Cocrystal(US:COCP)2024-11-13 13:30Research and Development - Total research and development expenses for Q3 2024 were $3,242,000, a decrease of 22.7% from $4,194,000 in Q3 2023[100] - Total research and development expenses for the nine months ended September 30, 2024, were $10,500,000, down 3.7% from $10,902,000 in the same period of 2023[101] - The company completed enrollment of 77 subjects in the Phase 2a human challenge study for oral CC-42344 in May 2024[77] - CC-42344 demonstrated excellent in vitro antiviral activity against influenza A strains, including resistant strains, and is being evaluated in a Phase 2a study[76] - The company is developing CDI-988 as a first-in-class pan-viral treatment for noroviruses and coronaviruses, currently in a Phase 1 study in Australia[79] - CDI-988 showed favorable safety and tolerability results in the single-ascending dose cohorts of the Phase 1 study, with no serious adverse events reported[81] - The company is targeting viral replication enzymes and proteases for the development of effective treatments for norovirus infections[93] - CC-31244 is being developed as a potential best-in-class pan-genotypic inhibitor for HCV, with a focus on ultra-short treatment regimens of four to six weeks[97] Financial Performance - Net loss for the three months ended September 30, 2024, was $4,939,000, compared to a net loss of $4,165,000 for the same period in 2023, while the nine-month net loss increased to $14,238,000 from $13,520,000[109] - General and administrative expenses decreased by $443,000 to $4,148,000 for the nine months ended September 30, 2024, compared to $4,591,000 in the same period of 2023[103] - Net cash used in operating activities increased to $13,325,000 for the nine months ended September 30, 2024, compared to $11,340,000 for the same period in 2023[110] - Interest income for the three months ended September 30, 2024, was $111,000, down from $320,000 in the same period of 2023, while for the nine months, it increased slightly to $482,000 from $460,000[106] - Foreign exchange loss decreased to $72,000 for the nine months ended September 30, 2024, compared to $87,000 in the same period of 2023[107] - The Company has not established an ongoing source of revenue sufficient to cover its operating costs and intends to fund future operations through additional equity offerings[115] - The Company incurred $8,000 in net cash for investing activities during the nine months ended September 30, 2024, a decrease from $59,000 in the same period of 2023[111] - The Company has focused on research and development activities but has never been profitable on an annual basis, incurring operating losses since inception[113] Market Insights - The global HCV market is estimated to have 50 million chronic infections, with about 1 million new infections occurring annually[96] - Influenza is responsible for approximately $10.4 billion in direct medical costs in the U.S. annually, with around 1 billion cases of seasonal influenza worldwide each year[84] - The Company had $13,020,000 in unrestricted cash as of September 30, 2024, sufficient to maintain planned operations for more than the next 12 months[112] - No income tax benefit or expense was recognized for the three and nine months ended September 30, 2024, maintaining an effective income tax rate of 0.00%[108]