Coya Therapeutics Insider Exercise: 17,557 Shares Added to Director Holdings

Rhea-AI Filing Summary

Dov A. Goldstein, a director of Coya Therapeutics, acquired 17,557 shares of the company's common stock on 08/18/2025 at a price of $1.09 per share, increasing his reported beneficial ownership to 27,557 shares. The Form 4 shows a simultaneous derivative transaction: 17,557 stock options with a $1.09 exercise price were exercised on the same date; those options were fully vested and had an original exercisability date of 04/01/2021 and an expiration date of 03/30/2031. The filing was submitted by an attorney-in-fact on 08/19/2025.

Positive

• Director increased direct ownership by 17,557 shares, raising reported beneficial ownership to 27,557 shares.
• Options were fully vested before exercise, indicating no acceleration or special amendment was required for the transaction.

Negative

• None.

Insights

Securities Analyst

TL;DR: Director exercised vested options and acquired 17,557 shares at $1.09, raising direct ownership to 27,557 shares.

The Form 4 documents a routine insider exercise of fully vested stock options and the resulting increase in direct holdings. Exercising options at the stated $1.09 price converted derivative exposure into underlying common shares, increasing the director's share count by 17,557. The transaction is standard for option-holders past vesting and does not by itself indicate a change in corporate strategy or material event for investors, though it modestly increases insider alignment with shareholders.

Corporate Governance Expert

TL;DR: Fully vested options were exercised by a director, a common insider action that increases disclosed beneficial ownership.

From a governance perspective, the filing is straightforward: options granted earlier became exercisable and were exercised rather than sold in the open market. The form lists direct ownership and shows no indirect holdings or complex transfers. The signature by an attorney-in-fact is noted and the explanation states the option was fully vested.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GOLDSTEIN DOV A MD

(Last) (First) (Middle)

5850 SAN FELIPE ST., SUITE 500

(Street)

HOUSTON, TX 77057

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Coya Therapeutics, Inc. [ COYA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.0001 per share	08/18/2025		M		17,557	A	$1.09	27,557	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$1.09	08/18/2025		M			17,557	04/01/2021(1)	03/30/2031	Common Stock	17,557	$0	0	D

Explanation of Responses:

1. This option is fully vested.

	/s/ David Snyder, Attorney-in-Fact	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did COYA director Dov Goldstein report on Form 4?

He acquired 17,557 shares of Coya Therapeutics common stock on 08/18/2025 by exercising options at $1.09 per share, increasing his beneficial ownership to 27,557 shares.

Were the stock options exercised by the director vested?

Yes. The Form 4 includes an explanation stating the option is fully vested, with an exercisability date of 04/01/2021 and expiration 03/30/2031.

What is the exercise price and key dates for the derivative security reported?

Exercise price: $1.09. Transaction date: 08/18/2025. Exercisable since: 04/01/2021. Expiration: 03/30/2031.

Who signed the Form 4 filing and when was it filed?

Signed by: David Snyder, Attorney-in-Fact. Date signed: 08/19/2025, as shown on the form.

Did the Form 4 indicate any indirect beneficial ownership or other arrangements?

No. The filing lists ownership as Direct (D) and does not disclose any indirect beneficial ownership or additional arrangements.