The improved financials are positive, but the stock will likely focus on the clinical progress of CDI-988. Monitor for data readouts from the ongoing Phase 1b challenge study, which is the company's most advanced and potentially value-driving program. The lack of efficacy data from the CC-42344 study is a setback for that program.
Price Chart
Executive Summary
Cocrystal Pharma reported a net loss of $8.8 million ($0.78/share) for 2025, a significant improvement from $17.5 million ($1.72/share) in 2024, driven by reduced R&D and G&A expenses. The key development is the initiation of a Phase 1b norovirus challenge study for CDI-988, marking a critical step in its antiviral pipeline. Cash balance was $7.7 million as of year-end.
Key Financial Metrics
Key Facts
- Net loss for 2025 was $8.8 million ($0.78/share), down from $17.5 million ($1.72/share) in 2024.
- Research and development expenses decreased to $5.1 million in 2025 from $12.5 million in 2024.
- General and administrative expenses decreased to $4.0 million in 2025 from $5.3 million in 2024.
- Unrestricted cash was $7.7 million as of December 31, 2025, down from $9.9 million at the end of 2024.
- The Phase 1b norovirus challenge study for CDI-988 has begun at Emory University, with the first subjects enrolled.
- The Phase 2a study for CC-42344 was completed but efficacy analyses were not reported due to trial conduct issues; the company plans an additional study.
Financial Impact
Reduced net loss by $8.7 million YoY, with operating expenses cut nearly in half. Cash burn from operations decreased to $8.2 million from $16.5 million.
Risk Factors
- The company has a limited cash runway ($7.7M at year-end with ~$2M quarterly burn), necessitating future financing that could be dilutive.
- The CC-42344 influenza program faced trial conduct issues, delaying its development and creating uncertainty.
- As a clinical-stage biotech, the company's value is highly dependent on the success of its drug candidates, which face significant regulatory and development risks.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-013837 |
| Document: form8-k.htm | 0001493152-26-013837 |
| Document: 0001493152-26-013837-index-headers.html | 0001493152-26-013837 |
| Document: 0001493152-26-013837-index.html | 0001493152-26-013837 |
| Document: 0001493152-26-013837.txt | 0001493152-26-013837 |
| 8-K Data (Synthetic) | 0001493152-26-013837 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 6w ago | 8-K | $1.24 | awaiting T+60 | — | $0.9805 (−20.93%) |
Aug 3, 2026 12w ago | 8-K | $0.9400 | awaiting T+60 | — | $0.9805 (+4.31%) |
Jun 9, 2026 20w ago | 8-K | $1.02 $1.16 | ▲ +13.73% | ▲ +9.91% | $0.9805 (−3.87%) |
Jun 3, 2026 20w ago | 8-K | $1.06 $1.14 | ▲ +7.55% | ▲ +5.05% | $0.9805 (−7.50%) |
May 27, 2026 21w ago | DEFA14A | $1.13 $1.15 | ▲ +1.77% | ▲ +0.03% | $0.9805 (−13.23%) |
May 26, 2026 22w ago | 8-K | $1.13 $1.15 | ▲ +1.33% | ▼ −1.40% | $0.9805 (−13.23%) |
May 15, 2026 23w ago | Press Release | $1.20 $1.08 | ▼ −10.00% | ▼ −14.52% | $0.9805 (−18.29%) |
May 4, 2026 25w ago | EFFECT | $1.31 $0.8703 | ▲ +33.56% | ▲ +35.42% | $0.9805 (+25.15%) |
Apr 2, 2026 29w ago | 8-K | $1.51 $1.05 | ▼ −30.46% | ▼ −44.62% | $0.9805 (−35.07%) |
Mar 31, 2026 30w ago | 8-K | $1.01 $1.02 | ▲ +0.99% | ▼ −11.39% | $0.9805 (−2.92%) |
US Market Status
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