Free cash flow remains consistently negative, with a -24.7% FCF margin in 2026Q1, underscoring the company's ongoing reliance on external capital to fund R&D activities.
| Cash from Operations | -14.12M | -10.74M | -10.29M | -11.19M | -7.24M | -3.9M | -391.27K |
| Operating CF Margin % | - | -135.16% | -289.49% | -186.41% | - | - | - |
| Operating CF Growth % | -8.52% | -4.38% | 8.04% | -54.56% | -85.47% | -897.6% | - |
| Net Income | -21.13M | -21.23M | -14.88M | -7.99M | -12.24M | -4.89M | -733K |
| Depreciation & Amortization | 23.33K | 27.36K | 27.36K | 27.36K | 27.36K | 16.13K | 0 |
| Stock-Based Compensation | 2.11M | 4.29M | 2.66M | 872.25K | 207.35K | 233.22K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 399.68K | 0 |
| Other Non-Cash Items | 5.6M | 2.29M | 25K | 543.19K | 4.02M | -399.68K | 263.78K |
| Working Capital Changes | -721.89K | 3.88M | 1.88M | -4.64M | 751.84K | 739.17K | 77.95K |
| Change in Receivables | 0 | 0 | 7.5M | -7.5M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -783.6K | -527.01K | 477.45K | 298.82K | 845.28K | 665.17K | 105.22K |
| Cash from Investing | -2.05M | -1.16M | -25K | -543.19K | -525K | -136.8K | 0 |
| Capital Expenditures | -1.53M | -1.16M | 0 | 0 | 0 | -136.8K | 0 |
| CapEx % of Revenue | 19.32% | 14.66% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -516K | 0 | -25K | -543.19K | -525K | 0 | 0 |
| Cash from Financing | 31.36M | 20.39M | 16.03M | 38.43M | 9.36M | -340.58K | 9.11M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 10.47M | 0 | 0 |
| Equity Issued (Net) | 31.36M | 20.39M | 14M | 38.34M | 158 | 1.32K | 9.11M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 2.02M | 89.95K | -1.11M | -341.9K | 400 |
| Net Change in Cash | 15.19M | 8.48M | 5.71M | 26.69M | 1.59M | -4.38M | 8.72M |
| Free Cash Flow | -14.12M | -10.74M | -10.29M | -11.19M | -7.24M | -4.04M | -391.27K |
| FCF Margin % | -177.85% | -135.16% | -289.49% | -186.41% | - | - | - |
| FCF Growth % | 7.49% | -4.38% | 8.04% | -54.56% | -79.19% | -932.56% | - |
| FCF per Share | -0.84 | -0.64 | -0.68 | -1.10 | -0.73 | -0.61 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.67x | 0.51x | 0.69x | 1.40x | 0.59x | 0.80x | 0.36x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Execution Failure
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating from 0.18 to 1.58, suggesting that cash generation is driven by non-recurring milestone recognition rather than consistent operational performance or underlying business profitability.
The significant divergence between net income and operating cash flow indicates that accounting earnings are heavily influenced by the timing of partnership revenue recognition. Investors should interpret these fluctuations as a signal that cash flow quality remains low, as the company lacks the recurring revenue base necessary to stabilize its conversion metrics.
Based on recent SEC filings, Coya's free cash flow trajectory remains consistently negative, with the company burning through capital to fund R&D, as evidenced by the -24.7% FCF margin in 2026Q1, which highlights the ongoing reliance on external financing to sustain clinical development activities.
The persistent negative FCF trajectory suggests that the company is in a high-burn phase where capital consumption is decoupled from commercial output. This trend warrants further investigation into whether the current cash runway is sufficient to reach the next major clinical inflection point without further dilution.
According to the provided cash flow data, working capital changes have been highly inconsistent, swinging from a $3.4M inflow in 2025Q1 to a $1.2M outflow in 2026Q1, which suggests that the company's cash position is sensitive to the timing of partnership-related receivables and payables.
The volatility in working capital appears to be a direct consequence of the lumpy nature of milestone-based revenue and the associated timing of clinical trial expenditures. This instability makes it difficult to forecast short-term liquidity needs, as working capital movements do not follow a predictable operational cycle.
As indicated by historical financial data, stock-based compensation has become a recurring non-cash expense, reaching $1.1M in 2025Q3, which effectively masks the true economic cost of talent retention while simultaneously diluting existing shareholders to preserve cash for critical clinical trial operations.
The reliance on stock-based compensation suggests that management is attempting to conserve cash by substituting equity for cash-based salary expenses. Analysts should monitor this trend closely, as it represents a hidden cost that may impact future earnings per share and shareholder value if the clinical pipeline does not deliver.
Quick answers to the most common questions about buying COYA stock.
Coya Therapeutics, Inc. (COYA) generated $-10.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Coya Therapeutics, Inc. (COYA) reported negative free cash flow of $10.7M in 2025, indicating capital requirements exceeded cash from operations.
Coya Therapeutics, Inc. (COYA) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.