Cocrystal Pharma, Inc.

What they do

Cocrystal Pharma discovers and develops small molecule antiviral therapeutics against RNA viruses, using a proprietary structure-based drug design platform built on computational chemistry, medicinal chemistry and X-ray crystallography. The company operates as a single business segment and has identified preclinical and clinical candidates for influenza, norovirus, coronaviruses including SARS-CoV-2 and MERS-CoV, respiratory viruses and hepatitis C. Its lead programs are oral CC-42344 for pandemic and seasonal influenza A and oral CDI-988, a pan-viral 3CL protease inhibitor for norovirus and coronaviruses. Dr. Roger Kornberg, Nobel laureate in Chemistry, serves as Chief Scientist and chairs the Scientific Advisory Board and Board.

Revenue drivers

• No product revenue — Cocrystal has no approved or commercialized products; the company reports that it operates as one business entity with no segment revenue disclosed in the provided filings.
• Quarterly revenue line, 2026 — Reported quarterly revenue was $225,000 for the quarter ended 2026-03-31 and $105,000 for the quarter ended 2026-06-30, immaterial against operating spend.
• Research and development funding — Operations are funded through equity issuances and other financing rather than sales, consistent with the going-concern disclosure and the reported August 2026 unregistered sale of equity.

Recent performance

For the year ended December 31, 2025, net loss was $8.8 million and operating cash flow was negative $8.2 million, versus a $17.5 million net loss and negative $16.5 million operating cash flow in 2024. Total research and development expense fell to $5,055,000 in 2025 from $12,537,000 in 2024, driven mainly by the wind-down of clinical study costs, particularly the initial Phase 2a study of CC-42344. External influenza program costs dropped to $1,083,000 from $6,861,000, while norovirus and coronavirus program costs fell to $2,545,000 from $3,245,000. General and administrative expense declined to $3,964,000 in 2025 from $5,341,000 in 2024. At June 30, 2026, total assets were $4.6 million, total liabilities $3.6 million and shareholder equity $1.0 million; cash and equivalents were $7.0 million at December 31, 2025.

Strategy

The company's stated priority is developing broad-spectrum, high-barrier-to-resistance antivirals, with recent effort focused on norovirus, influenza and coronavirus. Following insufficient efficacy data from the initial oral CC-42344 Phase 2a study, management plans a new Phase 2a trial and is progressing a preclinical inhaled formulation of CC-42344. For CDI-988, the company began a Phase 1b norovirus challenge study at Emory University in early 2026 and received FDA Fast Track designation in April 2026. Development spending dropped sharply in 2025 as trials wound down, and management states it will need to raise additional capital to fund the new CC-42344 study.

Risks

• Going concern — The company discloses substantial doubt about its ability to continue as a going concern.
• Need for additional financing — Management states that conducting a new Phase 2a CC-42344 trial will require raising additional capital, and financing may not be available on favorable terms or at all.
• Clinical trial failure or repetition — The initial oral CC-42344 Phase 2a study produced insufficient efficacy data due to an unexpectedly low infection rate and must be redone.
• Early-stage and unapproved pipeline — All candidates remain preclinical or clinical with no approved product, and the company warns that research and development may not yield commercially viable products.

Outlook

Management says it expects to incur additional expenses to pursue a new Phase 2a study of CC-42344 in influenza A, contingent on raising capital. Near-term activity centers on the ongoing Phase 1b norovirus challenge study of CDI-988 at Emory, following FDA Fast Track designation and first subject enrollment in March 2026. The company also continues preclinical work on an inhaled CC-42344 formulation, influenza A/B inhibitors and replication inhibitors for SARS-CoV-2.