Cocrystal Pharma, Inc.

Cocrystal Pharma, Inc. is a clinical-stage biotechnology company focused on discovering and developing antiviral therapeutics for serious and chronic viral diseases. Its programs use structure-based drug design to advance small-molecule candidates for influenza, coronavirus, norovirus, and hepatitis C, but the company does not yet have approved products or recurring product revenue.

3.68

3.68

— Cocrystal Pharma, Inc.
%
Clinical-stage antiviral candidates70% Small-molecule drug candidates in preclinical and clinical development for viral diseases.
Discovery platform and research programs20% Structure-based technologies used to identify and optimize novel antiviral compounds.
Partnering and collaboration opportunities10% Out-licensing or strategic collaboration potential for programs after early clinical work.

Cocrystal does not sell commercial products today; its economic counterparties are primarily investors, clinical...

  • Equity investorsprimary

    Provide capital through public and private offerings to fund R&D and operations.

  • Strategic pharmaceutical partnerssecondary

    May license or co-develop antiviral candidates after clinical de-risking.

  • Clinical research organizationssecondary

    Buy trial management and development services to execute studies efficiently.

  • Future healthcare buyersemerging

    Hospitals, physicians, and payers would buy approved antivirals if programs reach market.

The company is headquartered in the United States and appears to run a U.S.-centric corporate and financing model, with...

  • •United States is the corporate base and main financing market
  • •Clinical development may involve non-U.S. trial and regulatory activity
  • •MHRA references indicate UK regulatory interaction for study amendments
  • •No commercial revenue geography is disclosed because products are not sold
  • •Geographic exposure is mainly operational and regulatory, not sales-driven

Cocrystal’s strategy is to advance a focused antiviral pipeline through early clinical proof-of-concept while...

01
Advance lead antiviral candidates through clinical developmentshort-term

Clinical data are needed to validate efficacy, safety, and partnering value.

02
Secure strategic partnershipsmedium-term

Partnerships can provide non-dilutive funding and external development capability.

03
Preserve liquidity and access capital marketsshort-term

The company has no ongoing product revenue and depends on external financing.

The company faces substantial going-concern and financing risk because it has no approved products, no recurring...

critical

Going-concern and liquidity shortfall

The company states its cash is not expected to support working capital needs for 12 months.

Scope
Corporate funding and ongoing R&D operations
Materiality
high
high

Clinical trial execution risk

The influenza Phase 2a study faced low infection rates, limiting data analysis.

Scope
CC-42344 and other pipeline programs
Materiality
high
high

Financing dilution risk

Future funding is expected to come from equity or partner transactions that may dilute holders.

Scope
ATM facility and future capital raises
Materiality
high
medium

Regulatory and development delay risk

Protocol amendments or resubmissions may be needed before additional enrollment can proceed.

Scope
MHRA-related study actions and clinical timelines
Materiality
medium
medium

Inflation and tariff cost pressure

Higher operating and trial costs could stress limited working capital.

Scope
R&D and general corporate spending
Materiality
medium
Research and development expense recognition
Drives quarterly loss volatility and reflects pipeline progress
Going-concern assessment
Important for liquidity analysis and valuation
Warrant liability accounting
Can create non-cash fair value changes in earnings
Accounting estimates and assumptions
Can materially affect reported expenses and balance-sheet items

Co-Diagnostics, Inc.

CODX · Surgical & Medical Instruments & Apparatus

Vaxcyte, Inc.

PCVX · Biological Products, (No Diagnostic Substances)

Vir Biotechnology, Inc.

VIR · Biological Products, (No Diagnostic Substances)

Trevi Therapeutics, Inc.

TRVI · Pharmaceutical Preparations

ENANTA PHARMACEUTICALS INC

ENTA · Pharmaceutical Preparations

Ventyx Biosciences, Inc.

Pharmaceutical Preparations

: 28/04/2026