The IPO Buzz: Coya Therapeutics (COYA) Slips in its NASDAQ Debut

Coya Therapeutics Inc. (COYA) declined Thursday (Dec. 29, 2022) in its NASDAQ debut – opening at $4.75, down 25 cents or 5 percent from its $5.00 IPO price. The Houston biotech’s stock later slipped to $4.59, down 8.2 percent from its IPO price. Coya Therapeutics’ stock closed its first day of trading at $4.57, down 43 cents or 8.6 percent below its IPO price – technically a broken deal.

Coya Therapeutics priced its tiny unit IPO – 3.05 million shares and non-listed warrants to buy up to 1.5 million shares at $5.00 per unit – in line with the terms in its prospectus – on Wednesday night (Dec. 28, 2022) to raise $15.25 million.

Chardan and Newbridge Securities were the joint book-runners.

Coya Therapeutics’ IPO looks likely to be the last IPO priced in 2022. This year is deemed to be among the worst periods for IPOs in about 20 years.

In its prospectus, clinical biotech Coya Therapeutics says it is “focused on developing proprietary new therapies to enhance the function of regulatory T cells (“Tregs”). “

The cells in Tregs are a subset of T-lymphocytes, a type of white blood cell that suppresses inflammatory responses, the prospectus says.

“We are initially focused on developing our Treg-based therapies for neurodegenerative, autoimmune and metabolic diseases where Treg dysfunction has been identified to be an important pathophysiological component of the disease and where new and effective therapies are urgently needed,” the prospectus says.

Coya Therapeutics Inc. is not profitable, which is usually the case when a biotech goes public. The company reported a net loss of $10.8 million on no revenue for the 12 months that ended Sept. 30, 2022.

Prestige Wealth Management (PWM proposed), a Hong Kong-based wealth management and asset management firm, postponed its IPO on Thursday. Some see this IPO being revived in 2023.

A few other tiny IPOs on this week’s calendar have been rolled forward to early January, with pricing dates pending regulatory approval.

Stay tuned.

(For more information about this company, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

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