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Cocrystal Pharma Inc. (COCP-2.10%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing antiviral therapeutics for serious viral diseases using structure-based technologies. The company targets RNA viruses such as influenza, coronaviruses, norovirus, and hepatitis C virus.
Financial results for the year show a net loss of $17.5 million, compared to a net loss of $17.98 million in the previous year. The decrease in loss is attributed to reduced research and development expenses.
Research and development expenses were $12.54 million, down from $15.17 million the previous year, primarily due to the timing of clinical study costs.
General and administrative expenses decreased to $5.34 million from $5.99 million, mainly due to a reduction in insurance costs and other general expenses.
The company reported cash and restricted cash of $9.9 million as of December 31, 2024, with a working capital of $9.1 million.
Cocrystal's influenza program includes the development of CC-42344, a novel PB2 inhibitor for influenza A. The company is also working on an inhaled formulation of this compound.
The norovirus and coronavirus programs involve CDI-988, a protease inhibitor in a Phase 1 study in Australia. The study aims to evaluate safety, tolerability, and pharmacokinetics.
During the year, the company terminated its collaboration with Merck for influenza A/B antiviral compounds and with Kansas State University Research Foundation for norovirus and coronavirus treatments.
Future plans include continuing the development of broad-spectrum antiviral drugs with high barriers to resistance and expanding clinical trials for existing candidates.
The filing also highlights the company's focus on securing additional capital to fund operations beyond the next 12 months, given the current cash reserves and projected expenditures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cocrystal Pharma Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.