Coya Therapeutics (COYA) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	Coya Therapeutics, Inc.
Entity Central Index Key	0001835022
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Security12b Title	Common Stock, par value $0.0001 per share
Trading Symbol	COYA
Security Exchange Name	NASDAQ
Entity File Number	001-41583
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	85-4017781
Entity Address Address Line1	5850 San Felipe St., Suite 500
Entity Address City Or Town	Houston
Entity Address State Or Province	TX
Entity Address Postal Zip Code	77057
City Area Code	800
Local Phone Number	587-8170
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		16,707,441

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 31,057,395	$ 32,626,768
Collaboration receivable		7,500,000
Prepaids and other current assets	4,449,006	1,069,557
Total current assets	35,506,401	41,196,325
Fixed assets, net	45,429	65,949
Total assets	35,551,830	41,262,274
Current liabilities:
Accounts payable	336,722	1,155,656
Accrued expenses	1,409,235	2,973,215
Deferred collaboration revenue	573,089	923,109
Total current liabilities	2,319,046	5,051,980
Deferred collaboration revenue	1,222,596	574,685
Total liabilities	3,541,642	5,626,665
Commitments and contingencies (Note 6)
Stockholders' equity:
Series A convertible preferred stock, $0.0001 par value: 10,000,000 shares authorized, none issued or outstanding as of September 30, 2024 or December 31, 2023
Common stock, $0.0001 par value; 200,000,000 shares authorized; 15,221,308 and 14,405,325 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1,523	1,441
Additional paid-in capital	69,830,059	61,501,801
Subscription receivable	0	(11,250)
Accumulated deficit	(37,821,394)	(25,856,383)
Total stockholders' equity	32,010,188	35,635,609
Total liabilities and stockholders' equity	$ 35,551,830	$ 41,262,274

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Series A convertible preferred stock, par value	$ 0.0001	$ 0.0001
Series A convertible preferred stock, shares authorized	10,000,000	10,000,000
Series A convertible preferred stock, shares issued	0	0
Series A convertible preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	15,221,308	14,405,325
Common stock, shares outstanding	15,221,308	14,405,325

CONDENSED UNAUDITED INTERIM STA

CONDENSED UNAUDITED INTERIM STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 0	$ 0	$ 3,552,109	$ 0
Operating Expenses:
Research and development	2,223,903	1,592,232	9,928,214	3,891,896
In-process research and development	0	0	25,000	350,000
General and administrative	2,219,545	1,964,990	6,747,790	5,456,087
Depreciation	6,841	6,841	20,521	20,521
Total operating expenses	4,450,289	3,564,063	16,721,525	9,718,504
Loss from operations	(4,450,289)	(3,564,063)	(13,169,416)	(9,718,504)
Other income:
Other income, net	428,871	142,089	1,204,405	464,693
Net loss	$ (4,021,418)	$ (3,421,974)	$ (11,965,011)	$ (9,253,811)
Per share information:
Net loss per share of common stock, basic	$ (0.26)	$ (0.34)	$ (0.8)	$ (0.94)
Net loss per share of common stock, diluted	$ (0.26)	$ (0.34)	$ (0.8)	$ (0.94)
Weighted-average shares of common stock outstanding, basic	15,221,308	9,947,915	14,866,089	9,873,387
Weighted-average shares of common stock outstanding, diluted	15,221,308	9,947,915	14,866,089	9,873,387

CONDENSED UNAUDITED INTERIM S_2

CONDENSED UNAUDITED INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Total	Initial Public Offering Convertible Promissory Notes	Initial Public Offering and Over-Allotment Option	Private Placement	Convertible Preferred Stock Series A	Convertible Preferred Stock Series A Initial Public Offering	Common Stock	Common Stock Initial Public Offering	Common Stock Initial Public Offering Convertible Promissory Notes	Common Stock Initial Public Offering and Over-Allotment Option	Common Stock Private Placement	Additional Paid-in Capital	Additional Paid-in Capital Initial Public Offering	Additional Paid-in Capital Initial Public Offering Convertible Promissory Notes	Additional Paid-in Capital Initial Public Offering and Over-Allotment Option	Additional Paid-in Capital Private Placement	Subscription Receivable	Accumulated Deficit
Balance at Dec. 31, 2022	$ (8,393,545)				$ 8,793,637		$ 259					$ 681,106						$ (17,868,547)
Beginning balance, shares at Dec. 31, 2022					7,500,713		2,590,197
Conversion of convertible instruments upon offering		$ 12,965,480				$ (8,793,637)		$ 132	$ 274				$ 8,793,505	$ 12,965,206
Conversion of convertible instruments upon offering (in shares)						(7,500,713)		1,316,926	2,736,488
Sale of common stock in offering and overallotment option, net of issuance costs			$ 14,136,428							$ 329					$ 14,136,099
Sale of common stock in offering and overallotment option, net of issuance costs (in shares)										3,287,804
Stock-based compensation expense and vesting of restricted stock units	180,387						$ 2					180,385
Stock-based compensation expense and vesting of restricted stock units (in shares)							16,500
Net Income (Loss)	(2,736,462)																	(2,736,462)
Balance at Mar. 31, 2023	16,152,288						$ 996					36,756,301						(20,605,009)
Ending balance, shares at Mar. 31, 2023							9,947,915
Balance at Dec. 31, 2022	(8,393,545)				$ 8,793,637		$ 259					681,106						(17,868,547)
Beginning balance, shares at Dec. 31, 2022					7,500,713		2,590,197
Net Income (Loss)	(9,253,811)
Balance at Sep. 30, 2023	10,088,801						$ 996					37,210,163						(27,122,358)
Ending balance, shares at Sep. 30, 2023							9,947,915
Balance at Mar. 31, 2023	16,152,288						$ 996					36,756,301						(20,605,009)
Beginning balance, shares at Mar. 31, 2023							9,947,915
Stock-based compensation expense	191,110											191,110
Net Income (Loss)	(3,095,375)																	(3,095,375)
Balance at Jun. 30, 2023	13,248,023						$ 996					36,947,411						(23,700,384)
Ending balance, shares at Jun. 30, 2023							9,947,915
Stock-based compensation expense	262,752											262,752
Net Income (Loss)	(3,421,974)																	(3,421,974)
Balance at Sep. 30, 2023	10,088,801						$ 996					37,210,163						(27,122,358)
Ending balance, shares at Sep. 30, 2023							9,947,915
Balance at Dec. 31, 2023	35,635,609						$ 1,441					61,501,801					$ (11,250)	(25,856,383)
Beginning balance, shares at Dec. 31, 2023							14,405,325
Exercise of stock options	1,975											1,975
Exercise of stock options (in shares)							1,829
Proceeds from subscription receivable	11,250																11,250
Exercise of warrants	1,360,457						$ 21					1,509,686					(149,250)
Exercise of warrants (in shares)							206,018
Stock-based compensation expense	435,663											435,663
Net Income (Loss)	(5,051,913)																	(5,051,913)
Balance at Mar. 31, 2024	32,393,041						$ 1,462					63,449,125					(149,250)	(30,908,296)
Ending balance, shares at Mar. 31, 2024							14,613,172
Balance at Dec. 31, 2023	$ 35,635,609						$ 1,441					61,501,801					(11,250)	(25,856,383)
Beginning balance, shares at Dec. 31, 2023							14,405,325
Exercise of stock options (in shares)	1,829
Net Income (Loss)	$ (11,965,011)
Balance at Sep. 30, 2024	32,010,188						$ 1,523					69,830,059						(37,821,394)
Ending balance, shares at Sep. 30, 2024							15,221,308
Balance at Mar. 31, 2024	32,393,041						$ 1,462					63,449,125					(149,250)	(30,908,296)
Beginning balance, shares at Mar. 31, 2024							14,613,172
Sale of common stock in offering and overallotment option, net of issuance costs				$ 4,943,668							$ 60					$ 4,943,608
Sale of common stock in offering and overallotment option, net of issuance costs (in shares)											603,136
Proceeds from subscription receivable	149,250																$ 149,250
Stock-based compensation expense and vesting of restricted stock units	662,321						$ 1					662,320
Stock-based compensation expense and vesting of restricted stock units (in shares)							5,000
Net Income (Loss)	(2,891,680)																	(2,891,680)
Balance at Jun. 30, 2024	35,256,600						$ 1,523					69,055,053						(33,799,976)
Ending balance, shares at Jun. 30, 2024							15,221,308
Stock-based compensation expense	775,006											775,006
Net Income (Loss)	(4,021,418)																	(4,021,418)
Balance at Sep. 30, 2024	$ 32,010,188						$ 1,523					$ 69,830,059						$ (37,821,394)
Ending balance, shares at Sep. 30, 2024							15,221,308

CONDENSED UNAUDITED INTERIM S_3

CONDENSED UNAUDITED INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - Common Stock - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2023
Initial Public Offering and Over-Allotment Option
Issuance costs		$ 2.3
Private Placement [Member]
Issuance costs	$ 0.1

CONDENSED UNAUDITED INTERIM S_4

CONDENSED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (11,965,011)	$ (9,253,811)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation	20,521	20,521
Stock-based compensation, including the issuance of restricted stock	1,872,990	634,249
Acquired in-process research and development assets	25,000	350,000
Changes in operating assets and liabilities:
Collaboration receivable	7,500,000
Prepaids and other current assets	(3,379,449)	314,910
Accounts payable	(773,956)	(177,911)
Accrued expenses	(1,477,041)	(835,689)
Deferred collaboration revenue	297,891
Net cash used in operating activities	(7,879,055)	(8,947,731)
Cash flows from investing activities:
Purchase of in-process research and development assets	(25,000)	(350,000)
Net cash used in investing activities	(25,000)	(350,000)
Cash flows from financing activities:
Proceeds from sale of common stock upon initial public offering, net of offering costs		14,250,311
Proceeds from sale of common stock, net of offering costs	4,943,668
Proceeds from subscription receivable	11,250
Payment of financing costs related to the 2023 Private Placement	(131,918)
Proceeds from the exercise of stock options	1,975
Proceeds from the exercise of warrants	1,509,707
Net cash provided by financing activities	6,334,682	14,250,311
Net increase in cash and cash equivalents	(1,569,373)	4,952,580
Cash and cash equivalents as of beginning of the period	32,626,768	5,933,702
Cash and cash equivalents as of end of the period	$ 31,057,395	10,886,282
Supplemental disclosures of non-cash financing activities:
Conversion of convertible preferred stock upon initial public offering		8,793,637
Conversion of convertible promissory notes upon initial public offering		$ 12,965,480

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,021,418)	$ (2,891,680)	$ (5,051,913)	$ (3,421,974)	$ (3,095,375)	$ (2,736,462)	$ (11,965,011)	$ (9,253,811)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and des cription of business Coya Therapeutics, Inc. (“Coya”, or the “Company”) is a clinical-stage biotechnology company focused on developing proprietary new therapies to enhance the function of Regulatory T cells (“Tregs”). Coya’s initial developmental programs are focused on neurodegenerative, chronic inflammatory, autoimmune, and metabolic diseases of high unmet medical need. Going concern and liquidity The Company has incurred losses since inception, negative cash flows from operations and has an accumulated deficit of $ 37.8 million as of September 30, 2024. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its product candidates currently in development. Substantial additional financing will be needed by the Company to fund its operations and to commercially develop its product candidates. No assurance can be given that any such financing will be available when needed or that the Company’s research and development efforts will be successful. The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements—Going Concern , which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are issued (or when applicable, one year after the date that the financial statements are available to be issued). The Company's cash and cash equivalents of $ 31.1 million as of September 30, 2024 , together with the $ 10.0 million of gross proceeds received from the closing of its private placement in October 2024, are expected to enable the Company to fund its operating expenses and capital expenditure requirements into 2026, at which time the Company will need to secure additional funding. If the Company is unable to obtain additional financing, the lack of liquidity could have a material adverse effect on the Company’s future prospects. The accompanying condensed unaudited interim financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Management is currently evaluating different strategies to obtain the required funding of future operations. These strategies may include, but are not limited to, additional funding from current investors, funding from new investors including strategic corporate investors, and additional registrations of the Company’s common stock. There can be no assurance these future funding efforts will be successful. Risks and uncertainties The Company is subject to a number of risks associated with companies at a similar stage, including dependence on key individuals, competition from similar products and larger companies, volatility of the industry, ability to obtain adequate financing to support growth, the ability to attract and retain additional qualified personnel to manage the anticipated growth of the Company, and general economic conditions.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of presentation and significant accounting policies Basis of presentation The accompanying condensed unaudited interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and Accounting Standards Updates (“ASU”) of the FASB. In the opinion of management, the accompanying condensed unaudited interim financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s balance sheet as of September 30, 2024, and its statements of operations, stockholders’ equity (deficit), and its cash flows for the nine months ended September 30, 2024 and 2023. Operating results for the three and nine months ended September 30, 2024 and 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The condensed unaudited interim financial statements, presented herein do not contain all of the required disclosures under GAAP for annual financial statements. The accompanying condensed unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2023 found in the Annual Report on Form 10-K. Use of estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Significant areas that require management’s estimates include the grant date fair value of stock options (Note 8), the allocation of transaction price as it relates to the Company's DRL Development Agreement, the expected costs to be incurred in the Company's R&D Services performance obligation, and accrued research and development expenses. Fair value of financial instruments Management believes that the carrying amounts of the Company’s cash equivalents, accounts payable, and accrued expenses approximate fair value due to the short-term nature of those instruments. Collaboration revenues The Company’s revenues have been solely generated through the DRL Development Agreement (Note 9), which falls under the scope of ASC Topic 808, Collaborative Arrangements ("ASC 808") as both parties are active participants in the arrangement that are exposed to significant risks and rewards. While this arrangement is within the scope of ASC 808, the Company analogizes to ASC 606 for some aspects of this arrangement, including delivery of a good or service (i.e. unit of account). Revenue recognized by analogizing to ASC 606 is recorded as collaboration revenue on the statements of operations. The terms of the arrangement includes payments to the Company of the following: nonrefundable, up-front license fees; regulatory and commercial milestone payments and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company's revenue arrangements may include the following: Up-front License Fees: If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress utilized for evaluating the Company's progress in performing required R&D Services (as defined below) to meet its performance obligation is the ratio of actual expenses incurred to-date for the advancement of COYA 302 for the treatment of amyotrophic lateral sclerosis ("ALS") compared to the total budgeted expenses of COYA 302 for the treatment of ALS. Milestone Payments: At the inception of an agreement that includes regulatory or commercial milestone payments, the Company evaluates whether each milestone is considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting period, the Company assesses the probability of achievement of each milestone under its current agreements. Royalties: If the Company is entitled to receive sales-based royalties from its collaborator, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, provided the reported sales are reliably measurable, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as collaboration receivable in the Company’s balance sheet. Contract liabilities consist of amounts received prior to satisfying the revenue recognition criteria, which are recorded as deferred collaboration revenue in the Company’s balance sheet. See Note 9 f or a full discussion of the Company’s collaboration arrangement. Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company deposits its cash with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). At times, the Company’s cash balances may exceed the current insured amounts provided by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash and cash equivalents. Research and development costs Research and development costs are expensed as incurred and consist primarily of funds paid to third parties for the provision of services for product candidate development, clinical and preclinical development and related supply and manufacturing costs, regulatory compliance costs, and personnel and stock-based compensation expenses. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the research or development objectives. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record a net prepaid or accrued expense relating to these costs. Upfront milestone payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. In-process research and development Research and development costs incurred in obtaining technology licenses are charged to in-process research and development expense if the technology licensed has not reached technological feasibility which includes manufacturing, clinical, intellectual property and/or regulatory success which has no alternative future use. The licenses purchased by the Company, which are further described in Note 6, require substantial completion of research and development and regulatory and marketing approval efforts in order to reach technological feasibility. As such, since inception, the purchase price of licenses acquired is classified as acquired in-process research and development expenses in the statements of operations. Stock-based compensation The Company measures share-based employee and nonemployee awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company accounts for forfeitures in the period in which they occur. Estimating the fair value of share-based awards requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock, prior to being a publicly-traded company, and, for stock options, the expected life of the options and stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in estimating the fair value of share-based awards represent management’s estimates and involve inherent uncertainties and the application of management’s judgments. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. The expected term of the stock options is estimated using the “simplified method” as the Company does not have sufficient historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option. For stock price volatility, the Company uses comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected term of the option. The expected dividend yield is 0 % because the Company has not historically paid, and does not expect, for the foreseeable future, to pay a dividend on its common stock. Income taxes Income taxes are accounted for under the asset and liability method. The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities, and the expected benefits of net operating loss and income tax credit carryforwards. The impact of changes in tax rates and laws on deferred taxes, if any, applied during the period in which temporary differences are expected to be settled, is reflected in the Company's financial statements in the period of enactment. The measurement of deferred tax assets is reduced, if necessary, if, based on weight of the evidence, it is more likely than not that some, or all, of the deferred tax assets will not be realized. As of September 30, 2024 , the Company has concluded that a full valuation allowance is necessary for all of its net deferred tax assets. The Company had no amounts recorded for uncertain tax positions, interest, or penalties in the accompanying financial statements. Although there are no unrecognized income tax benefits, when applicable, the Company’s policy is to report interest and penalties related to unrecognized income tax benefits as a component of income tax expense. Net loss per share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise of securities, such as common stock warrants and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, potentially dilutive securities are not included in the calculation when the impact is anti-dilutive. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive (unaudited): As of September 30, 2024 2023 Common stock warrants 2,286,223 2,174,737 Stock options 2,233,658 1,238,612 4,519,881 3,413,349 Amounts in the above table reflect the common stock equivalents. Recently issued but not yet adopted accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Company is currently evaluating the effect of this pronouncement on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosure required for income taxes. This ASU is effective for fiscal years beginning after December 16, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The company is currently evaluating the effect of this pronouncements on its disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	3. Fair value measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. In accordance with the fair value hierarchy described above, the following table sets forth the Company’s assets measured at fair value on a recurring basis: September 30, 2024 (unaudited) Note Input Level Fair Value Carrying Assets: Cash and cash equivalents (money market funds) Level 1 $ 31,057,395 $ 31,057,395 December 31, 2023 Note Input Level Fair Value Carrying Assets: Cash and cash equivalents (money market funds) Level 1 $ 32,626,768 $ 32,626,768

Prepaids and Other Current Asse

Prepaids and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaids and Other Current Assets	4. Prepaids and other current assets Prepaids and other current assets consist of: (unaudited) September 30, December 31, 2024 2023 Prepaid research and development $ 4,138,982 $ 125,000 Prepaid insurance 218,098 858,541 Prepaid other 91,926 86,016 $ 4,449,006 $ 1,069,557

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued expenses Accrued expenses consist of: (unaudited) September 30, December 31, 2024 2023 Accrued research and development $ 132,015 $ 686,883 Accrued payroll 819,245 1,081,262 Accrued professional fees 457,975 481,218 Accrued income tax - 723,852 $ 1,409,235 $ 2,973,215

Commitments and Contingencies,

Commitments and Contingencies, Including License and Sponsored Research Agreements	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies, Including License and Sponsored Research Agreements	6. Commitments and contingencies, including license and sponsored research agreements License agreements Dr. Reddy's License and Supply Agreement In March 2023, the Company entered into an exclusive License and Supply Agreement (the "DRL Agreement") with Dr. Reddy's Laboratories Ltd, ("DRL"). The DRL Agreement became effective on April 1, 2023. Pursuant to the terms of the DRL Agreement, the Company will in-license DRL’s proposed abatacept biosimilar for use in the development of Coya’s combination product for neurodegenerative diseases ("COYA 302"). COYA 302 is a dual biologic intended to suppress neuroinflammation via multiple immunomodulatory pathways, for the treatment of neurodegenerative conditions. The DRL Agreement also provides for the license of the Company's low dose IL-2 ("COYA 301") to DRL to permit the commercialization by DRL of COYA 302 in territories not otherwise granted to Coya. In consideration for the license the Company has paid a non-refundable upfront fee of $ 0.4 million. The Company will pay to DRL up to an aggregate of approximately $ 2.9 million of pre-approval regulatory milestone payments for the first indication in the Field (as defined in the DRL Agreement), of which the Company has paid an aggregate of $ 0.2 million to date, and an additional approximately $ 20.0 million if all other development, regulatory approval and sales milestones are incurred under the DRL Agreement. The Company will also pay to DRL a low-six figure milestone payment per additional indication. Further, pursuant to the DRL Agreement, the Company will pay to DRL single-digit royalties on Net Sales (as defined in the DRL Agreement). In December 2023, the Company granted DRL an exclusive, royalty-bearing right and license to commercialize COYA 302 (Note 9). ARS License Agreement In August 2022, the Company entered into a License Agreement (the “ARS License Agreement”) with ARScience Biotherapeutics, Inc. (“ARS”) pursuant to which ARS granted the Company an option, which was exercised in December 2022, to acquire an exclusive, royalty-bearing license for two patents, with the right to grant sublicenses through multiple tiers under these patents (the “ARS Option”). The Company may owe tiered payments to ARS based on its achievement of certain developmental milestones. Under the ARS License Agreement, the Company will pay an aggregate of $ 13.3 million in developmental milestone payments for the first Combination Product (as defined in the ARS License Agreement) in a new indication. The Company will then pay an aggregate of $ 11.6 million in developmental milestone payments for each Combination Product in each subsequent new indication. Further, for the first Mono Product (as defined In the ARS License Agreement) the Company will pay an aggregate of $ 11.8 million in developmental milestone payments. The Company will then pay an aggregate of $ 5.9 million in developmental milestone payments for each Mono Product in each subsequent new indication, and an aggregate of $ 5.9 million if all developmental milestones are achieved for each new indication. The Company will also owe royalties on net sales of licensed products ranging from low to mid-single digit percentages. In the event the Company sublicenses its rights under the ARS License Agreement, the Company will owe royalties on sublicense income within the range of 10 % to 20 %. Houston Methodist Agreements In September 2022, the Company entered into an Amended and Restated Patent Know How and License Agreement, effective as of October 2020 (the “Methodist License Agreement”), with The Methodist Hospital (“Methodist”) to make, sell and sublicense products and services using the intellectual property and know-how of Methodist. As part of the Methodist License Agreement, the Company will pay Methodist a four-figure license maintenance fee annually until the first sale of licensed product occurs. The term of the Methodist License Agreement is effective until no intellectual property patent rights remain, unless terminated sooner by (1) bankruptcy or insolvency, (2) the failure by the Company to monetize the intellectual property within five years of the date of the agreement (further discussed below), (3) due to breach of contract, or (4) at our election for any or no reason. Patent reimbursements paid by the Company to Methodist and its attorneys are included in general and administrative expenses in the accompanying statements of operations. Such costs were immaterial for the three and nine months ended September 30, 2024 and 2023. In addition to the equity issued to Methodist in 2020 and reimbursement of patent related expenses, the Methodist License requires the Company to make payments of up to $ 0.4 million per product candidate in aggregate upon the achievement of specific development and regulatory milestone events by such licensed product. The Company is also required to pay Methodist, on a licensed product-by-licensed product and country-by-country basis, tiered royalties (subject to customary reductions) equal to high-single digit to low-double digit percentages of annual worldwide net sales of such licensed product during a defined royalty term. The Company is also required to pay a low single digit percentage for certain licensed services. Commencing on January 1, 2025, the minimum amount which will be owed by the Company once commercialization occurs is $ 0.1 million annually. The Methodist License Agreement provides that in the event the Company sublicense products and services covered by the Methodist License Agreement, then royalties owed to Houston Methodist would be computed as a percentage of payments received by the Company from the sublicensee. In addition, the termination provisions provide that Houston Methodist may terminate the Methodist License Agreement, among other things, in the event that after five years the Company is not “Actively Attempting to Develop or Commercialize,” as such term is defined in the Methodist License Agreement. Sponsored Research Agreement In May 2023, the Company entered into a Sponsored Research Agreement (“SRA”) with Houston Methodist Research Institute (“HMRI”), a Texas nonprofit corporation and an affiliate of Methodist, in which the Company agreed to fund approximately $ 0.5 million through May 2024. In June 2024, the Company amended the SRA to extend the term through September 2025 and increase agreed funding from $ 0.5 million to $ 1.0 million in total funding. As of September 30, 2024 , the Company funded $ 0.6 million of the total commitment. During the three months ended September 30, 2024 and 2023, the Company incurred $ 0.2 million and $ 0.1 million , respectively, in research and development expenses related to the SRA. During the nine months ended September 30, 2024 and 2023, the Company incurred $ 0.4 million and $ 0.2 million , respectively, in research and development expenses related to the SRA. Employment contracts The Company has entered into employment contracts with its officers and certain employees that provide for severance and continuation of benefits in the event of termination of employment either by the Company without cause or by the employee for good reason, both as defined in the agreements. In addition, in the event of termination of employment following a change in control, as defined in each agreement, either by the Company without cause or by the employee for good reason, any unvested portion of the employee’s initial stock option grant becomes immediately vested. Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no material matters currently outstanding.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity (Deficit)	7. Stockholders’ equity (deficit) Securities purchase agreement On May 17, 2024, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with the Alzheimer's Drug Discovery Foundation (the "ADDF") for the issuance and sale in a private placement of 603,136 shares of the Company's common stock at a purchase price of $ 8.29 per share for net proceeds of $ 4.9 million. In connection with the Securities Purchase Agreement, the Company entered into an Agreement to Accept Conditions for Biotechnology Funding agreement (the "Funding Agreement") with ADDF, pursuant to which the proceeds received in connection with the Securities Purchase agreement shall be used for a Phase 2 study of COYA 302 in FTD. Common stock warrants During its evaluation of equity classification for the Company's common stock warrants, the Company considered the conditions as prescribed within ASC 815-40, Derivatives and Hedging, Contracts in an Entity’s own Equity. The conditions within ASC 815-40 are not subject to a probability assessment. The warrants do not fall under the liability criteria within ASC 480 Distinguishing Liabilities from Equity as they are not puttable and do not represent an instrument that has a redeemable underlying security. The warrants do meet the definition of a derivative instrument under ASC 815, but are eligible for the scope exception as they are indexed to the Company’s own stock and would be classified in permanent equity if freestanding. As of September 30, 2024 , the Company had the following warrants outstanding to acquire shares of its common stock (unaudited): Warrant Type Outstanding Exercise price per share Expiration date Common stock warrants issued related to the IPO 1,345,825 $ 7.50 December 2024 Common stock warrants issued related to the Over-Allotment option 145,000 $ 7.50 December 2024 Common stock warrants issued to underwriters as compensation for IPO 201,803 $ 6.25 December 2026 Common stock warrants issued to placement agent as part of the convertible promissory notes conversion 182,407 $ 6.00 January 2028 Common stock warrants issued in connection with the Series A convertible preferred stock issued in 2020 92,184 $ 9.15 December 2025 Common stock warrants issued as compensation for the 2023 Private Placement 319,004 $ 7.58 December 2027 2,286,223

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	8. Stock-based compensation In January 2021, the Company adopted the 2021 Equity Incentive Plan (“2021 Plan”). The 2021 Plan provides for the granting of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, equity appreciation rights, performance awards, and other equity-based awards. The Company's employees, officers, independent directors, and other persons are eligible to receive awards under the 2021 Plan. The 2021 Plan provides for increases to the number of shares reserved for issuance thereunder each January 1 equal to 4 % of the total shares of the Company's common stock outstanding as of immediately preceding December 31, unless a lesser amount is stipulated by the Company's Board of Directors. Accordingly, 576,213 shares were added to the reserve as of January 1, 2024. On May 8, 2024, the Company's Board of Directors and stockholders approved an increase of 750,000 shares to be authorized for future issuance. As of September 30, 2024, 2,571,073 shares of the Company’s common stock were authorized to be issued under the 2021 Plan, of which 249,617 shares were available for future issuance. The amount, terms of grants, and exercisability provisions are determined and set by the Company's Board of Directors or compensation committee. The Company measures employee stock-based awards at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the award. The Company has recorded stock-based compensation related to its options and RSU's in the accompanying statements of operations as follows (unaudited): Three Months Ended Nine Months Ended 2024 2023 2024 2023 General and administrative $ 473,123 $ 145,394 $ 1,114,480 $ 389,899 Research and development 301,883 117,358 758,510 244,350 $ 775,006 $ 262,752 $ 1,872,990 $ 634,249 Stock options The Company has issued service-based stock options that generally have a contractual life of up to 10 years and may be exercisable in cash or as otherwise determined by the Board of Directors. Vesting generally occurs over a period of not greater than four years . The following table summarizes the activity for the periods indicated (unaudited): Weighted Weighted average Aggregate exercise contractual intrinsic Options price term (years) value Outstanding at January 1, 2024 1,134,145 $ 3.24 8.7 Granted 1,101,342 $ 6.95 Exercised ( 1,829 ) $ 1.08 $ 8,249 Outstanding at September 30, 2024 2,233,658 $ 5.07 8.7 $ 3,914,188 Exercisable at September 30, 2024 904,501 $ 3.66 8.1 $ 2,601,045 Vested and expected to vest at September 30, 2024 2,233,658 $ 5.07 8.7 $ 3,914,188 As of September 30, 2024, the unrecognized compensation cost was $ 6.2 million , and will be recognized over an estimated weighted-average amortization period of 2.2 years. The fair value of options is estimated using the Black-Scholes option pricing model, which takes into account inputs such as the exercise price, the estimated fair value of the underlying common stock at the grant date, expected term, estimated stock price volatility, risk-free interest rate, and dividend yield. The fair value of stock options granted during the period ended September 30, 2024 was determined using the methods and assumptions discussed below. • The expected term of employee stock options with service-based vesting is determined using the “simplified” method, as prescribed in SEC’s Staff Accounting Bulletin (“SAB”) No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to the Company’s lack of sufficient historical data. • The expected stock price volatility is based on historical volatility of comparable public entities within the Company’s industry, which were commensurate with the expected term assumption as described in SAB No. 107. • The risk-free interest rate is based on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the expected term. • The expected dividend yield is 0 % because the Company has not historically paid, and does not expect, for the foreseeable future, to pay a dividend on its common stock. • The Company's common stock became publicly traded on December 29, 2022. However, prior to the Company's common stock being publicly traded, its Board of Directors periodically estimated the fair value of the Company’s common stock considering, among other things, contemporaneous valuations of its common stock prepared by an unrelated third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. The grant date fair value of each option grant for the nine months ended September 30, 2024 and 2023 was estimated using the Black-Scholes option-pricing model using the following weighted-average assumptions (unaudited): Nine Months Ended 2024 2023 Risk-free interest rate 4.2 % 4.1 % Expected term (years) 5.74 5.8 Expected volatility 106.32 % 92.30 % Expected dividend yield - - Restricted stock unit awards During the nine months ended September 30, 2024 , the Company issued 5,000 restricted stock units ("RSU") to an external consultant which immediately vested upon grant. The fair value of an RSU is equal to the fair market value price of the Company's common stock on the date of grant. The stock-based compensation expense was immaterial for nine months ended September 30, 2024 related to these RSUs. The following table summarizes activity related to RSU stock-based payment awards (unaudited): Weighted Number of grant date Shares fair value Beginning balance at January 1, 2024 16,500 $ 4.61 Granted and Vested 5,000 8.02 Ending balance at September 30, 2024 21,500 $ 5.40

DRL Development Agreement

DRL Development Agreement	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DRL Development Agreement	9. DRL Development Agreement In December 2023, the Company entered into a Development and License Agreement (the “DRL Development Agreement”) with DRL and its affiliate, Dr. Reddy's Laboratories SA (collectively, "Dr. Reddy's") , pursuant to which, among other things, the Company granted to Dr. Reddy's an exclusive, royalty-bearing right and license (the "License") to commercialize COYA 302, a proprietary co-pack kit containing low dose IL-2 and CTLA4-Ig, (“COYA 302” or the “Product”) solely for use in patients with amyotrophic lateral sclerosis (“ALS" or the “Field”) in the United States, Canada, the European Union and the United Kingdom (collectively, the “New Territories”). The Company previously granted DRL an exclusive license to obtain regulatory approval and commercialize the Product for ALS and certain other indications in all other countries (other than the New Territories, Japan, Mexico, and in each country in South America), pursuant to the DRL Agreement entered between the Company and DRL, effective as of April 1, 2023 (Note 6). As part of the DRL Development Agreement, the Company is responsible for certain development activities to advance the Product through clinical development ("R&D Services"). In June 2024, the Company entered into the First Amendment to the DRL Development Agreement (the "First Amendment"), with DRL and Dr. Reddy's, pursuant to which, among other things, Dr. Reddy's paid the Company a one-time payment of $ 3.9 million and, in return, Dr. Reddy's will have no obligation to pay the first $ 6.0 million in royalty payments that would have otherwise been payable to the Company under the DRL Development Agreement. The collaboration is managed by a joint steering committee (“JSC”) which is comprised of representatives from both parties. Decisions of the JSC are made by consensus. If the JSC is unable to reach a consensus, and the parties’ executives are not able to resolve the dispute, then Dr. Reddy’s has final decision-making authority, subject to specified limitations (as set forth in the DRL Development Agreement). Pursuant to the DRL Development Agreement, the Company received an up-front, nonrefundable payment of $ 7.5 million in January 2024. Additionally, the Company is entitled to receive (i) an additional $ 4.2 million upon acceptance by the U.S. Food and Drug Administration (the " FDA") of an Investigational New Drug ("IND"), application for COYA 302 for the treatment of ALS and (ii) an additional $ 4.2 million payment upon the dosing of the first patient in the first phase 2 clinical trial for COYA 302 for the treatment of ALS in the United States. The DRL Development Agreement also calls for up to an aggregate of approximately $ 40.0 million in development milestones and up to an aggregate of approximately $ 677.3 million in sales milestones, related to the New Territories, should all such development and sales milestones be achieved. The Company will also be owed royalties by Dr. Reddy's on Net Sales (as defined in the DRL Development Agreement) of the Product in the low to mid-teens. Pursuant to the First Amendment, as discussed above, the first $ 6.0 million of royalty payments will not be owed to the Company. Both parties shall discuss in good faith and agree in writing on the terms of a commercial supply agreement for the purpose of supply of COYA 302 to Dr. Reddy’s. No such agreement has been entered into at the time of the filing of this Quarterly Report on Form 10-Q. The DRL Development Agreement expires on a country-by-country basis upon expiration of Dr. Reddy's obligation to make royalty payments for Product in each territory. Dr. Reddy's has the right to terminate the agreement upon specified prior written notice to the Company. Additionally, either party may terminate the agreement in the event of an uncured material breach of the agreement by, or insolvency of, the other party. Either party may terminate the agreement in the event that the other party commences a legal action challenging the validity, enforceability or scope of any licensed patent rights. In accordance with the guidance, the Company identified the following commitments under the arrangement: 1) the License and 2) the R&D Services. The Company determined that these two commitments represent distinct performance obligations for purposes of recognizing revenue as the Company fulfills these performance obligations. The Company included the $ 7.5 million upfront payment in the transaction price as of the outset of the arrangement and allocated that transaction price to the two performance obligations based on the estimated stand-alone selling prices at contract inception. The stand-alone selling price of the License was based on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, development timeline, regulatory risks, estimated market demand and future revenue potential using an adjusted market approach. The stand-alone selling price of the R&D Services was estimated using the expected cost-plus margin approach. The Company has recognized the License portion of the transaction price of $ 6.0 million in prior periods upon delivery of the License . The Company will recognize the remaining transaction price of $ 1.5 million allocated to the R&D Services over the period of performance, using an inputs approach. In June 2024, the transaction price was increased by the $ 3.9 million payment received in connection with the First Amendment, which did not add any additional performance obligations. As such, the Company allocated the increase in transaction price to the License and R&D Services performance obligation in the same manner as was performed at contract inception using the estimated standalone selling price. The $ 3.9 million increase in transaction price resulted in an increase of License revenue of $ 3.1 million during the nine months ended September 30, 2024, representing a cumulative catch-up of for the License transfer in 2023. The cumulative catch-up for R&D Services was immaterial. During the nine months ended September 30, 2024 , the Company recognized $ 0.3 million of collaboration revenue which was included in deferred revenue as of December 31, 2023, associated with the performance of R&D Services. Any portion of a change in transaction price that is allocated to a satisfied or partially satisfied performance obligation will be recognized as revenue (or as a reduction in revenue) in the period of the transaction price change on a cumulative catch-up basis. The commercial milestones and sales-based royalties will be recognized when earned (i.e., the later of when the subsequent sales occur or the performance obligation has been satisfied). As of September 30, 2024, $ 1.8 million of the payments received from Dr. Reddy's was recorded in deferred revenue in the accompanying balance sheets, of which $ 0.6 million is estimated to be recognized within one year . In the third quarter of 2024, the FDA contacted the Company stating that additional non-clinical data must be submitted prior to initiating the Company's planned randomized, double-blind placebo-controlled Phase 2 study of COYA 302 in patients with ALS. As a result, the Company's estimated cost to fulfill the R&D Services performance obligation increased and the time period to satisfy the performance obligation was extended. R&D Services revenue is calculated quarterly using the inputs approach, by applying actual COYA 302 expenses against budgeted COYA 302 expenses as the inputs. Budgeted spending for COYA 302 includes total forecasted pre-clinical and clinical costs, associated with the advancement of COYA 302 for the treatment of patients with ALS, necessary to satisfy the R&D Services performance obligation. The increase in budgeted COYA 302 expenses offset the actual COYA 302 expenses incurred during the third quarter of 2024, which resulted in immaterial movements of R&D Services revenue. As such, no R&D Services revenue was recorded during the three months ended September 30, 2024.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent events The Company has evaluated subsequent events through November 6, 2024, the date at which the condensed unaudited interim financial statements were available to be issued and has not identified any requiring disclosure except as noted below. Effective November 1, 2024, Arun Swaminathan Ph.D. succeeded Dr. Howard Berman as Chief Executive Officer, who will continue to serve in the capacity of director and Executive Chair. On October 21, 2024, the Company entered into a Securities Purchase Agreement with certain accredited investors, majority of which were existing institutional stockholders of the Company, for the issuance and sale in a private placement of 1,379,314 shares of the Company's common stock. The offering resulted in gross proceeds of $ 10.0 million, at a price of $ 7.25 per share of common stock, before deducting placement agent commissions and other offering expenses.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying condensed unaudited interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and Accounting Standards Updates (“ASU”) of the FASB. In the opinion of management, the accompanying condensed unaudited interim financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s balance sheet as of September 30, 2024, and its statements of operations, stockholders’ equity (deficit), and its cash flows for the nine months ended September 30, 2024 and 2023. Operating results for the three and nine months ended September 30, 2024 and 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The condensed unaudited interim financial statements, presented herein do not contain all of the required disclosures under GAAP for annual financial statements. The accompanying condensed unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2023 found in the Annual Report on Form 10-K.
Use of Estimates	Use of estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Significant areas that require management’s estimates include the grant date fair value of stock options (Note 8), the allocation of transaction price as it relates to the Company's DRL Development Agreement, the expected costs to be incurred in the Company's R&D Services performance obligation, and accrued research and development expenses.
Fair Value of Financial Instruments	Fair value of financial instruments Management believes that the carrying amounts of the Company’s cash equivalents, accounts payable, and accrued expenses approximate fair value due to the short-term nature of those instruments.
Collaboration Revenues	Collaboration revenues The Company’s revenues have been solely generated through the DRL Development Agreement (Note 9), which falls under the scope of ASC Topic 808, Collaborative Arrangements ("ASC 808") as both parties are active participants in the arrangement that are exposed to significant risks and rewards. While this arrangement is within the scope of ASC 808, the Company analogizes to ASC 606 for some aspects of this arrangement, including delivery of a good or service (i.e. unit of account). Revenue recognized by analogizing to ASC 606 is recorded as collaboration revenue on the statements of operations. The terms of the arrangement includes payments to the Company of the following: nonrefundable, up-front license fees; regulatory and commercial milestone payments and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company's revenue arrangements may include the following: Up-front License Fees: If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress utilized for evaluating the Company's progress in performing required R&D Services (as defined below) to meet its performance obligation is the ratio of actual expenses incurred to-date for the advancement of COYA 302 for the treatment of amyotrophic lateral sclerosis ("ALS") compared to the total budgeted expenses of COYA 302 for the treatment of ALS. Milestone Payments: At the inception of an agreement that includes regulatory or commercial milestone payments, the Company evaluates whether each milestone is considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting period, the Company assesses the probability of achievement of each milestone under its current agreements. Royalties: If the Company is entitled to receive sales-based royalties from its collaborator, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, provided the reported sales are reliably measurable, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as collaboration receivable in the Company’s balance sheet. Contract liabilities consist of amounts received prior to satisfying the revenue recognition criteria, which are recorded as deferred collaboration revenue in the Company’s balance sheet. See Note 9 f or a full discussion of the Company’s collaboration arrangement.
Concentration of Credit Risk	Concentration of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company deposits its cash with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). At times, the Company’s cash balances may exceed the current insured amounts provided by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash and cash equivalents.
Research and Development Costs	Research and development costs Research and development costs are expensed as incurred and consist primarily of funds paid to third parties for the provision of services for product candidate development, clinical and preclinical development and related supply and manufacturing costs, regulatory compliance costs, and personnel and stock-based compensation expenses. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the research or development objectives. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record a net prepaid or accrued expense relating to these costs. Upfront milestone payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered.
In-Process Research and Development	In-process research and development Research and development costs incurred in obtaining technology licenses are charged to in-process research and development expense if the technology licensed has not reached technological feasibility which includes manufacturing, clinical, intellectual property and/or regulatory success which has no alternative future use. The licenses purchased by the Company, which are further described in Note 6, require substantial completion of research and development and regulatory and marketing approval efforts in order to reach technological feasibility. As such, since inception, the purchase price of licenses acquired is classified as acquired in-process research and development expenses in the statements of operations.
Stock-based Compensation	Stock-based compensation The Company measures share-based employee and nonemployee awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company accounts for forfeitures in the period in which they occur. Estimating the fair value of share-based awards requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock, prior to being a publicly-traded company, and, for stock options, the expected life of the options and stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in estimating the fair value of share-based awards represent management’s estimates and involve inherent uncertainties and the application of management’s judgments. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. The expected term of the stock options is estimated using the “simplified method” as the Company does not have sufficient historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option. For stock price volatility, the Company uses comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected term of the option. The expected dividend yield is 0 % because the Company has not historically paid, and does not expect, for the foreseeable future, to pay a dividend on its common stock.
Income Taxes	Income taxes Income taxes are accounted for under the asset and liability method. The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities, and the expected benefits of net operating loss and income tax credit carryforwards. The impact of changes in tax rates and laws on deferred taxes, if any, applied during the period in which temporary differences are expected to be settled, is reflected in the Company's financial statements in the period of enactment. The measurement of deferred tax assets is reduced, if necessary, if, based on weight of the evidence, it is more likely than not that some, or all, of the deferred tax assets will not be realized. As of September 30, 2024 , the Company has concluded that a full valuation allowance is necessary for all of its net deferred tax assets. The Company had no amounts recorded for uncertain tax positions, interest, or penalties in the accompanying financial statements. Although there are no unrecognized income tax benefits, when applicable, the Company’s policy is to report interest and penalties related to unrecognized income tax benefits as a component of income tax expense.
Net Loss Per Share	Net loss per share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise of securities, such as common stock warrants and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, potentially dilutive securities are not included in the calculation when the impact is anti-dilutive. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive (unaudited): As of September 30, 2024 2023 Common stock warrants 2,286,223 2,174,737 Stock options 2,233,658 1,238,612 4,519,881 3,413,349 Amounts in the above table reflect the common stock equivalents.
Recently issued but not yet adopted accounting pronouncements	Recently issued but not yet adopted accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Company is currently evaluating the effect of this pronouncement on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosure required for income taxes. This ASU is effective for fiscal years beginning after December 16, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The company is currently evaluating the effect of this pronouncements on its disclosures.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares of Common Stock Outstanding	The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive (unaudited): As of September 30, 2024 2023 Common stock warrants 2,286,223 2,174,737 Stock options 2,233,658 1,238,612 4,519,881 3,413,349

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Company's Assets Measured at Fair Value on a Recurring Basis	In accordance with the fair value hierarchy described above, the following table sets forth the Company’s assets measured at fair value on a recurring basis: September 30, 2024 (unaudited) Note Input Level Fair Value Carrying Assets: Cash and cash equivalents (money market funds) Level 1 $ 31,057,395 $ 31,057,395 December 31, 2023 Note Input Level Fair Value Carrying Assets: Cash and cash equivalents (money market funds) Level 1 $ 32,626,768 $ 32,626,768

Prepaids and Other Current As_2

Prepaids and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaids and Other Current Assets	Prepaids and other current assets consist of: (unaudited) September 30, December 31, 2024 2023 Prepaid research and development $ 4,138,982 $ 125,000 Prepaid insurance 218,098 858,541 Prepaid other 91,926 86,016 $ 4,449,006 $ 1,069,557

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of: (unaudited) September 30, December 31, 2024 2023 Accrued research and development $ 132,015 $ 686,883 Accrued payroll 819,245 1,081,262 Accrued professional fees 457,975 481,218 Accrued income tax - 723,852 $ 1,409,235 $ 2,973,215

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Warrants Outstanding to Acquire Shares of Common Stock	As of September 30, 2024 , the Company had the following warrants outstanding to acquire shares of its common stock (unaudited): Warrant Type Outstanding Exercise price per share Expiration date Common stock warrants issued related to the IPO 1,345,825 $ 7.50 December 2024 Common stock warrants issued related to the Over-Allotment option 145,000 $ 7.50 December 2024 Common stock warrants issued to underwriters as compensation for IPO 201,803 $ 6.25 December 2026 Common stock warrants issued to placement agent as part of the convertible promissory notes conversion 182,407 $ 6.00 January 2028 Common stock warrants issued in connection with the Series A convertible preferred stock issued in 2020 92,184 $ 9.15 December 2025 Common stock warrants issued as compensation for the 2023 Private Placement 319,004 $ 7.58 December 2027 2,286,223

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Based Compensation in Statement of Operations	The Company has recorded stock-based compensation related to its options and RSU's in the accompanying statements of operations as follows (unaudited): Three Months Ended Nine Months Ended 2024 2023 2024 2023 General and administrative $ 473,123 $ 145,394 $ 1,114,480 $ 389,899 Research and development 301,883 117,358 758,510 244,350 $ 775,006 $ 262,752 $ 1,872,990 $ 634,249
Summary of Stock Options Activity	The following table summarizes the activity for the periods indicated (unaudited): Weighted Weighted average Aggregate exercise contractual intrinsic Options price term (years) value Outstanding at January 1, 2024 1,134,145 $ 3.24 8.7 Granted 1,101,342 $ 6.95 Exercised ( 1,829 ) $ 1.08 $ 8,249 Outstanding at September 30, 2024 2,233,658 $ 5.07 8.7 $ 3,914,188 Exercisable at September 30, 2024 904,501 $ 3.66 8.1 $ 2,601,045 Vested and expected to vest at September 30, 2024 2,233,658 $ 5.07 8.7 $ 3,914,188
Summary of Estimated Black-Scholes Option-Pricing Model Using the Weighted-Average Assumptions	The grant date fair value of each option grant for the nine months ended September 30, 2024 and 2023 was estimated using the Black-Scholes option-pricing model using the following weighted-average assumptions (unaudited): Nine Months Ended 2024 2023 Risk-free interest rate 4.2 % 4.1 % Expected term (years) 5.74 5.8 Expected volatility 106.32 % 92.30 % Expected dividend yield - -
Summary of RSU Stock-Based Payment Awards Activity	The following table summarizes activity related to RSU stock-based payment awards (unaudited): Weighted Number of grant date Shares fair value Beginning balance at January 1, 2024 16,500 $ 4.61 Granted and Vested 5,000 8.02 Ending balance at September 30, 2024 21,500 $ 5.40

Organization and Description _2

Organization and Description of Business - Additional Information (Detail) - USD ($)	1 Months Ended
	Oct. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Organization Consolidation and Presentation of Financial Statements [Line Items]
Accumulated deficit		$ 37,821,394	$ 25,856,383
Cash and cash equivalents		$ 31,057,395	$ 32,626,768
Subsequent Event
Organization Consolidation and Presentation of Financial Statements [Line Items]
Gross proceeds received from closing	$ 10,000,000

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Significant Accounting Policies [Line Items]
Expected dividend yield	0%

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Schedule of Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares of Common Stock Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,519,881	3,413,349
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,286,223	2,174,737
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,233,658	1,238,612

Fair Value Measurements - Summa

Fair Value Measurements - Summary Of Company's Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents (money market funds), Carrying Value	$ 31,057,395	$ 32,626,768
Fair Value, Recurring | Level 1
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents (money market funds), Fair Value	31,057,395	32,626,768
Cash and cash equivalents (money market funds), Carrying Value	$ 31,057,395	$ 32,626,768

Prepaids and Other Current As_3

Prepaids and Other Current Assets - Schedule of Prepaids and Other Current Assets (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development	$ 4,138,982	$ 125,000
Prepaid insurance	218,098	858,541
Prepaid other	91,926	86,016
Prepaids and other current assets	$ 4,449,006	$ 1,069,557

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development	$ 132,015	$ 686,883
Accrued payroll	819,245	1,081,262
Accrued professional fees	457,975	481,218
Accrued income tax	0	723,852
Accrued expenses	$ 1,409,235	$ 2,973,215

Commitments and Contingencies_2

Commitments and Contingencies, Including License and Sponsored Research Agreements - Additional Information (Details) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 01, 2025	Mar. 16, 2023	Oct. 06, 2020	Aug. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 04, 2023
Minimum
Commitments And Contingencies [Line Items]
Percentage of royalties owed on sublicense income				10%
Maximum
Commitments And Contingencies [Line Items]
Percentage of royalties owed on sublicense income				20%
DRL Agreement
Commitments And Contingencies [Line Items]
Aggregate regulatory milestone payments		$ 200,000
License agreement upfront fee		400,000
Pre-approval regulatory milestone payments		2,900,000
Additional payments of other development and sales milestones		$ 20,000,000
ARScience License Agreement
Commitments And Contingencies [Line Items]
Developmental milestones				$ 5,900,000
ARScience License Agreement | First Combination Product
Commitments And Contingencies [Line Items]
Developmental milestones				13,300,000
ARScience License Agreement | Combination Product
Commitments And Contingencies [Line Items]
Developmental milestones				11,600,000
ARScience License Agreement | First Mono Product
Commitments And Contingencies [Line Items]
Developmental milestones				11,800,000
ARScience License Agreement | Mono Product
Commitments And Contingencies [Line Items]
Developmental milestones				$ 5,900,000
Methodist License
Commitments And Contingencies [Line Items]
License termination condition description.							The Methodist License Agreement provides that in the event the Company sublicense products and services covered by the Methodist License Agreement, then royalties owed to Houston Methodist would be computed as a percentage of payments received by the Company from the sublicensee. In addition, the termination provisions provide that Houston Methodist may terminate the Methodist License Agreement, among other things, in the event that after five years the Company is not “Actively Attempting to Develop or Commercialize,” as such term is defined in the Methodist License Agreement.
Maximum aggregate amount payable upon milestone achievement of specific development and regulatory events.			$ 400,000
Methodist research fund									$ 500,000
Methodist License | Scenario Forecast
Commitments And Contingencies [Line Items]
Minimum annual amount owned upon commercialization	$ 100,000
Sponsored Research Agreement
Commitments And Contingencies [Line Items]
Minimum Total Funding							$ 500,000
Maximim Total Funding							1,000,000
Total fund							600,000
Research and development expenses					$ 200,000	$ 100,000	$ 400,000	$ 200,000

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) - Schedule of Warrants Outstanding to Acquire Shares of Common Stock (Details) - Common Stock Warrants	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Outstanding	2,286,223
Series A Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Outstanding	92,184
Exercise price per share | $ / shares	$ 9.15
Expiration date	2025-12
IPO
Class of Warrant or Right [Line Items]
Outstanding	1,345,825
Exercise price per share | $ / shares	$ 7.5
Expiration date	2024-12
Over-Allotment
Class of Warrant or Right [Line Items]
Outstanding	145,000
Exercise price per share | $ / shares	$ 7.5
Expiration date	2024-12
Underwriters
Class of Warrant or Right [Line Items]
Outstanding	201,803
Exercise price per share | $ / shares	$ 6.25
Expiration date	2026-12
Placement Agent | Convertible Promissory Notes
Class of Warrant or Right [Line Items]
Outstanding	182,407
Exercise price per share | $ / shares	$ 6
Expiration date	2028-01
2023 Private Placement
Class of Warrant or Right [Line Items]
Outstanding	319,004
Exercise price per share | $ / shares	$ 7.58
Expiration date	2027-12

Stockholders' equity (deficit_3

Stockholders' equity (deficit) - Additional Information (Details) - Private Placement $ / shares in Units, $ in Millions	May 17, 2024 USD ($) $ / shares shares
Investment Company, Change in Net Assets [Line Items]
Stock issued during period, shares | shares	603,136
Sale of stock per share | $ / shares	$ 8.29
Proceeds from Issuance of Private Placement | $	$ 4.9

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 08, 2024	Jan. 01, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based stock options that generally have a contractual life				8 years 8 months 12 days		8 years 8 months 12 days
Unrecognized compensation cost		$ 6,200,000		$ 6,200,000
Weighted-average amortization period				2 years 2 months 12 days
Expected dividend yield				0%
Stock-based compensation expense		$ 775,006	$ 262,752	$ 1,872,990	$ 634,249
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield				0%
Stock Options | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based stock options that generally have a contractual life				10 years
Vesting period				4 years
Restricted Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award,equity instruments other than options, grants				5,000
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of increase in number of shares reserved for issuance	4%
Common stock were authorized to be issued		2,571,073		2,571,073
Shares were available for future issuance		249,617		249,617			750,000	576,213

Stock-based compensation - Summ

Stock-based compensation - Summary of Stock Based Compensation in Statement of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 775,006	$ 262,752	$ 1,872,990	$ 634,249
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	473,123	145,394	1,114,480	389,899
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 301,883	$ 117,358	$ 758,510	$ 244,350

Stock-based compensation - Su_2

Stock-based compensation - Summary of Stock Options Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Outstanding at January 1, 2024, Options	1,134,145
Granted, Options	1,101,342
Exercised, Options	(1,829)
Outstanding at September 30, 2024, Options	2,233,658	1,134,145
Exercisable at September 30, 2024, Options	904,501
Vested and expected to vest at September 30, 2024, Options	2,233,658
Outstanding at January 1, 2024, Weighted average exercise price	$ 3.24
Granted, Weighted average exercise price	6.95
Exercised, Weighted average exercise price	1.08
Outstanding at September 30, 2024, Weighted average exercise price	5.07	$ 3.24
Exercisable at September 30, 2024 Weighted average exercise price	3.66
Vested and expected to vest at September 30, 2024, Weighted average exercise price	$ 5.07
Outstanding, Weighted average remaining contractual term (years)	8 years 8 months 12 days	8 years 8 months 12 days
Exercisable at September 30, 2024, Weighted average remaining contractual term (years)	8 years 1 month 6 days
Vested and expected to vest at September 30, 2024, Weighted average remaining contractual term (years)	8 years 8 months 12 days
Outstanding at January 1, 2024, Aggregate intrinsic value	$ 3,914,188
Exercised, Aggregate intrinsic value	8,249
Outstanding at September 30, 2024, Aggregate intrinsic value	3,914,188
Exercisable at September 30, 2024 Aggregate intrinsic value	2,601,045
Vested and expected to vest at September 30, 2024, Aggregate intrinsic value	$ 3,914,188

Stock-based compensation - Su_3

Stock-based compensation - Summary of Estimated Black-Scholes Option-Pricing Model Using the Weighted-Average Assumptions (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.20%	4.10%
Expected term (years)	5 years 8 months 26 days	5 years 9 months 18 days
Expected volatility	106.32%	92.30%

Stock-based compensation - Su_4

Stock-based compensation - Summary of RSU Stock-Based Payment Awards Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance at January 1, 2024, Number of Shares | shares	16,500
Granted and Vested, Number of Shares | shares	5,000
Ending balance at September 30, 2024, Number of Shares | shares	21,500
Beginning balance at January 1, 2024, Weighted average grant date fair value | $ / shares	$ 4.61
Granted and Vested, Weighted average grant date fair value | $ / shares	8.02
Ending balance at September 30, 2024, Weighted average grant date fair value | $ / shares	$ 5.4

DRL Development Agreement - Add

DRL Development Agreement - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2024	Jan. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred collaboration revenue		$ 574,685	$ 1,222,596	$ 1,222,596
Deferred Revenue, Current, Total		923,109	573,089	573,089
DRL Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront nonrefundable payment receivable			7,500,000	7,500,000	$ 7,500,000
Transaction price allocated to performance obligation, revenue recognized				6,000,000
Deferred collaboration revenue			1,800,000	1,800,000
Deferred Revenue, Current, Total			600,000	600,000
CollaborationRevenue				300,000
DRL Collaboration Agreement | First Amendment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time payment	$ 3,900,000
Royalty payments	6,000,000
Transaction price	$ 3,900,000
DRL Collaboration Agreement | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental milestones		40,000,000
Sales milestones		677,300,000
DRL Collaboration Agreement | Treatment for ALS
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional Payment entitled to receive		4,200,000
Addtional payment receivable upon dosing of the first patient		$ 4,200,000
DRL Collaboration Agreement | R&D Services
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price allocated to performance obligation			1,500,000	1,500,000
DRL Collaboration Agreement | R&D Services | First Amendment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price			$ 0
DRL Collaboration Agreement | License | First Amendment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price				$ 3,100,000

DRL Development Agreement - A_2

DRL Development Agreement - Additional Information (Details1)	Sep. 30, 2024
DRL Development Agreement [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event $ / shares in Units, $ in Millions	Oct. 21, 2024 USD ($) $ / shares shares
Subsequent Event [Line Items]
Common stock issued (in shares) | shares	1,379,314
Sale of stock per share | $ / shares	$ 7.25
Proceeds from issuance of private placement | $	$ 10