10-K/A

 UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 FORM 10-K

 Amendment No. 1

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024
 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 FOR THE TRANSITION PERIOD FROM TO
 Commission File Number 001-41583

 Coya Therapeutics, Inc.
 (Exact name of Registrant as specified in its Charter)

 Delaware

 85-4017781

 (State or other jurisdiction of
 incorporation or organization)

 (I.R.S. Employer
 Identification No.)

 5850 San Felipe St., Suite 500
 Houston, TX

 77057

 (Address of principal executive offices)

 (Zip Code)

 Registrant's telephone number, including area code: ( 800) 587-8170

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading
 Symbol(s)

 Name of each exchange
 on which registered

 Common Stock, par value $0.0001 per share

 COYA

 The Nasdaq Stock Market LLC

 Securities registered pursuant to Section 12(g) of the Act: None

 Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No
 Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
 Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
 filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2
 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2
 of the Exchange Act). Yes No
 The aggregate market value of the voting and non-voting
 common equity held by non-affiliates
 of the Registrant, based on the closing price of the shares of common stock on the Nasdaq Capital Market on June 30, 2024, was approximately $ 85,212,539.
 The number of shares of Registrant's common stock outstanding as of March 14, 2025 was 16,724,998.
 DOCUMENTS INCORPORATED BY REFERENCE
 None.

 Auditor Firm Id: 410

 Auditor Name: Weaver and Tidwell, L.L.P.

 Auditor Location: Austin, Texas

 EXPLANATORY NOTE
 Coya Therapeutics, Inc. is filing this Amendment No. 1 (the "Amendment No. 1") to the Company's Annual Report on Form 10-K
 for the fiscal year ended December 31, 2024 (the "Original Form 10-K"),
 filed with the Securities and Exchange Commission (the "SEC") on March 18, 2025, only for the purpose of including the Part III information required under the instructions to Form 10-K
 and the general rules and regulations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which information was previously omitted from the Original Form 10-K
 in reliance on General Instruction G(3) to Form 10-K,
 which permits the omitted information to be incorporated in the Original Form 10-K
 by reference from our definitive proxy statement if such definitive proxy statement is filed no later than 120 days after our fiscal year-end.

 This Amendment No. 1 amends and restates only Part III, Items 10, 11, 12, 13, and 14, and amends Part IV, Item 15 of the Original Form 10-K.
 In addition, this Amendment No. 1 deletes the reference on the cover of the Original Form 10-K
 to the incorporation by reference of portions of our proxy statement into Part III of the Original Form 10-K.
 No other Items of the Original Form 10-K
 have been amended or revised in this Amendment No. 1, and all such other Items shall be as set forth in the Original Form 10-K.

 In addition, pursuant to SEC rules, Item 15 of Part IV of the Original Form 10-K
 is hereby amended solely to include, as Exhibits 31.3 and 31.4, new certifications of our principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Because no financial statements are included in this Amendment No. 1 and this Amendment No. 1 does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K,
 paragraphs 3, 4, and 5 of such certifications have been omitted. We are not including new certifications required by Section 906 of the Sarbanes-Oxley Act of 2002, as no financial statements are included in this Amendment No. 1.
 Except as expressly set forth herein, no other information has been updated for any subsequent events occurring after March 18, 2025, the date of the filing of the Original Form 10-K.
 Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K
 and our other filings made with the SEC subsequent to the filing of the Original Form 10-K.
 Unless the context otherwise requires, references in this Amendment No. 1 to "Coya," the "Company," "we," "us," or "our" mean Coya Therapeutics, Inc.

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accounting Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Item 16.

 Form 10-K Summary

 i

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
 Some of the statements made under the headings "Summary," "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Annual Report on Form 10-K contain forward-looking statements that reflect our plans, beliefs, expectations and current views with respect to, among other things, future events and financial performance.
 Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often characterized by the use of words such as "believe," "can," "could," "potential," "plan," "predict," "goals," "seek," "should," "may," "may have," "would," "estimate," "continue," "anticipate," "intend," "expect" or by discussions of strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from historical results or any future results, performance or achievements expressed, suggested or implied by such forward-looking statements. These include, but are not limited to, statements about:

 •

 our ability to develop, obtain regulatory approval for and commercialize our product candidates;

 •

 the timing of future investigational new drug ("IND") submissions, initiation of preclinical studies and clinical trials, and timing of expected clinical results for our product candidates;

 •

 our success in early preclinical studies, which may not be indicative of results obtained in later studies or clinical trials;

 •

 the outbreak of public health emergencies, epidemics, pandemics, which could adversely impact our business, including our preclinical studies and any future clinical trials;

 •

 the potential benefits of our product candidates;

 •

 our ability to identify patients with the diseases treated by our product candidates, and to enroll patients in clinical trials;

 •

 the success of our efforts to expand our pipeline of product candidates and develop marketable products through the use of our potential therapeutic modalities;

 •

 our expectations regarding collaborations and other agreements with third parties and their potential benefits;

 •

 our ability to obtain, maintain and protect our intellectual property;

 •

 our reliance upon intellectual property licensed from third parties;

 •

 impacts of increased trade tariffs, import quotas or other trade restrictions or measures taken by the United States and other countries, including the recent and potential changes in U.S. trade policies that may be made by the Trump presidential administration;

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 our ability to identify, recruit and retain key personnel;

 •

 our financial performance;

 •

 developments or projections relating to our competitors or our industry;

 •

 the impact of laws and regulations;

 •

 our expectations regarding the time during which we will be an emerging growth company under the JOBS Act; and

 •

 other factors and assumptions described in this Annual Report on Form 10-K under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Our Business", and elsewhere in this Annual Report on Form 10-K.

 These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them. The inclusion of this forward-looking information should not be regarded as a representation by us, the underwriters or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Forward-looking statements made in this Annual Report on Form 10-K speak only as of the date of this Annual Report on Form 10-K, and we undertake no obligation to update them in light of new information or future events, except as required by law.
 You should carefully consider the above factors, as well as the factors discussed elsewhere in this Annual Report on Form 10-K, including under "Risk Factors," before deciding to invest in our securities. The factors identified above should not be construed as an exhaustive list of factors that could affect our future results and should be read in conjunction with the other cautionary statements that are included in this Annual Report on Form 10-K. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. If any of these trends, risks or uncertainties actually occurs or continues, our business, revenue and financial results could be harmed, the trading prices of our securities could decline and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 The following table sets forth certain information regarding our current executive officers and directors.

 Name

 Age

 Position(s)

 Arun Swaminathan, Ph. D.

 Chief Executive Officer, Director

 David Snyder, MBA

 Chief Financial Officer, Chief Operating Officer

 Fred Grossman, DO, FAPA

 Chief Medical Officer

 Howard Berman, Ph. D.

 Director, Executive Chairman, Former Chief Executive Officer

 Ann Lee, Ph. D.

 Anabella Villalobos

 Dov Goldstein

 Wilbur Ross

 Dieter Weinand

 The following biographical descriptions set forth certain information with respect to our current executive officers and directors.
 Officers
 Arun Swaminathan, Ph. D. has over 20 years of hands-on healthcare business executive experience with an emphasis on corporate and business development, strategy, and finance. Dr. Swaminathan joined Coya as Chief Business Officer in April 2023. He became a member of the Board of Directors in August 2024 and assumed the role of Chief Executive Officer in November 2024. We benefit from Dr. Swaminathan's strategic, business development, operational, and deal making experience, and we look to Dr. Swaminathan to guide us through our next phase in the company's growth. Prior to joining Coya, Dr. Swaminathan served as Chief Business Officer (CBO) for Actinium Pharmaceuticals (NYSE: ATNM) from September 2021 to March 2023, where he was responsible for all business development. Prior to Actinium, he was the CBO at Alteogen (196170.KQ) from December 2018 to September 2021. From March 2016 to March 2020, he co-founded and served as CEO of Lynkogen Inc., a pre-clinical stage biotechnology company. Dr. Swaminathan began his career in clinical development and commercial roles of increasing responsibility at BristolMyers Squibb and Covance. He obtained his Ph. D. in pharmaceutical sciences from the University of Pittsburgh. Dr. Swaminathan's expertise in strategic planning, and corporate finance, along with his proven track record of success in the life sciences sector, underscores his suitability to serve as a director for our company.
 David Snyder has served as our Chief Financial Officer and Chief Operating Officer since March 2022. Mr. Snyder brings over 25 years' experience as the CFO of public and high growth companies. Prior to joining Coya, Mr. Snyder served as the CFO of DisperSol Technologies, LLC (which subsequently changed its name to AustinPx Pharmaceutics and Manufacturing in 2022). Prior to joining DisperSol, from 2014-2020 Mr. Snyder was the CFO of Exicure, Inc. (Nasdaq: XCUR) a company developing nucleic acid therapeutics. From 2008 to 2014, he was the CFO of Cellular Dynamics, Inc. (Nasdaq: ICEL) a company developing ipsc-based stem cell tools and primary cell therapeutics. From 2007-2008, Mr. Snyder served as Senior Vice President of Finance, Site Vice President and Chief Financial Officer of Roche NimbleGen. Prior to 2007, Snyder was CFO of companies in real estate, software, and manufacturing. Early in his career, Mr. Snyder worked for financial and real estate investor Sam Zell. He received his BA summa cum laude from Ottawa University and his M.B.A. with high honors from the Harvard Business School, where he was designated a George Fisher Baker Scholar.

 Fred Grossman, D.O., FAPA has been our President and Chief Medical Officer since July 2023. Dr. Grossman brings over 20 years of drug development expertise to Coya having held senior executive leadership positions in large and small pharmaceutical companies leading the development and FDA approval of numerous multi-billion dollar blockbuster drugs addressing significant unmet medical needs particularly across CNS disorders. He has close relationships with thought leaders worldwide and has negotiated directly with the FDA and Global Health Authorities for approval of many drugs across therapeutic areas. Dr. Grossman held executive positions at Eli Lilly, Johnson & Johnson, Bristol Myers Squibb, and Sunovion. He served as President and Chief Medical Officer at Glenmark Pharmaceuticals (BSE; 532296), at $1.5 Billion per annum global pharmaceutical company based in India, overseeing development of the entire pipeline including generics, complex generics including 505(b)(2) candidates, and next-generation biologics (including bi-specific antibodies). He also previously served as Chief Medical Officer at Mesoblast, Inc. (NASDQ: MESO), developing allogeneic cellular therapies for inflammatory diseases. Dr. Grossman is Board-Certified in Psychiatry and a Fellow of the American Psychiatric Association and was a Fellow at the National Institutes of Health (NIH). He has held several academic appointments and authored numerous scientific publications.
 Directors
 Dr. Howard Berman, Ph. D., has been Executive Chairman since November 2024 and our Chairman since he co-founded the Company in 2020. Dr. Berman has over 18 years of entrepreneurial and industry experience working at the interplay of science and business. Prior to becoming Executive Chairman in November 2024, Dr. Berman served as our Chief Executive Officer since our founding in 2020 until November 2024. Dr. Berman gained corporate experience with increasing responsibilities and positions as a Medical Science Liaison at AbbVie Inc. (NYSE:ABBV) where he spent April 2013 to June 2020 launching Venetoclax in chronic lymphocytic leukemia and later, supporting numerous solid tumor assets. He also served in leadership roles at Novartis Pharmaceuticals Corporation (NYSE:NVS) ("Novartis") from June 2003 to January 2006 and later Eli Lilly and Company (NYSE:LLY) where he was the scientific point of contact between the company and key opinion leaders for development and initiation of collaborations, clinical trials and investigator-initiated trials. Dr. Berman currently sits on the board of Atea Pharmaceuticals, Inc. (Nasdaq: AVIR), a clinical-stage biopharmaceutical company engaged in the discovery and development of oral antiviral therapeutics for serious viral diseases. Dr. Berman began his career at the University of Texas MD Anderson Cancer Center in the technology transfer division where he was responsible for assessing the market, patent, and scientific merits of numerous oncology-based technology platforms in order to ascertain their commercial viability He received a Bachelor in Biology from the University of Michigan and a Masters and Ph. D. in Neuroscience and Pharmacology from Weill Cornell Medical School. Dr. Berman was chosen as a director due to his unique combination of business acumen and scientific credibility and his ability to assess, quantify, and bridge both disciplines.
 Dr. Anabella Villalobos, Ph. D., has been a director since May 2021. From 2017 to 2025, Dr. Villalobos was head of Biotherapeutics and Medicinal Sciences at Biogen Inc. (Nasdaq: BIIB) ("Biogen"), where she was responsible for the delivery of high-quality, differentiated drug candidates for neurological, rare, and auto-immune diseases across multiple modalities, including small molecules, biologics, oligonucleotides, and gene therapy. Prior to Biogen, Dr. Villalobos was with Pfizer for 28 years where she most recently served as Vice President of Medicinal Synthesis Technologies and Neuroscience Medicinal Chemistry. As the leader of several medicinal chemistry groups throughout her tenure at Pfizer Inc. (NYSE:PFE)("Pfizer"), Dr. Villalobos' teams delivered more than 30 small molecule candidates to combat Alzheimer's disease, Parkinson's disease, schizophrenia, depression, and insomnia. Noteworthy are Ogsiveo (SpringWorks) and tavapadon (AbbVie) which reached the market and proof of concept in Phase 3 studies, respectively. Dr. Villalobos also championed new scientific directions that have improved design practices in medical chemistry including the Central Nervous System Multi-Parameter Optimization (CNS MPO). Dr. Villalobos obtained her B.S. in Chemistry at the University of Panama and her Ph. D. in Medicinal Chemistry at the University of Kansas where she was a Fulbright-Hayes fellow. She was a National Institutes of Health Postdoctoral Fellow at Yale University in synthetic organic chemistry for two years. Dr. Villalobos was chosen as a director due to her keen insight into drug development, particularly in neuroscience and we believe Dr. Villalobos' counsel and strategic guidance with respect to our product candidate pipeline and research and clinical programs is vital to our success.
 Dr. Ann Lee, Ph. D., has been a director since June 2021. Dr. Lee is currently the Chief Technical Officer at Prime Medicine, Inc., a position she has held since October 2021. From November 2019 to July 2021, Dr. Lee led teams responsible for the development of new cell therapy processes and technologies, manufacturing cell therapy products, designing new facilities, and building the global supply chain at Bristol Myer Squibb (NYSE:BMY)("BMS"). Previously, from November 2017 to April 2018, she served as Executive Vice President of Technical Operations at Juno Therapeutics, which was acquired by BMS via Celgene Corporation. Prior to Juno Therapeutics, Inc., from January 2010 to November 2017, Dr. Lee served as Senior Vice President, and then Head of

Global Technical Development at F. Hoffman-La Roche ("Roche") (dual roles at Roche and Genentech). She was responsible for developing and delivering all clinical stage products in Roche's global pipeline, as well as technology transfers and technical support for all commercial products. Prior to Genentech, from June 1989 to September 2005, she was at Merck & Co., Inc. (MYSE:MRK), where she led and developed new vaccines and technologies in research and development, and then was responsible as VP for process engineering and technical operations at 10 chemical sites around the world. Over the course of her career, she has contributed to the development of hundreds of new investigational drugs, and the licensure and commercialization of 25 new vaccines and medicines, with the most recent being two new CAR-T cell products for blood cancers. Dr. Lee has authored over 40 scientific publications and holds several patents. She is a member of the National Academy of Engineering, fellow of American Academy of Arts and Sciences, American Institute of Medical and Biological Engineering, and member of the Washington State Academy of Sciences. She serves on the board of directors for the Alliance of Regenerative Medicine. She earned her undergraduate degree from Cornell University and a masters and Ph. D. in Biochemical Engineering with a concentration in molecular biophysics and biochemistry from Yale University. Dr. Lee was chosen as a director due to her thought leadership in cell therapy and biologics and her extensive experience and accomplishments in vaccines, biologics, small molecules and cell therapy development and manufacturing.
 Dr. Dov Goldstein, M.D., has been a director since March 2021. Dr. Goldstein brings over 25 years of strategic financial and operational experience within the healthcare sector. He currently serves as the Chief Financial Officer of BioAge Labs (Nasdaq: BIOA), a position he has held since November 2021. Prior to that, from 2020-2021, he served as the Chief Financial Officer and Chief Business Officer of Indapta Therapeutics. From 2018-2020, he was Chief Executive Officer of RIGImmune, Inc. Prior to that he served as the Chief Financial Officer at Schr dinger, Inc. (Nasdaq: SDGR) from 2017 to 2018. Dr. Goldstein held various leadership roles at Aisling Capital, a private investment firm, from 2006 to 2017, serving as its Managing Partner from 2014 to 2017. Dr. Goldstein served as the Chief Financial Officer of Loxo Oncology, Inc. between 2014 and 2015. From 2000 to 2005, Dr. Goldstein served as Chief Financial Officer of Vicuron Pharmaceuticals, Inc. ("Vicuron"), raising over $250 million in equity financings, facilitating company partnership transactions and participating in the M&A process when Vicuron was acquired by Pfizer for $1.9 billion. Prior to joining Vicuron, he was Director of Venture Analysis at HealthCare Ventures LLC. Dr. Goldstein currently serves on the board of directors of Gain Therapeutics, Inc. (Nasdaq: GANX) where he serves on the audit committee as audit committee chair. He previously served as a director for ADMA Biologics Inc (Nasdaq: ADMA), Loxo Oncology (Nasdaq: LOXO), Esperion Therapeutics, Inc. (Nasdaq: ESPR), Durata Therapeutics, Inc.(Nasdaq: DRTX), Cempra Pharmaceuticals Inc.(Nasdaq: CEMP) and a number of private companies. He received a Bachelor of Science in biological sciences from Stanford University, an MBA from Columbia Business School and an M.D. from Yale School of Medicine. Dr. Goldstein was chosen as a director due to his extensive financial experience in the biotechnology capital markets, as an investor and as a CFO and we believe Dr. Goldstein's background in medicine, venture capital and biotechnology operations guides us in our work as a public clinical stage biotechnology company.
 Board Committees
 Our Board has established an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee. Our Board may establish other committees to facilitate the management of our business. The composition and functions of each committee are described below. Members serve on these committees until their resignation or until otherwise determined by our Board. Each of these committees operate under a charter that has been approved by our Board, which is available on our website at
 Audit Committee
 Our Audit Committee consists of Dr. Dov Goldstein, Dieter Weinand and Dr. Ann Lee, with Dr. Dov Goldstein serving as the Chairperson of the Audit Committee. Our Audit Committee is responsible for, among other things:

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 selecting and hiring our independent auditors, and approving the audit and non-audit services to be performed by our independent auditors;

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 assisting our Board in evaluating the qualifications, performance, and independence of our independent auditors;

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 assisting our Board in monitoring the quality and integrity of our financial statements and our accounting and financial reporting;

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 assisting our Board in monitoring our compliance with legal and regulatory requirements;

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 reviewing with management and our independent auditors the adequacy and effectiveness of our internal control over financial reporting processes;

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 assisting our Board in monitoring the performance of our internal audit function;

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 reviewing with management and our independent auditors our annual and quarterly financial statements;

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 reviewing and overseeing all transactions between us and a related person for which review or oversight is required by applicable law or that are required to be disclosed in our financial statements or SEC filings, and developing policies and procedures for the committee's review, approval and/or ratification of such transactions;

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 establishing procedures for the receipt, retention, and treatment of complaints received by us regarding accounting, internal accounting controls, or auditing matters and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters; and

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 preparing the audit committee report that the rules and regulations of the SEC require to be included in our annual proxy statement.

 Our Board has determined that the three directors that serve on our Audit Committee are independent within the meaning of the Nasdaq Marketplace Rules and Rule 10A-3 under the Exchange Act. In addition, our Board has determined that Dr. Dov Goldstein qualifies as an audit committee financial expert within the meaning of SEC regulations and The Nasdaq Marketplace Rules.
 Compensation Committee
 Our Compensation Committee consists of Dr. Dov Goldstein, Dr. Anabella Villalobos, Dr. Ann Lee, and Dieter Weinand, with Dr. Anabella Villalobos serving as the Chairperson of the Compensation Committee. The Compensation Committee is responsible for, among other things:

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 developing and periodically reviewing compensation policies and practices applicable to executive officers, including the criteria upon which executive compensation is based, the specific relationship of corporate performance to executive compensation and the composition in terms of base salary, deferred compensation and incentive or equity-based compensation and other benefits;

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 reviewing and approving corporate goals and objectives relevant to the compensation of our Chief Executive Officer, evaluating our Chief Executive Officer's performance in light of those goals and objectives, and, either as a committee or together with the other independent directors (as directed by our Board), determining and approving our Chief Executive Officer's compensation level based on such evaluation;

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 reviewing and approving, or making recommendations to our Board with respect to, the compensation of our other executive officers, including annual base salary, bonus and equity-based incentives, and other benefits;

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 reviewing and recommending to our Board the compensation of our directors;

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 reviewing and approving any employment agreements, severance arrangements, change-in-control arrangements or special or supplemental employee benefits, and any material amendments to any of the foregoing, applicable to executive officers (provided that the Board shall also possess the authority to review and approve any such agreements, arrangements, benefits and amendments);

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 reviewing and discussing with management our "Compensation Discussion and Analysis" disclosure required by SEC rules;

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 preparing the compensation committee report required by the SEC to be included in our annual proxy statement; and

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 reviewing and making recommendations with respect to our equity and equity-based compensation plans.

 In discharging its responsibilities, the Compensation Committee works with our Chief Executive Officer and Chief Financial Officer, who assist the Compensation Committee by providing information on corporate and individual performance, perspectives on performance issues and recommendations on compensation matters.

 The Compensation Committee, to the extent permitted under applicable law, the rules promulgated under the Exchange Act and the SEC, and the Company's Certificate of Incorporation and Bylaws, may form and delegate authority to subcommittees.
 Nominating and Corporate Governance Committee
 Our Nominating and Corporate Governance Committee consists of Dr. Dov Goldstein, Dr. Anabella Villalobos, and Dieter Weinand. The Nominating and Corporate Governance Committee is responsible for, among other things:

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 assisting our Board in identifying prospective director nominees and recommending nominees to our Board;

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 overseeing the evaluation of our Board and management;

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 reviewing developments in corporate governance practices and developing and recommending a set of corporate governance guidelines; and

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 recommending members for each committee of our Board.

 Director Nominations Process
 The Nominating and Corporate Governance Committee is responsible for recommending candidates to serve on our Board and its committees. In considering whether to recommend any particular candidate to serve on the Board or its committees or for inclusion in the Board's slate of recommended director nominees for election at an annual meeting of stockholders, the Nominating and Corporate Governance Committee may take into account many factors, including: personal and professional integrity, ethics and values; experience in corporate management, such as serving as an officer or former officer of a publicly held company; strong finance experience; relevant social policy concerns; experience relevant to the Company's industry; experience as a board member of another publicly held company; relevant academic expertise or other proficiency in an area of the Company's operations; diversity of expertise and experience in substantive matters pertaining to the Company's business relative to other Board members; diversity of background and perspective, including, but not limited to, with respect to age, gender, race and ethnicity; practical and mature business judgment, including, but not limited to, the ability to make independent analytical inquiries; and any other relevant qualifications, attributes or skills In determining whether to recommend a director for re-election, the Nominating and Corporate Governance Committee may also consider the director's past attendance at meetings and participation in and contributions to the activities of the Board.
 We do not have a formal policy with regard to the consideration of diversity in identifying director nominees. The Board evaluates each individual in the context of the Board as a whole, with the objective of assembling a group that can best perpetuate the success of the business and represent stockholder interests through the exercise of sound judgment using its diversity of experience in these various areas.
 In identifying prospective director candidates, the Nominating and Corporate Governance Committee may seek referrals from other members of the Board, management, stockholders, and other sources, including third party recommendations. The Nominating and Corporate Governance Committee also may, but need not, retain a search firm in order to assist it in identifying candidates to serve as directors of the Company. The Nominating and Corporate Governance Committee uses the same criteria for evaluating candidates regardless of the source of the referral or recommendation. When considering director candidates, the Nominating and Corporate Governance Committee seeks individuals with backgrounds and qualities that, when combined with those of our incumbent directors, provide a blend of skills and experience to further enhance the Board's effectiveness. In connection with its annual recommendation of a slate of nominees, the Nominating and Corporate Governance Committee also may assess the contributions of those directors recommended for re-election in the context of the Board evaluation process and other perceived needs of the Board.
 When considering whether the directors and nominee have the experience, qualifications, attributes, and skills, taken as a whole, to enable the Board to satisfy its oversight responsibilities effectively in light of our business and structure, the Board focused primarily on the information discussed in each of the member's biographical information set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business.

 Stockholder Nominations for Directorships
 Stockholders may recommend individuals to the Nominating and Corporate Governance Committee for consideration as potential director candidates by submitting their names and background to the Secretary of the Company at the address set forth below under "Stockholder Communications" in accordance with the provisions set forth in our Bylaws. All such recommendations will be forwarded to the Nominating and Corporate Governance Committee, which will review and only consider such recommendations if appropriate biographical and other information is provided, including, but not limited to, the items listed below, on a timely basis. All security holder recommendations for director candidates must be received by the Company in the timeframe(s) set forth under the heading "Stockholder Proposals" below. Stockholders who wish to recommend a candidate for nomination should contact our Secretary in writing and provide the following information:

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 the name and address of the stockholder and the beneficial owner, if any;

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 a representation that the stockholder is a record holder of the Company's securities entitled to vote at the meeting upon such nomination and intends to appear in person or by proxy at the meeting to propose such nomination;

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 the name, age, business and residential address, and principal occupation or employment of the proposed director candidate;

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 a description of any arrangements or understandings between the proposed director candidate and any other person or entity other than the Company; and

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 the consent of the proposed director candidate to be named in the proxy statement relating to the Company's annual meeting of stockholders and to serve as a director if elected at such annual meeting.

 Assuming that appropriate information is provided for candidates recommended by stockholders, the Nominating and Corporate Governance Committee will evaluate those candidates by following substantially the same process, and applying substantially the same criteria, as for candidates submitted by members of the Board or other persons, as described above and as set forth in its written charter.
 Board Leadership Structure and Role in Risk Oversight
 The positions of our Executive Chairman of the Board and chief executive officer are separated. Separating these positions allows our chief executive officer to focus on our day-to-day business, while allowing the Executive Chairman of the Board to lead our Board in its fundamental role of providing advice to and independent oversight of management. Our Board recognizes the time, effort and energy that the chief executive officer must devote to his position in the current business environment, as well as the commitment required to serve as our chairman, particularly as our Board's oversight responsibilities continue to grow. Our Board also believes that this structure ensures a greater role for the independent directors in the oversight of our Company and active participation of the independent directors in setting agendas and establishing priorities and procedures for the work of our Board. Our Board believes its administration of its risk oversight function has not affected its leadership structure. Although our bylaws do not require our chairman and chief executive officer positions to be separate, our Board believes that having separate positions is the appropriate leadership structure for us at this time and demonstrates our commitment to good corporate governance. However, our Board continues to periodically review our leadership structure and may make such changes in the future as it deems appropriate.
 Risk is inherent to every business, and how well a business manages risk can ultimately determine its success. We face a number of risks, including risks relating to our financial condition, development and commercialization activities, operations, strategic direction and intellectual property. Management is responsible for the day-to-day management of risks we face, while our Board, as a whole and through its committees, has responsibility for the oversight of risk management. In its risk oversight role, our Board has the responsibility to satisfy itself that the risk management processes designed and implemented by management are adequate and functioning as designed.
 The role of the Board in overseeing the management of our risks is conducted primarily through committees of the Board, as disclosed in the descriptions of each of the committees above and in the charters of each of the committees. The full Board (or the appropriate Board committee in the case of risks that are under the purview of a particular committee) discusses with management our major risk exposures, their potential impact on us, and the steps

we take to manage them. When a committee is responsible for evaluating and overseeing the management of a particular risk or risks, the chairman of the relevant committee reports on the discussion to the full Board during the committee reports portion of the next Board meeting. This enables the Board and its committees to coordinate the risk oversight role, particularly with respect to risk interrelationships.
 The Audit Committee is responsible for discussing the Company's policies with respect to risk assessment and risk management, including guidelines and policies to govern the process by which the Company's exposure to financial risk is handled. In accordance with those policies, our Board and the Board committees have an active role in overseeing management of the Company's risks. Our Board regularly reviews information regarding the Company's credit, liquidity and operations, as well as the risks associated with each. The Compensation Committee oversees the management of risks relating to the Company's executive compensation plans and arrangements. The Audit Committee oversees financial and cybersecurity risks. The Nominating and Corporate Governance Committee manages risks associated with the independence of our Board and potential conflicts of interest.
 Evaluations of the Board of Directors
 The Board evaluates its performance and the performance of its committees and individual directors on an annual basis through an evaluation process administered by the Nominating and Corporate Governance Committee. The Board discusses each evaluation to determine what, if any, actions should be taken to improve the effectiveness of the Board or any committee thereof or of the directors.
 Stockholder Communications
 Our Board will give appropriate attention to written communications that are submitted by stockholders and will respond if and as appropriate. Absent unusual circumstances or as contemplated by committee charters, and subject to advice from legal counsel, the Secretary of Coya is primarily responsible for monitoring communications from stockholders and for providing copies or summaries of such communications to the Board as he considers appropriate.
 Communications from stockholders will be forwarded to all directors if they relate to important substantive matters or if they include suggestions or comments that the Secretary considers to be important for the Board to know. Communication relating to corporate governance and corporate strategy are more likely to be forwarded to the Board than communications regarding personal grievances, ordinary business matters, and matters as to which the Company tends to receive repetitive or duplicative communications.
 Stockholders who wish to send communications to the Board should address such communications to: The Board of Directors, Coya Therapeutics, Inc., 5850 San Felipe St. Suite 500, Houston, TX 77057, Attention: Secretary.
 Anti-Hedging Policy
 Under the terms of our insider trading policy, we prohibit each officer, director, and employee, and each of their family members and controlled entities, from engaging in certain forms of hedging or monetization transactions. Such transactions include those, such as zero-cost collars and forward sale contracts, that would allow them to lock in much of the value of their stock holdings, often in exchange for all or part of the potential for upside appreciation in the stock, and to continue to own the covered securities but without the full risks and rewards of ownership.
 Limitation of Directors Liability and Indemnification
 We have entered into indemnification agreements with each of our current directors and executive officers. These agreements require us to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. We also intend to enter into indemnification agreements with our future directors and executive officers.

 Familial Relationships
 There are no familial relationships between any director, executive officer or person nominated or chosen to become a director or executive officer.
 Delinquent Section 16(a) Reports
 Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), requires our officers and directors and persons who beneficially own more than ten percent (10%) of our common stock outstanding to file initial statements of beneficial ownership of common stock (Form 3) and statements of changes in beneficial ownership of common stock (Forms 4 or 5) with the SEC. Officers, directors and greater than 10% stockholders are required by SEC regulation to furnish us with copies of all such forms they file.
 Based solely upon review of Forms 3, 4 and 5 (and amendments thereto) filed electronically with the SEC by our executive officers and directors owning more than 10% of our common stock and upon any written representations received from the executive officers and directors, other than as described above, to our knowledge we believe that all other Section 16(a) filing requirements were met timely in fiscal year 2024, except that due to an inadvertent administrative error, each of (i) Anabella Villalobos, (ii) Ann Lee, (iii) Dieter Weinand, (iv) Dov Goldstein, and (v) Hideki Garren, each a non-employee
 director (and with respect to Dr. Garren, a former director), filed one late Form 4 on January 19, 2024 reporting each director's award of options to purchase shares of our common stock which occurred on January 1, 2024. In total, five reports were not filed timely due to this inadvertent administrative error.
 Code of Business Conduct and Ethics
 We have adopted a Code of Business Conduct and Ethics that applies to all of our officers, directors, and employees, including our principal executive officer, principal financial officer, principal accounting officer, and controller, or persons performing similar functions, which is posted on our website at www.coyatherapeutics.com.
 Our Code of Business Conduct and Ethics is a "code of ethics," as defined in Item 406(b) of Regulation S-K.
 We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our website. The information contained in, or that can be accessed through, our website is not incorporated by reference and is not part of this proxy statement.
 Insider trading arrangements and policies.
 We have adopted an insider trading policy that governs the purchase, sale, and/or other transactions of our securities by our directors, officers and employees. A copy of our insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K
 for the fiscal year ended December 31, 2024. In addition, with regard to the Company's trading in its own securities, it is our policy to comply with the federal securities laws and the applicable exchange listing requirements in all respects.

 Item 11. EXECUTIVE COMPENSATION
 Summary Compensation Table
 The following table shows the compensation earned by each of our named executive officers for the year ended December 31, 2024. Our compensation packages for the named executive officers consist primarily of base salary, annual cash bonus and a stock option grant.

 Name and
 Principal Position

 Year

 Salary
 ($)

 Bonus
 ($)

 Option
Awards
 ($) (1)

 Total
 ($)

 Arun Swaminathan (2)

 2024

 $441,667

 $185,417

 $

 870,084

 $1,497,168

 Chief Executive Officer, Director

 2023

 $

 —

 $

 —

 $

 —

 $

 —

 Howard Berman (3)

 2024

 $553,333

 $276,667

 $

 1,850,268

 $2,680,268

 Former Chief Executive Officer, Current
 Executive Chairman of the Board

 2023

 $

 580,000

 $

 253,750

 $

 483,450

 $

 1,317,200

 2024

 $425,000

 $170,000

 $

 870,084

 $1,465,084

 Chief Financial Officer and Chief Operating Officer

 2023

 $

 425,000

 $

 185,938

 $

 336,950

 $

 947,888

 Fred Grossman (4)

 2024

 $479,000

 $191,600

 $

 1,221,838

 $1,892,438

 President, Chief Medical Officer

 2023

 $

 227,000

 $

 113,500

 $

 251,982

 $

 592,482

 1)

 In accordance with SEC rules, this column reflects the aggregate grant date fair value of the stock option awards granted during 2023 and 2024 computed in accordance with FASB ASC Topic 718. Assumptions used to calculate the option awards are included in our Annual Report on Form 10-K
 for the year ended December 31, 2024, as amended.

 2)

 Dr. Swaminathan joined as our Chief Executive Officer effective as of October 30, 2024. Prior to this, Dr. Swaminathan served as our Chief Business Officer beginning in March 2023. Prior to becoming Chief Executive Officer, Dr. Swaminathan was not an executive officer, and therefore his compensation information for the year 2023 is not provided. The compensation information included in the table for 2024 reflects the compensation paid for his services as our Chief Business Officer and Chief Executive Officer in 2024.

 3)

 Dr. Berman served as our Chief Executive Officer since 2020. On October 30, 2024, he resigned from that position and entered into an Executive Employment Agreement with us whereby he serves as Executive Chairman of the Board. The compensation information included in the table for 2024 reflects the compensation paid for his services as our Chief Executive Officer and Executive Chairman of the Board in 2024.

 4)

 Dr. Grossman joined us in July 2023 and the compensation information included in the table for 2023 has been prorated.

 Employment Agreements with Named Executive Officers
 Arun Swaminathan

 Dr. Swaminathan serves as our Chief Executive Officer pursuant to an employment agreement (the "Swaminathan Employment Agreement") which provides for Dr. Swaminathan to serve as Chief Executive Officer and an annual base salary of $525,000, subject to periodic review and adjustment in the sole discretion of the Board. In addition, Dr. Swaminathan is eligible to receive an annual bonus, which is targeted at up to 50% of his base salary but which may be adjusted by the Board based on achievement of goals and objectives established by the Company. Pursuant to the terms of the Swaminathan Employment Agreement, Dr. Swaminathan is eligible to receive, from time to time, equity awards under our existing equity incentive plan, or any other equity incentive plan we may adopt in the future, and the terms and conditions of such awards, if any, will be determined by the Board in its discretion.

 If Dr. Swaminathan is terminated for Cause (as defined in the Swaminathan Employment Agreement), all severance obligations under the Swaminathan Employment Agreement cease, except for payment of any Accrued Obligations (as defined in the Swaminathan Employment Agreement). If Dr. Swaminathan is terminated without Cause, he is due continued payment of his annual base salary for 12 months, and a pro rata portion of his annual bonus for the fiscal year in which the termination occurs, each contingent upon Dr. Swaminathan executing a severance and general release agreement.
 We or Dr. Swaminathan may terminate employment at any time, without any advance notice, for any reason or no reason at all.

 Mr. Snyder serves as our Chief Financial Officer and Chief Operating Officer pursuant to an Executive Employment Agreement, dated March 14, 2022 (the "Snyder Employment Agreement"), pursuant to which Mr. Snyder is entitled to a base salary of $425,000 per year, subject to periodic review in accordance with our procedures for adjusting salaries for similarly situated employees, and may be adjusted in our sole discretion.
 Mr. Snyder is eligible to receive an annual bonus targeted at 40% of his base salary, upon the achievement of objectives to be determined by the Company. In connection with the execution of the Snyder Employment Agreement, Mr. Snyder received an option grant exercisable for 87,788 shares of our common stock. Mr. Snyder is entitled to participate in all employee benefit plans and programs available to our employees.
 The Snyder Employment Agreement has an initial term of two years and will automatically renew for one year terms after the initial term has elapsed, unless either party terminates the agreement upon 30 days' notice from the end of the initial or extended term. If we terminate the agreement for Cause (as defined in the Snyder Employment Agreement), all obligations of the Company will cease. If we terminate the agreement without Cause, and Mr. Snyder is not terminated due to death or Disability (as defined in the Snyder Employment Agreement), Mr. Snyder will continue to receive his base salary for nine months, subject to Mr. Snyder's execution of a severance and general release agreement for our benefit.
 Fred Grossman

 Pursuant to an Executive Employment Agreement, dated July 3, 2023, as amended and restated (the "Grossman Employment Agreement"), Dr. Grossman serves as our Chief Medical Officer and (i) receives a base salary of $479,000 per year, (ii) is eligible for an annual bonus, targeted at 40% of base salary, based on the performance of the Company as measured against the Company's predetermined performance plan and Dr. Grossman's individual performance during the fiscal year for which the annual bonus will be paid, and (iii) received two option grants, one on July 17, 2023 (the "Start Date") and one in January 2024, each exercisable for an aggregate of 74,069 shares of our common stock. Dr. Grossman must remain employed with the Company through the end of the applicable calendar year to be eligible to receive his annual bonus, provided that if the Company terminates Dr. Grossman without Cause (as defined in the Grossman Employment Agreement) or Dr. Grossman resigns for Good Reason (as defined in the Grossman Employment Agreement) on or before the day his annual bonus is paid, Dr. Grossman will still receive his full annual bonus, and Dr. Grossman will be eligible to receive additional equity awards from time-to-time

 in the Company's sole discretion. Dr. Grossman is entitled to participate in all employee benefit plans and programs available to the Company's employees. All option grants will be made pursuant to the terms of the Coya Therapeutics, Inc. 2021 Amended and Restated Equity Incentive Plan.
 The Grossman Employment Agreement has an initial term of two years and will automatically renew for one year terms after the initial term has elapsed, unless either party terminates the agreement upon 30 days' notice from the end of the initial or extended term. In connection with his entry into the Grossman Employment Agreement, Dr. Grossman entered into a customary Non-Disclosure
 Invention Assignment Agreement with the Company.

 Howard Berman

 Executive Chairman

 On October 30, 2024, Dr. Berman resigned as our Chief Executive Officer and was appointed our Executive Chairman pursuant to an employment agreement (the "Berman Employment Agreement") which provides for Dr. Berman to serve as Executive Chairman and provides for an annual base salary of $420,000. In addition, Dr. Berman is eligible to receive an annual bonus, which is targeted at up to 50% of his base salary but which may be adjusted by the Board based on achievement of goals and objectives established by the Company. Pursuant to the terms of the Berman Employment Agreement, Dr. Berman is eligible to receive, from time to time, equity awards under our existing equity incentive plan, or any other equity incentive plan the Company may adopt in the future, and the terms and conditions of such awards, if any, will be determined by the Board in its discretion.
 If Dr. Berman is terminated for Cause (as defined in the Berman Employment Agreement), our obligations under the agreement cease entirely, with the exception of any Accrued Obligations (as defined in the Berman Employment Agreement). If Dr. Berman is terminated without Cause, he is entitled to continued payment of his base salary for a period of 12 months, and a prorated annual bonus for the fiscal year in which termination occurs, each contingent upon Dr. Berman's execution of a severance and general release agreement.
 We or Dr. Berman may terminate employment with the Company at any time, without any advance notice, for any reason or no reason at all.
 Chief Executive Officer

 Prior to his resignation on October 1, 2024, Dr. Berman served as our Chief Executive Officer pursuant to an Executive Employment Agreement dated December 15, 2020, as amended (the "Old Berman Employment Agreement") pursuant to which Dr. Berman was entitled to a base salary of $580,000 per year, subject to periodic review in accordance with our procedures for adjusting salaries for similarly situated employees.
 Dr. Berman was eligible to receive an annual bonus, targeted at 50% of base salary, upon the achievement of objectives to be determined by the Company. Dr. Berman was also entitled to an allowance of $500 a month for the use of a car. Dr. Berman was entitled to participate in all employee benefit plans and programs available to our employees.
 Under the Old Berman Employment Agreement, if we terminated the agreement for Cause (as defined in the Old Berman Employment Agreement), all of our obligations would have ceased. If we terminated the agreement without Cause, and Dr. Berman was not terminated due to death or disability, Dr. Berman would have continued to receive his base salary for 12 months, subject to Dr. Berman's execution of a severance and general release agreement for our benefit.
 Potential Payments Upon Termination or Change in Control
 Other than as described above in "Employment Agreements with Named Executive Officers," we have no plans, agreements or arrangements that provide for payment to our named executive officers in connection with termination of employment. We have no plans, agreements or arrangements that provide for payment to our named executive officers in connection with a change in our control.
 Employee Benefits Plans
 We currently provide broad-based health and welfare benefits that are available to all of our employees, including our named executive officers, including medical, dental, and vision insurance.
 Outstanding Equity Awards at Fiscal Year End
 The following table sets forth information regarding unexercised options, stock that has not vested and equity incentive awards held by each of the named executive officers outstanding as of December 31, 2024:

 Option Awards

 Name

 Grant
Date

 underlying
 unexercised
 options (#)
 exercisable

 underlying
 unexercised
 options (#)
 unexercisable

 Equity
 incentive
 plan
 awards:
 underlying
 unexercised
 unearned
 options (#)

 Option
exercise
 price
 ($)

 Option
 expiration
 date

 Arun Swaminathan (1)

 4/3/2023

 63,888

 (2)

 51,112

 —

 4.05

 4/3/2033

 Chief Executive Officer

 25,000

 (3)

 56,819

 —

 5.90

 5/23/2024

 13,727

 (4)

 56,869

 —

 8.15

 5/23/2034

 6/28/2022

 80,472

 (5)

 7,316

 —

 3.48

 6/28/2032

 Chief Financial Officer and Chief Operating Officer

 2/27/2023

 70,277

 (6)

 44,723

 —

 3.85

 2/27/2033

 25,000

 (7)

 56,819

 —

 5.90

 6/3/2024

 13,727

 (8)

 56,869

 —

 8.15

 6/3/2034

 Fred Grossman (9)

 7/17/2023

 34,977

 (10)

 39,092

 —

 4.25

 7/17/2033

 President, Chief Medical Officer

 34,986

 (11)

 39,083

 —

 5.90

 25,000

 (12)

 56,819

 —

 5.90

 6/3/2024

 13,727

 (13)

 56,869

 —

 8.15

 6/3/2034

 Howard Berman (14)

 2/27/2023

 100,833

 (15)

 64,167

 —

 3.85

 2/27/2033

 Former Chief Executive Officer, Current Executive Chairman of the Board

 47,263

 (16)

 107,417

 —

 5.90

 6/3/2024

 31,823

 (17)

 131,840

 —

 8.15

 6/3/2034

 1)

 Dr. Swaminathan was appointed our Chief Executive Officer on November 1, 2024.

 2)

 One third of the shares subject to the option vested on April 3, 2024. The remainder of the option vests in 24 monthly equal installments beginning April 3, 2024.

 3)

 The shares subject to the option vests in 36 monthly equal installments beginning February 29, 2024.

 4)

 The shares subject to the option vest in 36 monthly equal installments beginning May 23, 2024.

 5)

 33.3% of the shares underlying the option vested on March 14, 2023, and the remaining shares will vest in 24 equal monthly installments beginning on April 14, 2023.

 6)

 The shares subject to the option vest in equal monthly installments over a period of 36 months commencing on March 27, 2023.

 7)

 The shares subject to the option will vest in 36 equal monthly installments commencing February 29, 2024, subject to continuous service on each vesting date.

 8)

 The shares subject to the option vest in equal monthly installments over a period of 36 months, commencing on July 3, 2024.

 9)

 Dr. Grossman became our President, Chief Medical Officer in July 2023.

 10)

 The shares subject to the option vested as to 24,689 shares on July 17, 2024, and the remaining shares will vest in equal monthly installments over a period of 24 months commencing August 17, 2024.

 11)

 The shares subject to the option vested as to 24,689 shares on July 11, 2024, with the remaining shares vesting in 24 equal monthly installments thereafter.

 12)

 The shares subject to the option will vest in 36 monthly equal installments commencing February 29, 2024, subject to continuous service on each vesting date.

 13)

 The shares subject to the option vest in equal monthly installments over a period of 36 months, commencing July 3, 2024.

 14)

 Dr. Berman served as our Chief Executive Officer from 2022 until October 30, 2024 on which date he was appointed our Executive Chairman.

 15)

 The shares subject to the option vest in equal monthly installments over a period of 36 months commencing on March 27, 2023.

 16)

 The shares subject to the option will vest in 36 equal monthly installments commencing February 29, 2024, subject to continuous service on each vesting date.

 17)

 The shares subject to the option vest in equal monthly installments over a period of 36 months, commencing on July 3, 2024.

 DIRECTOR COMPENSATION
 Director Compensation
 The following table sets forth in summary form information concerning the compensation that we paid or awarded during the year ended December 31, 2024, to each of our non-employee
 directors:

 Name

 Fees Earned Paid in Cash (1)

 Stock
Awards
 (2)

 Stock Option Awards
 (3)(4)

 Total

 Dov Goldstein, Ph. D.

 $

 63,752

 $

 —

 $

 $

 93,477

 Ann Lee, Ph. D.

 $

 52,500

 $

 —

 $

 $

 82,225

 Wilbur Ross

 $

 40,000

 $

 —

 $

 55,850

 $

 95,850

 Anabella Villalobos, Ph. D.

 $

 53,752

 $

 —

 $

 $

 83,477

 Dieter Weinand

 $

 53,335

 $

 —

 $

 $

 83,060

 Dr. Hideki Garren, M.D., Ph. D. (5)

 $

 41,250

 $

 —

 $

 $

 70,975

 1)

 Board of Director fees earned or paid in cash were for calendar year 2024, representing fees earned by our non-employee
 directors.

 2)

 None awarded in 2024.

 3)

 In accordance with SEC rules, this column reflects the aggregate grant date fair value of the stock option awards granted during 2024. These amounts have been computed in accordance with FASB ASC Topic 718. Assumptions used in the calculation of this amount are described in the notes to our financial statements included in our Annual Report on Form 10-K
 for the year ended December 31, 2024. This amount does not reflect the actual economic value that will be realized by the Directors upon the vesting of the stock options, the exercise of the stock options, or the sale of the common stock underlying such stock options.

 4)

 As of December 31, 2024, each of Dr. Dov Goldstein, Dr. Ann Lee, Dr. Anabella Villalobos held vested and unvested stock options exercisable for an aggregate of 22,557 shares of common stock, Mr. Dieter Weinand held vested and unvested stock options exercisable for an aggregate of 15,000 shares of common stock, and Mr. Ross held vested and unvested options exercisable for an aggregate of 10,000 shares of common stock

 5)

 Dr. Garren resigned from the Board on November 1, 2024. The options reflected in the table above were unvested at the time of his resignation and were therefore forfeited.

 During fiscal year 2024, both Arun Swaminathan, our current Chief Executive Officer, and Howard Berman, our former Chief Executive Officer and current Executive Chairman, served as members of our Board and received no additional compensation for their services as members of the Board. See the section titled " Executive Compensation
" for more information about Dr. Swaminathan's and Dr. Berman's compensation for fiscal year 2024. It is our policy to reimburse non-employee
 members of our Board for reasonable travel and out-of-pocket

 expenses incurred in attending meetings of our Board and committees of our Board.

 Non-Employee
 Director Compensation Policy
 Our Board has adopted a non-employee
 director compensation policy that is designed to enable us to attract and retain, on a long-term basis, highly qualified non-employee
 directors. Pursuant to this policy our Board members will each receive $40,000 per year ($60,000 for Chairman of the Board, so long as that position is held by a non-employee
 director). Any compensation to be paid under this policy may be made in stock options, at the Board's discretion.
 The chair and non-chair
 members of the Board's three standing committees are entitled to the following additional annual cash fees:

 Chair
Fee

 Non-Chair

Member Fee

 Audit Committee

 $

 15,000

 $

 7,500

 Compensation Committee

 $

 10,000

 $

 5,000

 Nominating and Governance Committee

 $

 7,500

 $

 3,750

 Our Board has also adopted an equity compensation policy pursuant to which Board members shall automatically be granted stock options to purchase 10,000 shares of our common stock upon joining the Board, and on January 1 of each year, each then serving non-employee
 director shall be automatically granted stock options to purchase 10,000 shares of our common stock. These stock options shall fully vest upon the one-year
 anniversary of their granting, have a term of ten years and shall have an exercise price equal to 100% of the fair market value of a share of common stock on the date of grant. All options to be granted under this policy will be granted pursuant to our 2021 Incentive Plan.
 Equity Compensation Plan Information
 The Amended and Restated Coya Therapeutics, Inc. 2021 Equity Incentive Plan
 General

 Our Board and management believe that the effective use of stock-based long-term incentive compensation is vital to our ability to achieve strong performance in the future. Accordingly, on January 25, 2021, the Board adopted the 2021 Incentive Plan, which our stockholders approved on February 5, 2021.
 On November 17, 2022, our Board amended and restated the 2021 Incentive Plan, which was then approved by our stockholders to:

 •

 Increase the number of shares of the Company's common stock authorized to be issued under the 2021 Incentive Plan to 1,141,251, all of which are available for grant as Incentive Stock Options (as described below);

 •

 Add an "evergreen" feature to automatically increase the number of shares of the Company's common stock available under the 2021 Incentive Plan as described further below; and

 •

 Extend the expiration date of the 2021 Incentive Plan to November 17, 2032.

 On March 19, 2024, our Compensation Committee recommended, and our Board approved, an amendment to increase the number of shares authorized for issuance under the 2021 Incentive Plan to 2,571,070 shares. Our stockholders approved this amendment on May 8, 2024.
 The 2021 Incentive Plan is intended to enable us to secure and retain the types of employees, consultants and directors who will contribute to our long-range success, and provide incentives for such persons to exert maximum efforts for the success of the Company by aligning their interests with those of our stockholders. Awards that may be granted under the 2021 Incentive Plan include: (a) Incentive Stock Options (within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended); (b) Nonstatutory Stock Options (Incentive Stock Options and Nonstatutory Stock Options together referred to as "Options"); (c) Stock Appreciation Rights; (d) Restricted Stock Awards; (e) Restricted Stock Unit Awards (f) Performance Awards (payable in shares or cash); and (g) Other Awards (all as defined in the 2021 Incentive Plan, and collectively, "Awards").

 The 2021 Incentive Plan reserves 2,571,070 shares of our common stock for the grant of Awards, all of which may be granted as Incentive Stock Options. Pursuant to the 2021 Incentive Plan's "evergreen" feature, the number of shares of common stock reserved for issuance automatically increases on the first day of each fiscal year commencing with January 1, 2023 and on the first day of each fiscal year thereafter until the date the 2021 Incentive Plan expires, by an amount equal to four percent (4%) of the total number of shares of our common stock outstanding on the last day of the preceding fiscal year, unless the Board determines before an annual increase takes effect that no increase will be made or a lesser increase.
 As of April 7, 2025, awards have been granted and remain outstanding with respect to 3,060,030 shares of our common stock. All such awards have been granted as Options.
 The Company's Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information
 We do not have any formal policy that requires us to grant, or avoid granting, equity-based compensation to our executive officers at certain times. Consistent with our annual compensation cycle, the Compensation Committee has for several years granted annual equity awards to our executive officers and directors at the start of the new fiscal year. The timing of any equity grants to executive officers in connection with new hires, promotions, or other non-routine
 grants is tied to the event giving rise to the award (such as an executive officer's commencement of employment or promotion effective date). As a result, in all cases, the timing of grants of equity awards, including stock options, occurs independent of the release of any material nonpublic information, and we do not time the disclosure of material nonpublic information for the purpose of affecting the value of equity-based compensation.
 No stock options were issued to executive officers in fiscal year 2024 during any period beginning four business days before the filing of a periodic report or current report disclosing material non-public
 information and ending one business day after the filing or furnishing of such report with the SEC, other than as reflected in the table below:

 Percentage change in the closing market

 price of the securities underlying the award

 between the trading ending immediately

 Exercise

 Grant

 prior to the disclosure of material nonpublic

 price of the

 Date fair

 information and the trading day beginning

 underlying

 award

 value of

 immediately following the disclosure of

 Name

 Grant Date

 the award

 ($/Sh)

 the award

 material nonpublic information

 Howard Berman

 06/03/2024

 163,663

 $

 8.15

 $

 6.80

 Former Chief Executive Officer, Current Chairman of the Board

 ( 2.23

 %)

 Fred Grossman

 06/03/2024

 70,596

 $

 8.15

 $

 6.80

 President, Chief Medical Officer

 ( 2.23

 %)

 06/03/2024

 70,596

 $

 8.15

 $

 6.80

 Chief Financial Officer and Chief Operating Officer Arun Swaminathan Chief Executive Officer (1)

 06/03/2024

 70,596

 $

 8.15

 $

 6.80

 ( 2.23
 ( 2.23

 %)
 %)

 (1)

 Award granted while Dr. Swaminathan served as Chief Business Officer.

 Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
 Securities Authorized for Issuance Under Equity Compensation Plans
 The following table provides information as of December 31, 2024 with respect to shares of our common stock that may be issued pursuant to our equity compensation plan:

 Plan category

to
 be issued
upon
 exercise of
 outstanding
 options,
 warrants
and
 rights
 (a)

 Weighted
 average
 exercise
price
 of
 outstanding
 options,
 warrants
and
 rights
 (b)

 remaining
 available
 for future
 issuance
 under equity
 compensation
 plans
 (excluding
 reflected in
 column (a))
 (c) (2)

 Equity compensation plans approved by security holders (1)

 2,228,391

 $

 5.08

 254,885

 Equity compensation plans not approved by security holders

 —

 —

 —

 Total

 2,228,391

 $

 5.08

 254,885

 1.

 The amounts shown in this row include securities under the 2021 Incentive Plan.

 2.

 In accordance with the "evergreen" provision in the 2021 Incentive Plan, an additional 668,297 shares of our common stock were automatically made available for issuance on the first day of 2025, which represents 4% of the number of shares outstanding on December 31, 2024. These shares are excluded from the shares disclosed in the table.

 Security Ownership of Certain Beneficial Owners and Management
 The following table sets forth information regarding the beneficial ownership of our common stock as of April 7, 2025 by:

 •

 each person known by us to own beneficially more than 5% of any class of our outstanding shares of common stock;

 •

 each of the directors and named executive officers individually; and

 •

 all of our directors and executive officers as a group.

 We have determined beneficial ownership in accordance with the rules of the SEC. Under these rules, beneficial ownership includes any shares of common stock as to which the individual or entity has sole or shared voting power or investment power. In computing the number of shares beneficially owned by an individual or entity and the percentage ownership of that person, shares of common stock subject to options or warrants held by such person that are currently exercisable or will become exercisable within 60 days of April 7, 2025 are considered outstanding, although these shares are not considered outstanding for purposes of computing the percentage ownership of any other person. Percentage ownership is based on 16,724,998 shares of common stock issued and outstanding as of April 7, 2025, plus any shares issuable upon exercise of options or warrants that are exercisable with 60 days of April 7, 2025 held by such person.
 Unless noted otherwise, the address of all listed stockholders is 5850 San Felipe St. Suite 500, Houston, TX 77057. Each of the stockholders listed has sole voting and investment power with respect to the shares beneficially owned by the stockholder unless noted otherwise, subject to community property laws where applicable.

 Name of Beneficial Owners

 Number of Shares
of Common Stock
Beneficially
Owned

 Percent of
Class

 Named Executive Officers and Directors:

 Howard Berman (1)(2)

 1,213,120

 7.1

 %

 Arun Swaminathan (3)

 179,724

 1.1

 %

 David Snyder (4)

 258,351

 1.5

 %

 Fred Grossman (5)

 168,759

 %

 Dov Goldstein (6)

 32,557

 *

 Ann Lee (7)

 40,036

 *

 Anabella Villalobos (8)

 32,557

 *

 Wilbur L. Ross (9)

 175,016

 %

 Dieter Weinand (10)

 15,000

 *

 All executive officers and directors as a group (9 persons)

 12.0

 %

 5% Stockholders

 Bertex LLC (1)(2)

 939,338

 5.6

 %

 Orin Hirschman (11)

 1,333,919

 8.0

 %

 David Einhorn (12)

 1,651,440

 9.9

 %

 The Vanguard Group (13)

 845,424

 5.6

 %

 *

 Represents beneficial ownership of less than 1%.

 1.

 Howard Berman, our former Chief Executive Officer, and current Executive Chairman of the Board, is the managing director of Bertex LLC. Due to Dr. Berman's controlling relationship with Bertex LLC, he may be deemed to have sole voting and dispositive control over the shares of our common stock owned by Bertex LLC. As a result, Dr. Berman may be deemed to beneficially own the shares of our common stock held by Bertex LLC.

 2.

 Includes (i) 10,000 shares of our common stock owned directly by Dr. Berman, (ii) 939,338 shares of our common stock owned by Bertex LLC, of which Dr. Berman is the managing director, and (iii) options exercisable for 263,782 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 370,163 shares of our common stock that are not exercisable within 60 days of April 7, 2025.

 3.

 Includes (i) 10,000 shares of common stock, (ii) options exercisable for 169,724 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 338,655 shares of our common stock owned that are not exercisable within 60 days of April 7, 2025.

 4.

 Includes (i) 8,800 shares of common stock and (ii) options exercisable for 249,551 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 246,214 shares of our common stock owned by Mr. Snyder that are not exercisable within 60 days of April 7, 2025.

 5.

 Includes (i) 2,710 shares of common stock and (ii) options exercisable for 166,049 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 275,066 shares of our common stock that are not exercisable within 60 days of April 7, 2025.

 6.

 Includes (i) 10,000 shares of our common stock and (ii) options exercisable for 22,557 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 10,000 shares of our common stock owned that are not exercisable within 60 days of April 7, 2025.

 7.

 Includes (i) 17,479 shares of our common stock, and (ii) options exercisable for 22,557 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 10,000 shares of our common stock that are not exercisable within 60 days of April 7, 2025.

 8.

 Includes (i) 10,000 shares of our common stock, and (ii) options exercisable for 22,557 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 10,000 shares of our common stock that are not exercisable within 60 days of April 7, 2025.

 9.

 Includes (i) 165,016 shares of our common stock, and (ii) options exercisable for 10,000 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 10,000 shares of our common stock that are not exercisable within 60 days of April 7, 2025.

 10.

 Includes options exercisable for 15,000 shares of our common stock that are exercisable within 60 days of April 7, 2025. Excludes options exercisable for 10,000 shares of our common stock that are not exercisable within 60 days of April 7, 2025.

 11.

 Based upon information contained in a Schedule 13G filed by AIGH Capital Management, LLC ("AIGH CM"), AIGH Investment Partners, L.C.C. ("AIGH IP") and Mr. Orin Hirschman on February 10, 2025. Includes shares of our common stock held by AIGH Investment Partners, L.P. ("AIGH LP"), WVP Emerging Manger Onshore Fund, LLC – AIGH Series ("WVP") and AIGH Investment Partners, LLC ("AIGH LLC"). Excludes warrants to purchase up to 280,000 shares of our common stock due to beneficial ownership limitations on exercise. Mr. Hirschman is the managing member of AIGH CM, which is an advisor or sub-advisor with respect to the securities held by AIGH LP and WVP, and president of AIGH LLC. Mr. Hirschman has voting and investment control over the securities indirectly held by AIGH CM and directly by AIGH LP and AIGH LLC. The principal office and business address of AIGH CM, AIGH IP, and Mr. Hirschman is 6006 Berkeley Avenue, Baltimore, MD 21209.

 12.

 Based upon information contained in a Schedule 13G filed by Greenlight Capital, Inc., a Delaware corporation ("Greenlight Inc."), DME Capital Management, LP, a Delaware limited partnership ("DME CM"), DME Advisors, LP, a Delaware limited partnership ("DME Advisors"), DME Advisors GP, LLC, a Delaware limited liability company ("DME GP" and together with Greenlight Inc., DME CM and DME Advisors, "Greenlight"), and Mr. David Einhorn, the principal of Greenlight on February 14, 2025. Mr. Einhorn may be deemed to have indirect investment and/or voting power as the principal of Greenlight and other affiliated entities. DME GP is the general partner of DME CM and DME Advisors. Includes warrants to purchase up to 5,000 shares of our common stock. The principal business office of Greenlight is 140 East 45 th Street, 24 th Floor, New York, New York 10017.

 13.

 Based upon information contained in a Schedule 13G filed by The Vanguard Group on November 12, 2024. The principal business office of The Vanguard Group is 100 Vanguard Blvd., Malvern, PA 19355.

 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
 Director Independence
 The Nasdaq Stock Market LLC requires a majority of a listed company's board of directors to be comprised of independent directors. In addition, the rules require that each member of a listed company's audit, compensation and nominating and corporate governance committees be independent under the Securities Exchange Act of 1934, as amended, or the Exchange Act. Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act and compensation committee members must also satisfy the independence criteria set forth in Rule 10C-1 under the Exchange Act. Under the Nasdaq Listing Rules, a director will only qualify as an "independent director" if, among other things, in the opinion of the listed company's board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
 In order to be considered independent for purposes of Rule 10A-3 of the Exchange Act, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee, accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries or otherwise be an affiliated person of the listed company or any of its subsidiaries. In order to be considered independent for purposes of Rule 10C-1, the board must consider, for each member of a compensation committee of a listed company, all factors specifically relevant to determining whether a director has a relationship to such company which is material to that director's ability to be independent from management in connection with the duties of a compensation committee member, including, but not limited to: (1) the source of compensation of the director, including any consulting, advisory or other compensatory fee paid by such company to the director; and (2) whether the director is affiliated with the company or any of its subsidiaries or affiliates.

 Our Board undertook a review of its composition, the composition of its committees and the independence of each director. Based upon information requested from and provided by each director concerning his or her background, employment and affiliations, including family relationships, our Board has determined that Dr. Dov Goldstein, Dr. Ann Lee, Dr. Anabella Villalobos, Dieter Weinand and Wilbur L. Ross do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is "independent" as that term is defined under the Rules of Nasdaq and the SEC. Dr. Swaminathan was determined to not be independent since he serves as our Chief Executive Officer, and Dr. Berman was determined to not be independent due to his position as Executive Chairman of the Board and past position as our chief executive officer.
 Transactions with Related Persons
 Our policy is to enter into transactions with related parties on terms that, on the whole, are no more favorable, or no less favorable, than those available from unaffiliated third parties. The following is a description of transactions since January 1, 2023 to which we have been a participant in which the amount involved exceeded or will exceed $120,000 and in which any of our directors, executive officers or holders of more than 5% of our voting securities, or any members of their immediate family, had or will have a direct or indirect material interest, other than compensation arrangements.
 Employment Agreement with Dr. Howard Berman
 Effective October 30, 2024, Dr. Howard Berman resigned as our Chief Executive Officer. On November 1, 2024, we entered into an employment agreement with Dr. Berman pursuant to which he serves as our Executive Chairman. For more information about the Berman Employment Agreement, see the section titled " Executive Compensation – Employment Agreements with our Named Executive Officers."
 Indemnification of Officers and Directors
 We have entered into indemnification agreements with each of our current directors and executive officers. These agreements require us to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. We also intend to enter into indemnification agreements with our future directors and executive officers.
 Policies and Procedures for Related Party Transactions
 Our Board has adopted a written related-party transaction policy that sets forth the policies and procedures for the review and approval or ratification of transactions involving the Company and "related persons." For the purposes of this policy, "related persons" will include our executive officers, directors, director nominees, and their immediate family members, and stockholders owning five percent or more of our outstanding common stock and their immediate family members.
 The policy covers, with certain exceptions set forth in Item 404 of Regulation S-K under the Securities Act, any transaction, arrangement, or relationship, or any series of similar transactions, arrangements, or relationships in which we were or are to be a participant, where the amount involved exceeds $100,000 and a related person has or will have a direct or indirect material interest, including, without limitation, purchases of goods or services by or from the related person or entities in which the related person has a material interest, indebtedness, guarantees of indebtedness, and employment by us of a related person. In reviewing and approving any such transactions, our Audit Committee is tasked to consider all relevant facts and circumstances, including, but not limited to (i) whether the transaction is on terms comparable to those that could be obtained in an arm's length transaction with an unrelated party; (ii) the extent of the related person's interest in the transaction; (iii) the benefits to the Company; (iv) the impact on a director's independence in the event the related person is a director, an immediately family member of a director or an entity in which a director is a partner, stockholder or executive officer; (v) the availability of other sources for comparable products or services; (vi) the terms of the transaction; and (vii) the terms available to unrelated third parties.

 All related-party transactions may only be consummated if our Audit Committee has approved or ratified such transaction in accordance with the guidelines set forth in the policy. Any member of the Audit Committee who is a related person with respect to a transaction under review will not be permitted to participate in the deliberations or vote respecting approval or ratification of the transaction. However, such director may be counted in determining the presence of a quorum at a meeting of the Audit Committee that considers the transaction.
 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
 The following table summarizes the fees paid for professional services rendered by Weaver and Tidwell, L.L.P, or Weaver, our independent registered public accounting firm, for each of the last two fiscal years.

 Fee Category

 2024

 2023

 Audit fees (1)

 $

 342,704

 $

 326,019

 Audit related fees

 —

 —

 Tax fees (2)

 30,450

 10,210

 All other fees

 —

 —

 Total

 $

 373,154

 $

 336,229

 (1)

 Consists of fees rendered in connection with the audit of our financial statements, review of registration statements, review of the interim financial statements and services normally provided in connection with regulatory filings. Included in 2024 audit fees is an aggregate of approximately $29,000 fees billed in connection with the consents, diligence, and registration statements. Included in the 2023 audit fees is an aggregate of approximately $33,000 fees billed in connection with the IPO and other registration statements.

 (2)

 Consists of income tax compliance services.

 Auditor Independence
 In our fiscal year ended December 31, 2024, there were no other professional services provided by Weaver that would have required our Audit Committee to consider their compatibility with maintaining the independence of Weaver.
 Audit Committee Policy on Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm
 Our Audit Committee has established a policy governing our use of the services of our independent registered public accounting firm. Under this policy, our Audit Committee is required to pre-approve all audit and non-audit services performed by our independent registered public accounting firm in order to ensure that the provision of such services does not impair the public accountants' independence. All fees paid to Weaver for our fiscal year ended December 31, 2024 were pre-approved by our Board and/or Audit Committee.

 Item 15. Exhibit and Financial Statement Schedules.

 (a)(1)

 Financial Statements

 The financial statements and related notes, together with the report of Weaver and Tidwell, L.L.P. appear at pages F-1 through F-20 following the Exhibit List as required by "Part II-Item 8-Financial Statements and Supplementary Data" of this Form 10-K.

 (a)(2)

 Financial Statement Schedules

 All schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.

 (a)(3)

 Exhibits

 The following exhibits are filed as part of, or incorporated by reference into, this Annual Report on Form 10-K.

 Exhibit Number

 Description

 2.1

 Agreement and Plan of Merger by and among Coya Therapeutics, Inc. and Nicoya Health, Inc. dated December 22, 2020 (incorporated by reference to Exhibit 2.1 of the Company's Registration Statement on Form S-1 filed with the SEC on November 18, 2022).

 3.1

 Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company's Annual Report on Form 10-K filed with the SEC on March 29, 2023).

 3.2

 Amended and Restated By-Laws (incorporated by reference to Exhibit 3.2 of the Company's Annual Report on Form 10-K filed with the SEC on March 29, 2023).

 4.1

 Form of Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 of the Company's Registration Statement on Form S-1 filed with the SEC on November 18, 2022).

 4.2

 Form of Underwriters' Warrant (incorporated by reference to Exhibit 4.3 of the Company's Registration Statement on Form S-1/A filed with the SEC on December 13, 2022).

 4.3

 Form of Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.4 of the Company's Registration Statement on Form S-1/A filed with the SEC on December 5, 2022).

 4.4

 Form of Warrant Agency Agreement between Coya Therapeutics, Inc. and Computershare Limited (incorporated by reference to Exhibit 4.5 of the Company's Registration Statement on Form S-1/A filed with the SEC on December 13, 2022).

 4.5

 Form of Newbridge/Allele Warrant used in December 2023 Private Placement (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed with the SEC on December 6, 2023).

 4.6

 Description of Securities of Coya Therapeutics, Inc. (incorporated by reference to Exhibit 4.7 of the Company's Annual Report on Form 10-K filed with the SEC on March 19, 2024).

 10.1

 The Amended and Restated Coya Therapeutics, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company's Registration Statement on Form S-1/A filed with the SEC on December 13, 2022).

 10.2

 Amendment No.1 to the Amended and Restated Coya Therapeutics, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on May 8, 2024).

 10.3

 Form of Indemnification Agreement entered into by Coya Therapeutics, Inc. with its Officers and Directors (incorporated by reference to Exhibit 10.2 of the Company's Registration Statement on Form S-1 filed with the SEC on November 18, 2022).

 10.4

 Executive Employment Agreement, dated March 14, 2022, by and between Coya Therapeutics, Inc. and David Snyder (incorporated by reference to Exhibit 10.5 of the Company's Registration Statement on Form S-1 filed with the SEC on November 18, 2022).

 10.5

 Employment Agreement, dated October 30, 2024, by and between Coya Therapeutics, Inc. and Dr. Arun Swaminathan (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on October 31, 2024).

 10.6

 Employment Agreement, dated October 30, 2024, between Coya Therapeutics, Inc. and Dr. Howard Berman (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on October 31, 2024).

 10.7 #

 Amended and Restated Employment Agreement, dated July 11, 2023, between the Company and Dr. Fred Grossman (incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Company on July 14, 2023).

 10.8#

 Amended and Restated Patent Know How and License Agreement, effective as of October 6, 2020, by and between Coya Therapeutics, Inc. and The Methodist Hospital (incorporated by reference to Exhibit 10.7 of the Company's Registration Statement on Form S-1 filed with the SEC on November 18, 2022).

 10.9***#

 Sponsored Research Agreement, effective as of December 8, 2022, by and between Coya Therapeutics, Inc. and Methodist Hospital Research Institute dba Houston Methodist Research Institute (incorporated by reference to Exhibit 10.9 of the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2025).

 10.10***#

 First Amendment to the Sponsored Research Agreement, effective as of June 8, 2024, by and between Coya Therapeutics, Inc. and Methodist Hospital Research Institute dba Houston Methodist Research Institute (incorporated by reference to Exhibit 10.10 of the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2025).

 10.11***#

 Second Amendment to the Sponsored Research Agreement, effective as of October 9, 2024, by and between Coya Therapeutics, Inc. and Methodist Hospital Research Institute dba Houston Methodist Research Institute (incorporated by reference to Exhibit 10.11 of the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2025).

 10.12#

 License Agreement by and between Coya Therapeutics, Inc. and ARScience Biotherapeutics, Inc., dated August 23, 2022 (incorporated by reference to Exhibit 10.12 of the Company's Registration Statement on Form S-1 filed with the SEC on November 18, 2022).

 10.13

 Series A Placement Agent Warrant (incorporated by reference to Exhibit 10.13 of the Company's Registration Statement on Form S-1 filed with the SEC on November 18, 2022).

 10.14

 Convertible Note Placement Agent Warrant (incorporated by reference to Exhibit 10.14 of the Company's Registration Statement on Form S-1 filed with the SEC on November 18, 2022).

 10.15

 Form of Stock Option Grant Notice and Option Agreement (incorporated by reference to Exhibit 10.15 of the Company's Registration Statement on Form S-1/A filed with the SEC on December 13, 2022).

 10.16

 Form of Securities Purchase Agreement December 2023 Private Placement (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on December 6, 2023).

 10.17#

 License and Supply Agreement by and between Coya Therapeutics, Inc. and Dr. Reddy's Laboratories Ltd. (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q filed with the SEC on May 10, 2023).

 10.18#

 Development and License Agreement by and among Coya Therapeutics, Inc., Dr. Reddy's Laboratories SA, and Dr. Reddy's Laboratories Ltd., dated December 5, 2023 (incorporated by reference to Exhibit 10.18 of the Company's Annual Report on Form 10-K filed with the SEC on March 19, 2024).

 10.19

 First Amendment to DRL Development Agreement, dated June 4, 2024, by and between Coya Therapeutics, Inc. and Dr. Reddy's Laboratories SA (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on June 5, 2024).

 10.20

 Securities Purchase Agreement dated May 17, 2024, by and between Coya Therapeutics, Inc. and the Alzheimer's Drug Discovery Foundation (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on May 20, 2024).

 10.21

 Form of Securities Purchase Agreement, by and among the Company and the Purchasers (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed with the SEC on October 22, 2024).

 19.1 ***

 Insider Trading Policy (incorporated by reference to Exhibit 19.1 of the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2025).

 23.1***

 Consent of Weaver and Tidwell, LLP, independent registered public accounting firm (incorporated by reference to Exhibit 23.1 of the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2025).

 31.1***

 Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Exhibit 31.1 of the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2025).

 31.2***

 Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (incorporated by reference to Exhibit 31.2 of the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2025).

 31.3*

 Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.4*

 Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1**

 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (incorporated by reference to Exhibit 32.1 of the Company's Annual Report on Form 10-K filed with the SEC on March 18, 2025).

 97.1

 Clawback Policy (incorporated by reference to Exhibit 97.1 of the Company's Annual Report on Form 10-K filed with the SEC on March 19, 2024).

 101.INS

 101.SCH

 *

 Filed herewith.

 **

 Previously furnished.

 ***

 Previously filed.

 Management contract or compensatory plan or arrangement.

 #

 Certain identified information has been excluded from this exhibit (indicated by asterisks) because it is both not material and the type of information that the Company treats as private or confidential, in accordance with the rules of the SEC.

 Item 16. Form 10-K Summary
 None.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 Coya Therapeutics, Inc.

 Date: April 28, 2025

 By:

 /s/ Arun Swaminathan Ph. D.

 Name: Arun Swaminathan Ph. D.

 Title: Chief Executive Officer

 Date: April 28, 2025

 By:

 / s/ David Snyder

 Name: David Snyder

 Title: Chief Financial Officer (Principal Financial and Accounting Officer)

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.

 Name

 Title

 Date

 /s/ Arun Swaminathan Ph. D.

 Chief Executive Officer and Director

 Arun Swaminathan Ph. D.

 (Principal Executive Officer)

 /s/ David Snyder

 Chief Financial Officer

 (Principal Financial and Accounting Officer) Chief Operating Officer

 /s/ Howard Berman

 Director and Executive Chairman

 Howard Berman

 Ann Lee

 /s/ Anabella Villalobos

 Anabella Villalobos

 /s/ Dov Goldstein

 Dov Goldstein

 /s/ Wilbur Ross

 Wilbur Ross

 /s/ Dieter Weinand

 Dieter Weinand