including neurodegenerative, metabolic, and autoimmune diseases. This cellular dysfunction may lead to sustained inflammation and oxidative stress resulting in lack of homeostasis of the immune system.
Coya’s investigational product candidate pipeline leverages multiple therapeutic modalities aimed at restoring the anti-inflammatory and immunomodulatory functions of Tregs. Coya’s therapeutic platforms include Treg-enhancing biologics, Treg-derived exosomes, and autologous Treg cell therapy.
For more information about Coya, please visit www.coyatherapeutics.com.
About COYA 302
COYA 302 is an investigational and proprietary biologic combination therapy with a dual immunomodulatory mechanism of action intended to enhance the anti-inflammatory function of regulatory T cells (Tregs) and suppress the inflammation produced by activated monocytes and macrophages. COYA 302 comprises proprietary low dose interleukin-2 (LD IL-2) and CTLA-4 Ig and is being developed for subcutaneous administration for the treatment of patients with ALS. These mechanisms may have additive or synergistic effects.
Coya is currently conducting the ALSTARS Trial, a Phase 2, randomized, multi-center, double-blind, placebo-controlled study to evaluate the efficacy and safety of COYA 302 for the treatment of ALS (ClinicalTrials.gov Identifier: NCT 07161999).
COYA 302 is an investigational product not yet approved by the FDA or any other regulatory agency.
