Cocrystal(US:COCP)2024-11-13 20:30Financial Performance - The net loss for Q3 2024 was $4.9 million, or $0.49 per share, compared to a net loss of $4.2 million, or $0.41 per share in Q3 2023[13]. - The net loss for the first nine months of 2024 was $14.2 million, or $1.40 per share, compared to a net loss of $13.5 million, or $1.43 per share in the first nine months of 2023[14]. - 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, representing an 18.6% increase in loss[20]. - Net loss per common share for the three months ended September 30, 2024, was $(0.49), compared to $(0.41) for the same period in 2023[20]. Research and Development - Research and development (R&D) expenses for Q3 2024 were $3.2 million, a decrease of 23.8% from $4.2 million in Q3 2023[12]. - For the first nine months of 2024, R&D expenses totaled $10.5 million, slightly down from $10.9 million in the same period of 2023[14]. - Research and development expenses for the three months ended September 30, 2024, were $3,242,000, a decrease of 22.7% from $4,194,000 in the same period of 2023[20]. - The company expects to report topline results from the Phase 2a influenza A challenge study by year-end 2024[2]. - Cocrystal is on track to report topline results from the Phase 1 study of CDI-988 in late 2024 or early 2025[3]. - The company plans to file an IND application in 2025 for a late-stage study of CC-42344 in the U.S.[6]. Cash and Assets - Unrestricted cash as of September 30, 2024, was $13.0 million, down from $26.4 million as of December 31, 2023[15]. - Cash balance decreased to $13,020,000 as of September 30, 2024, down 50.7% from $26,353,000 on December 31, 2023[19]. - Total current assets decreased to $14,256,000 as of September 30, 2024, down 51% from $29,091,000 on December 31, 2023[19]. - Total stockholders' equity decreased to $12,703,000 as of September 30, 2024, down 51.8% from $26,384,000 on December 31, 2023[19]. Liabilities and Expenses - Total liabilities decreased to $3,530,000, a reduction of 27.6% from $4,875,000 as of December 31, 2023[19]. - Total operating expenses increased to $5,042,000 for the three months ended September 30, 2024, up 13.5% from $4,443,000 in the same period of 2023[20]. - Interest income for the three months ended September 30, 2024, was $111,000, a decrease of 65.3% from $320,000 in the same period of 2023[20]. Market Insights - Norovirus causes approximately 685 million cases and 50,000 child deaths annually, with a societal cost of $60 billion[8]. - The global COVID-19 therapeutics market is projected to exceed $16 billion by the end of 2031[10].