Coya Therapeutics Inc. reported collaboration revenues of $3.6 million for the three months ended September 30, 2025, primarily due to the recognition of $3.3 million in license revenue following FDA acceptance of its IND for a Phase 2 study. Research and development expenses were $2.9 million, up from $2.2 million in the same period last year, mainly due to increased clinical and internal research costs. General and administrative expenses rose to $2.6 million from $2.2 million. Net loss was $2.1 million, compared to a net loss of $4.0 million for the same period in 2024. As of September 30, 2025, cash and cash equivalents totaled $28.1 million. During the quarter, Coya announced FDA acceptance of its IND application for COYA 302 for ALS, received a $4.2 million milestone payment from Dr. Reddy's Laboratories, and closed a $23.0 million public offering, extending its cash runway into the second half of 2027.