Cocrystal(US:COCP)2025-11-14 13:30Financial Performance - Net loss for Q3 2025 was $2.0 million, or $0.19 per share, compared to a net loss of $4.9 million, or $0.49 per share in Q3 2024[13] - The net loss for the first nine months of 2025 was $6.4 million, or $0.61 per share, compared to a net loss of $14.2 million, or $1.40 per share in the first nine months of 2024[14] - Net loss for the three months ended September 30, 2025, was $2,049,000, compared to a net loss of $4,939,000 for the same period in 2024, indicating an improvement of approximately 58.5%[24] - Net loss per common share for the three months ended September 30, 2025, was $(0.19), an improvement from $(0.49) for the same period in 2024, reflecting a decrease in loss per share of approximately 61.2%[24] Expenses - Research and development (R&D) expenses for Q3 2025 were $954,000, a decrease of 70% compared to $3.2 million in Q3 2024[12] - General and administrative (G&A) expenses for Q3 2025 were $1.1 million, down 39% from $1.8 million in Q3 2024[12] - For the first nine months of 2025, R&D expenses totaled $3.4 million, a reduction of 68% from $10.5 million in the same period of 2024[14] - Research and development expenses for the nine months ended September 30, 2025, were $3,436,000, down from $10,500,000 for the same period in 2024, a decrease of about 67.3%[24] - General and administrative expenses for the three months ended September 30, 2025, were $1,135,000, compared to $1,800,000 for the same period in 2024, reflecting a decrease of approximately 37.2%[24] - Total operating expenses for the three months ended September 30, 2025, were $2,089,000, down from $5,042,000 in 2024, a reduction of about 58.6%[24] Cash and Assets - As of September 30, 2025, unrestricted cash was $7.7 million, down from $9.9 million as of December 31, 2024[15] - Total current assets decreased from $11,580,000 as of December 31, 2024, to $8,782,000 as of September 30, 2025, representing a decline of approximately 24.0%[22] Liabilities - Total liabilities decreased from $3,933,000 as of December 31, 2024, to $2,777,000 as of September 30, 2025, a reduction of about 29.4%[22] Funding and Awards - Cocrystal raised gross proceeds of $4.7 million from a registered direct offering in September 2025, and an additional $1.03 million from a private placement in October 2025[3][16] - Cocrystal received a Small Business Innovation Research (SBIR) award from the NIH for $500,000 to advance its influenza A/B replication inhibitor program[3][10] Future Outlook - The company expects to begin enrolling participants for the CDI-988 Phase 1b norovirus challenge study in Q1 2026[4] - The global COVID-19 therapeutics market is projected to exceed $16 billion annually by the end of 2031[11] Shareholder Information - The weighted average number of common shares outstanding increased from 10,174,000 as of September 30, 2024, to 10,991,000 as of September 30, 2025, an increase of approximately 8.0%[24] Interest Income - Interest income for the nine months ended September 30, 2025, was $482,000, compared to $87,000 for the same period in 2024, representing a significant increase of approximately 453.4%[24] Accumulated Deficit - The accumulated deficit increased from $(333,418,000) as of December 31, 2024, to $(339,823,000) as of September 30, 2025, indicating a deterioration of about 1.2%[22]