Cocrystal Pharma, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Cocrystal Pharma, Inc. (Nasdaq: COCP) on June 9, 2026, reporting events occurring on June 3, 2026. The filing discloses a significant change in executive leadership with the appointment of a new Chief Executive Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the appointment of James Sapirstein as Chief Executive Officer, effective June 3, 2026. He replaces Sam Lee and James Martin, who previously served as Co-Chief Executive Officers. Mr. Lee continues as President and Chief Scientific Officer, while Mr. Martin remains Chief Financial Officer.
Management Commentary and Compensation Details
Mr. Sapirstein's employment terms include:
- Base Salary: $265,000 annually.
- Performance Bonus: Target of 50% of base salary, contingent on Board-established targets.
- Initial Equity Grant: Options to purchase 235,000 shares at an exercise price of $1.05 (closing price on grant date).
- Vesting Schedule: Four equal annual installments beginning June 3, 2027.
- Acceleration Provisions: Full vesting upon a Change in Control; 50% acceleration of unvested options upon termination without Cause.
- Future Grant: Potential additional grant of 235,000 options on the six-month anniversary, subject to performance and Committee approval.
Mr. Sapirstein previously served as CEO of Entero Therapeutics, Inc. from October 2019 to February 2025.
Investor Verification Checklist
- Verify the full text of the Employment Offer Letter (Exhibit 10.1) for complete terms and conditions.
- Confirm the impact of the leadership transition on the company's strategic direction and pipeline development.
- Review the vesting conditions and performance targets for the bonus and future equity grants.
- Check for any subsequent filings regarding the departure of the former Co-CEOs or changes to their roles.