Cocrystal Pharma Reports $2.3 Million Net Loss in Q1 2025, Sees Improvement Year-Over-Year

Cocrystal Pharma, Inc. reported a net loss of approximately $2.3 million for the first quarter of 2025, a significant improvement compared to a net loss of $4.0 million during the same period in 2024. The company’s total operating expenses decreased to $2.34 million from $4.16 million year-over-year, primarily due to reduced research and development costs, which fell from $2.95 million to $1.36 million. General and administrative expenses also saw a decline, dropping from $1.21 million to $0.98 million. The company attributed these reductions to a strategic shift in focus and the completion of certain clinical trials.

As of March 31, 2025, Cocrystal's total assets were reported at $10.66 million, down from $13.46 million at the end of 2024. The decrease in assets was largely driven by a reduction in cash and cash equivalents, which stood at $6.92 million compared to $9.86 million at the end of the previous fiscal year. The company’s total liabilities also decreased to $3.36 million from $3.93 million, reflecting a reduction in accounts payable and accrued expenses. The company’s stockholders’ equity was reported at $7.30 million, down from $9.52 million at the end of 2024.

Cocrystal continues to focus on its clinical development programs, particularly in the areas of influenza, norovirus, and coronavirus treatments. The company is advancing its lead candidate, CC-42344, for the treatment of influenza, which has received authorization for a Phase 2a human challenge study in the UK. Additionally, the company is developing CDI-988, a protease inhibitor targeting noroviruses and coronaviruses, which is currently undergoing a Phase 1 clinical trial in Australia. The company has also established a wholly-owned subsidiary in Australia to facilitate its research and development efforts.

Looking ahead, Cocrystal indicated that it expects to continue incurring operating losses and negative cash flows as it advances its clinical programs. The company has expressed concerns regarding its liquidity, stating that its current cash resources may not be sufficient to fund operations for the next 12 months. Cocrystal plans to seek additional funding through equity offerings and strategic partnerships to support its ongoing research and development activities. The company has not yet established a consistent source of revenue and remains focused on achieving regulatory approvals for its product candidates.