Is the Coya Therapeutics (COYA) investment thesis intact?

Yes. Readouts currently rates the Coya Therapeutics Thesis Intact. Coya prioritizes ALS; FTD start moves to 2027, runway guidance unchanged.

What is the next catalyst for Coya Therapeutics (COYA)?

The next dated event is Phase 2 results for LD IL-2, expected H2 2026, as stated by the company. Also ahead: Results for COYA 303, expected H2 2026.

How long will Coya Therapeutics' cash last?

Coya Therapeutics has said its cash will fund operations into the second half of 2027 (guidance as of October 14, 2026).

COYACoya Therapeutics, Inc.

Market reactionShares fell 11% on Nov 2.

IntactLast material event May 12, 2026 · Updated Oct 29, 2026

Coya prioritizes ALS; FTD start moves to 2027, runway guidance unchanged

Coya Therapeutics is a clinical-stage company developing COYA 302, a combination of low-dose IL-2 and CTLA4-Ig meant to boost regulatory T cells, for ALS and frontotemporal dementia; it is not approved.

Coya's case rests on COYA 302, a low-dose IL-2/CTLA-4 Ig biologic combination, showing benefit in ALS. ALSTARS Phase 2/3 has completed planned enrollment; topline data are expected in early Q2 2027. Dr. Reddy's holds ALS commercial rights outside Japan, South America and Mexico. Coya prioritizes ALS, plans an open-label extension and delays FTD Phase 2 initiation to 2027. June 30, 2026 cash was $43.2 million; management expects funding beyond the readout into the second half of 2027. Randomized efficacy results remain pending.

Thesis checklist

1 risk needs attention

Select a row for evidence

What must be trueStateNext proof

COYA 302 slows ALS progression versus placeboAwaiting evidenceALSTARS topline results, anticipated in early Q2 2027, including Week 24 ALSFRS-R change versus placebo and safety.Next: ALSTARS topline results, anticipated in early Q2 2027, including Week 24 ALSFRS-R change versus placebo and safety.

Why it is in this state

The evidence, what would weaken it and the source filing

COYA 302 starts a Phase 2 in frontotemporal dementiaAt riskConfirmation that the FTD Phase 2 begins; company guidance specifies 2027.Next: Confirmation that the FTD Phase 2 begins; company guidance specifies 2027.

Why it is in this state

The evidence, what would weaken it and the source filing

Cash lasts past the ALSTARS readoutSupportedNext quarterly cash balance and spending update, including the planned extension's funding requirements.Next: Next quarterly cash balance and spending update, including the planned extension's funding requirements.

Why it is in this state

The evidence, what would weaken it and the source filing

Next decision point

ALSTARS randomized efficacy and safety results

Tests: COYA 302 slows ALS progression versus placebo

Early Q2 2027

Does COYA 302 slow functional decline versus placebo with acceptable safety?

Strong, inconclusive and weak outcomes

What to look for in the result and how each would move the checklist

Questions to investigate

History

Price and material events

Select an event marker to read the update below. Marker colors show Thesis status.

IntactCurrentRegulatory

+5.8%May 12, 2026

Coya prioritizes ALS; FTD start moves to 2027, runway guidance unchanged

IntactFinancial

-2.2%Mar 16, 2026

COYA 302's Treg-expansion mechanism in ALS and FTD enters Phase 2 testing; clinical efficacy data will determine whether immunomodulation is disease-modifying

About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.

Pipeline

Amyotrophic lateral sclerosis

COYA 302 · 1 upcoming · 5 completed

Phase 2/3 Data: ToplineALSTARS

early Q2 2027

Alzheimer's disease

LD IL-2 · 1 upcoming

Phase 2 DataIIT

2025H2 2026

Inflammatory diseases· preclinical

COYA 303 · 1 upcoming

Data

H2 2026

Frontotemporal Dementia

COYA 302 · 1 upcoming · 1 completed

Phase 2 Study Initiation

2027

Frontotemporal Dementia

LD IL-2 + CTLA4-Ig · 1 completed

Data: ToplineIIT

Reported Mar 16, 2026

Inflammation

COYA 303 · 1 completed

Data

Reported Nov 12, 2025

Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.

Quick answers

Is the Coya Therapeutics (COYA) investment thesis intact?: Yes. Readouts currently rates the Coya Therapeutics Thesis Intact. Coya prioritizes ALS; FTD start moves to 2027, runway guidance unchanged.
What is the next catalyst for Coya Therapeutics (COYA)?: The next dated event is Phase 2 results for LD IL-2, expected H2 2026, as stated by the company. Also ahead: Results for COYA 303, expected H2 2026.
How long will Coya Therapeutics' cash last?: Coya Therapeutics has said its cash will fund operations into the second half of 2027 (guidance as of October 14, 2026).

Other companies we cover in these diseases

Alzheimer's disease: Acumen Pharmaceuticals (ABOS)AC Immune SA (ACIU)Alpha Cognition (ACOG)Arrowhead Pharmaceuticals (ARWR)Anavex Life Sciences (AVXL)Neumora Therapeutics (NMRA)ProMIS Neurosciences (PMN)Tiziana Life Sciences (TLSA)
Amyotrophic lateral sclerosis: Amylyx Pharmaceuticals (AMLX)Annexon (ANNX)Clene (CLNN)Keros Therapeutics (KROS)

Disease areas: Neurology and pain, Autoimmune and inflammatory diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes

Competitive landscape

13 peers tracked

Financial snapshot

Dates and calculation details

Cash: Market-data provider estimate; measurement period unavailable.

Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.

Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.

Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.

Runway: No underlying guidance available.