Cocrystal Pharma Reports 2024 Financial Results and Provides Updates on its Antiviral Drug-Development Programs

Core Viewpoint - Cocrystal Pharma is advancing its antiviral product pipeline targeting norovirus, influenza, and coronaviruses, addressing significant gaps in global health with no current effective treatments or vaccines [2][3]. Antiviral Product Pipeline Overview - The company utilizes a proprietary structure-based drug discovery platform to develop broad-spectrum antivirals that inhibit viral replication, aiming for effectiveness against various viral mutations while minimizing side effects [4]. Influenza Programs - Influenza poses a major global health threat, with approximately 1 billion cases and up to 650,000 deaths annually. The economic impact in the U.S. is estimated at $11.2 billion each year [5]. - The oral PB2 inhibitor CC-42344 has shown promising in vitro activity against seasonal and pandemic influenza A strains, including those resistant to existing antivirals [5]. - A Phase 2a human challenge study for CC-42344 was initiated in December 2023, with enrollment completed by May 2024. The study is being extended due to unexpectedly low infection rates among participants [5][9]. Norovirus Program - Norovirus causes an estimated 685 million cases and 50,000 child deaths globally each year, with a societal cost of $60 billion. The company aims to develop effective treatments targeting all genogroups of norovirus [7]. SARS-CoV-2 and Other Coronavirus Programs - Cocrystal is developing treatments targeting viral replication enzymes for coronaviruses, including SARS-CoV-2. The global COVID-19 therapeutics market is projected to exceed $16 billion annually by 2031 [8]. Financial Results - For 2024, research and development expenses were $12.5 million, down from $15.2 million in 2023, primarily due to clinical study cost timing. General and administrative expenses decreased to $5.3 million from $6.0 million [9]. - The net loss for 2024 was $17.5 million, or $1.72 per share, compared to a net loss of $18.0 million, or $1.87 per share in 2023 [10]. - As of December 31, 2024, the company reported unrestricted cash of $9.9 million, down from $26.4 million a year earlier, with net cash used in operating activities increasing to $16.5 million from $14.7 million [13].