Cocrystal(COCP) - 2025 Q1 - Quarterly Results

Financial Performance - Net loss for Q1 2025 was $2.3 million, or $0.23 per share, compared to a net loss of $4.0 million, or $0.39 per share, in Q1 2024[13] - Total operating expenses decreased to $2,341 million in Q1 2025 from $4,158 million in Q1 2024, representing a reduction of 43.7%[23] - Net loss narrowed to $2,301 million in Q1 2025 compared to a net loss of $3,956 million in Q1 2024, reflecting an improvement of 42%[23] - Net loss per common share improved to $(0.23) in Q1 2025 from $(0.39) in Q1 2024, a reduction of 41%[23] Expenses - Research and development (R&D) expenses for Q1 2025 were $1.4 million, down from $3.0 million in Q1 2024, primarily due to reduced personnel costs and clinical study timing[12] - General and administrative (G&A) expenses for Q1 2025 were $1.0 million, compared to $1.2 million in Q1 2024, mainly due to lower insurance costs[12] - Research and development expenses were $1,360 million in Q1 2025, down from $2,950 million in Q1 2024, a decrease of 53.9%[23] Cash and Assets - Unrestricted cash as of March 31, 2025, was $6.9 million, down from $9.9 million as of December 31, 2024[14] - Cocrystal's total assets as of March 31, 2025, were $10.7 million, down from $13.5 million as of December 31, 2024[21] Market and Product Development - Cocrystal's oral pan-viral protease inhibitor CDI-988 has shown superior broad-spectrum antiviral activity against GII.17 strains, the most prevalent strain in the U.S. and Europe for 2024-2025[15] - The global COVID-19 therapeutics market is projected to exceed $16 billion annually by the end of 2031[11] - Cocrystal is preparing to launch a U.S. human challenge study for CDI-988, a critical step in advancing this therapy[2] - The company reported favorable safety and tolerability results from the Phase 1 study of CDI-988, with plans to report topline results in Q2 2025[15] Other Financial Metrics - Interest income increased to $37 million in Q1 2025 from $220 million in Q1 2024, indicating a significant decline[23] - Foreign exchange gain was $3 million in Q1 2025, compared to a loss of $(18) million in Q1 2024, showing a positive turnaround[23] - The weighted average number of common shares remained constant at 10,174 million for both Q1 2025 and Q1 2024[23] Norovirus Impact - The annual burden of norovirus in the U.S. is estimated at $10.6 billion, with noroviruses responsible for approximately 21 million cases annually[8]