Cocrystal(US:COCP)2026-03-31 12:30Financial Performance - Cocrystal Pharma reported a net loss of $8.8 million, or $0.78 per share, for 2025, a significant decrease from a net loss of $17.5 million, or $1.72 per share, in 2024[18]. - Net loss improved from $(17,504,000) in 2024 to $(8,831,000) in 2025, reflecting a reduction of about 49.6%[25]. - Net loss per common share improved from $(1.72) in 2024 to $(0.78) in 2025, a decrease of approximately 54.4%[25]. Expenses - Research and development expenses for 2025 were $5.1 million, down from $12.5 million in 2024, primarily due to the winddown of the Phase 2a influenza study[17]. - Total operating expenses decreased from $17,878,000 in 2024 to $9,019,000 in 2025, a decrease of approximately 49.6%[25]. - Research and development expenses decreased significantly from $12,537,000 in 2024 to $5,055,000 in 2025, a reduction of about 59.7%[25]. - General and administrative expenses decreased to $4.0 million in 2025 from $5.3 million in 2024, attributed to reductions in compensation and corporate expenses[17]. - General and administrative expenses decreased from $5,341,000 in 2024 to $3,964,000 in 2025, a decline of approximately 25.7%[25]. Assets and Liabilities - Cocrystal reported unrestricted cash of $7.7 million as of December 31, 2025, compared to $9.9 million at the end of 2024[18]. - Total current assets decreased from $11,580,000 in 2024 to $8,134,000 in 2025, a decline of approximately 30.5%[23]. - Total assets decreased from $13,456,000 in 2024 to $9,712,000 in 2025, representing a reduction of about 28.5%[23]. - Total liabilities decreased from $3,933,000 in 2024 to $3,381,000 in 2025, a reduction of about 14.0%[23]. - Stockholders' equity decreased from $9,523,000 in 2024 to $6,331,000 in 2025, a decline of approximately 33.0%[23]. Share Information - The company had working capital of $5.9 million and 11.3 million common shares outstanding as of December 31, 2025[18]. - Weighted average number of common shares outstanding increased from 10,174 in 2024 to 11,290 in 2025, an increase of about 10.9%[25]. Product Development - The company is developing CDI-988, the first oral antiviral candidate for norovirus treatment, with a Phase 1b study currently underway at Emory University[4]. - CDI-988 has shown in vitro activity against multiple norovirus strains and is also being explored for its potential against coronaviruses[8]. - Cocrystal plans to continue the development of oral CC-42344 as a treatment for pandemic and seasonal influenza A, following favorable Phase 1 results[15]. Market Opportunity - Norovirus causes approximately 685 million global cases annually, with a $60 billion economic impact, highlighting a significant unmet medical need[7]. - The global COVID-19 therapeutics market is projected to exceed $16 billion annually by the end of 2031, indicating a substantial market opportunity for Cocrystal's antiviral products[13].