Cocrystal Pharma, Inc. (COCP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, Cocrystal Pharma, Inc. (COCP) emerge como una fuerza pionera en el descubrimiento antiviral de fármacos, empuñando un modelo de negocio sofisticado que transforma la investigación científica de vanguardia en los posibles tratamientos innovadores. Al aprovechar una plataforma de diseño de fármacos patentada y colaboraciones estratégicas, esta compañía de biotecnología navega por el complejo terreno de la terapéutica de la enfermedad viral con notable precisión y potencial innovador. Coloque en el intrincado lienzo de modelo de negocio que revela cómo COCP está reestructurando el ecosistema de investigación farmacéutica, lo que impulsa soluciones hacia adelante para desafiar las enfermedades virales a través de tecnologías computacionales avanzadas y experiencia científica dirigida.

COCRYSTAL PHARMA, Inc. (COCP) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación farmacéutica

Cocrystal Pharma mantiene asociaciones de investigación colaborativa con las siguientes instituciones:

Institución de investigación	Área de enfoque	Detalles de la asociación
Universidad de California, San Diego	Desarrollo de fármacos antivirales	Colaboración de investigación en curso desde 2019
Universidad Estatal de Arizona	Biología estructural	Investigación de diseño de medicamentos colaborativos

Acuerdos de licencia con compañías de biotecnología

Los acuerdos de licencia actuales incluyen:

• Merck & CO.: Licencias de plataforma de desarrollo de fármacos antivirales
• Vertex Pharmaceuticals: tecnologías de descubrimiento de fármacos colaborativos

Asociaciones de investigación con centros médicos académicos

Centro médico	Enfoque de investigación	Valor de colaboración
Centro Médico de Stanford	Investigación terapéutica Covid-19	Subvención de investigación de $ 1.2 millones
Universidad de Johns Hopkins	Detección de fármacos antivirales	Programa de investigación colaborativa de $ 750,000

Posibles acuerdos de desarrollo conjunto

Posibles socios farmacéuticos identificados para el desarrollo de fármacos colaborativos:

• Gilead Sciences
• Abbvie Inc.
• Pfizer Inc.

La cartera de asociación actual demuestra el enfoque estratégico de Cocrystal Pharma para el descubrimiento y el desarrollo de fármacos colaborativos en múltiples dominios de investigación.

Cocrystal Pharma, Inc. (COCP) - Modelo de negocio: actividades clave

Descubrimiento y desarrollo de fármacos antivirales

A partir de 2024, Cocrystal Pharma se centra en el desarrollo de nuevas terapias antivirales dirigidas a enfermedades virales específicas. La tubería de investigación de la compañía se concentra en:

• Desarrollo del tratamiento del coronavirus
• Estrategias terapéuticas del virus de la hepatitis C (VHC)
• Candidatos de drogas del virus de la influenza

Objetivo viral	Etapa de investigación	Asignación de financiación
Coronavirus	Preclínico	$ 2.3 millones
Hepatitis C	Fase clínica	$ 1.7 millones
Influenza	Fase de descubrimiento	$ 1.1 millones

Diseño y optimización de medicamentos patentados

Capacidades de diseño de fármacos computacionales:

• Tecnologías de modelado molecular
• Plataformas de diseño de fármacos basadas en estructuras
• Algoritmos de detección avanzados

Programas de investigación preclínica y clínica

Categoría de investigación	Programas activos	Presupuesto de investigación anual
Estudios preclínicos	3 programas	$ 4.5 millones
Ensayos clínicos	2 pruebas en curso	$ 6.2 millones

Gestión y protección de la propiedad intelectual

Estadísticas de cartera de patentes:

• Patentes activas totales: 12
• Aplicaciones de patentes pendientes: 5
• Gastos anuales de protección de IP: $ 750,000

Innovación de productos farmacéuticos

Métricas de innovación:

• Inversión de I + D: $ 8.9 millones en 2024
• Personal de investigación: 35 científicos
• Enfoque de innovación: terapéutica antiviral

Cocrystal Pharma, Inc. (COCP) - Modelo de negocio: recursos clave

Tecnología de la plataforma de descubrimiento de fármacos patentados

La plataforma de descubrimiento de fármacos de Cocrystal Pharma se centra en:

• Enfoque de descubrimiento de fármacos basado en fragmentos
• Tecnologías de detección basadas en cristalografía

Tecnología característica	Detalles específicos
Solicitudes de patentes	7 familias de patentes activas a partir de 2023
Inversión de I + D	$ 4.2 millones en 2022 año fiscal

Experiencia de investigación científica en virología

Enfoque especializado en enfermedades virales que incluyen:

• Terapéutica antiviral Covid-19
• Tratamientos virales de hepatitis C
• Desarrollo de fármacos de norovirus

Investigación especializada e instalaciones de laboratorio

Atributo de instalación	Especificación
Espacio total de investigación	Aproximadamente 5,000 pies cuadrados
Valor del equipo de laboratorio	Estimado $ 1.8 millones

Cartera de propiedades intelectuales

Activos IP clave:

• 7 familias de patentes
• Múltiples solicitudes de patentes pendientes
• Acuerdos de licencia exclusivos

Equipo de gestión y científico experimentado

Composición del equipo	Número
Total de empleados	22 A partir del cuarto trimestre 2023
Investigadores a nivel de doctorado	8 personal científico
Ejecutivos de gestión	5 miembros de liderazgo senior

Cocrystal Pharma, Inc. (COCP) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de desarrollo de fármacos antivirales

Cocrystal Pharma se centra en el desarrollo de nuevas terapias antivirales utilizando tecnologías de diseño de fármacos basados ​​en estructuras cristalinas. A partir del cuarto trimestre de 2023, la compañía tiene:

Plataforma tecnológica	Métricas clave
Diseño de drogas computacionales	3 programas activos de desarrollo de fármacos antivirales
Cribado de estructura cristalina	Más de 500 estructuras moleculares únicas analizadas

Tratamientos potenciales para enfermedades virales desafiantes

La compañía se dirige a áreas específicas de enfermedades virales con altas necesidades médicas no satisfechas:

• Desarrollo terapéutico Covid-19
• Tratamientos de virus de la hepatitis C
• Investigación antiviral de influenza

Capacidades avanzadas de diseño de medicamentos computacionales

El enfoque tecnológico de Cocrystal Pharma implica:

Capacidad de diseño	Métrico de rendimiento
Diseño de medicamentos basado en fragmentos patentados	Tiempo de desarrollo reducido en aproximadamente un 40%
Optimización de la estructura molecular	Eficiencia de unión mejorada en un 35%

Enfoque de investigación farmacéutica rentable

Financiero overview de eficiencia de investigación:

• Gastos de investigación y desarrollo: $ 6.2 millones en 2023
• Costo por detección del candidato de drogas: aproximadamente $ 250,000
• Portafolio de patentes: 12 patentes otorgadas

Intervenciones terapéuticas dirigidas

Áreas actuales de enfoque de desarrollo de fármacos:

Objetivo viral	Etapa de desarrollo	Valor de mercado potencial
SARS-CoV-2	Preclínico	Mercado potencial de $ 500 millones
Hepatitis C	Optimización de plomo	Mercado potencial de $ 300 millones

COCRYSTAL PHARMA, Inc. (COCP) - Modelo de negocios: relaciones con los clientes

Compromiso directo con socios farmacéuticos

A partir de 2024, Cocrystal Pharma mantiene asociaciones estratégicas con las siguientes compañías farmacéuticas:

Empresa asociada	Enfoque de colaboración	Estado de compromiso
Merck & Co.	Desarrollo de fármacos antivirales	Colaboración activa
Moderna, Inc.	Investigación relacionada con Covid-19	Asociación de investigación en curso

Conferencia científica y participación en eventos de la industria

Métricas de participación de la conferencia de Cocrystal Pharma:

• Conferencias totales de la industria asistidas en 2023: 7
• Presentaciones científicas entregadas: 4
• Conferencias clave:
  • Conferencia de la Sociedad Americana de Virología
  • Conferencia internacional de investigación antiviral

Comunicación de investigación colaborativa

Investigue los canales y métricas de comunicación:

Canal de comunicación	Frecuencia	Alcanzar
Publicaciones revisadas por pares	3 publicaciones en 2023	Comunidad científica internacional
Investigar seminarios web	2 seminarios web por trimestre	Red de investigación global

Interacciones de licencia tecnológica

Detalles de la cartera de licencias de tecnología:

• Licencias de tecnología activa: 3
• Ingresos totales de licencia en 2023: $ 1.2 millones
• Áreas de tecnología primaria:
  • Plataformas de drogas antivirales
  • Tecnologías terapéuticas Covid-19

Comunicación de inversores y partes interesadas

Métricas de relaciones con los inversores:

Método de comunicación	Frecuencia	Métricas de compromiso
Llamadas de ganancias trimestrales	4 veces al año	Recuento promedio de participantes: 85 inversores
Reunión anual de accionistas	Una vez al año	Asistencia: 120 accionistas

Cocrystal Pharma, Inc. (COCP) - Modelo de negocio: canales

Alcance directo de desarrollo empresarial

A partir de 2024, Cocrystal Pharma utiliza estrategias de divulgación directa específicas con las siguientes métricas:

Tipo de canal	Número de contactos	Tasa de compromiso
Ejecutivos farmacéuticos	87 contactos directos	42.3% Tasa de respuesta
Instituciones de investigación	63 Alcance directo	35.7% de compromiso

Publicaciones y presentaciones científicas

Los canales de comunicación científica de Cocrystal Pharma incluyen:

• Publicaciones de revistas revisadas por pares: 7 en 2023-2024
• Presentaciones de conferencias: 12 eventos científicos
• Total de citas de investigación: 46 en los últimos 18 meses

Conferencias de la industria farmacéutica

Tipo de conferencia	Frecuencia de participación	Alcance de red
Conferencias de virología	4 conferencias principales	329 contactos profesionales
Simposios de investigación antiviral	3 eventos internacionales	214 colaboradores potenciales

Plataformas científicas e inversores en línea

Métricas de compromiso digital para Cocrystal Pharma:

• Seguidores de LinkedIn: 4,672
• Perfiles de plataforma científica: 6 plataformas activas
• TRÁFITO DEL SITIOSTO DE RELACIONES DE INVERSOR: 22,341 Visitantes únicos en 2023

Redes de asociación estratégica

Categoría de socio	Número de socios	Estado de colaboración
Compañías farmacéuticas	5 asociaciones activas	3 colaboraciones de investigación en curso
Instituciones de investigación	8 acuerdos de colaboración	2 proyectos de desarrollo conjunto

Cocrystal Pharma, Inc. (COCP) - Modelo de negocio: segmentos de clientes

Organizaciones de investigación farmacéutica

Cocrystal Pharma se dirige a organizaciones de investigación farmacéutica con tecnologías específicas de tratamiento de enfermedades virales.

Tipo de organización de investigación	Tamaño potencial del mercado	Nivel de compromiso
Grandes centros farmacéuticos de I + D	$ 42.3 millones de mercado potencial	Alto potencial de colaboración
Institutos de investigación viral especializadas	$ 18.7 millones en el mercado potencial	Compromiso medio

Compañías de biotecnología

Cocrystal se centra en las compañías de biotecnología que desarrollan terapias antivirales.

• Compañías de biotecnología específicas: 47 socios potenciales
• Presupuesto de investigación anual de empresas objetivo: $ 213 millones
• Enfoque específico en la hepatitis y el desarrollo terapéutico Covid-19

Instituciones de investigación médica académica

Las instituciones académicas representan un segmento crítico de clientes para las tecnologías de investigación de Cocrystal.

Tipo de institución	Número de socios potenciales	Asignación de presupuesto de investigación
Universidades de investigación de primer nivel	38 instituciones	$ 87.5 millones de fondos de investigación viral
Centros de investigación médica	22 centros especializados	Presupuesto de investigación antiviral de $ 45.3 millones

Agencias de salud gubernamentales

Cocystal se involucra con las agencias de salud gubernamentales para la investigación de enfermedades virales.

• Financiación total de la investigación del gobierno: $ 156.2 millones
• Número de posibles socios de la agencia gubernamental: 12
• Áreas de enfoque primario: preparación de pandemia e investigación del tratamiento viral

Mercados especializados de tratamiento de enfermedades virales

Cocystal se dirige a segmentos específicos del mercado de tratamiento de enfermedades virales.

Segmento de enfermedad viral	Potencial de mercado	Inversión de investigación
Tratamiento de hepatitis	Potencial de mercado de $ 3.4 mil millones	$ 67.5 millones de inversiones de investigación
Desarrollo terapéutico Covid-19	Potencial de mercado de $ 2.9 mil millones	$ 52.3 millones de inversiones de investigación

Cocrystal Pharma, Inc. (COCP) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Cocrystal Pharma reportó gastos de I + D por un total de $ 6.7 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de costos operativos totales
2023	$ 6.7 millones	42%
2022	$ 5.3 millones	38%

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Cocrystal Pharma en 2023 ascendieron a $ 4.2 millones, centrándose en el desarrollo de fármacos antivirales.

• Ensayos terapéuticos Covid-19: $ 2.1 millones
• Investigación de hepatitis C: $ 1.3 millones
• Desarrollo de fármacos de influenza: $ 0.8 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de propiedad intelectual para Cocrystal Pharma fueron de $ 0.9 millones en 2023, cubriendo la presentación de patentes, el mantenimiento y la protección legal.

Personal y reclutamiento de talento científico

Categoría de personal	Número de empleados	Costos anuales de personal
Investigar científicos	22	$ 3.5 millones
Personal administrativo	12	$ 1.2 millones

Costos de infraestructura de laboratorio y tecnología

Los gastos de tecnología y infraestructura de laboratorio para 2023 fueron de $ 2.5 millones, incluidos equipos, mantenimiento y costos de instalaciones.

• Equipo de laboratorio: $ 1.6 millones
• Infraestructura tecnológica: $ 0.6 millones
• Mantenimiento de la instalación: $ 0.3 millones

COCRYSTAL PHARMA, Inc. (COCP) - Modelo de negocio: Fleunas de ingresos

Tarifas de licencia potenciales

A partir de 2024, Cocrystal Pharma no ha reportado ingresos específicos de tarifas de licencia. La posible estrategia de licencia de la compañía permanece en etapas de desarrollo.

Acuerdos de colaboración de investigación

Cocrystal Pharma tiene acuerdos de colaboración de investigación en curso, aunque los detalles financieros precisos son limitados. La compañía se centra en las colaboraciones de desarrollo de fármacos antivirales.

Socio de colaboración	Enfoque de investigación	Ingresos potenciales
NIH	Investigación de drogas antivirales	No revelado públicamente
Instituciones académicas	Desarrollo de inhibidores virales	Apoyo de la subvención de investigación

Pagos de hitos de asociaciones farmacéuticas

La estructura de pago de hitos de Cocrystal Pharma sigue siendo especulativa. No se han reportado públicamente los ingresos de los pagos de hitos concretos a partir de 2024.

Regalías futuras de productos

• No hay corrientes de regalías actuales de productos farmacéuticos desarrollados
• Oportunidades de regalías potenciales en la tubería antiviral de desarrollo de fármacos
• Potencial de regalías contingente en ensayos clínicos exitosos

Financiación de la investigación de subvenciones y gubernamentales

La Compañía ha recibido un apoyo de financiación de investigación limitado, sin ingresos sustanciales del gobierno del gobierno reportados en los estados financieros recientes.

Fuente de financiación	Área de investigación	Monto de financiación
NIH Subvenciones	Investigación de inhibidores virales	$0 (2024)

Advertencia financiera: Las fuentes de ingresos para Cocrystal Pharma siguen siendo especulativas y dependen del desarrollo y asociaciones exitosos de fármacos.

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.