Cocrystal Pharma Reports $105,000 Revenue in Q2 2026, Faces $3.2 Million Net Loss

Cocrystal Pharma, Inc. reported its financial results for the second quarter of 2026, revealing a government contract revenue of $105,000 for the three months ended June 30, 2026, compared to no revenue in the same period of the previous year. For the first half of 2026, the company generated $330,000 in revenue, marking a significant increase from zero in the first half of 2025. Despite this revenue growth, Cocrystal incurred a net loss of $3.2 million for the second quarter, compared to a loss of $2.1 million in the same quarter of 2025. The net loss for the six months ended June 30, 2026, was approximately $5.5 million, up from $4.4 million in the prior year.

The company’s total operating expenses for the second quarter of 2026 were $3.3 million, an increase from $2.1 million in the same quarter of 2025. This rise was primarily driven by higher research and development costs, which reached $2.1 million in the second quarter, compared to $1.1 million in the same period last year. General and administrative expenses also increased to $1.1 million from $986,000 year-over-year. The increase in expenses reflects Cocrystal's ongoing investment in its antiviral drug development programs.

Cocrystal's balance sheet as of June 30, 2026, showed total assets of $4.6 million, a decrease from $9.7 million at the end of 2025. The decline in assets was largely due to a reduction in cash and cash equivalents, which fell to $2.2 million from $7.0 million at the end of the previous fiscal year. The company’s total liabilities increased to $3.6 million from $3.4 million, with current liabilities rising to $2.6 million, primarily due to higher accounts payable and accrued expenses. Stockholders' equity also decreased significantly to $1.0 million from $6.3 million, reflecting the cumulative losses incurred.

Cocrystal continues to focus on its strategic initiatives, including the development of broad-spectrum antiviral drug candidates. The company has been actively pursuing government contracts to support its research and development efforts, as evidenced by the contract with the National Institute of Allergy and Infectious Diseases (NIAID) that commenced in September 2025. The company’s operational activities are primarily conducted through its subsidiary, Cocrystal Discovery, Inc., which oversees clinical trials and research activities.

Looking ahead, Cocrystal has expressed concerns regarding its liquidity and ability to continue operations beyond the next 12 months without additional funding. The company has indicated that it will need to secure further capital to support its ongoing research and development activities and to address its operating losses. The management has acknowledged that the ability to raise funds will be critical to the company's future success and operational continuity.