Coya Therapeutics, Inc.

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission, or SEC, on March 16, 2026, or our Quarterly Report on Form 10-Q for the period ended June 30, 2026 filed with the SEC on August 11, 2026, except as follows. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us may also impair our business or results of operations. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

We are a clinical stage biotechnology company and have incurred significant losses since our inception, and we expect to incur losses for the foreseeable future, which raises substantial doubt about our ability to continue as a going concern.

As of September 30, 2026, we had cash and cash equivalents of $35.8 million, an accumulated deficit of $86.4 million. We expect to incur substantial operating losses and negative cash flows from operations for the foreseeable future. There is substantial doubt about our ability to continue as a going concern for at least twelve months from the date the condensed unaudited financial statements are issued with this Quarterly Report, and we expect continuing operations beyond the near term will require additional liquidity. Our condensed unaudited financial statements do not include any adjustments that might result from the outcome of this uncertainty. Although we have received collaboration revenues in the past, we have not established a source of revenue sufficient to fund operating activities and we have no dedicated source of liquidity available to us. While our ATM Offering Program provides a potential source of additional financing, our ability to raise capital through the program depends on market conditions, investor demand, applicable limitations and other factors. Accordingly, it is uncertain that we will be able to raise sufficient funds through the ATM Offering Program when needed or at all.

If we utilize our capital resources more quickly than anticipated or are unable to obtain additional funding or engage in strategic alternatives to advance our product candidate development pipeline, we may have to significantly curtail, delay, reduce or eliminate one or more of our development programs, which could materially adversely affect our business, financial condition, and results of operations. If we are unable to successfully mitigate the conditions which raise substantial doubt about our ability to continue as a going concern, we may have to liquidate our assets and may receive less than the value at which those assets are carried on our financial statements, and it is likely that investors will lose all or part of their investment, or our board of directors may conclude that it is in the best interest of our stockholders to cease normal operations and wind down the company through bankruptcy or dissolution proceedings. In such case, we would be required to pay our obligations and set aside funds for reserves prior to making any distribution to stockholders and there would be no assurances that there would be any assets remaining available for distribution to stockholders in such event.