Cocrystal(US:COCP)2024-08-14 12:15Financial Performance - The net loss for Q2 2024 was $5.3 million, or $0.54 per share, compared to a net loss of $4.2 million, or $0.41 per share in Q2 2023[11]. - The net loss for the first six months of 2024 was $9.3 million, or $0.91 per share, compared to a net loss of $9.4 million, or $1.03 per share in the first half of 2023[12]. - Net loss for the three months ended June 30, 2024, was $5,343,000, compared to a net loss of $4,166,000 for the same period in 2023, indicating a 28.2% increase in losses[16]. - Net loss per common share for the three months ended June 30, 2024, was $(0.53), compared to $(0.41) for the same period in 2023, representing a 29.3% increase in loss per share[16]. Research and Development - Research and development (R&D) expenses for Q2 2024 were $4.3 million, up from $2.8 million in Q2 2023, primarily due to the advancement of CC-42344 and CDI-988 into clinical studies[11]. - For the first six months of 2024, R&D expenses totaled $7.3 million, compared to $6.7 million for the same period in 2023[12]. - Research and development expenses increased to $4,308,000 for the three months ended June 30, 2024, compared to $2,801,000 for the same period in 2023, representing a 53.8% increase[16]. - Cocrystal expects to report topline results from the Phase 2a influenza A human challenge study in late 2024 or early 2025[2]. - The company plans to initiate a Phase 1 study in 2025 with inhaled CC-42344 as a potential influenza treatment and post-exposure prophylactic[2]. - Cocrystal anticipates reporting topline results from the CDI-988 Phase 1 study in late 2024 or early 2025[9]. Cash and Assets - As of June 30, 2024, unrestricted cash was $18.1 million, down from $26.4 million as of December 31, 2023[12]. - Total current assets decreased from $29,091,000 as of December 31, 2023, to $19,660,000 as of June 30, 2024, a decline of approximately 32.5%[15]. - Cash balance decreased from $26,353,000 as of December 31, 2023, to $18,143,000 as of June 30, 2024, a reduction of approximately 31.2%[15]. Operating Expenses - General and administrative (G&A) expenses for Q2 2024 were $1.1 million, down from $1.5 million in Q2 2023, mainly due to lower legal expenses[11]. - Total operating expenses for the three months ended June 30, 2024, were $5,448,000, up from $4,339,000 in the same period of 2023, reflecting a 25.6% increase[16]. Equity and Liabilities - Total liabilities decreased from $4,875,000 as of December 31, 2023, to $4,183,000 as of June 30, 2024, a decline of about 14.2%[15]. - Total stockholders' equity decreased from $26,384,000 as of December 31, 2023, to $17,390,000 as of June 30, 2024, a decline of approximately 34.1%[15]. Interest Income - Interest income increased to $151,000 for the three months ended June 30, 2024, compared to $140,000 for the same period in 2023, a rise of 7.9%[16]. Market Outlook - The global COVID-19 therapeutics market is estimated to exceed $16 billion by the end of 2031[10]. Share Information - Weighted average number of common shares outstanding increased to 10,174 for the three months ended June 30, 2024, compared to 10,065 for the same period in 2023[16].