Revenue remains highly erratic, evidenced by a 2027.7% growth spike in 2025Q4 followed by a 2.6% decline in 2026Q1, reflecting the unpredictable nature of milestone-based income.
| Sales/Revenue | 7.94M | 7.95M | 3.55M | 6M | 0 | 0 | 0 |
| Revenue Growth % | 115.44% | 123.57% | -40.79% | - | - | - | - |
| Cost of Goods Sold | 16.49K | 27.36K | 11.87M | 5.5M | 4.41M | 0 | 0 |
| COGS % of Revenue | - | 0.34% | 333.86% | 91.66% | - | - | - |
| Gross Profit | 7.92M | 7.92M | -8.31M | 500.68K | -4.41M | 0 | 0 |
| Gross Margin % | 99.79% | 99.66% | -233.86% | 8.34% | - | - | - |
| Gross Profit Growth % | - | 195.27% | -1760.06% | 111.35% | - | - | - |
| Operating Expenses | 29.92M | 28.18M | 8.94M | 8.4M | 5.4M | 4.87M | 1.04M |
| OpEx % of Revenue | - | 354.71% | 251.49% | 140.02% | - | - | - |
| Selling, General & Admin | 6.7B | 11.45M | 8.89M | 7.83M | 4.85M | 2.31M | 668.7K |
| SG&A % of Revenue | - | 144.1% | 250.02% | 130.51% | - | - | - |
| Research & Development | 3.68B | 16.73M | 11.89M | 6.04M | 4.94M | 2.54M | 373.45K |
| R&D % of Revenue | - | 210.61% | 334.57% | 100.71% | - | - | - |
| Other Operating Expenses | -1.99M | 0 | -11.84M | -5.47M | -4.39M | 16.13K | 0 |
| Operating Income | -21.99M | -20.27M | -17.25M | -7.9M | -9.81M | -4.87M | -1.04M |
| Operating Margin % | -277.02% | -255.05% | -485.35% | -131.67% | - | - | - |
| Operating Income Growth % | - | -17.48% | -118.26% | 19.45% | -101.46% | -367.33% | - |
| EBITDA | -21.97M | -20.24M | -17.22M | -7.88M | -9.78M | -4.85M | -337.5K |
| EBITDA Margin % | -276.72% | -254.71% | -484.58% | -131.22% | - | - | - |
| EBITDA Growth % | -13.15% | -17.51% | -118.67% | 19.51% | -101.57% | -1338.27% | - |
| D&A (Non-Cash Add-back) | 23.33K | 27.36K | 27.36K | 27.36K | 27.36K | 16.13K | 704.65K |
| EBIT | -21.87M | -20.27M | -17.22M | -7.36M | -9.29M | -4.87M | -704.65K |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | -38.98K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 38.98K |
| Other Income/Expense | 869.27K | -957.39K | 1.65M | 639.37K | -2.43M | -21.48K | -57.64K |
| Pretax Income | -21.12M | -21.22M | -15.6M | -7.26M | -12.24M | -4.89M | -1.1M |
| Pretax Margin % | -266.07% | -267.1% | -438.96% | -121.02% | - | - | - |
| Income Tax | 3.09K | 3.09K | -720.29K | 723.85K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.01% | -0.01% | 4.62% | -9.96% | 0% | 0% | 0% |
| Net Income | -21.13M | -21.23M | -14.88M | -7.99M | -12.24M | -4.89M | -1.1M |
| Net Margin % | -266.11% | -267.14% | -418.7% | -133.08% | - | - | - |
| Net Income Growth % | -23.29% | -42.64% | -86.29% | 34.77% | -150.31% | -344.79% | - |
| Net Income (Continuing) | -21.13M | -21.23M | -14.88M | -7.99M | -12.24M | -4.89M | -1.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.26 | -1.27 | -0.98 | -0.79 | -1.23 | -0.74 | -0.42 |
| EPS Growth % | -7.48% | -29.59% | -24.05% | 35.82% | -66.34% | -76.19% | - |
| EPS (Basic) | - | -1.27 | -0.98 | -0.79 | -1.23 | -0.74 | -0.42 |
| Diluted Shares Outstanding | 16.73M | 16.73M | 15.24M | 10.16M | 9.95M | 6.6M | 2.59M |
| Basic Shares Outstanding | 16.73M | 16.73M | 15.24M | 10.16M | 9.95M | 6.6M | 2.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clinical Trial Execution Failure
According to reported financial statements, Coya's revenue trajectory remains highly volatile, characterized by sporadic milestone payments rather than recurring product sales, as evidenced by the significant revenue fluctuations observed between 2025Q4 and 2026Q1, which underscore the company's current dependence on strategic partnership-driven inflows for non-dilutive funding.
The revenue profile is inherently transactional, reflecting the company's pre-commercial status and reliance on external collaborations like the Dr. Reddy's agreement. Investors should interpret these figures as indicators of clinical progress rather than market adoption, as the lack of a commercialized product renders traditional growth metrics largely inapplicable.
As indicated by historical income statements, Coya's gross margins have exhibited extreme instability, swinging from near-perfect efficiency to negative values, which suggests that current margin data is an accounting artifact of milestone recognition rather than a reflection of true underlying production costs or sustainable pricing power.
The wide variance in gross margins highlights the absence of a stable cost-of-goods-sold structure typical of a mature commercial entity. Future margin stability will likely remain elusive until the company transitions to a commercial manufacturing model, at which point the cost of biologic production will become the primary determinant of profitability.
Based on the provided income statement data, Coya maintains a cost structure dominated by heavy R&D investment, with operating expenses consistently outpacing revenue, a trend that necessitates careful monitoring of the company's cash runway as it advances its pipeline through critical Phase 2 clinical trials.
The persistent operating losses reflect the significant capital requirements of developing complex biologic therapies. Management's expense discipline appears focused on clinical advancement, yet the high fixed-cost base relative to revenue suggests that the company remains highly sensitive to any delays in trial enrollment or regulatory milestones.
As highlighted by the persistent negative operating margins and reliance on sporadic partnership revenue, the company's current financial model warrants skepticism regarding its long-term sustainability without further dilutive financing, particularly if clinical data readouts fail to meet the high expectations currently priced into the stock.
Short-term liquidity is supported by partnership inflows, but the underlying burn rate remains a significant concern for long-term investors. The reliance on milestone-based revenue creates a binary risk profile where any failure to achieve clinical endpoints could lead to a rapid deterioration of the company's financial position.
Quick answers to the most common questions about buying COYA stock.
For fiscal year 2025, Coya Therapeutics, Inc. (COYA) reported total revenue of $7.9M.
Coya Therapeutics, Inc. (COYA) reported a net loss of $21.2M for the fiscal year ending 2025.
Coya Therapeutics, Inc. (COYA) reported an operating income of $-20.3M, resulting in an operating profit margin of -255.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Coya Therapeutics, Inc. (COYA) generated $7.9M in gross profit for the year, representing a gross profit margin of 99.7%. This demonstrates the company's core pricing power and production efficiency.