Cocrystal(COCP) - 2024 Q1 - Quarterly Results

Clinical Trials - Enrollment completed in Phase 2a influenza A human challenge study of oral CC-42344, with topline results expected in the second half of 2024[1] - The company expects to initiate a Phase 1 study of inhaled CC-42344 in the second half of 2024[5] - Topline results from the SAD cohort of the Phase 1 study with oral CDI-988 are expected in the second quarter of 2024[17] - The company received FDA pre-IND feedback for oral CC-42344 in Q1 2024, providing clarity on late-stage trial design[1] Financial Performance - Net loss for Q1 2024 was $4.0 million, or $0.39 per share, compared to a net loss of $5.2 million, or $0.64 per share in Q1 2023[9] - Net loss for Q1 2024 was $3.956 million, compared to a net loss of $5.189 million in Q1 2023[34] - Net loss per common share for Q1 2024 was $0.39, improved from $0.64 in Q1 2023[34] - Interest income for Q1 2024 was $220,000, with no comparable item for Q1 2023[24] - Foreign exchange loss for Q1 2024 was $18,000, down from $78,000 in the prior-year quarter[24] Expenses and Assets - R&D expenses for Q1 2024 were $3.0 million, a decrease from $3.9 million in Q1 2023, primarily due to reduced clinical preparation expenses[8] - Total operating expenses for Q1 2024 were $4.158 million, down from $5.111 million in Q1 2023[34] - Research and development expenses for Q1 2024 were $2.950 million, down from $3.907 million in Q1 2023[34] - Total current assets decreased to $24.492 million as of March 31, 2024, down from $29.091 million as of December 31, 2023[13] - Total liabilities decreased to $3.961 million as of March 31, 2024, compared to $4.875 million as of December 31, 2023[13] - Unrestricted cash as of March 31, 2024, was $21.8 million, compared to $26.4 million as of December 31, 2023[25] - Net cash used in operating activities for Q1 2024 was $4.5 million, compared to $3.1 million for Q1 2023[25] Market Insights - Approximately 1 billion cases of seasonal influenza occur worldwide each year, leading to direct costs of approximately $10.4 billion in the U.S. annually[4] - The global COVID-19 therapeutics market is estimated to exceed $16 billion by the end of 2031[21] - Norovirus accounts for nearly one in five cases of acute gastroenteritis, with an estimated societal cost of $60 billion annually[23] Future Outlook - The company anticipates significant milestones this year and expects cash to be sufficient to fund operations beyond the next twelve months[18]