Is This Biopharmaceutical Co. Developing ALS Drug a Buy?
Analyst Consensus Report

Important Disclosures:

1. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
2. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 
3. This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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1. Street Smart Average Price Target Formula

Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures for H.C. Wainwright & Co., Coya Therapeutics, August 24:

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility.

I, Raghuram Selvaraju, Ph.D., MBA, MS, certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Coya Therapeutics, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of July 31, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Coya Therapeutics, Inc.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. H.C. WAINWRIGHT & CO. EQUITY RESEARCH 3 This report is intended for [email protected]. Unauthorized distribution prohibited. Coya Therapeutics, Inc. August 24, 2026 The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from Coya Therapeutics, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did receive compensation from Coya Therapeutics, Inc. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Coya Therapeutics, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

Disclosures for Roth Capital Partners, Coya Therapeutics, August 23, 2026:

Shares of Coya Therapeutics, Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities. ROTH Capital Partners, LLC and its affiliates expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2026. Member: FINRA/SIPC.

Disclosures for Freedom Broker, Coya Therapeutics, August 17, 2026:

I, Raghuram Selvaraju, Ph.D., MBA, MS, certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Coya Therapeutics, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of July 31, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Coya Therapeutics, Inc.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. H.C. WAINWRIGHT & CO. EQUITY RESEARCH 3 This report is intended for [email protected]. Unauthorized distribution prohibited. Coya Therapeutics, Inc. August 24, 2026 The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from Coya Therapeutics, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did receive compensation from Coya Therapeutics, Inc. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Coya Therapeutics, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

Freedom Broker’s Analyst Rating Calculation Disclosure The Analyst Rating (“AR”) is calculated as follows: Analyst Rating (AR) = Expected Price Return / Annualized Historical Volatility 1. Expected Price Return Expected Price Return is calculated using the following formula: Expected Price Return = (Price Target / Current Price) − 1 This figure represents the percentage price appreciation or decline implied by the analyst’s 12-month price target relative to the stock’s current market price. 2. Annualized Historical Volatility Annualized Historical Volatility is calculated as follows: Annualized Historical Volatility = Standard Deviation of Daily Logarithmic Returns × √252 For securities with at least 12 months of trading history, the calculation uses daily logarithmic returns over the preceding 12 months. If fewer than 12 months of trading history are available, the calculation uses all available daily price history. Volatility calculated using a shorter trading history may be less representative of the security’s longer-term trading behavior. Daily logarithmic returns are calculated as the natural logarithm of the ratio of the current trading day’s closing price to the preceding trading day’s closing price: Daily Logarithmic Return = ln(Current Closing Price / Previous Closing Price) The standard deviation of daily logarithmic returns is annualized by multiplying it by the square root of 252, representing the approximate number of trading days in a year. Once calculated, the AR expresses the expected price return implied by the analyst’s price target as a proportion of the stock’s historical annualized volatility. The AR does not represent the probability that the stock will reach its price target. Historical volatility, particularly when calculated using a shorter trading history, may not be indicative of future volatility. Ratings reflect the information and market conditions available as of the date of the relevant research report and are not automatically changed solely as a result of subsequent movements in the stock’s market price. Investors should carefully review the entire Report, including the definitions of all ratings, and should not base investment decisions solely on a stock’s stated rating. DISTRIBUTION OF INVESTMENT RATINGS The following shows (1) the distribution of investment ratings for all FREEDOM coverage universe stocks and (2) the proportions of stocks of each rating to which FREEDOM has provided investment banking (IB) services within the past 12 months (updated as of Aug 17 2026).

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Disclosures for Lake Street Capital Markets, Coya Therapeutics, August 11, 2026:

Lake Street Capital Markets, or its affiliates, intends to seek or expects to receive compensation for investment banking services from the subject issuer in the next three months. In the past 12 months, the subject company was a client of Lake Street and received investment banking services. In the past 12 months, Lake Street received investment banking compensation from the subject company. The authoring analysts who are responsible for the preparation of this investment research are eligible for compensation based on the total revenue and general profitability of Lake Street Capital Markets, which includes investment banking revenue. However, such authoring analyst will not receive compensation that is directly based on or linked to specific investment banking transactions. ANALYST CERTIFICATION – REGULATION AC Each authoring analyst of Lake Street Capital Markets whose name appears on the front page of this investment research hereby certifies that (1) the recommendations and opinions expressed in this investment research accurately reflect the authoring analyst’s personal, independent, and objective views about any and all of the subject investments or issuers discussed herein; and (2) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analysts. OTHER DISCLOSURES This investment research is intended for informational purposes only and does not constitute an offer or solicitation to buy or sell securities referenced herein in any jurisdiction where such would be prohibited. Although the information and statements of fact contained in this investment research have been obtained from sources we believe to be reliable, including statistical services and issuer statements & reports, its accuracy and completeness cannot be guaranteed. The securities discussed and any recommendations made herein may not be suitable for all investors depending on their specific financial position or investment objectives. This investment research and any opinions, recommendations, and estimates contained here represent Lake Street Capital Markets’ judgment as of the date of this report and are subject to change without notice. Lake Street Capital Markets may effect transactions as a principal or agent in the securities mentioned herein. Additional information available on request. Member FINRA / SIPC. This report may not be reproduced, distributed, or published without the prior consent of Lake Street Capital Markets, LLC. All rights reserved.

StreetSmart Research™

Coya Therapeutics Inc.

(COYA:NASDAQ)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy

Target: US $15.63 / CA $21.56

How Avg Analyst Ratings Are Calculated

08/24/2026

Raghuram Selvaraju – H.C. Wainwright & Co.

Price at Time of Rating: US $4.87 / CA $6.72

Rating: Buy

Target Price: US $18.00 / CA $24.84

08/23/2026

Dr. Boobalan Pachaiyappan – ROTH Capital Partners

Price at Time of Rating: US $4.87 / CA $6.72

Rating: Buy

Target Price: US $12.00 / CA $16.56

08/17/2026

Ilya Zubkov – Freedom Broker

Price at Time of Rating: US $4.79 / CA $6.61

Rating: Buy

Target Price: US $15.50 / CA $21.39

08/11/2026

Chad Messer – Lake Street Capital Markets

Price at Time of Rating: US $4.64 / CA $6.40

Rating: Buy

Target Price: US $17.00 / CA $23.46

Houston-based Coya Therapeutics Inc. (COYA:NASDAQ) is a clinical-stage biopharmaceutical company developing therapies designed to restore the anti-inflammatory and immune-regulating functions of regulatory T cells, or Tregs, across neurodegenerative, autoimmune, and metabolic diseases.

The company's pipeline includes several Treg-focused approaches, but its lead program is COYA 302, which Coya describes as a combination therapy designed to enhance Treg activity while also reducing inflammatory immune activity.

Its most advanced focus is amyotrophic lateral sclerosis (ALS), a progressive neurodegenerative disease for which treatment options remain limited. COYA 302 combines Coya's proprietary low-dose interleukin-2, or LD IL-2, with CTLA-4 Ig in an effort to increase the number and anti-inflammatory function of Tregs while suppressing inflammatory activity from immune cells. The company believes this dual approach could address neuroinflammation, which plays an important role in ALS progression.

COYA 302 is currently being evaluated in the Phase 2 ALSTARS trial, a randomized, double-blind, placebo-controlled study in adults with ALS being conducted at sites in the United States and Canada. Coya said in its August 2026 corporate update that enrollment is proceeding as planned, with completion expected this year and topline results targeted for the first quarter of 2027. The U.S. Food and Drug Administration has also granted COYA 302 Fast Track designation for ALS, although the drug remains investigational and has not been approved by the FDA.

Beyond ALS, Coya said it is preparing to expand COYA 302 into frontotemporal dementia (FTD), with a Phase 2a study planned in the coming months. The FDA accepted the company's investigational new drug application for the FTD program in January 2026, while Coya's broader development strategy also encompasses other neurodegenerative conditions, including Alzheimer's disease and Parkinson's disease. Coya has also reported proof-of-concept data from an academic study of its COYA 301 program in Alzheimer's disease, providing a broader potential application of the company's Treg-focused platform.

The immediate catalyst for Coya is therefore the Phase 2 ALS program, with the company expecting to complete ALSTARS enrollment in 2026 and report topline data in the first quarter of 2027, while simultaneously preparing the FTD study.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy and an average target price of US$15.63 / CA$21.56.

Raghuram Selvaraju — H.C. Wainwright & Co.

H.C. Wainwright analyst Raghuram Selvaraju reiterated a Buy rating and US$18 price target on Coya in an August 24 note, citing multiple clinical milestones through the rest of 2026. The company expects to complete enrollment in the ALSTARS Phase 2 trial of lead candidate COYA 302 for ALS in the second half of 2026, with top-line results in 2027 — the first cohort has already entered a 24-week blinded extension, and Selvaraju believes positive data could advance COYA 302 into pivotal ALS trials in late 2027. Coya also plans a Phase 2a study of COYA 302 in frontotemporal dementia in the coming months, with further single-cell proteomics and COYA 303 animal-model data due in H2 2026.

Coya's Q2 net loss of US$0.28 per share came below Selvaraju's US$0.36 estimate on lower operating expenses, and its ~US$43.2 million in cash should fund operations into H2 2027, past the ALSTARS readout. The US$18 target rests on a DCF (12% discount rate, 2% terminal growth) with approval-probability assumptions for COYA 302, implying a US$510 million company value on 28.4 million projected fully diluted shares. Key risks include clinical failure or regulatory rejection of COYA 302, trouble reaching pivotal trials, weak commercial uptake, pipeline delays, partnership issues (including DRL), and equity dilution.

Boobalan Pachaiyappan — Roth Capital Partners

Roth Capital Partners analyst Boobalan Pachaiyappan reiterated a Buy and US$12 target on Coya in an August 23 note, keeping the focus on COYA 302 and the Phase 2 ALSTARS trial — 120 ALS patients over 24 weeks, with enrollment expected in Q4 2026 and top-line results in Q1 2027 (the first cohort has entered a 24-week blinded extension). COYA 302 pairs low-dose IL-2 (to boost regulatory T cells) with CTLA4-Ig (to curb inflammation), and carries patent protection to at least 2040, Fast Track designation, and ~US$43.2 million in cash as of June 30 that funds operations into H2 2027. The key question, Pachaiyappan says, is whether COYA 302 delivers a meaningful 24-week ALSFRS-R gain over a credible placebo decline; Pachaiyappan views a ~2.5-point improvement — or 2.0 points with supportive secondary measures — as potentially enough to support a biologics license application in H2 2027, using approved edaravone's 2.49-point (~33% slowing) benefit as the benchmark. He also flags concentration risk, since the prior exploratory work involved only four ALS patients: a strong result could revalue Coya across both ALS and FTD, which share the same platform, while a weak one could undercut both.

"At a high level, we continue to view Coya as a relatively well-funded, high-risk, high-reward story that is strategically supported by the commercial partner," Pachaiyappan wrote. "A balance sheet that is sufficient to fund operations into 2H27 (at least two quarters beyond the 1Q27 clinical event; our estimates), unused US$30M ATM, and a minimal warrant overhang suggest management's shrewd execution."

Ilya Zubkov — Freedom Broker

Freedom Broker's Ilya Zubkov reiterated a Buy and US$15.50 target on Coya, which ended Q2 2026 with US$43.2 million in cash as spending rose with COYA 302's development. Operating expenses climbed 11% year over year to US$7.3 million — R&D up 37% as the Phase 2 ALSTARS ALS study advanced, partly offset by a 22% cut in G&A — and R&D should stay elevated in H2 as ALSTARS enrollment finishes, and the Phase 2a COYA 302 trial in frontotemporal dementia (FTD) begins. Management expects its cash to fund operations into H2 2027, covering the ALSTARS readout, the FTD launch, and additional milestones through year-end, which lowers the odds of a raise before the key catalyst — though more funding will likely be needed afterward.

ALSTARS remains on track for top-line results in Q1 2027; the first cohort has completed the initial 24-week placebo-controlled period and entered a second 24-week blinded extension in which participants receive one of two COYA 302 dosing regimens. Coya could finish enrolling all 120 patients in H2 2026, with the ALSFRS-R measure gauging whether the therapy slows ALS; Zubkov believes a successful primary endpoint could trigger a pilot Phase 3 financed by Dr. Reddy's Laboratories under its global commercialization deal for COYA 302 in ALS. The US$15.50 target — a 10-year DCF on a free-cash-flow-to-the-firm basis — implies a 223.59% return from the prior US$4.79 close, with an AR score of +3.43 (annualized volatility 65.23%) versus the +0.35 threshold for a Buy.

Chad Messer — Lake Street Capital Markets

Messer expects Coya to complete enrollment in the 120-patient ALSTARS trial ahead of top-line results expected in Q1 2027, the main catalyst for the stock. Full enrollment is still expected in H2 2026, and Coya plans to start a Phase 2a trial of COYA 302 in frontotemporal dementia (FTD) in the coming months after IND acceptance and presentations at the 5th Annual ALS Drug Development Summit and ENCALS. Other H2 2026 catalysts include FTD biomarker data, further single-cell proteomics from ALS and Alzheimer's studies, and in vivo COYA 303 results. Coya ended Q2 with US$43.2 million in cash — enough, according to management, to fund operations past the ALSTARS readout into H2 2027 — while quarterly operating expenses rose to approximately US$7.3 million from US$6.6 million a year earlier.

Messer's US$17 target values COYA 302's U.S. ALS sales alone: a 5x multiple on estimated 2031 sales of US$2.8 billion (~US$2.6 billion), discounted to year-end 2026 at 40% for the early stage, of which he attributes US$388 million (15%) to Coya via low- to mid-teens royalties and milestones; adding ~US$34 million of year-end cash yields a ~US$423 million market cap, or US$17 per share on 23.6 million shares plus in-the-money options and warrants.

Ownership and Share Information¹

Coya Therapeutics Inc. has a market cap of US$114.24 million, with 23.46 million shares outstanding. The company's 52-week range is US$3.71-US$7.75.

Management and Insiders own 1% of shares, while Strategic Investors own 13.69%. Institutions own 33.23% of shares, and the remaining 52.08% of shares are held by Retail.