Business Context and Reporting Period
Cocrystal Pharma, Inc. (COCP) filed a Current Report on Form 8-K on April 19, 2020, regarding a material definitive agreement entered into on that date. The Company is a Delaware corporation with principal executive offices in Bothell, WA, and its common stock trades on The Nasdaq Capital Market.
Key Financial Metrics
This filing does not report standard financial performance metrics such as revenue, profit, cash flow, or margins. The only specific financial figures disclosed relate to the new licensing agreement:
- License Initiation Fee: $110,000 (one-time, non-refundable).
- Recurring Costs: Annual license maintenance fees (amount not specified).
- Future Obligations: Milestone payments contingent on clinical trial progress, regulatory approvals, and commercial sales initiation.
Material Changes
The Company entered into a new License Agreement with Kansas State University Research Foundation (the "Foundation"), effective April 1, 2020. This agreement is in addition to a prior agreement disclosed in an 8-K filed on February 24, 2020. The new agreement grants the Company an exclusive, royalty-bearing license to practice under certain patent rights covering antivirals against coronaviruses, caliciviruses, and picornaviruses, including rights to make and sell therapeutic, diagnostic, and prophylactic products.
Outlook, Risks, and Management Commentary
Management announced the agreement via a press release on April 22, 2020. The agreement remains in effect until the expiration of the covered patent rights unless terminated earlier. Future financial impact is contingent upon the successful progression of clinical trials and regulatory approvals required to trigger milestone payments. The filing notes that the description of the agreement is qualified by reference to the full text of the agreement, which will be filed as an exhibit to a future periodic report.
Investor Verification Checklist
- Verify the specific amounts for annual license maintenance fees and future milestone payments in the full text of the License Agreement.
- Confirm the scope of patent rights covered regarding coronaviruses, caliciviruses, and picornaviruses.
- Review the February 24, 2020, 8-K filing to understand the terms of the prior agreement with the Foundation.
- Monitor future periodic reports for the filing of the full agreement text as an exhibit.