Cocrystal Pharma, Inc.

Cocrystal Pharma's 2025 financial results show a significant reduction in net loss to $8.8 million from $17.5 million in 2024, primarily driven by decreased operating expenses. Research and development expenses fell to $5.1 million from $12.5 million, largely due to the winddown of the Phase 2a influenza study for CC-42344 and reduced employee-related costs. General and administrative expenses decreased to $4.0 million from $5.3 million, attributed to lower compensation, insurance, and corporate expenses. The company ended 2025 with $7.7 million in unrestricted cash, down from $9.9 million at the end of 2024, with net cash used in operating activities totaling $8.2 million for the year. Management highlighted progress in the norovirus program, with the Phase 1b challenge study for CDI-988 now underway at Emory University School of Medicine. The study will enroll up to 40 subjects and evaluate efficacy in reducing clinical symptoms, viral shedding, and disease severity. CDI-988 represents a potential first oral antiviral for norovirus treatment and prevention, targeting a $60 billion global economic burden. The company also continues development of CC-42344 for influenza A, with plans for an additional Phase 2a study following completion of an initial study in November 2025. Cocrystal received a $500,000 NIH SBIR Phase I award in October 2025 to support development of a novel influenza A/B candidate. The financial results reflect a streamlined cost structure while maintaining progress across key antiviral development programs.