Cocrystal(COCP)

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Cocrystal Pharma to Present at Noble Capital Markets Emerging Growth Virtual Equity Conference
Globenewswire· 2025-10-02 12:00
BOTHELL, Wash., Oct. 02, 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 at the Noble Capital Markets Emerging Growth Virtual Equity Conference on Thursday, October 9, 2025 at 12:00 pm Eastern time (9:00 a.m. Pacific time). The formal presentation will be followed by a hosted question-and-answer session with questions welcomed from the live virtual audience. Those interested in viewing ...
Cocrystal Pharma, Inc. Announces Closing of Up To $13 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
Globenewswire· 2025-09-15 20:30
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]
Cocrystal Pharma Stock Gains 14% On Direct Offering Announcement
RTTNews· 2025-09-12 16:43
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]
Cocrystal Pharma, Inc. Announces Up To $13 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
Globenewswire· 2025-09-12 13:43
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]
Cocrystal Pharma Showcases CDI-988, the First Oral Antiviral in Development for Norovirus Infection, in a Podium Presentation at the International Calicivirus Conference
Globenewswire· 2025-09-12 12:00
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]
Cocrystal Pharma Receives FDA IND Clearance for Challenge Study of Oral Broad-Spectrum Protease Inhibitor CDI-988, a Potential First Antiviral for Norovirus Prevention and Treatment
Globenewswire· 2025-09-08 12:00
Core Viewpoint - Cocrystal Pharma has received FDA approval to proceed with a Phase 1b challenge study for CDI-988, an oral antiviral candidate aimed at preventing and treating norovirus infections, which is a significant milestone for the company [1][3]. 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 [6]. - The company utilizes a proprietary structure-based drug discovery platform to create first- and best-in-class antiviral drugs [5][6]. Product Details - CDI-988 is a novel pan-viral 3CL protease inhibitor designed for norovirus and coronavirus infections, demonstrating broad-spectrum antiviral activity [2]. - Preclinical data indicates that CDI-988 effectively targets major norovirus proteases, including GII.4 and GII.17, and has shown a favorable safety profile in Phase 1 studies [2][3]. - Currently, there are no approved vaccines or therapeutics for norovirus infections, making CDI-988 the first antiviral candidate for this purpose [8]. Industry Context - Norovirus infections are a significant public health issue, causing an estimated 21 million infections annually in the U.S., leading to 109,000 hospitalizations and approximately 900 deaths [4]. - The virus spreads rapidly in confined environments, complicating containment efforts, particularly among vulnerable populations [4].
Cocrystal Pharma to Participate at the H.C. Wainwright Global Investment Conference
Globenewswire· 2025-09-03 12:00
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 [3] - The company utilizes unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs [3] Upcoming Event - James Martin, CFO and co-CEO of Cocrystal, will present a company overview at the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025, at 12:00 p.m. Eastern time [1] - Mr. Martin will be available for in-person and virtual one-on-one meetings throughout the conference [2] - Institutional investors and industry professionals can register to attend the conference either virtually or in-person at the Lotte New York Palace Hotel [2]
Cocrystal(COCP) - 2025 Q2 - Quarterly Report
2025-08-14 12:01
Part I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Cocrystal Pharma, Inc., including balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining the company's organization, accounting policies, and specific financial line items for the periods ended June 30, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | **Assets** | | | | Cash | $4,766 | $9,860 | | Total current assets | $6,765 | $11,580 | | Total assets | $8,505 | $13,456 | | **Liabilities & Equity** | | | | Total current liabilities | $1,831 | $2,428 | | Total liabilities | $3,172 | $3,933 | | Total stockholders' equity | $5,333 | $9,523 | | Total liabilities and stockholders' equity | $8,505 | $13,456 | - The company's cash balance decreased by approximately **51.7%** from **$9,860,000** at December 31, 2024, to **$4,766,000** at June 30, 2025[7](index=7&type=chunk) - Total assets declined by approximately **36.8%** from **$13,456,000** at December 31, 2024, to **$8,505,000** at June 30, 2025[7](index=7&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) | Operating Expenses (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $1,122 | $4,308 | $2,482 | $7,258 | | General and administrative | $986 | $1,140 | $1,967 | $2,348 | | Total operating expenses | $2,108 | $5,448 | $4,449 | $9,606 | | Net loss | $(2,055) | $(5,343) | $(4,356) | $(9,299) | | Net loss per common share, basic and diluted | $(0.20) | $(0.53) | $(0.43) | $(0.91) | - Net loss significantly decreased for both the three-month period (from **$5,343,000** in 2024 to **$2,055,000** in 2025) and the six-month period (from **$9,299,000** in 2024 to **$4,356,000** in 2025), primarily due to reduced research and development expenses[10](index=10&type=chunk) - Research and development expenses decreased by approximately **73.9%** for the three months ended June 30, 2025, and by approximately **65.8%** for the six months ended June 30, 2025, compared to the same periods in 2024[10](index=10&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) | (in thousands) | Balance as of Dec 31, 2024 | Stock-based compensation | Net loss | Balance as of June 30, 2025 | | :----------------------- | :------------------------- | :----------------------- | :------- | :-------------------------- | | Common Stock Amount | $10 | - | - | $10 | | Additional Paid-in Capital | $342,931 | $166 | - | $343,097 | | Accumulated Deficit | $(333,418) | - | $(4,356) | $(337,774) | | Total Stockholders' Equity | $9,523 | $166 | $(4,356) | $5,333 | - Total stockholders' equity decreased from **$9,523,000** at December 31, 2024, to **$5,333,000** at June 30, 2025, primarily due to the net loss incurred during the period[14](index=14&type=chunk) - Stock-based compensation added **$166,000** to additional paid-in capital for the six months ended June 30, 2025[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(5,094) | $(8,202) | | Net cash used in investing activities | $0 | $(8) | | Net decrease in cash and restricted cash | $(5,094) | $(8,210) | | Cash and restricted cash at beginning of period | $9,935 | $26,428 | | Cash and restricted cash at end of period | $4,841 | $18,218 | - Net cash used in operating activities decreased by approximately **37.8%** to **$5,094,000** for the six months ended June 30, 2025, compared to **$8,202,000** for the same period in 2024[17](index=17&type=chunk) - Cash and restricted cash at the end of the period significantly decreased from **$18,218,000** in 2024 to **$4,841,000** in 2025[17](index=17&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. Organization and Business](index=8&type=section&id=1.%20Organization%20and%20Business) - Cocrystal Pharma, Inc. is a clinical-stage biopharmaceutical company focused on developing novel antiviral drug candidates for human viral diseases[19](index=19&type=chunk) - The company has incurred net losses and negative operating cash flows since inception, raising substantial doubt about its ability to continue as a going concern[21](index=21&type=chunk) - As of June 30, 2025, the company had **$4,841,000** in cash and restricted cash, which is not believed to be sufficient to fund operations beyond the next **12 months**[22](index=22&type=chunk) [2. Basis of Presentation and Significant Accounting Policies](index=8&type=section&id=2.%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) - The financial statements are prepared in accordance with U.S. GAAP for interim financial information and SEC regulations, and include normal recurring accruals[25](index=25&type=chunk) - The company operates as a single reportable segment, with its Co-Chief Executive Officer and President serving as the chief operating decision maker[28](index=28&type=chunk) - Research and development costs are expensed as incurred and presented net of refundable tax credits, primarily from the Australian subsidiary[43](index=43&type=chunk)[44](index=44&type=chunk) [3. Property and Equipment](index=14&type=section&id=3.%20Property%20and%20Equipment) | (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Total property and equipment | $2,082 | $2,082 | | Less: accumulated depreciation and amortization | $(1,975) | $(1,929) | | Property and equipment, net | $107 | $153 | - Net property and equipment decreased from **$153,000** at December 31, 2024, to **$107,000** at June 30, 2025[54](index=54&type=chunk) - Total depreciation and amortization expense for the six months ended June 30, 2025, was approximately **$46,000**, a decrease from **$68,000** in the prior year[54](index=54&type=chunk) [4. Accounts Payable and Accrued Expenses](index=14&type=section&id=4.%20Accounts%20Payable%20and%20Accrued%20Expenses) | (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Accounts payable | $856 | $1,542 | | Accrued compensation | $106 | $117 | | Accrued other expenses | $552 | $468 | | Total accounts payable and accrued expenses | $1,514 | $2,127 | - Total accounts payable and accrued expenses decreased by approximately **28.9%** from **$2,127,000** at December 31, 2024, to **$1,514,000** at June 30, 2025[55](index=55&type=chunk) [5. Common Stock](index=14&type=section&id=5.%20Common%20Stock) - As of June 30, 2025, the Company had **100,000,000** authorized shares of common stock and **1,000,000** authorized shares of preferred stock[56](index=56&type=chunk) - There were **10,174,000** shares of common stock issued and outstanding, and no shares of preferred stock issued and outstanding, as of both June 30, 2025, and December 31, 2024[56](index=56&type=chunk) [6. Stock Based Awards](index=15&type=section&id=6.%20Stock%20Based%20Awards) - The **2015** Equity Incentive Plan expired on June 29, 2025, with no further equity awards to be issued under it[57](index=57&type=chunk) - Stockholders approved the **2025** Equity Incentive Plan on June 25, 2025, reserving an initial **1,500,000** shares, with automatic annual increases of **5%** of outstanding common stock, up to a total of **4,000,000** shares[58](index=58&type=chunk)[59](index=59&type=chunk) | (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Outstanding options to purchase common stock | 537 | 550 | | Unvested restricted stock units | 155 | 164 | | Total potential common shares excluded from diluted EPS | 692 | 555 | [7. Commitments and Contingencies](index=16&type=section&id=7.%20Commitments%20and%20Contingencies) - The company has operating leases for office and lab space expiring in **2027** and **2031**, with total operating lease liabilities of **$1,658,000** as of June 30, 2025[68](index=68&type=chunk)[69](index=69&type=chunk) - A Phase 2a clinical trial for an antiviral influenza candidate is ongoing, with a total cost of approximately **$6.9 million**, including a **$1.7 million** reservation fee fully expensed by December 31, 2024[75](index=75&type=chunk)[76](index=76&type=chunk) - Operating lease expense for the six months ended June 30, 2025, was approximately **$205,000**, including **$32,000** paid to a related party[74](index=74&type=chunk) [8. Transactions with Related Parties](index=18&type=section&id=8.%20Transactions%20with%20Related%20Parties) - The company renewed a three-year lease extension on August 14, 2024, with a limited liability company controlled by Dr. Phillip Frost, a director and principal stockholder[78](index=78&type=chunk) - Annualized straight-line rent expense for this related-party lease is approximately **$64,000**[78](index=78&type=chunk) - Total rent and other expenses paid to the related party were **$32,000** for the six months ended June 30, 2025, compared to **$31,000** for the same period in 2024[79](index=79&type=chunk) [9. Segment Information](index=18&type=section&id=9.%20Segment%20Information) - The company operates and manages its business as a single reportable and operating segment, focused on research and development of antiviral candidates[80](index=80&type=chunk) | Segment Expenses (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------ | :----------------------------- | :----------------------------- | | Research and development | $2,015 | $6,394 | | Salaries and personnel costs | $783 | $1,308 | | Stock-based compensation | $166 | $306 | | Operating expenses | $1,359 | $1,440 | | Net loss | $4,356 | $9,299 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides an overview of Cocrystal Pharma's business, recent research and development updates across its influenza, norovirus, coronavirus, and hepatitis C programs, and a detailed analysis of its financial performance, liquidity, and capital resources for the three and six months ended June 30, 2025, compared to the prior year [Overview](index=19&type=section&id=Overview) - Cocrystal Pharma, Inc. is a clinical-stage biotechnology company focused on discovering and developing novel antiviral therapeutics for serious and chronic viral diseases[83](index=83&type=chunk) - The company utilizes unique structure-based technologies and expertise to create safe, effective, and convenient small molecule antiviral drugs[83](index=83&type=chunk) - Promising preclinical and clinical-stage antiviral compounds are being developed for influenza, coronavirus, norovirus, and hepatitis C virus (HCV)[83](index=83&type=chunk) [Impact of Inflation](index=19&type=section&id=Impact%20of%20Inflation) - The Company believes inflation has not materially affected its operations to date, beyond its general economic impact[84](index=84&type=chunk) - There is a risk that future inflationary pressures, particularly from United States tariff policy, could increase operating costs and strain working capital resources[84](index=84&type=chunk) [Research and Development Update](index=19&type=section&id=Research%20and%20Development%20Update) - The company continues to focus R&D efforts on norovirus, coronavirus, and influenza programs[85](index=85&type=chunk) [Influenza Program](index=19&type=section&id=Influenza%20Program) - CC-42344, a novel PB2 inhibitor, is a preclinical lead for oral or inhaled treatment of pandemic and seasonal influenza A, showing excellent in vitro antiviral activity against resistant strains[87](index=87&type=chunk) - A Phase 2a human challenge study for oral CC-42344 received UK MHRA authorization, but enrollment was extended due to unexpectedly low influenza infection rates among participants[89](index=89&type=chunk)[90](index=90&type=chunk) - CC-42344 demonstrated high potency (EC50, **0.003 µM**) against the highly pathogenic H5N1 avian influenza A strain (A/Texas/37/2024) in May 2025[91](index=91&type=chunk) [Norovirus and Coronavirus Programs](index=20&type=section&id=Norovirus%20and%20Coronavirus%20Programs) - CDI-988, a novel protease inhibitor, is being developed as an oral pan-viral treatment for noroviruses and coronaviruses, including SARS-CoV-2 variants[93](index=93&type=chunk) - Phase 1 study results for CDI-988 showed favorable safety and tolerability across all doses (**100 mg** to **1200 mg**), with headache as the most common adverse event[95](index=95&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) - CDI-988 demonstrated broad-spectrum activity against newly circulating GII.17 norovirus strains in April 2025[97](index=97&type=chunk) [Therapeutic Targets](index=21&type=section&id=Therapeutic%20Targets) - Influenza causes **1 billion** cases and up to **650,000** deaths annually worldwide, with existing treatments facing significant viral resistance[99](index=99&type=chunk)[100](index=100&type=chunk) - Norovirus is the leading cause of acute gastroenteritis in the U.S., responsible for **21 million** cases and an estimated **900** deaths annually, with no effective treatment or vaccine currently available[102](index=102&type=chunk)[104](index=104&type=chunk) - COVID-19 remains a global pandemic with over **778 million** reported cases and **7 million** deaths as of June 2025, driven by mutating SARS-CoV-2 variants[105](index=105&type=chunk)[106](index=106&type=chunk) - The company is targeting the HCV NS5B polymerase with CC-31244 to develop ultra-short (**4-6 weeks**) pan-genotypic combination treatment regimens, aiming for high sustained virologic response rates[111](index=111&type=chunk) [Results of Operations for the Three and Six Months Ended June 30, 2025 compared to the Three and Six Months Ended June 30, 2024](index=23&type=section&id=Results%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20compared%20to%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202024) [Research and Development Expense](index=23&type=section&id=Research%20and%20Development%20Expense) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total research and development expenses | $1,122 | $4,308 | $2,482 | $7,258 | - Research and development expenses decreased by **$3,186,000** (**73.9%**) for the three months and **$4,776,000** (**65.8%**) for the six months ended June 30, 2025, primarily due to reduced costs associated with the Influenza CC-42344 Phase 2a and Norovirus/Coronavirus CDI-988 Phase 1 clinical trials[115](index=115&type=chunk)[116](index=116&type=chunk) | (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Influenza Program | $662 | $4,708 | | Norovirus and Coronavirus Programs | $1,093 | $1,372 | | Other discoveries | $203 | $220 | | Total external cost | $1,958 | $6,300 | | Salaries, Stock based compensation and other employee expenses | $467 | $864 | | Depreciation and other cost | $57 | $94 | | Total research and development expenses | $2,482 | $7,258 | [General and Administrative Expense](index=23&type=section&id=General%20and%20Administrative%20Expense) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | General and administrative expenses | $986 | $1,140 | $1,967 | $2,348 | - General and administrative expenses decreased by **$154,000** (**13.5%**) for the three months and **$381,000** (**16.2%**) for the six months ended June 30, 2025, primarily due to reductions in salaries and wages, legal, and other general and administrative costs[118](index=118&type=chunk)[119](index=119&type=chunk) | (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Salaries and Wages | $482 | $751 | | Professional/outside services | $216 | $154 | | Legal Consultants | $318 | $357 | | Rental Expense | $347 | $335 | | Investor and Public relations | $189 | $222 | | Business Insurance | $126 | $158 | | Public Company expenses | $99 | $155 | | Travel and other Expense | $190 | $216 | | Total G&A expense | $1,967 | $2,348 | [Interest Income, Net](index=23&type=section&id=Interest%20Income,%20Net) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest income, net | $28 | $151 | $65 | $371 | - Interest income decreased significantly, from **$151,000** to **$28,000** for the three-month period and from **$371,000** to **$65,000** for the six-month period, primarily due to lower cash balances held in interest-bearing accounts[121](index=121&type=chunk) [Foreign Exchange Loss](index=23&type=section&id=Foreign%20Exchange%20Loss) - The company recorded a foreign exchange gain of **$28,000** for the six months ended June 30, 2025, a reversal from a **$64,000** loss in the same period of 2024[122](index=122&type=chunk) - Foreign exchange fluctuations are primarily due to the operations of its wholly-owned Australian subsidiary[122](index=122&type=chunk) [Income Taxes](index=24&type=section&id=Income%20Taxes) - No income tax benefit or expense was recognized for the three and six months ended June 30, 2025 and 2024, with an effective income tax rate of **0.00%**[123](index=123&type=chunk) - A full valuation allowance is maintained against the company's net deferred tax assets due to cumulative losses and management's assessment of future taxable income[123](index=123&type=chunk) [Net Loss](index=25&type=section&id=Net%20Loss) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $2,055 | $5,343 | $4,356 | $9,299 | - Net loss decreased significantly to **$2,055,000** for the three months and **$4,356,000** for the six months ended June 30, 2025, compared to **$5,343,000** and **$9,299,000**, respectively, in the prior year, primarily due to reduced operating expenses[124](index=124&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) - Net cash used in operating activities decreased to **$5,094,000** for the six months ended June 30, 2025, from **$8,202,000** in the prior year, mainly due to reduced clinical trial expenses[125](index=125&type=chunk) - The company had **$4,766,000** in unrestricted cash as of June 30, 2025, which is not expected to be sufficient to fund operations for the next **12 months**[128](index=128&type=chunk) - Future operations will require additional capital, which management intends to secure through equity offerings or strategic partnerships, with no assurance of availability or acceptable terms[133](index=133&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=26&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) - The report contains forward-looking statements about product candidates, development plans, timelines, operating results, and liquidity, identified by words like 'believe,' 'may,' 'expect,' and 'will'[134](index=134&type=chunk) - Actual results may differ due to risks including the need for additional capital, inflation, economic downturns, manufacturing delays, regulatory approvals, competition, and viral mutations[135](index=135&type=chunk) [Critical Accounting Policies and Estimates](index=26&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - The preparation of financial statements requires management to make estimates and assumptions that affect reported asset, liability, revenue, and expense amounts[137](index=137&type=chunk) - Readers are encouraged to review these disclosures in the Company's Annual Report on Form 10-K for the year ended December 31, 2024[138](index=138&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that the company has no applicable quantitative and qualitative disclosures about market risk for this reporting period - The company has no applicable quantitative and qualitative disclosures about market risk[140](index=140&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the evaluation of the company's disclosure controls and procedures, concluding their effectiveness as of June 30, 2025, and reports no material changes in internal control over financial reporting during the quarter - Management, including Co-CEOs and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2025[141](index=141&type=chunk) - No material changes in internal controls over financial reporting occurred during the quarter ended June 30, 2025[142](index=142&type=chunk) Part II - OTHER INFORMATION [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) This section states that there have been no material changes to the description of legal proceedings as set forth in the company's Annual Report - No material changes to legal proceedings have occurred during the reporting period, as compared to the Annual Report on Form 10-Q for the year ended June 30, 2025[144](index=144&type=chunk) [Item 1.A. Risk Factors](index=28&type=section&id=Item%201.A.%20Risk%20Factors) This section indicates that Item 1.A. Risk Factors is not applicable for smaller reporting companies - Item 1.A. Risk Factors is not applicable for smaller reporting companies[145](index=145&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that all recent sales of unregistered securities have been previously reported - All recent sales of unregistered securities have been previously reported[146](index=146&type=chunk) [Item 3. Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section reports that there have been no defaults upon senior securities - There have been no defaults upon senior securities[147](index=147&type=chunk) [Item 4. Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that Mine Safety Disclosures are not applicable to the company - Mine Safety Disclosures are not applicable[148](index=148&type=chunk) [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information) This section confirms that no directors or officers adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 arrangements during the six months ended June 30, 2025 - No directors or officers adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 arrangements during the six months ended June 30, 2025[149](index=149&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed or incorporated by reference as part of the Form 10-Q, including certificates of incorporation, bylaws, equity incentive plans, and certifications - The exhibit index lists documents such as Certificate of Incorporation, Amended and Restated Bylaws, **2025** Equity Incentive Plan, and various certifications (**302**, **906**)[152](index=152&type=chunk) - Copies of the report and exhibits are available to stockholders upon written request[153](index=153&type=chunk) [SIGNATURES](index=30&type=section&id=SIGNATURES) This section contains the required signatures of the registrant's authorized officers, including the President and Co-Chief Executive Officer, and the Chief Financial Officer and Co-Chief Executive Officer, certifying the filing of the report - The report is signed by Sam Lee, President and Co-Chief Executive Officer, and James Martin, Chief Financial Officer and Co-Chief Executive Officer, on August 14, 2025[156](index=156&type=chunk)
Cocrystal(COCP) - 2025 Q2 - Quarterly Results
2025-08-14 12:00
[Company Update and Pipeline Progress](index=1&type=section&id=Company%20Update%20and%20Pipeline%20Progress) Cocrystal Pharma updates on Q2 2025 financial results and progress across its antiviral drug-development pipeline, utilizing its proprietary drug discovery platform [Corporate Highlights and Strategic Direction](index=1&type=section&id=Corporate%20Highlights%20and%20Strategic%20Direction) Cocrystal Pharma reported its second quarter 2025 financial results and provided updates on its antiviral drug-development programs, emphasizing the progress of CDI-988 for norovirus and the company's proprietary structure-based drug discovery platform - Preparations are underway for a Phase 1b norovirus challenge study to evaluate the oral antiviral candidate CDI-988 as a prophylaxis and treatment, following favorable safety and tolerability results from its Phase 1 study[2](index=2&type=chunk)[5](index=5&type=chunk) - Cocrystal's proprietary structure-based drug discovery platform technology engineers next-generation, broad-spectrum antivirals by targeting highly conserved regions of viral enzymes, aiming for efficacy against mutations and minimized off-target interactions[4](index=4&type=chunk) - The absence of approved norovirus treatments or vaccines creates a substantial market opportunity, with norovirus causing **685 million global cases annually** and a **$60 billion worldwide economic impact**[4](index=4&type=chunk) [Antiviral Drug-Development Programs Overview](index=1&type=section&id=Antiviral%20Drug-Development%20Programs%20Overview) Cocrystal Pharma leverages its revolutionary, structure-based drug discovery platform to develop broad-spectrum antivirals, focusing on influenza, norovirus, and coronaviruses, by precisely disrupting viral replication mechanisms in highly conserved regions to combat resistance and improve safety - The drug discovery platform identifies compounds that bind to highly conserved regions of viral enzymes, providing defense against current viral threats and their mutations while minimizing adverse side effects[4](index=4&type=chunk) - This innovative methodology streamlines drug discovery by eliminating inefficient high-throughput screening, resulting in faster identification of promising candidates with superior resistance profiles and safety characteristics[4](index=4&type=chunk) [Norovirus Program (CDI-988)](index=1&type=section&id=Norovirus%20Program%20%28CDI-988%29) The norovirus program, centered on the oral pan-viral protease inhibitor CDI-988, is advancing with favorable Phase 1 safety and tolerability results, and a Phase 1b human challenge study is planned for prophylaxis and treatment. CDI-988 has demonstrated potent in vitro activity against newly re-emerging GII.17 strains - Favorable safety and tolerability results from the single-ascending and multiple-ascending dose cohorts of the Phase 1 study for CDI-988 have been reported, including a high-dose **1200 mg cohort**[13](index=13&type=chunk)[14](index=14&type=chunk) - A human challenge Phase 1b study in the U.S. is planned for **2025** to evaluate CDI-988 as a norovirus prophylaxis and treatment[5](index=5&type=chunk)[13](index=13&type=chunk) - CDI-988 has shown superior broad-spectrum antiviral activity against GII.17 strains, which were the most prevalent in the U.S. and Europe during **2024-2025 outbreaks**[3](index=3&type=chunk)[13](index=13&type=chunk) - Noroviruses are responsible for an estimated **21 million infections annually** in the U.S., including **109,000 hospitalizations** and **900 deaths**, with an annual economic burden of **$10.6 billion**[9](index=9&type=chunk) [Influenza Programs (CC-42344)](index=2&type=section&id=Influenza%20Programs%20%28CC-42344%29) Cocrystal's influenza programs, featuring oral and inhaled CC-42344, target pandemic and seasonal influenza A, including strains resistant to Tamiflu® and Xofluza®. The oral CC-42344 Phase 2a human challenge study is ongoing, and preclinical development for an inhaled formulation, including toxicology studies, has been completed - Oral CC-42344 demonstrated excellent in vitro activity against pandemic and seasonal influenza A strains, as well as strains resistant to Tamiflu® and Xofluza®[10](index=10&type=chunk) - The Phase 2a human challenge study for oral CC-42344 completed enrollment in **May 2024**, with a plan to extend the study due to unexpectedly low influenza infection among participants[10](index=10&type=chunk) - CC-42344 was shown to inhibit the activity of the highly pathogenic avian influenza A (H5N1) PB2 protein and was active against the **2024 Texas H5N1 avian influenza strain**[10](index=10&type=chunk) - Preclinical testing for inhaled CC-42344 showed superior pulmonary pharmacology, including high drug exposure and a long half-life, with dry powder inhalation formulation development and toxicology studies completed[10](index=10&type=chunk) - Influenza causes approximately **1 billion cases globally** each year, **3-5 million severe illnesses**, up to **650,000 deaths**, and an estimated **$10.4 billion in direct medical costs** in the U.S. annually[7](index=7&type=chunk) [SARS-CoV-2 and Other Coronavirus Program (CDI-988)](index=3&type=section&id=SARS-CoV-2%20and%20Other%20Coronavirus%20Program%20%28CDI-988%29) The SARS-CoV-2 and other coronavirus program utilizes CDI-988, a pan-viral protease inhibitor, which has demonstrated potent in vitro activity against SARS-CoV-2 and common human coronaviruses. The ongoing Phase 1 study for CDI-988 is designed to serve both norovirus and coronavirus indications - CDI-988 showed potent in vitro pan-viral activity against common human coronaviruses, rhinoviruses, respiratory enteroviruses, and noroviruses[11](index=11&type=chunk) - CDI-988 exhibited superior in vitro potency against SARS-CoV-2 and demonstrated a favorable safety profile and pharmacokinetic (PK) properties[14](index=14&type=chunk) - The global COVID-19 therapeutics market is estimated to exceed **$16 billion annually** by the end of **2031**[11](index=11&type=chunk) - The Phase 1 study for CDI-988, which began dosing in **September 2023**, is expected to serve as a Phase 1 study for both norovirus and coronavirus indications[14](index=14&type=chunk) [Financial Results](index=3&type=section&id=Financial%20Results) Cocrystal Pharma reports its financial performance for Q2 and H1 2025, detailing reduced net losses and operating expenses, alongside changes in cash and balance sheet metrics [Second Quarter 2025 Financial Performance](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Performance) Cocrystal Pharma reported a significant reduction in net loss for the second quarter of 2025 compared to the same period in 2024, primarily driven by decreased research and development (R&D) expenses due to the timing of clinical study costs and lower general and administrative (G&A) expenses | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change | | :----------------------- | :--------------------- | :--------------------- | :----- | | Research and development | $1,122 | $4,308 | -73.9% | | General and administrative | $986 | $1,140 | -13.4% | | Net loss | $(2,055) | $(5,343) | -61.5% | | Net loss per common share | $(0.20) | $(0.53) | -62.3% | - The decrease in R&D expenses was primarily due to the timing of clinical study costs[12](index=12&type=chunk) - The decrease in G&A expenses was primarily due to a reduction in salaries and wages[12](index=12&type=chunk) [Six Months Ended June 30, 2025 Financial Performance](index=4&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Financial%20Performance) For the first six months of 2025, Cocrystal Pharma continued to show a substantial reduction in net loss and operating expenses compared to the prior year's period, although its unrestricted cash reserves decreased significantly from the end of 2024 | Metric | H1 2025 (in thousands) | H1 2024 (in thousands) | Change | | :----------------------- | :--------------------- | :--------------------- | :----- | | Research and development | $2,482 | $7,258 | -65.8% | | General and administrative | $1,967 | $2,348 | -16.2% | | Net loss | $(4,356) | $(9,299) | -53.1% | | Net loss per common share | $(0.43) | $(0.91) | -52.8% | | Metric | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | Change | | :--------------------------- | :--------------------------- | :-------------------------- | :----- | | Unrestricted Cash | $4,800 | $9,900 | -51.5% | | Net cash used in operating activities (H1) | $5,100 | $8,200 | -37.8% | - The Company had working capital of **$4.9 million** and **10.2 million common shares outstanding** as of **June 30, 2025**[17](index=17&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the detailed consolidated financial statements, including the balance sheets as of June 30, 2025, and December 31, 2024, and the statements of operations for the three and six months ended June 30, 2025 and 2024 [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet shows a decrease in total assets and stockholders' equity from December 31, 2024, to June 30, 2025, primarily driven by a reduction in cash and an increase in accumulated deficit | Metric | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | Change | | :-------------------------------- | :--------------------------- | :-------------------------- | :----- | | Cash | $4,766 | $9,860 | -51.7% | | Total current assets | $6,765 | $11,580 | -41.6% | | Total assets | $8,505 | $13,456 | -36.8% | | Total current liabilities | $1,831 | $2,428 | -24.5% | | Total liabilities | $3,172 | $3,933 | -19.4% | | Total stockholders' equity | $5,333 | $9,523 | -44.0% | | Accumulated deficit | $(337,774) | $(333,418) | +1.3% (increase in deficit) | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations detail the operating expenses, net loss, and earnings per share for the three and six-month periods, reflecting the reduced R&D and G&A expenses and the resulting lower net losses compared to the prior year | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | | :------------------------------------ | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Research and development | $1,122 | $4,308 | $2,482 | $7,258 | | General and administrative | $986 | $1,140 | $1,967 | $2,348 | | Total operating expenses | $2,108 | $5,448 | $4,449 | $9,606 | | Net loss | $(2,055) | $(5,343) | $(4,356) | $(9,299) | | Net loss per common share | $(0.20) | $(0.53) | $(0.43) | $(0.91) | [Corporate Information](index=4&type=section&id=Corporate%20Information) This section provides an overview of Cocrystal Pharma, including its mission, a cautionary note on forward-looking statements, and investor contact details [About Cocrystal Pharma, Inc.](index=4&type=section&id=About%20Cocrystal%20Pharma%2C%20Inc.) Cocrystal Pharma, Inc. is a clinical-stage biotechnology company dedicated to discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses, and hepatitis C viruses, leveraging unique structure-based technologies and Nobel Prize-winning expertise - Cocrystal Pharma is a **clinical-stage biotechnology company**[18](index=18&type=chunk) - The company focuses on discovering and developing novel antiviral therapeutics for influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses, and hepatitis C viruses[18](index=18&type=chunk) - Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create viable antiviral drugs[18](index=18&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section provides a standard cautionary note regarding forward-looking statements, emphasizing the inherent risks and uncertainties associated with drug development, regulatory approvals, financial needs, and external economic factors that could cause actual results to differ materially from projections - Forward-looking statements are based on current expectations and projections, and actual events may not occur due to various risks and uncertainties[19](index=19&type=chunk) - Important factors that could cause actual results to differ include the need for additional capital, inflation, recession, geopolitical conflicts, manufacturing and research delays, study progress and results, regulatory approvals, viral mutations, competitor treatments, and the company's ability to meet future liquidity needs[19](index=19&type=chunk) - The company undertakes no obligation to publicly update any forward-looking statement, except as may be required by law[19](index=19&type=chunk) [Investor Relations](index=4&type=section&id=Investor%20Relations) This section provides contact information for investor relations inquiries - Investor Contact: **Jody Cain, Alliance Advisors IR**[20](index=20&type=chunk) - Contact Phone: **310-691-7100**[20](index=20&type=chunk) - Contact Email: **jcain@allianceadvisors.com**[20](index=20&type=chunk)
Cocrystal Pharma Reports Second Quarter 2025 Financial Results and Provides Updates on its Antiviral Drug-Development Programs
Globenewswire· 2025-08-14 12:00
Core Viewpoint - Cocrystal Pharma, Inc. is advancing its antiviral product pipeline, particularly focusing on CDI-988 for norovirus and CC-42344 for influenza, while reporting improved financial results for the second quarter and first half of 2025 [1][17][19]. Antiviral Product Pipeline Overview - CDI-988 is being prepared for a Phase 1b norovirus challenge study, showing favorable safety and tolerability results from previous studies [2][7]. - The company utilizes a proprietary structure-based drug discovery platform to develop broad-spectrum antivirals that target conserved regions of viral enzymes, enhancing efficacy against mutations [4]. - Norovirus presents a significant market opportunity with 685 million global cases annually and a $60 billion economic impact, highlighting the unmet need for effective treatments [4][12]. Influenza Programs - Influenza poses a major health threat with approximately 1 billion cases globally each year, leading to significant morbidity and mortality [6]. - Cocrystal's CC-42344 has demonstrated in vitro activity against various influenza A strains, including those resistant to existing antivirals [8][10]. Financial Results - For Q2 2025, R&D expenses were $1.1 million, down from $4.3 million in Q2 2024, while G&A expenses decreased to $1.0 million from $1.1 million [17]. - The net loss for Q2 2025 was $2.1 million, or $0.20 per share, compared to a net loss of $5.3 million, or $0.53 per share in Q2 2024 [18]. - For the first half of 2025, R&D expenses totaled $2.5 million, down from $7.3 million in the same period of 2024, with a net loss of $4.4 million, or $0.43 per share [19]. Cash Position - As of June 30, 2025, Cocrystal reported unrestricted cash of $4.8 million, a decrease from $9.9 million at the end of 2024 [20].