Cocrystal Pharma, Inc. (COCP) - Q2 2026 Filing Summary
Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended June 30, 2026. Cocrystal Pharma, Inc. is a clinical-stage biopharmaceutical company focused on developing broad-spectrum antiviral drug candidates targeting norovirus, influenza, and coronaviruses. The company operates as a single reportable segment and is classified as a non-accelerated filer and a smaller reporting company.
Key Financial Metrics
| Metric (in thousands) | Q2 2026 (3 Months) | YTD 2026 (6 Months) | YTD 2025 (6 Months) |
|---|---|---|---|
| Revenue (Govt Contract) | $105 | $330 | $0 |
| Net Loss | $(3,164) | $(5,463) | $(4,356) |
| Net Loss Per Share (Basic/Diluted) | $(0.23) | $(0.40) | $(0.43) |
| Cash & Restricted Cash (End of Period) | $2,244 | $2,244 | $4,841 |
| Net Cash Used in Operating Activities | N/A | $(4,856) | $(5,094) |
| Total Assets | $4,649 | $4,649 | $9,712 (Dec 31, 2025) |
| Total Liabilities | $3,605 | $3,605 | $3,381 (Dec 31, 2025) |
| Stockholders' Equity | $1,044 | $1,044 | $6,331 (Dec 31, 2025) |
Material Changes vs. Prior Period
- Revenue Recognition: The company recognized $330,000 in government contract revenue for the six months ended June 30, 2026, derived from an SBIR Phase I contract with NIAID. There was no revenue in the comparable 2025 period.
- Operating Expenses: Total operating expenses increased to $5.87 million for the six months ended June 30, 2026, from $4.45 million in the prior year period.
- R&D Expenses: Increased by $1.03 million to $3.51 million, primarily driven by the initiation of the Phase 1b norovirus challenge study for candidate CDI-988.
- G&A Expenses: Increased by $0.39 million to $2.36 million, attributed to higher professional fees and insurance costs.
- Liquidity Position: Cash and restricted cash decreased from $7.10 million at the beginning of the period to $2.24 million at June 30, 2026, reflecting a net cash burn of $4.86 million from operations.
Outlook, Risks, and Unusual Items
- Going Concern Warning: Management has expressed substantial doubt about the company's ability to continue as a going concern. Current resources are estimated to be insufficient to fund operations beyond the next 12 months. The company's ability to continue depends on raising additional capital.
- Subsequent Financing: On July 31, 2026, the company entered into a Securities Purchase Agreement with OPKO Health, Inc., selling 5,474,053 shares at $0.9134 per share for gross proceeds of $5.0 million. Dr. Phillip Frost, a director and principal stockholder of Cocrystal, is the CEO of OPKO.
- Clinical Progress:
- CDI-988 (Norovirus/Coronavirus): Received FDA Fast Track designation in April 2026. Phase 1b challenge study commenced in February 2026.
- CC-42344 (Influenza): A dispute exists with a UK-based CRO regarding a Phase 2a study that failed to yield viable results due to low infection rates. The company is seeking a refund of $6.3 million or a redo of the study via arbitration.
- Stock-Based Compensation: Total expense was $176,000 for the six months ended June 30, 2026. Significant option grants were made in January and June 2026.
Investor Verification Checklist
- Cash Runway: Verify the sufficiency of the $5.0 million raised in July 2026 combined with remaining cash to cover the projected 12-month burn rate.
- Legal Dispute: Monitor the status of the arbitration with the UK CRO regarding the $6.3 million refund claim for the failed influenza study.
- Related Party Transactions: Review the terms of the financing with OPKO Health and the ongoing lease agreements with entities controlled by Dr. Phillip Frost.
- Regulatory Milestones: Track the results of the CDI-988 Phase 1b challenge study and the potential for priority review under the Fast Track designation.
- Dilution Risk: Assess the impact of the recent share issuance and the potential for further dilution if additional capital raises are required.