Cocrystal Pharma Reports $2.1 Million Net Loss in Q2 2025, Significant Reduction in Operating Expenses

Cocrystal Pharma, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of approximately $2.1 million, or $0.20 per share, compared to a net loss of $5.3 million, or $0.53 per share, for the same period in 2024. For the six months ended June 30, 2025, the company recorded a net loss of $4.4 million, a significant reduction from the $9.3 million loss reported in the first half of 2024. The decrease in losses is attributed to a substantial reduction in operating expenses, which fell to $2.1 million in the second quarter of 2025 from $5.4 million in the prior year, primarily due to lower research and development costs.

Cocrystal's total operating expenses for the first half of 2025 were $4.4 million, down from $9.6 million in the same period last year. The company reported research and development expenses of $1.1 million for the second quarter of 2025, a decrease from $4.3 million in the prior year, reflecting a strategic shift in resource allocation. General and administrative expenses also decreased to $986,000 from $1.1 million year-over-year. The company’s cash and restricted cash at the end of the second quarter stood at approximately $4.8 million, down from $9.9 million at the end of 2024.

In terms of operational developments, Cocrystal has maintained its focus on developing antiviral drug candidates, leveraging its expertise in viral replication inhibitors. The company has not reported any significant changes in customer counts or user statistics, as it continues to operate primarily in the clinical development phase. Cocrystal's employee headcount remains stable, with no significant changes reported in staffing levels. The company has also made strides in its equity incentive plans, transitioning from the 2015 Plan to a new 2025 Plan, which was approved by shareholders in June 2025, allowing for the issuance of up to 1.5 million shares.

Looking ahead, Cocrystal has expressed concerns regarding its liquidity and ability to continue as a going concern, as it has incurred net losses and negative cash flows since inception. The company indicated that its current resources may not be sufficient to fund operations beyond the next 12 months, emphasizing the need for additional capital to support ongoing research and development efforts. Cocrystal's future cash requirements will depend on various factors, including the success of its clinical trials and regulatory approvals, as well as market conditions. The company remains focused on securing financing and developing strategic alliances to enhance its operational capabilities and market presence.