Cocrystal Pharma Reports $6.4 Million Net Loss for Nine Months Ended September 30, 2025

Cocrystal Pharma, Inc. reported a net loss of approximately $6.4 million for the nine months ended September 30, 2025, a significant reduction from the $14.2 million loss recorded during the same period in 2024. The company’s total operating expenses decreased to $6.5 million from $14.6 million year-over-year, primarily due to reduced research and development costs as clinical trials for its influenza and norovirus candidates progressed. For the third quarter alone, Cocrystal's net loss was $2.05 million, down from $4.94 million in the prior year, reflecting a continued focus on cost management.

The company’s cash and restricted cash totaled approximately $7.8 million as of September 30, 2025, a decrease from $9.9 million at the end of 2024. Cocrystal utilized $6.5 million in cash for operating activities during the nine months, a notable improvement from the $13.3 million used in the same timeframe in 2024. The decrease in cash usage was attributed to lower clinical trial expenses and operational costs. However, the company indicated that its current cash resources may not be sufficient to fund operations beyond the next 12 months, raising concerns about its ability to continue as a going concern.

In terms of strategic developments, Cocrystal completed a registered direct offering on September 12, 2025, raising approximately $4.2 million through the sale of 2.76 million shares of common stock at $1.70 per share, along with warrants for additional shares. This followed the termination of its At-The-Market Offering Agreement with H.C. Wainwright, which had allowed the company to sell shares over time. The company also received a $500,000 Small Business Innovation Research Phase I award from the National Institutes of Health to support the development of its antiviral candidate for influenza.

Operationally, Cocrystal has made significant progress in its clinical programs. The company is advancing its lead candidate, CC-42344, for the treatment of influenza, which has completed a Phase 2a clinical trial demonstrating a favorable safety profile. Additionally, the company is developing CDI-988, a protease inhibitor for noroviruses and coronaviruses, which has shown promising results in early clinical trials. Cocrystal's focus on these antiviral candidates aligns with its goal to address significant unmet medical needs in viral diseases.

Looking ahead, Cocrystal Pharma aims to continue its research and development efforts while seeking additional funding to support its operations. The company acknowledges the challenges it faces in achieving profitability, emphasizing the need for successful clinical outcomes and regulatory approvals for its product candidates. The management remains committed to exploring partnerships and financing options to sustain its operations and advance its clinical programs.