Cocrystal(US:COCP)2021-05-16 16:00Financial Performance - For the three months ended March 31, 2021, the Company reported no revenue, a decrease from $461,000 for the same period in 2020, primarily due to the transition of the Collaboration Agreement with Merck [116]. - The Company incurred a net loss of approximately $2,738,000 for the three months ended March 31, 2021, compared to a net loss of approximately $1,990,000 for the same period in 2020, representing an increase in loss of about 37% [124]. - Net cash used by operating activities was $1,770,000 for the three months ended March 31, 2021, a decrease from $2,188,000 in the same period in 2020, indicating improved cash management [125]. - The Company had $33,278,000 in cash as of March 31, 2021, and subsequently raised approximately $36.4 million from a public offering on May 7, 2021, providing sufficient capital for planned operations for over the next 12 months [129]. Research and Development - Research and development expenses increased to $1,577,000 for the three months ended March 31, 2021, compared to $1,283,000 in the same period in 2020, reflecting a rise of approximately 23% driven by COVID-19 and Influenza programs [118]. - The Company plans to initiate a Phase 1 study for its lead influenza candidate CC-42344 in the third quarter of 2021 [106]. - The Company is working towards pre-IND status with its lead coronavirus compound CDI-45205, which has shown favorable in vivo efficacy in animal studies [111]. - The Company expects to complete a proof-of-concept animal study for its norovirus program in the second quarter of 2021 [114]. - The Company has entered into an Exclusive License and Research Collaboration Agreement with Merck for the development of influenza A/B antiviral agents, with Merck now solely responsible for further development [108]. - The Company anticipates identifying an additional SARS-CoV-2 preclinical 3CL lead for oral administration within 2021 [113].