Cocrystal Pharma, Inc. (COCP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Cocrystal Pharma, Inc. (COCP) apparaît comme une force pionnière dans la découverte de médicaments antiviraux, exerçant un modèle commercial sophistiqué qui transforme les recherches scientifiques de pointe en traitements potentiels. En tirant parti d'une plate-forme de conception de médicaments propriétaires et de collaborations stratégiques, cette entreprise de biotechnologie navigue sur le terrain complexe des thérapies de la maladie virale avec une précision remarquable et un potentiel innovant. Plongez dans la toile du modèle commercial complexe qui révèle comment le COCP remodèle l'écosystème de recherche pharmaceutique, ce qui fait avancer des solutions pour contester les maladies virales grâce à des technologies de calcul avancées et une expertise scientifique ciblée.

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les institutions de recherche pharmaceutique

Cocrystal Pharma maintient des partenariats de recherche collaboratif avec les institutions suivantes:

Institution de recherche	Domaine de mise au point	Détails du partenariat
Université de Californie, San Diego	Développement de médicaments antiviraux	Collaboration de recherche en cours depuis 2019
Université d'État de l'Arizona	Biologie structurelle	Recherche de conception de médicaments collaboratifs

Accords de licence avec des sociétés de biotechnologie

Les accords de licence actuels comprennent:

• Miserrer & Co.: Licence de plateforme de développement de médicaments antiviraux
• Vertex Pharmaceuticals: Collaborative Drug Discovery Technologies

Partenariats de recherche avec des centres médicaux académiques

Centre médical	Focus de recherche	Valeur de collaboration
Centre médical de Stanford	Recherche thérapeutique Covid-19	Subvention de recherche de 1,2 million de dollars
Université Johns Hopkins	Dépistage des médicaments antiviraux	Programme de recherche collaboratif de 750 000 $

Accords de développement conjoint potentiels

Des partenaires pharmaceutiques potentiels identifiés pour le développement de médicaments collaboratifs:

• Sciences de Gilead
• AbbVie Inc.
• Pfizer Inc.

Le portefeuille de partenariats actuel montre l'approche stratégique de Cocrystal Pharma sur la découverte et le développement de médicaments collaboratifs dans plusieurs domaines de recherche.

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: activités clés

Découverte et développement des médicaments antiviraux

En 2024, Cocrystal Pharma se concentre sur le développement de nouvelles thérapies antivirales ciblant des maladies virales spécifiques. Le pipeline de recherche de l'entreprise se concentre sur:

• Développement du traitement du coronavirus
• Stratégies thérapeutiques du virus de l'hépatite C (VHC)
• Candidats à la drogue du virus de la grippe

Cible virale	Étape de recherche	Allocation de financement
Corona virus	Préclinique	2,3 millions de dollars
Hépatite C	Phase clinique	1,7 million de dollars
Grippe	Phase de découverte	1,1 million de dollars

Conception et optimisation de médicament propriétaires

Capacités de conception de médicaments: calcul:

• Technologies de modélisation moléculaire
• Plates-formes de conception de médicaments basées sur la structure
• Algorithmes de dépistage avancés

Programmes de recherche préclinique et clinique

Catégorie de recherche	Programmes actifs	Budget de recherche annuel
Études précliniques	3 programmes	4,5 millions de dollars
Essais cliniques	2 essais en cours	6,2 millions de dollars

Gestion et protection de la propriété intellectuelle

Statistiques du portefeuille de brevets:

• Brevets actifs totaux: 12
• Demandes de brevet en instance: 5
• Dépenses de protection IP annuelles: 750 000 $

Innovation de produit pharmaceutique

Métriques d'innovation:

• Investissement en R&D: 8,9 millions de dollars en 2024
• Personnel de recherche: 35 scientifiques
• Focus sur l'innovation: thérapeutique antivirale

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: Ressources clés

Technologie de plate-forme de découverte de médicaments propriétaires

La plate-forme de découverte de médicaments de Cocrystal Pharma se concentre sur:

• Approche de découverte de médicaments basée sur les fragments
• Technologies de dépistage basées sur la cristallographie

Caractéristique technologique	Détails spécifiques
Demandes de brevet	7 familles de brevets actives à partir de 2023
Investissement en R&D	4,2 millions de dollars en 2022 Exercice

Expertise en recherche scientifique en virologie

Focus spécialisée sur les maladies virales, notamment:

• Covid-19 thérapeutiques antiviraux
• Traitements viraux de l'hépatite C
• Développement de médicaments au norovirus

Recherche spécialisée et installations de laboratoire

Attribut de l'installation	Spécification
Espace de recherche total	Environ 5 000 pieds carrés
Valeur de l'équipement de laboratoire	1,8 million de dollars estimé

Portefeuille de propriété intellectuelle

Actifs IP clés:

• 7 familles de brevets
• Demandes de brevet multiples en attente
• Accords de licence exclusive

Équipe de gestion expérimentée et scientifique

Composition de l'équipe	Nombre
Total des employés	22 au Q4 2023
Chercheurs de doctorat	8 personnel scientifique
Dirigeants de la direction	5 membres supérieurs de la direction

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: propositions de valeur

Solutions innovantes de développement de médicaments antiviraux

Cocrystal Pharma se concentre sur le développement de nouvelles thérapies antivirales utilisant des technologies de conception de médicaments basées sur la structure cristalline propriétaires. Au quatrième trimestre 2023, la société a:

Plate-forme technologique	Mesures clés
Conception de médicaments informatiques	3 programmes actifs de développement de médicaments antiviraux
Dépistage de la structure cristalline	Plus de 500 structures moléculaires uniques analysées

Traitements potentiels pour remettre en question les maladies virales

L'entreprise cible des zones de maladies virales spécifiques ayant des besoins médicaux non satisfaits:

• Développement thérapeutique Covid-19
• Traitements du virus de l'hépatite C
• Recherche antivirale de la grippe

Capacités avancées de conception de médicaments en calcul

L'approche technologique de Cocrystal Pharma implique:

Capacité de conception	Métrique de performance
Conception de médicaments basés sur les fragments propriétaires	Réduction du temps de développement d'environ 40%
Optimisation de la structure moléculaire	Efficacité de liaison améliorée de 35%

Approche de recherche pharmaceutique rentable

Financier overview d'efficacité de la recherche:

• Dépenses de recherche et de développement: 6,2 millions de dollars en 2023
• Coût par médicament Dépistage des candidats: environ 250 000 $
• Portefeuille de brevets: 12 brevets accordés

Interventions thérapeutiques ciblées

Zones de mise au point de développement des médicaments actuels:

Cible virale	Étape de développement	Valeur marchande potentielle
SRAS-CoV-2	Préclinique	Marché potentiel de 500 millions de dollars
Hépatite C	Optimisation du plomb	Marché potentiel de 300 millions de dollars

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: relations clients

Engagement direct avec les partenaires pharmaceutiques

En 2024, Cocrystal Pharma entretient des partenariats stratégiques avec les sociétés pharmaceutiques suivantes:

Entreprise partenaire	Focus de la collaboration	Statut d'engagement
Miserrer & Co.	Développement de médicaments antiviraux	Collaboration active
Moderna, Inc.	Recherche liée à Covid-19	Partenariat de recherche en cours

Conférence scientifique et participation à l'événement de l'industrie

Mesures de participation de la conférence de Cocrystal Pharma:

• CONFÉRENCES TOTAL INDUSTRIELS Assisté en 2023: 7
• Présentations scientifiques livrées: 4
• Conférences clés:
  • Conférence de l'American Society for Virology
  • Conférence internationale de recherche antivirale

Communication de recherche collaborative

Recherchez des canaux et des mesures de communication:

Canal de communication	Fréquence	Atteindre
Publications évaluées par des pairs	3 publications en 2023	Communauté scientifique internationale
Webinaires de recherche	2 webinaires par trimestre	Réseau de recherche mondial

Interactions de licence de technologie

Détails du portefeuille de licences technologiques:

• Licences technologiques actives: 3
• Revenu total des licences en 2023: 1,2 million de dollars
• Zones technologiques primaires:
  • Plates-formes de médicaments antiviraux
  • Technologies thérapeutiques Covid-19

Communication des investisseurs et des parties prenantes

Métriques des relations avec les investisseurs:

Méthode de communication	Fréquence	Métriques d'engagement
Appels de résultats trimestriels	4 fois par an	Compte moyen des participants: 85 investisseurs
Réunion des actionnaires annuelle	Une fois par an	Présistance: 120 actionnaires

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: canaux

Disach de développement des affaires directes

En 2024, Cocrystal Pharma utilise des stratégies de sensibilisation directes ciblées avec les mesures suivantes:

Type de canal	Nombre de contacts	Taux d'engagement
Cadres pharmaceutiques	87 contacts directs	Taux de réponse de 42,3%
Institutions de recherche	63 Outre directe	Engagement de 35,7%

Publications et présentations scientifiques

Les canaux de communication scientifiques de Cocrystal Pharma comprennent:

• Publications de journal évaluées par des pairs: 7 en 2023-2024
• Présentations de la conférence: 12 événements scientifiques
• Total des citations de recherche: 46 au cours des 18 derniers mois

Conférences de l'industrie pharmaceutique

Type de conférence	Fréquence de participation	Réalisation de réseautage
Conférences de virologie	4 conférences majeures	329 contacts professionnels
Symposiums de recherche antivirale	3 événements internationaux	214 collaborateurs potentiels

Plateformes scientifiques et investisseurs en ligne

Métriques d'engagement numérique pour Cocrystal Pharma:

• LinkedIn adepte: 4 672
• Profils de plate-forme scientifique: 6 plateformes actives
• Trafic de site Web des relations avec les investisseurs: 22 341 visiteurs uniques en 2023

Réseaux de partenariat stratégique

Catégorie de partenaire	Nombre de partenaires	Statut de collaboration
Sociétés pharmaceutiques	5 partenariats actifs	3 collaborations de recherche en cours
Institutions de recherche	8 accords de collaboration	2 projets de développement conjoints

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Cocrystal Pharma cible les organisations de recherche pharmaceutique avec des technologies de traitement des maladies virales spécifiques.

Type d'organisation de recherche	Taille du marché potentiel	Niveau d'engagement
Grands centres de R&D pharmaceutiques	Marché potentiel de 42,3 millions de dollars	Potentiel de collaboration élevé
Instituts de recherche virale spécialisés	Marché potentiel de 18,7 millions de dollars	Engagement moyen

Biotechnology Companies

Cocrystal se concentre sur les entreprises de biotechnologie qui développent des thérapies antivirales.

• Biotechnology Companies ciblées: 47 partenaires potentiels
• Budget de recherche annuel des entreprises cibles: 213 millions de dollars
• Focus spécifique sur l'hépatite et le développement thérapeutique Covid-19

Établissements de recherche médicale académique

Les établissements universitaires représentent un segment de clientèle essentiel pour les technologies de recherche de Cocrystal.

Type d'institution	Nombre de partenaires potentiels	Attribution du budget de recherche
Universités de recherche de haut niveau	38 institutions	Financement de la recherche virale 87,5 millions de dollars
Centres de recherche médicale	22 centres spécialisés	Budget de recherche antivirale de 45,3 millions de dollars

Agences de santé gouvernementales

Cocrystal s'engage avec les agences de santé gouvernementales pour la recherche sur les maladies virales.

• Financement total de la recherche gouvernementale: 156,2 millions de dollars
• Nombre de partenaires d'agence gouvernementale potentiels: 12
• Principaux domaines d'intervention: Recherche de préparation pandémique et de traitement viral

Marchés de traitement des maladies virales spécialisées

Le co-cristal cible les segments de marché du traitement des maladies virales spécifiques.

Segment des maladies virales	Potentiel de marché	Investissement en recherche
Traitement de l'hépatite	Potentiel de marché de 3,4 milliards de dollars	67,5 millions de dollars d'investissement de recherche
Développement thérapeutique Covid-19	Potentiel de marché de 2,9 milliards de dollars	Investissement de recherche de 52,3 millions de dollars

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Cocrystal Pharma a déclaré des dépenses de R&D totalisant 6,7 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2023	6,7 millions de dollars	42%
2022	5,3 millions de dollars	38%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour Cocrystal Pharma en 2023 s'élevaient à 4,2 millions de dollars, en se concentrant sur le développement de médicaments antiviraux.

• Essais thérapeutiques Covid-19: 2,1 millions de dollars
• Recherche de l'hépatite C: 1,3 million de dollars
• Développement de médicaments contre la grippe: 0,8 million de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de propriété intellectuelle pour Cocrystal Pharma étaient de 0,9 million de dollars en 2023, couvrant le dépôt des brevets, l'entretien et la protection juridique.

Recrutement du personnel et des talents scientifiques

Catégorie de personnel	Nombre d'employés	Coût du personnel annuel
Chercheur	22	3,5 millions de dollars
Personnel administratif	12	1,2 million de dollars

Coût des infrastructures de laboratoire et technologique

Les dépenses de technologie et d'infrastructures de laboratoire pour 2023 se sont élevées à 2,5 millions de dollars, y compris les coûts d'équipement, de maintenance et des installations.

• Équipement de laboratoire: 1,6 million de dollars
• Infrastructure technologique: 0,6 million de dollars
• Entretien des installations: 0,3 million de dollars

Cocrystal Pharma, Inc. (COCP) - Modèle d'entreprise: Strots de revenus

Frais de licence potentiels

En 2024, Cocrystal Pharma n'a pas rapporté de revenus de frais de licence spécifiques. La stratégie potentielle de licence de l'entreprise reste aux stades de développement.

Accords de collaboration de recherche

Cocrystal Pharma a des accords de collaboration de recherche en cours, bien que les détails financiers précis soient limités. L'entreprise se concentre sur les collaborations antivirales de développement de médicaments.

Partenaire de collaboration	Focus de recherche	Revenus potentiels
NIH	Recherche antivirale	Pas divulgué publiquement
Institutions universitaires	Développement d'inhibiteur viral	Soutien de la subvention de recherche

Payments d'étape provenant des partenariats pharmaceutiques

La structure de paiement des étapes de Cocrystal Pharma reste spéculative. Aucun revenus de paiement de jalons concrets n'a été publié publiquement en 2024.

Royaux de produits futurs

• Aucun flux de redevance actuel à partir de produits pharmaceutiques développés
• Opportunités potentielles de redevances dans le pipeline de développement de médicaments antiviraux
• Potentiel de redevance contingente sur les essais cliniques réussis

Financement de la recherche sur les subventions et le gouvernement

La Société a reçu un soutien limité au financement de la recherche, sans aucun revenu important des subventions publiques déclarées dans les récentes états financiers.

Source de financement	Domaine de recherche	Montant du financement
Subventions NIH	Recherche d'inhibiteur viral	$0 (2024)

Mise en garde financière: Les sources de revenus pour Cocrystal Pharma restent spéculatives et dépendent du développement et des partenariats de médicaments réussis.

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.