Financial Results

As of December 31, 2023, Coya had cash and cash equivalents of $32.6 million and received an additional $7.5 million in January from Dr. Reddy's as an upfront payment as part of the COYA 302 licensing arrangement.

Research and development (R&D) expenses were $5.5 million for the year ended December 31, 2023, compared to $4.4 million for the year ended December 31, 2022. The change was primarily due to a $2.2 million increase in our preclinical expenses and a $0.5 million increase in internal research and development expenses, partially offset by a $1.4 million decrease in costs attributable to our sponsored research agreement with Houston Methodist Hospital and a $0.3 million decrease in costs for our clinical product candidate.

General and administrative expenses were $7.8 million for the year ended December 31, 2023, and $4.8 million for the year ended December 31, 2022, a change of approximately $3.0 million. The increase was primarily due to an increase in personnel related expenses arising from increases in employee headcount and an increase in our professional fees and consulting fees as we expanded our operations to support our research and development efforts.

Net loss was $8.0 million for the year ended December 31, 2023, compared to net loss of $12.2 million for the year ended December 31, 2022.