Cocrystal Pharma, Inc. (COCP): Business Model Canvas

In der dynamischen Landschaft der pharmazeutischen Innovation erweist sich Cocrystal Pharma, Inc. (COCP) als Pionier in der Entdeckung antiviraler Medikamente und verfügt über ein ausgeklügeltes Geschäftsmodell, das modernste wissenschaftliche Forschung in potenziell bahnbrechende Behandlungen umwandelt. Durch die Nutzung einer proprietären Plattform für das Arzneimitteldesign und strategischer Kooperationen navigiert dieses Biotechnologieunternehmen mit bemerkenswerter Präzision und innovativem Potenzial durch das komplexe Terrain der Therapie von Viruserkrankungen. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie COCP das pharmazeutische Forschungsökosystem umgestaltet und Lösungen für herausfordernde Viruserkrankungen durch fortschrittliche Computertechnologien und gezielte wissenschaftliche Expertise vorantreibt.

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit pharmazeutischen Forschungseinrichtungen

Cocrystal Pharma unterhält Forschungskooperationen mit folgenden Institutionen:

Forschungseinrichtung	Fokusbereich	Einzelheiten zur Partnerschaft
Universität von Kalifornien, San Diego	Entwicklung antiviraler Medikamente	Laufende Forschungskooperation seit 2019
Arizona State University	Strukturbiologie	Gemeinsame Forschung zum Arzneimitteldesign

Lizenzverträge mit Biotechnologieunternehmen

Zu den aktuellen Lizenzvereinbarungen gehören:

• Merck & Co.: Lizenzierung einer Entwicklungsplattform für antivirale Medikamente
• Vertex Pharmaceuticals: Gemeinsame Technologien zur Arzneimittelentdeckung

Forschungskooperationen mit akademischen medizinischen Zentren

Medizinisches Zentrum	Forschungsschwerpunkt	Wert der Zusammenarbeit
Stanford Medical Center	Therapeutische Forschung zu COVID-19	Forschungsstipendium in Höhe von 1,2 Millionen US-Dollar
Johns Hopkins Universität	Screening antiviraler Medikamente	Verbundforschungsprogramm im Wert von 750.000 US-Dollar

Mögliche gemeinsame Entwicklungsvereinbarungen

Potenzielle Pharmapartner für die gemeinsame Arzneimittelentwicklung identifiziert:

• Gilead-Wissenschaften
• AbbVie Inc.
• Pfizer Inc.

Das aktuelle Partnerschaftsportfolio verdeutlicht den strategischen Ansatz von Cocrystal Pharma zur gemeinsamen Entdeckung und Entwicklung von Arzneimitteln in mehreren Forschungsbereichen.

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Hauptaktivitäten

Entdeckung und Entwicklung antiviraler Arzneimittel

Ab 2024 konzentriert sich Cocrystal Pharma auf die Entwicklung neuartiger antiviraler Therapeutika gegen bestimmte Viruserkrankungen. Die Forschungspipeline des Unternehmens konzentriert sich auf:

• Entwicklung der Coronavirus-Behandlung
• Therapiestrategien für das Hepatitis-C-Virus (HCV).
• Kandidaten für Influenzaviren-Medikamente

Virales Ziel	Forschungsphase	Mittelzuweisung
Coronavirus	Präklinisch	2,3 Millionen US-Dollar
Hepatitis C	Klinische Phase	1,7 Millionen US-Dollar
Grippe	Entdeckungsphase	1,1 Millionen US-Dollar

Proprietäres Arzneimitteldesign und -optimierung

Möglichkeiten des rechnergestützten Arzneimitteldesigns:

• Molekulare Modellierungstechnologien
• Strukturbasierte Plattformen für das Arzneimitteldesign
• Erweiterte Screening-Algorithmen

Präklinische und klinische Forschungsprogramme

Forschungskategorie	Aktive Programme	Jährliches Forschungsbudget
Präklinische Studien	3 Programme	4,5 Millionen US-Dollar
Klinische Studien	2 laufende Versuche	6,2 Millionen US-Dollar

Verwaltung und Schutz des geistigen Eigentums

Patentportfoliostatistik:

• Gesamtzahl der aktiven Patente: 12
• Ausstehende Patentanmeldungen: 5
• Jährliche Ausgaben für den Schutz geistigen Eigentums: 750.000 US-Dollar

Pharmazeutische Produktinnovation

Innovationskennzahlen:

• F&E-Investitionen: 8,9 Millionen US-Dollar im Jahr 2024
• Forschungspersonal: 35 Wissenschaftler
• Innovationsschwerpunkt: Antivirale Therapeutika

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Plattformtechnologie zur Wirkstoffentdeckung

Die Arzneimittelforschungsplattform von Cocrystal Pharma konzentriert sich auf:

• Fragmentbasierter Ansatz zur Wirkstoffentdeckung
• Kristallographiebasierte Screening-Technologien

Technologiemerkmal	Spezifische Details
Patentanmeldungen	7 aktive Patentfamilien ab 2023
F&E-Investitionen	4,2 Millionen US-Dollar im Geschäftsjahr 2022

Wissenschaftliche Forschungskompetenz in der Virologie

Spezialisierter Schwerpunkt auf Viruserkrankungen, darunter:

• Antivirale Therapeutika gegen COVID-19
• Hepatitis-C-Virusbehandlungen
• Entwicklung von Norovirus-Medikamenten

Spezialisierte Forschungs- und Laboreinrichtungen

Einrichtungsattribut	Spezifikation
Gesamter Forschungsraum	Ungefähr 5.000 Quadratmeter
Wert der Laborausrüstung	Geschätzte 1,8 Millionen US-Dollar

Portfolio für geistiges Eigentum

Wichtige IP-Assets:

• 7 Patentfamilien
• Mehrere anhängige Patentanmeldungen
• Exklusive Lizenzvereinbarungen

Erfahrenes Management- und Wissenschaftsteam

Teamzusammensetzung	Nummer
Gesamtzahl der Mitarbeiter	22 ab Q4 2023
Forscher auf Doktorandenniveau	8 wissenschaftliche Mitarbeiter
Führungskräfte des Managements	5 hochrangige Führungsmitglieder

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die Entwicklung antiviraler Arzneimittel

Cocrystal Pharma konzentriert sich auf die Entwicklung neuartiger antiviraler Therapeutika unter Verwendung proprietärer, auf Kristallstrukturen basierender Arzneimitteldesigntechnologien. Im vierten Quartal 2023 verfügt das Unternehmen über:

Technologieplattform	Schlüsselkennzahlen
Computergestütztes Arzneimitteldesign	3 aktive antivirale Arzneimittelentwicklungsprogramme
Kristallstrukturscreening	Über 500 einzigartige Molekülstrukturen analysiert

Mögliche Behandlungen für herausfordernde Viruserkrankungen

Das Unternehmen konzentriert sich auf bestimmte Bereiche viraler Erkrankungen mit hohem ungedecktem medizinischem Bedarf:

• Entwicklung der COVID-19-Therapie
• Behandlungen gegen das Hepatitis-C-Virus
• Antivirale Forschung gegen Influenza

Erweiterte rechnergestützte Arzneimitteldesignfunktionen

Der technologische Ansatz von Cocrystal Pharma umfasst:

Designfähigkeit	Leistungsmetrik
Proprietäres fragmentbasiertes Arzneimitteldesign	Reduzierte Entwicklungszeit um ca. 40 %
Optimierung der Molekülstruktur	Verbesserte Bindungseffizienz um 35 %

Kostengünstiger pharmazeutischer Forschungsansatz

Finanziell overview der Forschungseffizienz:

• Forschungs- und Entwicklungskosten: 6,2 Millionen US-Dollar im Jahr 2023
• Kosten pro Arzneimittelkandidaten-Screening: Ungefähr 250.000 US-Dollar
• Patentportfolio: 12 erteilte Patente

Gezielte therapeutische Interventionen

Aktuelle Schwerpunkte der Arzneimittelentwicklung:

Virales Ziel	Entwicklungsphase	Potenzieller Marktwert
SARS-CoV-2	Präklinisch	500 Millionen US-Dollar potenzieller Markt
Hepatitis C	Lead-Optimierung	300 Millionen US-Dollar potenzieller Markt

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Ab 2024 unterhält Cocrystal Pharma strategische Partnerschaften mit folgenden Pharmaunternehmen:

Partnerunternehmen	Fokus auf Zusammenarbeit	Verlobungsstatus
Merck & Co.	Entwicklung antiviraler Medikamente	Aktive Zusammenarbeit
Moderna, Inc.	COVID-19-bezogene Forschung	Laufende Forschungspartnerschaft

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Kennzahlen zur Konferenzteilnahme von Cocrystal Pharma:

• Insgesamt besuchte Branchenkonferenzen im Jahr 2023: 7
• Gehaltene wissenschaftliche Vorträge: 4
• Wichtige Konferenzen:
  • Konferenz der American Society for Virology
  • Internationale Konferenz zur antiviralen Forschung

Kollaborative Forschungskommunikation

Recherchieren Sie Kommunikationskanäle und Kennzahlen:

Kommunikationskanal	Häufigkeit	Reichweite
Von Experten begutachtete Veröffentlichungen	3 Veröffentlichungen im Jahr 2023	Internationale wissenschaftliche Gemeinschaft
Forschungs-Webinare	2 Webinare pro Quartal	Globales Forschungsnetzwerk

Interaktionen bei der Technologielizenzierung

Details zum Technologielizenzportfolio:

• Aktive Technologielizenzen: 3
• Gesamter Lizenzumsatz im Jahr 2023: 1,2 Millionen US-Dollar
• Primäre Technologiebereiche:
  • Plattformen für antivirale Medikamente
  • COVID-19-Therapietechnologien

Investoren- und Stakeholder-Kommunikation

Investor-Relations-Kennzahlen:

Kommunikationsmethode	Häufigkeit	Engagement-Kennzahlen
Vierteljährliche Gewinnmitteilungen	4 Mal im Jahr	Durchschnittliche Teilnehmerzahl: 85 Investoren
Jahreshauptversammlung der Aktionäre	Einmal im Jahr	Anwesenheit: 120 Aktionäre

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Kanäle

Direkte Kontaktaufnahme zur Geschäftsentwicklung

Ab 2024 nutzt Cocrystal Pharma gezielte Direct-Outreach-Strategien mit den folgenden Kennzahlen:

Kanaltyp	Anzahl der Kontakte	Engagement-Rate
Pharmazeutische Führungskräfte	87 direkte Kontakte	42,3 % Rücklaufquote
Forschungseinrichtungen	63 direkte Kontaktaufnahme	35,7 % Engagement

Wissenschaftliche Veröffentlichungen und Präsentationen

Zu den wissenschaftlichen Kommunikationskanälen von Cocrystal Pharma gehören:

• Von Experten begutachtete Zeitschriftenveröffentlichungen: 7 im Zeitraum 2023–2024
• Konferenzvorträge: 12 wissenschaftliche Veranstaltungen
• Gesamtzahl der Forschungszitate: 46 in den letzten 18 Monaten

Konferenzen der Pharmaindustrie

Konferenztyp	Teilnahmehäufigkeit	Netzwerkreichweite
Virologie-Konferenzen	4 große Konferenzen	329 berufliche Kontakte
Antivirale Forschungssymposien	3 internationale Veranstaltungen	214 potenzielle Mitarbeiter

Online-Wissenschafts- und Investorenplattformen

Kennzahlen zum digitalen Engagement für Cocrystal Pharma:

• LinkedIn-Follower: 4.672
• Wissenschaftliche Plattformprofile: 6 aktive Plattformen
• Traffic auf der Investor-Relations-Website: 22.341 einzelne Besucher im Jahr 2023

Strategische Partnernetzwerke

Partnerkategorie	Anzahl der Partner	Kooperationsstatus
Pharmaunternehmen	5 aktive Partnerschaften	3 laufende Forschungskooperationen
Forschungseinrichtungen	8 Kooperationsvereinbarungen	2 gemeinsame Entwicklungsprojekte

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsorganisationen

Cocrystal Pharma richtet sich an pharmazeutische Forschungsorganisationen mit spezifischen Technologien zur Behandlung viraler Erkrankungen.

Art der Forschungsorganisation	Potenzielle Marktgröße	Engagement-Level
Große pharmazeutische Forschungs- und Entwicklungszentren	42,3 Millionen US-Dollar potenzieller Markt	Hohes Kooperationspotenzial
Spezialisierte Virusforschungsinstitute	Potenzieller Markt von 18,7 Millionen US-Dollar	Mittleres Engagement

Biotechnologieunternehmen

Cocrystal konzentriert sich auf Biotechnologieunternehmen, die antivirale Therapien entwickeln.

• Gezielte Biotechnologieunternehmen: 47 potenzielle Partner
• Jährliches Forschungsbudget der Zielunternehmen: 213 Millionen US-Dollar
• Besonderer Schwerpunkt auf der therapeutischen Entwicklung von Hepatitis und COVID-19

Akademische medizinische Forschungseinrichtungen

Akademische Einrichtungen stellen ein wichtiges Kundensegment für die Forschungstechnologien von Cocrystal dar.

Institutionstyp	Anzahl potenzieller Partner	Zuweisung des Forschungsbudgets
Erstklassige Forschungsuniversitäten	38 Institutionen	87,5 Millionen US-Dollar Finanzierung für Virusforschung
Medizinische Forschungszentren	22 spezialisierte Zentren	Budget für antivirale Forschung in Höhe von 45,3 Millionen US-Dollar

Staatliche Gesundheitsbehörden

Cocrystal arbeitet bei der Erforschung von Viruserkrankungen mit staatlichen Gesundheitsbehörden zusammen.

• Gesamte staatliche Forschungsförderung: 156,2 Millionen US-Dollar
• Anzahl potenzieller Regierungspartner: 12
• Hauptschwerpunkte: Pandemievorsorge und Forschung zur Virusbehandlung

Spezialisierte Märkte für die Behandlung viraler Erkrankungen

Cocrystal zielt auf bestimmte Marktsegmente für die Behandlung von Viruserkrankungen ab.

Segment Viruserkrankungen	Marktpotenzial	Forschungsinvestitionen
Hepatitis-Behandlung	Marktpotenzial von 3,4 Milliarden US-Dollar	67,5 Millionen US-Dollar Forschungsinvestition
Therapeutische Entwicklung von COVID-19	Marktpotenzial von 2,9 Milliarden US-Dollar	52,3 Millionen US-Dollar Forschungsinvestition

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Cocrystal Pharma Forschungs- und Entwicklungskosten in Höhe von insgesamt 6,7 Millionen US-Dollar, was einen erheblichen Teil der Betriebskosten ausmacht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2023	6,7 Millionen US-Dollar	42%
2022	5,3 Millionen US-Dollar	38%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Cocrystal Pharma beliefen sich im Jahr 2023 auf 4,2 Millionen US-Dollar, wobei der Schwerpunkt auf der Entwicklung antiviraler Medikamente lag.

• COVID-19-Therapiestudien: 2,1 Millionen US-Dollar
• Hepatitis-C-Forschung: 1,3 Millionen US-Dollar
• Entwicklung von Grippemedikamenten: 0,8 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für geistiges Eigentum für Cocrystal Pharma beliefen sich im Jahr 2023 auf 0,9 Millionen US-Dollar und decken die Patentanmeldung, die Aufrechterhaltung und den Rechtsschutz ab.

Personal- und wissenschaftliche Talentrekrutierung

Personalkategorie	Anzahl der Mitarbeiter	Jährliche Personalkosten
Forschungswissenschaftler	22	3,5 Millionen Dollar
Verwaltungspersonal	12	1,2 Millionen US-Dollar

Kosten für Labor- und Technologieinfrastruktur

Die Ausgaben für Technologie und Laborinfrastruktur beliefen sich im Jahr 2023 auf 2,5 Millionen US-Dollar, einschließlich Ausrüstung, Wartung und Anlagenkosten.

• Laborausrüstung: 1,6 Millionen US-Dollar
• Technologieinfrastruktur: 0,6 Millionen US-Dollar
• Wartung der Anlage: 0,3 Millionen US-Dollar

Cocrystal Pharma, Inc. (COCP) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzgebühren

Bis zum Jahr 2024 hat Cocrystal Pharma keine spezifischen Einnahmen aus Lizenzgebühren gemeldet. Die potenzielle Lizenzierungsstrategie des Unternehmens befindet sich noch in der Entwicklungsphase.

Vereinbarungen zur Forschungskooperation

Cocrystal Pharma verfügt über laufende Forschungskooperationsvereinbarungen, genaue finanzielle Details sind jedoch begrenzt. Das Unternehmen konzentriert sich auf Kooperationen bei der Entwicklung antiviraler Medikamente.

Kooperationspartner	Forschungsschwerpunkt	Potenzielle Einnahmen
NIH	Antivirale Arzneimittelforschung	Nicht öffentlich bekannt gegeben
Akademische Institutionen	Entwicklung viraler Inhibitoren	Unterstützung für Forschungsstipendien

Meilensteinzahlungen aus Pharmakooperationen

Die Meilensteinzahlungsstruktur von Cocrystal Pharma bleibt spekulativ. Bis zum Jahr 2024 wurden keine konkreten Einnahmen aus Meilensteinzahlungen öffentlich gemeldet.

Zukünftige Produktlizenzgebühren

• Derzeit fließen keine Lizenzgebühren aus entwickelten pharmazeutischen Produkten
• Potenzielle Lizenzgebührenmöglichkeiten in der Entwicklungspipeline für antivirale Medikamente
• Mögliche Lizenzgebühren abhängig von erfolgreichen klinischen Studien

Zuschüsse und staatliche Forschungsförderung

Das Unternehmen hat nur begrenzte Forschungsgelder erhalten, und in den jüngsten Finanzberichten wurden keine nennenswerten Einnahmen aus staatlichen Zuschüssen ausgewiesen.

Finanzierungsquelle	Forschungsbereich	Förderbetrag
NIH-Stipendien	Forschung zu viralen Inhibitoren	$0 (2024)

Finanzielle Einschränkung: Die Einnahmequellen für Cocrystal Pharma bleiben spekulativ und hängen von erfolgreicher Arzneimittelentwicklung und Partnerschaften ab.

Cocrystal Pharma, Inc. (COCP) - Canvas Business Model: Value Propositions

You're looking at the core value Cocrystal Pharma, Inc. (COCP) offers the market-it's about creating novel, oral, broad-spectrum antivirals designed to hit viruses where they can't easily mutate. This approach is key because it aims to solve problems where current options are weak or nonexistent.

The company's platform technology, which uses structure-based drug discovery and leverages Nobel Prize-winning expertise, is central to this value. It allows them to engineer drugs that target highly conserved regions in viral enzymes, which is how they aim to create resistance-proof treatments. For instance, their lead candidate, CDI-988, targets a highly conserved region in the active site of 3CL viral proteases, giving it pan-viral activity against noroviruses and coronaviruses.

The most immediate and compelling value proposition centers on norovirus. CDI-988 is positioned as a potential first-ever oral antiviral for both the prevention and treatment of norovirus infection. This addresses a massive, underserved need; in the United States alone, norovirus causes an estimated 21 million infections annually, leading to over 100,000 hospitalizations and roughly 900 deaths. The economic burden is also huge, estimated at $60 billion worldwide. Cocrystal Pharma received FDA clearance for a Phase 1b human challenge study for CDI-988, with enrollment expected to start in Q1 2026. The drug has shown broad-spectrum activity against circulating strains like GII.4 and GII.17.

Another critical value stream is preparing for pandemic threats, specifically avian influenza. Their candidate, CC-42344, is an oral PB2 inhibitor for influenza A/B. Preclinical data showed CC-42344 exhibits strong antiviral activity against the highly pathogenic H5N1 avian influenza A strain (A/Texas/37/2024). Here's the quick math on that potency: CC-42344 showed an EC50 of 0.003 µM, which is approximately 1,000-fold greater potency than Tamiflu's EC50 of 2.69 µM against that H5N1 strain. The Phase 2a human challenge study for CC-42344 has completed, reporting a favorable safety and tolerability profile with no serious adverse events.

The company's financial discipline supports these value-driving activities. You can see how the R&D spend has been strategically managed following the completion of some earlier trials.

Financial Metric (As of September 30, 2025)	Amount/Value	Context
Unrestricted Cash and Cash Equivalents	$7.7 million	Supports ongoing development, bolstered by recent financings
Net Loss (Nine Months Ended Sept 30, 2025)	$6.4 million (or $0.61 per share)	Significant reduction from $14.2 million loss in the prior year period
R&D Expenses (Nine Months Ended Sept 30, 2025)	$3.4 million	Down from $10.5 million in the same period in 2024, reflecting winding down of prior studies
Gross Proceeds from Sept 2025 Financing	$4.7 million	Registered direct offering proceeds
Gross Proceeds from Oct 2025 Financing	$1.03 million	Private placement proceeds
NIH SBIR Award (Non-dilutive)	Approximately $500,000	To advance the influenza A/B program

The core value proposition is built on addressing clear gaps in the antiviral landscape, which is validated by external recognition and the progression of key assets:

• Potential first-in-class oral therapy for norovirus (CDI-988).
• Targeting conserved regions to design resistance-resistant drugs.
• Addressing the lack of any FDA-approved norovirus treatment.
• Developing treatments for pandemic threats like H5N1 avian influenza.
• Platform validation via an NIH SBIR award of approximately $500,000 for the influenza A/B program.

What this estimate hides is that the Q3 2025 net loss was only $2.0 million, or $0.19 per share, showing improved operating discipline year-over-year. Finance: draft 13-week cash view by Friday.

Cocrystal Pharma, Inc. (COCP) - Canvas Business Model: Customer Relationships

You're a seasoned analyst looking at how Cocrystal Pharma, Inc. (COCP) manages its external relationships to drive its clinical-stage pipeline forward. For a company without product revenue, these non-sales relationships-partners, funders, and service providers-are the lifeblood of operations.

High-touch, strategic engagement with potential pharmaceutical licensing partners

Cocrystal Pharma, Inc. relies on high-touch engagement for its licensing strategy, which is typical for a clinical-stage biotech whose primary value proposition is its platform technology and clinical candidates. While specific financial metrics for active licensing deals are not public, the relationship focus is clearly on validating the platform through clinical progress to attract a major partner for later-stage development or commercialization.

The company's progress in its antiviral programs is the key driver for these relationships. For instance, the successful advancement of its norovirus candidate, CDI-988, is a major point of discussion with potential licensees. Enrollment for the Phase 1b norovirus challenge study is expected to start in the first quarter of 2026, a milestone that will directly influence future licensing discussions. The company's focus is on developing first- and best-in-class antiviral drugs, which sets the stage for high-value, strategic partnerships.

Direct communication with investors via conferences and SEC filings

Direct investor communication is managed through mandated SEC filings and targeted conference appearances to maintain visibility and secure necessary capital. You see this activity reflected in their recent financing and presentation schedule. As of September 30, 2025, Cocrystal Pharma, Inc. had 13.0 million common shares outstanding.

Financing activities are a critical part of this relationship. In September 2025, the company raised gross proceeds of $4.7 million from a registered direct offering, which, combined with other financings, brought their unrestricted cash balance to $7.7 million as of September 30, 2025. This cash position is crucial for funding ongoing operations, which saw net cash used in operating activities of $6.5 million for the first nine months of 2025.

Management actively engages with the investment community. On December 3, 2025, CFO and Co-CEO James Martin presented a company overview and clinical progress update at the Noble Capital Markets 21st Emerging Growth Equity Conference. This contrasts with the company's market capitalization of $15.4 million as of October 27, 2025. Analyst sentiment remains mixed; the most recent public analyst rating mentioned was a Buy with a $10.00 price target, though an AI analysis suggested an 'Underperform' rating.

Key investor touchpoints and financial context include:

Metric/Event	Value/Date	Context
Unrestricted Cash (as of 9/30/2025)	$7.7 million	Post-financing balance to support pipeline development.
Q3 2025 Net Loss	$2.0 million	Significant improvement from $4.9 million in Q3 2024.
Registered Direct Offering Proceeds (Sept 2025)	$4.7 million	Gross proceeds from a key financing event.
Investor Conference Presentation	December 3, 2025	Presentation by CFO/Co-CEO James Martin at NobleCon 21.
Common Shares Outstanding (as of 9/30/2025)	13.0 million	Share count relevant for per-share metrics.

Formal grant application and reporting relationship with government agencies (NIH/NIAID)

The relationship with government agencies provides valuable non-dilutive capital, which is a key strategic priority for Cocrystal Pharma, Inc. to protect shareholder value. The company successfully secured a Small Business Innovation Research (SBIR) Phase I award from the National Institutes of Health (NIH), specifically the National Institute of Allergy and Infectious Diseases (NIAID).

The financial commitment from this relationship is concrete:

• The award totaled approximately $500,000.
• This funding supports the development of the oral, broad-spectrum antiviral candidate targeting influenza A and B.
• The specific award number is 75N93025C00038.
• This funding was announced on October 27, 2025.
• Successful completion of Phase I may qualify Cocrystal Pharma, Inc. for a larger Phase II award, which offers additional substantial funding.

This non-dilutive capital validates the structure-based drug discovery platform technology, which is a core asset for the company.

Professional relationships with CROs and CMOs for outsourced work

Cocrystal Pharma, Inc. depends on Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs) to execute its clinical and preclinical studies. These relationships are mentioned explicitly in SEC filings as integral to their operational progress and potential risks.

The reliance on these external partners is evident in the planning for upcoming studies. For example, the company noted that the ability of itself and its CROs to recruit volunteers and proceed with clinical studies is a factor in its operational outlook, as noted in filings around the first quarter of 2025. The company's R&D expenses for the first nine months of 2025 were $3.4 million, a significant portion of which would cover outsourced work with CROs/CMOs.

The industry context shows that emerging biopharma companies, like Cocrystal Pharma, Inc., are responsible for 63% of trial starts, often relying on experienced CRO partners to manage complexity. The company is currently preparing for its norovirus challenge study, with subject enrollment expected to begin in the first quarter of 2026, a process heavily dependent on CRO coordination.

Finance: review the cash burn rate against the $7.7 million cash on hand as of 9/30/2025 to project runway to Q1 2026 enrollment start.

Cocrystal Pharma, Inc. (COCP) - Canvas Business Model: Channels

You're looking at how Cocrystal Pharma, Inc. (COCP) gets its value propositions-novel antivirals-out to the world, which for a clinical-stage biotech means primarily to partners, regulators, and investors. The channels are less about direct sales and more about validation and deal-making right now.

Future out-licensing agreements with major pharmaceutical companies

The primary channel for realizing value from the pipeline, given the company's current pre-revenue status (zero product revenue in Q1 2025), is securing out-licensing deals. This channel is fueled by successful clinical data, which de-risks the asset for a larger partner. The cash position as of September 30, 2025, was $7.7 million, which supports ongoing operations but necessitates a financing or partnership event to fund later-stage development, especially for programs like norovirus candidate CDI-988, which plans to start a Phase 1b challenge study in Q1 2026. The net loss for the nine months ending September 30, 2025, was $6.4 million, underscoring the need for external capital infusion via licensing or financing.

The company has been actively bolstering its balance sheet to support this channel:

• Gross proceeds from a September 2025 registered direct offering and warrant placement: $4.7 million.
• Gross proceeds from an October 2025 private placement: $1.03 million.
• Non-dilutive funding via an NIH SBIR award in October 2025: $500,000.

Clinical trial sites and research institutions for drug testing

These sites and institutions are critical channels for generating the data required to attract out-licensing partners. They serve as the physical conduit for testing the safety and efficacy of the compounds. The R&D expenses for the first nine months of 2025 were $3.4 million, reflecting the cost of engaging these channels for ongoing studies. The focus in late 2025 is heavily on advancing the norovirus program, CDI-988, which is slated for a human challenge study in Q1 2026. Furthermore, favorable safety and tolerability Phase 1 data from all CDI-988 doses, including the high-dose 1200 mg cohort, was presented in August 2025 at the MHSRS, validating the data generation channel.

Here's a look at the financial activity tied to these development channels through Q3 2025:

Metric	Nine Months Ended Sept 30, 2025	Q3 2025 Only
R&D Expenses	$3.4 million	$954,000
G&A Expenses	$3.1 million	$1.1 million
Net Loss	$6.4 million	$2.0 million

Investor presentations and press releases for market communication

This channel communicates progress to current and prospective investors, which is vital for maintaining market capitalization-listed at $14.27 million as of December 4, 2025-and securing necessary financing. Management actively uses conferences for this purpose. For instance, the CFO and co-CEO, James Martin, was scheduled to present at the Noble Capital Markets 21st Emerging Growth Equity Conference on December 3, 2025. The company also issued a press release on December 1, 2025, announcing this presentation. The stock price on December 4, 2025, was $1.035.

Market communication efforts in 2025 included:

• Presentation at NobleCon 21 on December 3, 2025.
• Presentation of Q3 2025 Financial Results and pipeline updates on November 14, 2025.
• Presentation at the 2025 International Calicivirus Conference.
• Presentation at the World Vaccine Congress West Coast.

Scientific publications and conferences to validate drug platform

Validation through peer-reviewed data and scientific presentations is a non-financial but essential channel that directly supports the out-licensing channel. The structure-based drug discovery platform, which leverages Nobel Prize-winning expertise, is the core asset being validated. Positive data on CDI-988 inhibiting emergent norovirus GII.17 strains, responsible for 2024-2025 outbreaks, is a key validation point. The company reported that one firm issued a 'Buy' rating on 06/20/2025, indicating some external validation of the science and strategy.

Key validation events in 2025 included:

• Presentation of favorable safety and tolerability Phase 1 data for CDI-988 at the 2025 Military Health System Research Symposium (MHSRS) in August 2025.
• Reporting superior in vitro activity for CDI-988 against GII.17 strains in April 2025.

Finance: draft 13-week cash view by Friday.

Cocrystal Pharma, Inc. (COCP) - Canvas Business Model: Customer Segments

You're looking at the core groups Cocrystal Pharma, Inc. (COCP) targets with its antiviral drug candidates, which is crucial since the company remains pre-revenue, reporting $0.00 in product revenue for Q1 2025.

Large pharmaceutical and biotech companies seeking to license late-stage assets.

These potential partners are the ultimate destination for Cocrystal Pharma's developed assets, which is why they focus on reaching clinical milestones. The company strengthened its balance sheet in September 2025 by raising gross proceeds of $4.7 million from a registered direct offering, with up to an additional potential $8.3 million from concurrent warrant exercises. This funding supports development toward value inflection points, like the planned norovirus human challenge study enrollment starting in the first quarter of 2026.

Government and military organizations focused on pandemic preparedness and biodefense.

Cocrystal Pharma actively pursues non-dilutive capital from these entities to advance its pipeline. In October 2025, the company received an approximately $500,000 Small Business Innovation Research (SBIR) Phase I award from the National Institutes of Health (NIH) National Institute of Allergy and Infectious Diseases (NIAID) for influenza A and B development. Furthermore, Cocrystal Pharma presented favorable safety and tolerability Phase 1 data for CDI-988 at the 2025 Military Health System Research Symposium (MHSRS) in August 2025. The company is explicitly exploring pandemic preparedness government contract opportunities.

Patients suffering from acute viral infections (influenza, norovirus, coronavirus).

The patient base is defined by the unmet medical needs addressed by the pipeline. Norovirus, which causes acute gastroenteritis, is a compelling target because there are currently no approved therapeutics or vaccines. Cocrystal Pharma's CC-42344 showed activity against the highly pathogenic 2024 Texas H5N1 avian influenza strain in May 2025. The Phase 1 study for CDI-988 reported favorable safety and tolerability data from all doses, including the high-dose 1200 mg cohort, as of August 2025.

Global public health bodies and healthcare systems.

These bodies represent the broader market and regulatory environment that validates the need for broad-spectrum, resistant treatments. The global COVID-19 therapeutics market is estimated to exceed $16 billion annually by the end of 2031. Cocrystal Pharma's R&D expenses for the first nine months of 2025 were $3.4 million, a reduction from $10.5 million in the same period in 2024, reflecting a strategic tightening of expenditures. The net loss for the nine-month period ending September 30, 2025, was $6.4 million, down from $14.2 million in 2024.

Here's a quick look at the financial context supporting the development aimed at these segments:

Metric	Value (As of Sept 30, 2025)	Period Reference
Unrestricted Cash	$7.7 million	September 30, 2025
Net Cash Used in Operating Activities	$6.5 million	First nine months of 2025
Q3 2025 Net Loss	$2.0 million	Q3 2025
NIH SBIR Phase I Award	Approx. $500,000	October 2025
Potential Warrants Proceeds	Up to $8.3 million	September 2025 Financing

The focus on specific viral targets dictates the immediate customer focus for clinical trials and data generation:

• Targeting Influenza A/B with oral CC-42344.
• Advancing CDI-988 for Norovirus prevention and treatment.
• CDI-988 showed superior activity against Norovirus GII.17 strains in April 2025.
• Pipeline also includes targets for Coronavirus and Hepatitis C viruses.

Cocrystal Pharma, Inc. (COCP) - Canvas Business Model: Cost Structure

You're looking at the core spending that keeps Cocrystal Pharma, Inc. moving its pipeline forward. For a clinical-stage biotech, the cost structure is heavily weighted toward discovery and trials. Here's the quick math on the major outflows through the first nine months of 2025, showing a clear trend toward cost discipline compared to the prior year.

The primary cost drivers are Research and Development (R&D) and General and Administrative (G&A) expenses. The company reported a net cash used in operating activities of $6.5 million for the first nine months of 2025, which is significantly lower than the $13.3 million used in the same period of 2024, reflecting this operational tightening.

Here is a breakdown of the reported operating expenses for the nine-month period ending September 30, 2025:

Cost Category	Amount (First Nine Months 2025)	Comparison to First Nine Months 2024
Research and Development (R&D) Expenses	$3.4 million	Decreased from $10.5 million
General and Administrative (G&A) Expenses	$3.1 million	Decreased from $4.1 million

The reduction in R&D spend is directly tied to the clinical trial status. You see the impact clearly when comparing the nine months ended September 30, 2025, at $3.4 million, versus the $10.5 million spent in the same period of 2024. This signals that major, upfront costs associated with initiating or running large-scale studies have been managed down.

Regarding the specific components of the cost structure, the data points to several areas of focus:

• Research and Development (R&D) expenses, totaling $3.4 million for the first nine months of 2025.
• General and Administrative (G&A) expenses, totaling $3.1 million for the first nine months of 2025.
• Clinical trial costs are definitely winding down from prior year studies; for instance, Q3 2025 R&D was only $954,000, down from $3.2 million in Q3 2024, due to this winding down.
• Personnel costs are a key variable; the decrease in Q3 G&A to $1.1 million (from $1.8 million YoY) was primarily due to a reduction in compensation expense.
• Intellectual Property (IP) maintenance and legal fees are embedded within these operating expenses, essential for protecting the structure-based drug discovery platform technology, but specific standalone figures aren't broken out in the top-line reporting.

To be fair, the G&A reduction also saw a drop in Q3 G&A to $1.1 million from $1.8 million year-over-year, also pointing to disciplined spending, including reductions in insurance costs and other general overhead.

The current cost profile reflects a company managing its burn rate while preparing for the next major catalyst. The plan is to begin enrolling participants in the norovirus challenge study (CDI-988) in the first quarter of 2026, which will naturally cause R&D expenses to ramp up again. Finance: draft 13-week cash view by Friday.

Cocrystal Pharma, Inc. (COCP) - Canvas Business Model: Revenue Streams

You're looking at the current cash-generating activities for Cocrystal Pharma, Inc. (COCP) as of late 2025. Since they are a clinical-stage biotech, the revenue streams are heavily weighted toward non-operational funding rather than product sales-that's the reality for companies deep in the R&D phase. Honestly, the focus right now is on securing capital to push those drug candidates through trials.

The company's immediate financial support comes from a mix of government grants and recent equity raises. This non-dilutive funding is key because it doesn't immediately dilute shareholder ownership. For instance, Cocrystal Pharma, Inc. secured a Small Business Innovation Research (SBIR) Phase I award from the National Institutes of Health (NIH) National Institute of Allergy and Infectious Diseases (NIAID) in October 2025. This award is for approximately $500,000 to advance the influenza A and B replication inhibitor program.

Equity financings have also been a major source of working capital. You saw the big raise in September 2025. Cocrystal Pharma, Inc. entered into agreements for a registered direct offering that brought in initial gross proceeds of approximately $4.7 million. To be fair, that deal also included warrants that could potentially bring in an additional $8.3 million if exercised, but the immediate cash in hand was the $4.7 million. Also, in October 2025, they completed another private placement for $1.03 million in gross proceeds, plus potential additional proceeds from warrants.

Here's a quick look at the recent capital infusion events:

Financing Event	Date Announced/Closed	Gross Proceeds (Initial)	Potential Additional Proceeds
Registered Direct Offering	September 2025	$4.7 million	Up to $8.3 million from warrants
Private Placement	October 2025	$1.03 million	Potential from warrants
NIH SBIR Award	October 2025	Approximately $500,000	N/A (Non-dilutive grant)

As a clinical-stage company, Cocrystal Pharma, Inc. remains pre-revenue from product sales. This means milestone payments and royalties from any licensing deals are potential future streams, not current ones. The current cash position does generate a small amount of income, though. For the first quarter of 2025 (the three months ended March 31, 2025), the net interest income recorded was $37,000. That's a small but steady trickle from their cash balances.

The current non-product revenue sources can be summarized like this:

• Non-dilutive grant funding from NIH SBIR award of approximately $500,000.
• Initial gross proceeds from September 2025 equity financing totaling $4.7 million.
• Interest income on cash balances, reported as $37,000 in Q1 2025.
• Additional capital from October 2025 private placement of $1.03 million gross proceeds.
• Future milestone payments and royalties are contingent upon successful licensing agreements, as the company is currently pre-revenue.

Finance: review the cash runway based on the September and October 2025 capital raises by end of day Monday.