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Investing.com -- Coya Therapeutics Inc (NASDAQ:COYA) stock dropped 11% in premarket trading Friday after the clinical-stage biotechnology company announced it had priced a public offering of its common stock.
The company is offering 3,636,364 shares at $5.50 per share, expecting to raise approximately $20 million in gross proceeds before deducting underwriting discounts, commissions, and offering expenses. Coya has also granted the underwriter a 30-day option to purchase up to an additional 545,454 shares at the same price.
Coya Therapeutics, which focuses on developing biologics that enhance regulatory T cell function for neurodegenerative disorders, plans to use the net proceeds for working capital and general corporate purposes, including funding its clinical development plan.
Lucid Capital Markets is serving as the sole book-running manager for the offering, while Allele Capital Partners, LLC, through its executing broker-dealer Wilmington Capital Securities, LLC, is acting as financial advisor to the company.
The public offering is expected to close on or about October 27, 2025, subject to customary closing conditions.
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