The insider-led raise at market price signals confidence but the ~45% dilution is material. Focus on the upcoming Phase 1b norovirus data (CDI-988) in Q4 2026 as the primary catalyst. Monitor cash burn rate and whether additional financing will be needed before data readout.
Price Chart
Executive Summary
Cocrystal Pharma entered into a $5M private placement with OPKO Health, selling 5,474,053 shares at $0.9134 per share (market price, no warrants). OPKO's CEO Dr. Phillip Frost is a co-founder and director of Cocrystal. Proceeds will fund pipeline advancement and working capital as the company approaches Phase 1b norovirus data in late 2026. The raise provides near-term runway but dilutes existing holders by ~45%.
Key Financial Metrics
Key Facts
- Sold 5,474,053 shares at $0.9134/share for gross proceeds of $5.0M
- No warrants or derivative securities included
- Purchaser is OPKO Health, a longtime investor; Dr. Phillip Frost (OPKO CEO) is co-founder/director/principal stockholder of Cocrystal
- Proceeds for preclinical/clinical programs and general corporate purposes
- Phase 1b norovirus (CDI-988) topline data expected by end of Q4 2026
- Shares issued in a private placement exempt under Section 4(a)(2) and Rule 506(b)
Financial Impact
~45% dilution based on $11M pre-offering market cap; $5M gross proceeds at market price
Risk Factors
- Significant dilution to existing shareholders (~45%)
- Clinical trial risk for norovirus Phase 1b
- Need for further capital if data is delayed or negative
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-035743 |
| Exhibit: ex99-1.htm | 0001493152-26-035743 |
| Document: form8-k.htm | 0001493152-26-035743 |
| Document: 0001493152-26-035743-index-headers.html | 0001493152-26-035743 |
| Document: 0001493152-26-035743-index.html | 0001493152-26-035743 |
| Document: 0001493152-26-035743.txt | 0001493152-26-035743 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 6w ago | 8-K | $1.24 | awaiting T+60 | — | $0.9800 (−20.97%) |
Aug 3, 2026 12w ago | 8-K | $0.9400 $0.9805 | ▲ +4.31% | ▲ +2.53% | $0.9800 (+4.26%) |
Jun 9, 2026 20w ago | 8-K | $1.02 $1.16 | ▲ +13.73% | ▲ +9.91% | $0.9800 (−3.92%) |
Jun 3, 2026 20w ago | 8-K | $1.06 $1.14 | ▲ +7.55% | ▲ +5.05% | $0.9800 (−7.55%) |
May 27, 2026 21w ago | DEFA14A | $1.13 $1.15 | ▲ +1.77% | ▲ +0.03% | $0.9800 (−13.27%) |
May 26, 2026 22w ago | 8-K | $1.13 $1.15 | ▲ +1.33% | ▼ −1.40% | $0.9800 (−13.27%) |
May 15, 2026 23w ago | Press Release | $1.20 $1.08 | ▼ −10.00% | ▼ −14.52% | $0.9800 (−18.33%) |
May 4, 2026 25w ago | EFFECT | $1.31 $0.8703 | ▲ +33.56% | ▲ +35.42% | $0.9800 (+25.19%) |
Apr 2, 2026 29w ago | 8-K | $1.51 $1.05 | ▼ −30.46% | ▼ −44.62% | $0.9800 (−35.10%) |
Mar 31, 2026 30w ago | 8-K | $1.01 $1.02 | ▲ +0.99% | ▼ −11.39% | $0.9800 (−2.97%) |
US Market Status
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