While initial public offerings for biotech were few and far between this year, Coya Therapeutics slipped in at the last moment with a $15.25 million IPO.
The Houston-based biotech debuted on the market Dec. 29 under the Nasdaq symbol “COYA.” The company is working to develop new therapies that improve regulatory T cells (Tregs) functioning and target systemic inflammation and neuroinflammation. Coya’s platforms include Treg-enhancing biologics, Treg-derived exosomes and an autologous Treg cell therapy.
Coya is also giving underwriters a 30-day option to buy up to 290,000 more shares of common stock and/or warrants to purchase 145,000 shares of common stock to cover over-allotments at the IPO price. The offering is expected to close today.
After underwriting discounts, commissions and offering expenses, Coya’s total expected proceeds are around $13.2 million. The biotech plans to use the money for corporate purposes, to advance preclinical candidates into human trials and further develop other pipeline programs.
Coya’s most advanced candidate is a phase 2a autologous IV administration dubbed Coya 101. The cell therapy aims to treat amyotrophic lateral sclerosis and is being developed in collaboration with Houston Methodist. The biotech hopes to advance the candidate into a phase 2b trial after potentially receiving a government grant or via a partnership with a Big Pharma.
The last biotech IPO of the year skates atop frosty market waters, coming two months after Prime Medicine debuted in October—one of the most recent notable biotech IPOs. The gene editing company listed with $175 million, one of the sector’s largest public offerings of the year.