Since I first wrote about Coya Therapeutics (NASDAQ:COYA), the company has strengthened its strategic positioning with a strong licensing deal with Dr. Reddy’s, the company Coya previously in-licensed from its biosimilar CTLA4-Ig, Abatacept, which is one component of COYA 302, Coya’s lead combination therapy for ALS and potentially other diseases. The potential upside for COYA shares remains robust, but the primary change in the investment thesis since I last wrote about the company is that the investment is significantly financially derisked, and it has expanded its pipeline. The company has also proven it can execute business development activities.