Cocrystal(COCP) - 2024 Q4 - Annual Results

Financial Performance - Cocrystal Pharma reported a net loss of $17.5 million for 2024, a decrease of $3.1 million compared to the net loss of $18.0 million in 2023[10]. - Net loss narrowed to $17,504 million in 2024 compared to a net loss of $17,984 million in 2023, showing an improvement of approximately 2.6%[19]. - Net loss per common share improved to $1.72 in 2024 from $1.87 in 2023, reflecting a decrease of about 8.0%[19]. - Total operating expenses decreased to $17,878 million in 2024 from $18,559 million in 2023, a reduction of approximately 3.7%[19]. Research and Development - Research and development (R&D) expenses for 2024 were $12.5 million, down from $15.2 million in 2023, primarily due to the timing of clinical study costs[9]. - Research and development expenses were $12,537 million in 2024, down from $15,169 million in 2023, representing a decrease of about 17.4%[19]. - Cocrystal's oral PB2 inhibitor CC-42344 is being evaluated for its potential to treat seasonal influenza A and pandemic avian influenza, with a Phase 2a study ongoing[3]. - The company plans to initiate a norovirus human challenge study in the U.S. in 2025 to evaluate the oral pan-viral protease inhibitor CDI-988[2]. Market Potential - The global COVID-19 therapeutics market is projected to exceed $16 billion annually by the end of 2031, highlighting the market potential for Cocrystal's antiviral products[8]. - Norovirus is responsible for an estimated 685 million cases and 50,000 child deaths worldwide each year, with a societal cost of $60 billion[6]. - Cocrystal's antiviral drug compounds target multibillion-dollar markets, addressing critical gaps in global health[3]. Cash and Capital - As of December 31, 2024, unrestricted cash was $9.9 million, a significant decrease from $26.4 million as of December 31, 2023[11]. - The company had working capital of $9.2 million and 10.2 million common shares outstanding as of December 31, 2024[11]. - Weighted average number of common shares outstanding increased to 10,174 million in 2024 from 9,651 million in 2023, an increase of approximately 5.4%[19]. Other Financial Metrics - General and administrative (G&A) expenses decreased to $5.3 million in 2024 from $6.0 million in 2023, attributed to reduced insurance costs[9]. - General and administrative expenses decreased to $5,341 million in 2024 from $5,990 million in 2023, a reduction of approximately 10.9%[19]. - Interest income, net decreased to $537 million in 2024 from $640 million in 2023, a decline of about 16.1%[19]. - Foreign exchange loss increased to $163 million in 2024 from $65 million in 2023, indicating a rise of approximately 150.8%[19]. - Total other income, net decreased to $374 million in 2024 from $575 million in 2023, a decline of about 34.9%[19]. - Legal settlement expenses were not applicable in 2024 compared to a $2,600 million expense in 2023, indicating a significant reduction[19].