COYA

Coya is a clinical-stage biopharma that, in its own words, has "no product(s) approved for commercial sale" and "commenced operations in 2020" with "all sources of capital... obtained solely through financing." The reported FY2025 revenue of $7.95M (+123.6% YoY) is collaboration/licensing income, not product sales, and it is lumpy — it swung from $6.00M (FY2023) to $3.55M (FY2024) back to $7.95M (FY2025), so the headline growth rate overstates durability. Against that, the loss engine is widening: net loss of -$21.2M (worse by 42.6%), operating margin of -283.9%, and an accumulated deficit that deepened to -$62.0M. This is a story stock whose value lives in an unapproved pipeline, and the 10-K is explicit that "any clinical trials... may fail" and that trials are "lengthy, complex and extremely expensive processes with uncertain outcomes."

The balance sheet is the one genuine positive: $46.8M cash, $43.0M equity, and liabilities/equity of just 0.16x. But cash is being consumed — operating cash flow was -$10.7M — and the company states plainly it "will need to raise significant additional capital, which may not be available... on acceptable terms, or at all," warning that failure could threaten "long-term viability." That risk is already visible in the tape: shares outstanding grew 40.3% in a single year, so existing holders are being diluted rapidly, and management explicitly flags further dilution from options and warrants. It also owns no lab or manufacturing facility, relying on The Methodist Hospital and third-party manufacturers, adding execution dependency.