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]

Group 1 - Cocrystal Pharma, Inc. closed a registered direct offering, raising approximately $4.7 million from the sale of 2,764,710 shares at a price of $1.70 per share [1][3] - The company also issued unregistered warrants for the purchase of up to 5,529,420 shares at an exercise price of $1.50 per share, potentially adding approximately $8.3 million in gross proceeds if fully exercised [1][3] - The net proceeds from the offering will be used for working capital and general corporate purposes [3] Group 2 - H.C. Wainwright & Co. served as the exclusive placement agent for the offering [2] - The common stock was offered under a "shelf" registration statement effective since May 26, 2023, with a final prospectus supplement filed with the SEC [4] - The unregistered warrants were offered in a private placement and have not been registered under the Securities Act [5] Group 3 - Cocrystal Pharma is a clinical-stage biotechnology company focused on developing innovative antiviral treatments for diseases such as influenza, viral gastroenteritis, COVID, and hepatitis [7]

Group 1 - Cocrystal Pharma, Inc. (COCP) shares increased by 14.23% to $1.64 after announcing a registered direct offering of 2.76 million shares at $1.70 per share [1] - The company also announced a concurrent private placement of unregistered warrants to purchase up to 5.53 million shares at $1.50 per share [1] - The stock opened at $2.45 and traded within a range of $1.54 to $2.67, compared to a prior close of $1.44 on Nasdaq [1] Group 2 - Trading volume surged to 79.3 million shares, exceeding the average of 76,645 shares [2] - Cocrystal Pharma's stock trades within a 52-week range of $1.12 to $3.26 [2] - The closing of the offering is expected on or about September 15, 2025 [2]

Group 1 - Cocrystal Pharma, Inc. has entered into definitive agreements for the purchase and sale of 2,764,710 shares of its common stock at a price of $1.70 per share, with gross proceeds expected to be approximately $4.7 million [1][3] - In a concurrent private placement, the company will issue unregistered warrants to purchase up to 5,529,420 shares of common stock at an exercise price of $1.50 per share, potentially adding approximately $8.3 million in gross proceeds if fully exercised [1][3] - The offering is expected to close on or about September 15, 2025, subject to customary closing conditions [1] Group 2 - H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering [2] - The net proceeds from the offering are intended for working capital and general corporate purposes [3] Group 3 - The common stock is being offered under a "shelf" registration statement that was declared effective by the SEC on May 26, 2023 [4] - The unregistered warrants are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and have not been registered under the Securities Act [5] Group 4 - 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 [7]

Core Insights - Cocrystal Pharma, Inc. announced significant progress in the development of CDI-988, a pan-viral protease inhibitor, which may serve as the first oral antiviral for norovirus prevention and treatment [1][2] 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 [9] - The company utilizes unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs [9] Product Development - CDI-988 was designed using Cocrystal's proprietary structure-based drug discovery platform, demonstrating broad-spectrum antiviral activity against multiple norovirus genogroups, including GII.4 and GII.17 [3][6] - The Phase 1 study of CDI-988 has been completed, showing a favorable safety profile with no serious adverse events reported [4] - The U.S. FDA has granted clearance for a Phase 1b human challenge study to further evaluate CDI-988 as a potential prophylaxis and treatment for norovirus, expected to begin before the end of 2025 [2][4] Scientific Presentation - Dr. Sam Lee, President and co-CEO of Cocrystal, presented the Phase 1 data at the 9th International Calicivirus Conference, highlighting CDI-988's mechanism of action and its potential as a GI-targeted antiviral [1][2] - The drug exhibits high exposure in the small intestine, which is critical for targeting norovirus infections [2] Industry Context - Norovirus is the leading cause of viral gastroenteritis globally, responsible for significant healthcare costs estimated at $60 billion due to direct healthcare expenses and lost productivity [7] - The Calicivirus Conference serves as a platform for global experts to discuss advancements in calicivirus research, fostering collaboration and innovation in the field [5]