Coya Therapeutics FY23 EPS $(0.79) Vs $(4.73) YoY; Collaboration Revenue Of $6M
Portfolio Pulse from Benzinga Newsdesk
Coya Therapeutics reported a significant improvement in its FY23 financial results with EPS improving to $(0.79) from $(4.73) YoY. The company also highlighted a collaboration revenue of $6M and an increase in cash and cash equivalents to $32.6 million. A notable part of their income includes a $7.5 million upfront payment from Dr. Reddy's for the COYA 302 licensing arrangement. R&D expenses rose to $5.5 million, primarily due to increased preclinical and internal R&D expenses, while G&A expenses increased to $7.8 million due to higher personnel and professional fees. The net loss narrowed to $8.0 million from $12.2 million YoY.

March 19, 2024 | 12:19 pm
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Coya Therapeutics reported improved FY23 financials with a narrower net loss and increased collaboration revenue, including a significant payment from Dr. Reddy's.
The improvement in EPS and the reduction in net loss, combined with the significant collaboration revenue from Dr. Reddy's, suggest a positive outlook for COYA. The increase in R&D and G&A expenses indicates investment in growth, which could further enhance investor confidence in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100