Coya Therapeutics Inc. (COYA) 12-Month Stock Forecast & Price Target Cone

Per the Roarable RQD rating, COYA scores 35 out of 100 with a letter grade of D- and a verdict of "Roarable Sell — Vulnerable Balance Sheet & Flow." Across the five pillars:

• Fundamental Cash Engine (9 / 20): Per the RQD rating, this pillar reflects ROIC of -35% and an FCF yield of -11.5%. For a prospective investor, this indicates the business is not currently generating returns on invested capital or free cash flow that would support the equity value on an earnings basis.
• Whale 13F Flow (6 / 20): Per the RQD rating, this pillar reflects institutional accumulation and options positioning. The score is below the midpoint, so the institutional signal is weak rather than supportive.
• Insider Conviction (3 / 20): Per the RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow. The low score indicates limited insider conviction signals in the source data.
• Macro Regime Fit (6 / 20): Per the RQD rating, beta is 1.0 with sector sensitivity noted. Market-level moves are expected to pass through roughly one-for-one, with no offsetting macro advantage identified.
• Forensic Balance Sheet (11 / 20): Per the RQD rating, Altman Z is 6.08, Piotroski F is 3/9, and Debt/Equity is 0.5. The Altman Z reading is strong, but the Piotroski F reading is weak, so the balance sheet supports near-term solvency more than improving operating quality.

Net implication for a prospective investor: the upside case depends on a turnaround in cash generation that the source data does not yet show, while the downside is shaped by negative operating and net margins and a share price that has fallen 9.3% on the reporting date. The data describes a high-risk, pre-profit profile; it does not establish a valuation.

Coya Therapeutics Inc. is a NASDAQ-listed issuer in the Health Care sector, within the Biotechnology: Pharmaceutical Preparations industry. Per the profile, its market capitalization is $0.1B. Per the financials, it reported revenue of $7.9M in FY 2025, indicating some commercial or collaborative revenue base. Not available in source data: product lines, customer categories, and specific revenue model details.

Per the SEC financials, operating and net margins are both -60% and gross margin is 0%. Per the market data, ROIC is -35%. Per the Roarable RQD rating, the Altman Z-Score is 6.08 and the Piotroski F-Score is 3/9. Per the RQD rating, Debt/Equity is 0.5, and FY 2025 reported cash of $46.8M against net losses of $-21.2M.

• Positive/neutral market wire: An H.C. Wainwright Buy reiteration tied to trial enrollment (per Investing.com) and a Business Wire announcement of full enrollment in the Phase 2/3 ALSTARS trial of COYA 302 for ALS are the main constructive items. A Business Wire notice of participation at Chardan's 10th Annual Healthcare Conference and a Yahoo Finance item on NfL biomarker stratification for the ALSTARS trial, to be presented at the 2026 NEALS meeting, are also in the feed.
• Risk Watch (RED): A Stock Titan report states that ALS development takes priority as COYA delays another trial's planned start, flagged RED in the news feed.
• Proprietary signals: Per the Butterfly Supply-Chain Graph, no proprietary signals are recorded.

Per the Butterfly Supply-Chain Graph, the supply chain is recorded as NONE and no butterfly links are present. Upstream and downstream dependencies cannot be mapped from the source data. The sector correlation is limited to Health Care and the Biotechnology: Pharmaceutical Preparations industry. The 2nd-order item to watch is trial-timing risk: the RED-flagged delay in another trial's start shows that pipeline sequencing, rather than a supply chain, is the more visible ripple channel in the source material.

• What is the cash runway implied by the FY 2025 cash balance of $46.8M against the FY 2025 FCF of $-10.7M, and how does it compare with the trial timelines in the news feed?
• Which specific trial was delayed, and what is the revised start date referenced in the Stock Titan report?
• What are the debt terms behind the Debt/Equity of 0.5, given that the debt line is N/A in the financial table?
• What drove the revenue movement from $3.6M in FY 2024 to $7.9M in FY 2025, and is that revenue recurring?
• What are the EPS and P/E figures on a TTM basis, given that EPS is N/A across all reported periods?