Subject enrollment expected to begin in Q1 2026CDI-988 is the first oral broad-spectrum antiviral drug candidate for potential prevention of norovirus outbreaks and treatment of acute viral gastroenteritis caused by norovirus infectionThere are no approved treatments or vaccines currently available for norovirus infection BOTHELL, Wash., Dec. 18, 2025 (GLOBE NEWSWIRE) -- Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces the approval from the Institutional Review Board (IRB) at E ...

BOTHELL, Wash., Dec. 01, 2025 (GLOBE NEWSWIRE) -- Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces that James Martin, CFO and co-CEO, will present a Company overview and clinical progress update at NobleCon 21 – Noble Capital Markets 21st Emerging Growth Equity Conference on Wednesday, December 3, 2025 at 10:00 am Eastern time. The conference is being held at the Executive Education Complex of Florida Atlantic University in Boca Raton, Florida. Interested investors and guests o ...

Company Overview - Cocrystal Pharma, Inc. is a clinical-stage biotechnology company focused on developing innovative antiviral treatments for diseases such as influenza, viral gastroenteritis, COVID, and hepatitis [4] - The company utilizes unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs [4] Upcoming Event - James Martin, CFO and co-CEO of Cocrystal, will present a company overview and clinical progress update at NobleCon 21 on December 3, 2025, at 10:00 am Eastern time [1] - The conference will take place at the Executive Education Complex of Florida Atlantic University in Boca Raton, Florida [1] - Interested investors can attend the conference at a discounted rate using the code COCPNOBLECON [2] - A video webcast of the presentation will be available on December 4, 2025, and archived for 90 days on the company's website [2] About Noble Capital Markets - Noble Capital Markets is a research-driven investment bank that has supported small and microcap companies since 1984 [3] - The firm provides institutional-quality equity research, merchant and investment banking, and order execution services [3] - In 2018, Noble launched Channelchek, an investor community dedicated to public small and micro-cap companies, offering free institutional-quality research without a subscription [3]

Financial Performance - Net loss for Q3 2025 was $2.0 million, or $0.19 per share, compared to a net loss of $4.9 million, or $0.49 per share in Q3 2024[13] - The net loss for the first nine months of 2025 was $6.4 million, or $0.61 per share, compared to a net loss of $14.2 million, or $1.40 per share in the first nine months of 2024[14] - Net loss for the three months ended September 30, 2025, was $2,049,000, compared to a net loss of $4,939,000 for the same period in 2024, indicating an improvement of approximately 58.5%[24] - Net loss per common share for the three months ended September 30, 2025, was $(0.19), an improvement from $(0.49) for the same period in 2024, reflecting a decrease in loss per share of approximately 61.2%[24] Expenses - Research and development (R&D) expenses for Q3 2025 were $954,000, a decrease of 70% compared to $3.2 million in Q3 2024[12] - General and administrative (G&A) expenses for Q3 2025 were $1.1 million, down 39% from $1.8 million in Q3 2024[12] - For the first nine months of 2025, R&D expenses totaled $3.4 million, a reduction of 68% from $10.5 million in the same period of 2024[14] - Research and development expenses for the nine months ended September 30, 2025, were $3,436,000, down from $10,500,000 for the same period in 2024, a decrease of about 67.3%[24] - General and administrative expenses for the three months ended September 30, 2025, were $1,135,000, compared to $1,800,000 for the same period in 2024, reflecting a decrease of approximately 37.2%[24] - Total operating expenses for the three months ended September 30, 2025, were $2,089,000, down from $5,042,000 in 2024, a reduction of about 58.6%[24] Cash and Assets - As of September 30, 2025, unrestricted cash was $7.7 million, down from $9.9 million as of December 31, 2024[15] - Total current assets decreased from $11,580,000 as of December 31, 2024, to $8,782,000 as of September 30, 2025, representing a decline of approximately 24.0%[22] Liabilities - Total liabilities decreased from $3,933,000 as of December 31, 2024, to $2,777,000 as of September 30, 2025, a reduction of about 29.4%[22] Funding and Awards - Cocrystal raised gross proceeds of $4.7 million from a registered direct offering in September 2025, and an additional $1.03 million from a private placement in October 2025[3][16] - Cocrystal received a Small Business Innovation Research (SBIR) award from the NIH for $500,000 to advance its influenza A/B replication inhibitor program[3][10] Future Outlook - The company expects to begin enrolling participants for the CDI-988 Phase 1b norovirus challenge study in Q1 2026[4] - The global COVID-19 therapeutics market is projected to exceed $16 billion annually by the end of 2031[11] Shareholder Information - The weighted average number of common shares outstanding increased from 10,174,000 as of September 30, 2024, to 10,991,000 as of September 30, 2025, an increase of approximately 8.0%[24] Interest Income - Interest income for the nine months ended September 30, 2025, was $482,000, compared to $87,000 for the same period in 2024, representing a significant increase of approximately 453.4%[24] Accumulated Deficit - The accumulated deficit increased from $(333,418,000) as of December 31, 2024, to $(339,823,000) as of September 30, 2025, indicating a deterioration of about 1.2%[22]

Antiviral Development - Cocrystal Pharma is focused on developing antiviral therapeutics for serious viral diseases, utilizing unique structure-based technologies[86]. - The influenza program includes CC-42344, which has shown in vitro efficacy against H5N1 avian influenza A strain with an EC50 of 0.003 µM[91]. - The Phase 2a study of oral CC-42344 demonstrated a favorable safety profile with no serious adverse events (SAEs) reported[93]. - Cocrystal is developing CDI-988 as a broad-spectrum antiviral for noroviruses and coronaviruses, with favorable safety results from Phase 1 studies[95][97]. - CDI-988's Phase 1 multiple-ascending dose (MAD) study showed that all doses from 100 mg to 1,200 mg were well tolerated[100]. - The company received FDA authorization for a Phase 1b challenge study of CDI-988, expected to begin in the first half of 2026[102]. - Cocrystal's HCV program targets the viral NS5B polymerase, aiming for ultra-short treatment regimens of four to six weeks[115]. - Cocrystal's influenza A/B program is material to the future development of a comprehensive antiviral program following the return of preclinical assets from Merck[94]. - The company continues to pursue novel antiviral compounds for coronavirus infections, targeting viral replication enzymes and protease[112]. Financial Performance - Total research and development expenses for the three months ended September 30, 2025, were $954,000, a decrease of $2,288,000 compared to $3,242,000 in 2024[120]. - Total research and development expenses for the nine months ended September 30, 2025, were $3,436,000, down from $10,500,000 in 2024, reflecting a decrease of $7,064,000[121]. - General and administrative expenses for the three months ended September 30, 2025, were $1,135,000, a decrease of $665,000 from $1,800,000 in 2024[123]. - General and administrative expenses for the nine months ended September 30, 2025, were $3,102,000, down from $4,148,000 in 2024, a decrease of $1,046,000[125]. - Net loss for the three months ended September 30, 2025, was $2,049,000, compared to a net loss of $4,939,000 in 2024[130]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $6,456,000, a decrease from $13,325,000 in 2024[131]. - The Company had $7,729,000 in unrestricted cash on September 30, 2025, which is not sufficient to support its working capital needs for the next 12 months[134]. - The Company sold 2,764,710 shares of common stock at $1.70 per share in a registered direct offering on September 12, 2025[138]. - The Company has incurred operating losses and negative operating cash flows on an annual basis since inception[135]. Clinical Development - The Company is seeking a partner for further clinical development of CC-31244 after completing Phase 2a trials[117].

Core Insights - Cocrystal Pharma, Inc. reported financial results for the three and nine months ended September 30, 2025, highlighting advancements in its antiviral product pipeline and financial position [1][14][16]. Financial Performance - Research and development (R&D) expenses for Q3 2025 were $954,000, a decrease from $3.2 million in Q3 2024, primarily due to the winding down of clinical study costs [14]. - General and administrative (G&A) expenses for Q3 2025 were $1.1 million, down from $1.8 million in Q3 2024, attributed to reduced compensation expenses [14]. - The net loss for Q3 2025 was $2.0 million, or $0.19 per share, compared to a net loss of $4.9 million, or $0.49 per share, in Q3 2024 [15]. - For the first nine months of 2025, R&D expenses totaled $3.4 million, down from $10.5 million in the same period of 2024, while G&A expenses were $3.1 million compared to $4.1 million [16]. - The net loss for the first nine months of 2025 was $6.4 million, or $0.61 per share, compared to a net loss of $14.2 million, or $1.40 per share, in the first nine months of 2024 [16]. - As of September 30, 2025, the company reported unrestricted cash of $7.7 million, down from $9.9 million at the end of 2024 [17]. Antiviral Product Pipeline - Cocrystal is advancing its antiviral product pipeline, including CDI-988, an oral broad-spectrum protease inhibitor targeting norovirus, with participant enrollment for a challenge study expected to begin in Q1 2026 [2][7]. - The company received a Small Business Innovation Research (SBIR) award from the NIH to support the development of a novel candidate targeting the influenza A/B polymerase complex [3][19]. - CDI-988 has shown in vitro activity against multiple norovirus strains and is being evaluated for both prevention and treatment of norovirus infections [11][20]. Norovirus Program - Norovirus causes approximately 685 million global cases annually, with a $60 billion economic impact, and is responsible for an estimated 21 million infections in the U.S. each year [6]. - The annual burden of norovirus in the U.S. is estimated at $10.6 billion, with significant hospitalization and mortality rates, particularly among children in developing countries [6]. Influenza Programs - Influenza poses a major global health threat, with approximately 1 billion cases reported annually and significant direct medical costs in the U.S. estimated at $10.4 billion [10]. - Cocrystal's CC-42344, a PB2 inhibitor, has shown promising in vitro activity against pandemic and seasonal influenza A strains, including those resistant to existing antivirals [12][19].

Core Insights - Cocrystal Pharma, Inc. has completed a private placement of units, raising $1.03 million through the sale of 743,024 shares at $1.39 per share, along with unregistered warrants for an additional potential $1.8 million if fully exercised [1][3] Group 1: Investment Details - The private placement includes unregistered warrants to purchase up to 1,486,048 shares at an exercise price of $1.24 per share, which are exercisable upon issuance and will expire in 27 months [1][3] - The total potential proceeds from the warrants, if fully exercised, could amount to approximately $1.83 million [3] Group 2: Key Investors - The investors in this private placement include Cocrystal Directors Phillip Frost, Fred Hassan, Richard Pfenniger, and co-CEO and CFO James Martin, indicating strong confidence from the company's leadership [2] Group 3: Company Mission and Use of Proceeds - The company aims to utilize the net proceeds from this offering to support its clinical development programs, working capital, and general corporate purposes, reinforcing its commitment to advancing antiviral therapies [3][6] - Cocrystal Pharma focuses on developing innovative antiviral treatments for diseases such as influenza, viral gastroenteritis, COVID, and hepatitis, employing unique structure-based technologies [6]

Core Insights - Cocrystal Pharma has received a $500,000 SBIR Phase I award from NIH to develop a novel oral broad-spectrum antiviral for influenza A and B [1][2] - The funding will support the characterization of lead candidate molecules targeting the influenza polymerase complex [1] - Successful completion of Phase I may lead to eligibility for a larger Phase II award for further development [2] Company Overview - Cocrystal Pharma is a clinical-stage biotechnology company focused on discovering and developing antiviral therapeutics targeting various viruses, including influenza and coronaviruses [6] - The company utilizes a structure-based drug discovery platform that provides insights for developing novel antiviral agents [5] Industry Context - Influenza poses a significant global health threat, with approximately 1 billion cases and up to 650,000 deaths annually [4] - The economic impact of influenza in the U.S. is estimated at $11.2 billion in direct and indirect costs each year [4]

Company Overview - Cocrystal Pharma, Inc. is a clinical-stage biotechnology company focused on developing innovative antiviral treatments for diseases such as influenza, viral gastroenteritis, COVID, and hepatitis [4] - The company utilizes unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs [4] Upcoming Event - James Martin, CFO and co-CEO of Cocrystal, will present a company overview at the Noble Capital Markets Emerging Growth Virtual Equity Conference on October 9, 2025, at 12:00 pm Eastern time [1] - The presentation will include a question-and-answer session with the live virtual audience [1] Investor Engagement - A video webcast of the presentation will be available within 48 hours after the event and archived for 90 days on the company's website [2] - Mr. Martin will be available for virtual one-on-one meetings with registered, qualified investors throughout the conference [2]

As filed with the Securities and Exchange Commission on September 19, 2025 Registration No. 333-_______ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Cocrystal Pharma, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 2834 35-2528215 (I.R.S. Employer Identification Number) Approxim ...