Cocrystal Pharma, Inc. (COCP): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage biotech, and honestly, the key to understanding Cocrystal Pharma, Inc. right now is its capital-efficient approach to building an antiviral pipeline, especially with $7.7 million in cash as of September 30, 2025, funding work on assets like CDI-988. My two decades in this game tell me that their value proposition-novel, oral drugs targeting conserved viral regions for unmet needs like norovirus-is compelling, but the near-term action is all about execution against their $3.4 million nine-month R&D spend and securing future out-licensing partners. We've mapped out exactly how they plan to bridge that gap, from NIH grants to their reliance on CMOs and CROs; dig into the full Business Model Canvas below to see the precise structure supporting this high-stakes development work.

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

You're looking at the core relationships Cocrystal Pharma, Inc. relies on to move its pipeline forward without constantly diluting shareholder equity. This is a classic biotech model: use non-dilutive government money to de-risk early science, then use investment banks to bridge the gap to commercialization partners.

National Institutes of Health (NIH) for non-dilutive research funding

The National Institutes of Health (NIH), specifically the National Institute of Allergy and Infectious Diseases (NIAID), provides crucial non-dilutive capital. This funding validates the science through a competitive process. As of late 2025, Cocrystal Pharma, Inc. secured a Small Business Innovation Research (SBIR) Phase I award. This award was approximately $500,000 and was announced in October 2025. This money is earmarked to characterize lead molecules for their oral, broad-spectrum antiviral candidate targeting influenza A and B infections. The structure of this award means successful completion of Phase I could qualify Cocrystal Pharma, Inc. for a larger Phase II award, which would provide additional substantial funding.

Contract Research Organizations (CROs) for managing clinical trials

Cocrystal Pharma, Inc. depends on Contract Research Organizations (CROs) to manage the execution of its clinical studies, such as the planned Phase 1b norovirus challenge study for CDI-988, which they expect to initiate in 2025. While the company has not publicly named its specific CRO partners for late 2025, the reliance on them is a stated risk factor, noting potential issues like the CROs' ability to recruit volunteers or general research delays. The company's ability to advance its influenza program (CC-42344) through a Phase 2a human challenge study also involved CROs.

Contract Manufacturing Organizations (CMOs) for drug substance production

Similar to CROs, Contract Manufacturing Organizations (CMOs) are essential for producing the drug substance. Cocrystal Pharma, Inc. acknowledges that problems with vendors, including CMOs, pose a risk to their development timelines and ability to obtain raw materials. The capital raised in 2025 is intended to support the continued development of their pipeline, which requires manufacturing support for both the norovirus and influenza candidates.

Investment banks like H.C. Wainwright & Co. for capital raising

Investment banks are key partners for accessing public market capital to fund operations, especially given the net cash used in operating activities for the first nine months of 2025 was $6.5 million. H.C. Wainwright & Co. has been a consistent partner in this area. You can see the recent activity in the table below.

Here's the quick math on the September 2025 financing where H.C. Wainwright & Co. acted as the exclusive placement agent:

What this estimate hides is the immediate cash position; as of September 30, 2025, Cocrystal Pharma, Inc. reported unrestricted cash of $7.7 million.

Future out-licensing partners for commercialization and distribution

The ultimate goal for Cocrystal Pharma, Inc.'s assets, like the norovirus candidate CDI-988 and the influenza candidate CC-42344, is to secure out-licensing deals for commercialization. The company's strategy is to advance these assets to value-driving milestones, such as initiating the norovirus challenge study in the first quarter of 2026, to make them more attractive for a future partner. Historically, the company had a collaboration with Merck for Influenza A/B compounds, which concluded in January 2021, with Merck taking sole responsibility for further development. The current focus is on developing first- and best-in-class antivirals for multibillion-dollar markets, which necessitates securing a commercialization partner down the line.

You should track the progress of the norovirus challenge study closely; that's the next major value inflection point for attracting out-licensing interest.

• Norovirus Market Opportunity: Estimated $60 billion worldwide economic impact annually.
• Influenza Funding Source: NIH award validates platform for influenza A/B program.
• Capital Raised (Q3/Q4 2025): Total upfront gross proceeds from September/October offerings were $5.73 million ($4.7M + $1.03M).

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

You're looking at the core engine driving Cocrystal Pharma, Inc. right now-the day-to-day work that translates science into potential product. It's all about execution in the lab and the clinic, plus keeping the lights on through smart financing.

Structure-based drug discovery using proprietary technology

The foundational activity here is using the company's proprietary structure-based drug discovery platform technology. This isn't just theory; it's a validated process that guides the engineering of next-generation, broad-spectrum antivirals. The platform's capability is underscored by the fact that it led to the recent NIH funding award. The technology works by providing a three-dimensional structure of inhibitor complexes at near-atomic resolution, which gives immediate insight to guide Structure Activity Relationships. That's how you design a drug that precisely disrupts viral replication mechanisms.

Advancing CDI-988 (norovirus/coronavirus) into human challenge studies

Advancing CDI-988, the oral broad-spectrum protease inhibitor, is a major focus. You saw favorable safety and tolerability data from the Phase 1 study presented at the MHSRS in August 2025, covering all doses, including the high-dose 1200 mg cohort. Plus, preclinical work showed CDI-988 had superior broad-spectrum antiviral activity against GII.17 strains, which were prevalent in the 2024-2025 norovirus season. The next big step is the human challenge study, for which the FDA granted a Study May Proceed Letter. Enrollment for this Phase 1b norovirus challenge study is now expected to begin in Q1 2026.

• CDI-988 Phase 1 data presented: August 2025 at MHSRS.
• Maximum dose tested in Phase 1: 1200 mg cohort.
• Targeted norovirus strains: GII.4 and GII.17.
• Next study start date: Q1 2026 (Phase 1b norovirus challenge).

Clinical development of CC-42344 for seasonal and pandemic influenza

For the influenza program, the key activity involved completing the Phase 2a human challenge study for CC-42344, which wrapped up in November 2025. The good news is that the drug showed a favorable safety and tolerability profile, reporting no serious adverse events (SAEs) and no drug-related discontinuations among study participants. However, efficacy analyses weren't reported because of issues in trial conduct. Still, the drug's potential remains, as it was shown active against the highly pathogenic 2024 Texas H5N1 avian influenza strain back in May 2025. The company plans to continue development of the oral version.

Securing non-dilutive government grants (e.g., NIH SBIR award of approximately $500,000)

A critical activity is securing non-dilutive capital to de-risk the pipeline. Cocrystal Pharma successfully landed an NIH SBIR Phase I award in October 2025 for approximately $500,000. This funding, under award number 75N93025C00038, specifically supports the development of a novel, oral, broad-spectrum antiviral candidate targeting the influenza A/B polymerase complex. This validates the platform and adds cash without issuing new stock. The company has prioritized this pursuit to advance its pipeline while building shareholder value.

Investor relations and capital market financings

Keeping the balance sheet robust through capital markets activity is defintely a key function. As of September 30, 2025, Cocrystal Pharma reported unrestricted cash of $7.7 million, with working capital at $7.3 million. The company executed two significant financing events to bolster this position. First, in September 2025, they raised gross proceeds of $4.7 million via a registered direct offering (selling 2,764,710 shares at $1.70 per share) concurrent with a warrant private placement, which has a potential for an additional $8.3 million if warrants are fully exercised. Then, in October 2025, an insider private placement brought in another $1.03 million in gross proceeds, with warrants offering a further potential $1.83 million. This operational discipline is reflected in the financial results: the net loss for the first nine months of 2025 was $6.4 million, a significant improvement from $14.2 million in the same period in 2024. R&D expenses for that nine-month period also dropped to $3.4 million from $10.5 million year-over-year.

Here's the quick math on the capital structure as of the end of Q3 2025:

What this estimate hides is the burn rate; net cash used in operating activities for the first nine months of 2025 was $6.5 million. Finance: draft 13-week cash view by Friday.

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

The core of Cocrystal Pharma, Inc. (COCP)'s operations rests on several distinct, high-value assets that drive its development strategy.

The foundation is the proprietary structure-based drug discovery platform technology. This technology utilizes structural biology, enzymology, and medicinal chemistry expertise to develop novel antiviral agents. The platform provides a three-dimensional structure of inhibitor complexes at near-atomic resolution, which guides Structure Activity Relationships (SAR). This process helps identify novel binding sites and allows for a rapid turnaround of structural information through highly automated X-ray data processing and refinement. The goal is to facilitate the development of best-in-class antiviral therapies with a high barrier to viral resistance.

The financial resource base as of late 2025 is anchored by the unrestricted cash balance reported for the end of the third quarter.

Cocrystal Pharma, Inc. possesses a pipeline of antiviral assets, each tied to specific intellectual property protecting its novel mechanisms of action.

• Oral pan-viral protease inhibitor CDI-988, targeting norovirus and coronaviruses.
• Oral PB2 inhibitor CC-42344 for Influenza A, with an inhaled formulation also developed.
• The company expects to initiate the Phase 1b norovirus challenge study for CDI-988 in the first quarter of 2026.
• The Phase 2a human challenge study for CC-42344 in influenza A-infected subjects is in progress in the United Kingdom.

The scientific expertise is a critical intangible asset, directly linked to the platform's success. This includes the application of Nobel Prize-winning methodology. Co-founder Roger Kornberg was awarded the Nobel Prize in Chemistry in 2006 for his studies of the molecular basis of Eukaryotic Transcription, which informs the company's structure-based approach.

The management team is characterized by experience in the pharmaceutical and biotechnology industries, with a stated focus on capital efficiency. This focus is evidenced by specific operational choices.

• Co-CEO and CFO James Martin has commented on maintaining a tight control over finances.
• The company keeps costs down by outsourcing preclinical animal studies to contract research organizations in India and China.
• The company received an approximately $500,000 non-dilutive Small Business Innovation Research (SBIR) Phase I award from the NIH in October 2025 to support influenza A/B development.

The pipeline assets and their development stages represent key tangible resources derived from the platform.

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.

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:

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:

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:

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:

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:

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.