Cocrystal Pharma, Inc. (COCP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Cocrystal Pharma, Inc. (COCP) surge como uma força pioneira na descoberta antiviral de medicamentos, empunhando um modelo de negócios sofisticado que transforma pesquisas científicas de ponta em possíveis tratamentos inovadores. Ao alavancar uma plataforma proprietária de design de medicamentos e colaborações estratégicas, esta empresa de biotecnologia navega no terreno complexo da terapêutica de doenças virais com notável precisão e potencial inovador. Mergulhe na intrincada tela do modelo de negócios que revela como o COCP está reformulando o ecossistema de pesquisa farmacêutica, impulsionando soluções para desafiar doenças virais por meio de tecnologias computacionais avançadas e especialização científica direcionada.

Cocrystal Pharma, Inc. (COCP) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa farmacêutica

A Cocrystal Pharma mantém parcerias de pesquisa colaborativa com as seguintes instituições:

Instituição de pesquisa	Área de foco	Detalhes da parceria
Universidade da Califórnia, San Diego	Desenvolvimento antiviral de medicamentos	Colaboração de pesquisa em andamento desde 2019
Universidade Estadual do Arizona	Biologia Estrutural	Pesquisa colaborativa de design de drogas

Acordos de licenciamento com empresas de biotecnologia

Os contratos de licenciamento atuais incluem:

• Merck & CO.: Licenciamento de Plataforma de Desenvolvimento de Medicamentos Antiviral
• Pharmaceuticals de vértices: tecnologias colaborativas de descoberta de medicamentos

Parcerias de pesquisa com centros médicos acadêmicos

Centro Médico	Foco na pesquisa	Valor de colaboração
Stanford Medical Center	Pesquisa terapêutica Covid-19	Granda de pesquisa de US $ 1,2 milhão
Universidade Johns Hopkins	Triagem antiviral de drogas	Programa de pesquisa colaborativa de US $ 750.000

Potenciais acordos de desenvolvimento conjunto

Potenciais parceiros farmacêuticos identificados para desenvolvimento colaborativo de medicamentos:

• Gilead Sciences
• AbbVie Inc.
• Pfizer Inc.

O portfólio de parceria atual demonstra a abordagem estratégica da Cocrystal Pharma para a descoberta e desenvolvimento de medicamentos colaborativos em vários domínios de pesquisa.

Cocrystal Pharma, Inc. (COCP) - Modelo de negócios: Atividades -chave

Descoberta e desenvolvimento de medicamentos antivirais

A partir de 2024, a Cocrystal Pharma se concentra no desenvolvimento de novas terapêuticas antivirais visando doenças virais específicas. O pipeline de pesquisa da empresa se concentra em:

• Desenvolvimento do tratamento com coronavírus
• Estratégias terapêuticas do vírus da hepatite C (HCV)
• Candidatos a drogas do vírus influenza

Alvo viral	Estágio de pesquisa	Alocação de financiamento
Coronavírus	Pré -clínico	US $ 2,3 milhões
Hepatite c	Fase clínica	US $ 1,7 milhão
Gripe	Fase de descoberta	US $ 1,1 milhão

Projeto e otimização de medicamentos proprietários

Recursos de design de medicamentos computacionais:

• Tecnologias de modelagem molecular
• Plataformas de design de medicamentos baseadas em estrutura
• Algoritmos de triagem avançada

Programas de pesquisa pré -clínica e clínica

Categoria de pesquisa	Programas ativos	Orçamento de pesquisa anual
Estudos pré -clínicos	3 programas	US $ 4,5 milhões
Ensaios clínicos	2 ensaios em andamento	US $ 6,2 milhões

Gerenciamento de propriedade intelectual e proteção

Estatísticas do portfólio de patentes:

• Total de patentes ativas: 12
• Aplicações de patentes pendentes: 5
• Despesas anuais de proteção de IP: US $ 750.000

Inovação de produtos farmacêuticos

Métricas de inovação:

• Investimento de P&D: US $ 8,9 milhões em 2024
• Pessoal de pesquisa: 35 cientistas
• Foco na inovação: terapêutica antiviral

Cocrystal Pharma, Inc. (COCP) - Modelo de negócios: Recursos -chave

Tecnologia de plataforma de descoberta de medicamentos proprietária

A plataforma de descoberta de medicamentos da Cocrystal Pharma se concentra:

• Abordagem de descoberta de medicamentos baseada em fragmentos
• Tecnologias de triagem baseadas em cristalografia

Característica da tecnologia	Detalhes específicos
Aplicações de patentes	7 Famílias de patentes ativas a partir de 2023
Investimento em P&D	US $ 4,2 milhões em 2022 ano fiscal

Experiência em pesquisa científica em virologia

Foco especializado em doenças virais, incluindo:

• Terapêutica antiviral covid-19
• Tratamentos virais da hepatite C
• Desenvolvimento de medicamentos para norovírus

Pesquisa especializada e instalações de laboratório

Atributo da instalação	Especificação
Espaço total de pesquisa	Aproximadamente 5.000 pés quadrados
Valor do equipamento de laboratório	Estimado US $ 1,8 milhão

Portfólio de propriedade intelectual

Principais ativos IP:

• 7 famílias de patentes
• Múltiplos pedidos de patente pendente
• Acordos de licenciamento exclusivos

Equipe de gestão e científica experiente

Composição da equipe	Número
Total de funcionários	22 a partir do quarto trimestre 2023
Pesquisadores de nível de doutorado	8 funcionários científicos
Executivos de gerenciamento	5 membros de liderança seniores

Cocrystal Pharma, Inc. (COCP) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de desenvolvimento de medicamentos antivirais

A cocrystal Pharma se concentra no desenvolvimento de novas terapêuticas antivirais usando tecnologias de design de medicamentos de estrutura cristalina proprietária. A partir do quarto trimestre 2023, a empresa possui:

Plataforma de tecnologia	Métricas -chave
Design de medicamentos computacionais	3 programas ativos de desenvolvimento de medicamentos antivirais
Triagem de estrutura cristalina	Mais de 500 estruturas moleculares únicas analisadas

Tratamentos em potencial para desafiar doenças virais

A empresa tem como alvo áreas específicas de doenças virais com altas necessidades médicas não atendidas:

• Desenvolvimento terapêutico Covid-19
• Tratamentos de vírus da hepatite C
• Pesquisa antiviral influenza

Capacidades avançadas de design de medicamentos computacionais

A abordagem tecnológica da Cocrystal Pharma envolve:

Capacidade de design	Métrica de desempenho
Design de medicamentos baseados em fragmentos proprietários	Tempo de desenvolvimento reduzido em aproximadamente 40%
Otimização da estrutura molecular	Eficiência de ligação aprimorada em 35%

Abordagem de pesquisa farmacêutica econômica

Financeiro overview de eficiência da pesquisa:

• Despesas de pesquisa e desenvolvimento: US $ 6,2 milhões em 2023
• Custo por candidato a drogas Triagem: aproximadamente US $ 250.000
• Portfólio de patentes: 12 patentes concedidas

Intervenções terapêuticas direcionadas

Áreas de foco de desenvolvimento de medicamentos atuais:

Alvo viral	Estágio de desenvolvimento	Valor potencial de mercado
SARS-CoV-2	Pré -clínico	Mercado potencial de US $ 500 milhões
Hepatite c	Otimização de chumbo	Mercado potencial de US $ 300 milhões

Cocrystal Pharma, Inc. (COCP) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com parceiros farmacêuticos

A partir de 2024, a Cocrystal Pharma mantém parcerias estratégicas com as seguintes empresas farmacêuticas:

Empresa parceira	Foco de colaboração	Status de engajamento
Merck & Co.	Desenvolvimento antiviral de medicamentos	Colaboração ativa
Moderna, Inc.	Pesquisa relacionada ao Covid-19	Parceria de Pesquisa em andamento

Conferência Científica e Participação de Eventos da Indústria

Métricas de participação da conferência da Cocrystal Pharma:

• Total Conferências do setor compareceu em 2023: 7
• Apresentações científicas entregues: 4
• Conferências -chave:
  • Conferência da Sociedade Americana de Virologia
  • Conferência Internacional de Pesquisa Antiviral

Comunicação de pesquisa colaborativa

Canais e métricas de comunicação de pesquisa:

Canal de comunicação	Freqüência	Alcançar
Publicações revisadas por pares	3 publicações em 2023	Comunidade científica internacional
Pesquisa on -line	2 seminários on -line por trimestre	Rede de Pesquisa Global

Interações de licenciamento de tecnologia

Detalhes do portfólio de licenciamento de tecnologia:

• Licenças de tecnologia ativa: 3
• Receita total de licenciamento em 2023: US $ 1,2 milhão
• Áreas de tecnologia primárias:
  • Plataformas de drogas antivirais
  • Covid-19 Tecnologias terapêuticas

Comunicação de investidores e partes interessadas

Métricas de Relações com Investidores:

Método de comunicação	Freqüência	Métricas de engajamento
Chamadas de ganhos trimestrais	4 vezes por ano	Contagem média de participantes: 85 investidores
Reunião Anual dos Acionistas	Uma vez por ano	Participação: 120 acionistas

Cocrystal Pharma, Inc. (COCP) - Modelo de Negócios: Canais

Diretor de desenvolvimento de negócios direto

A partir de 2024, a Cocrystal Pharma utiliza estratégias direcionadas de divulgação direta com as seguintes métricas:

Tipo de canal	Número de contatos	Taxa de engajamento
Executivos farmacêuticos	87 contatos diretos	42,3% da taxa de resposta
Instituições de pesquisa	63 Extensão direta	35,7% de engajamento

Publicações e apresentações científicas

Os canais de comunicação científica da Cocrystal Pharma incluem:

• Jornal revisado por pares Publicações: 7 em 2023-2024
• Apresentações da conferência: 12 eventos científicos
• Total de pesquisa citações: 46 nos últimos 18 meses

Conferências da indústria farmacêutica

Tipo de conferência	Frequência de participação	Alcance de rede
Conferências de Virologia	4 grandes conferências	329 contatos profissionais
Simpósios de pesquisa antiviral	3 eventos internacionais	214 colaboradores em potencial

Plataformas científicas e de investidores online

Métricas de engajamento digital para Cocrystal Pharma:

• Seguidores do LinkedIn: 4.672
• Perfis de plataforma científica: 6 plataformas ativas
• Tráfego do Site de Relações com Investidores: 22.341 visitantes únicos em 2023

Redes de parceria estratégica

Categoria de parceiro	Número de parceiros	Status de colaboração
Empresas farmacêuticas	5 parcerias ativas	3 colaborações de pesquisa em andamento
Instituições de pesquisa	8 acordos colaborativos	2 Projetos de Desenvolvimento Conjunto

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

Organizações de pesquisa farmacêutica

A cocrystal farmacêutica tem como alvo organizações de pesquisa farmacêutica com tecnologias específicas de tratamento de doenças virais.

Tipo de organização de pesquisa	Tamanho potencial de mercado	Nível de engajamento
Grandes centros de P&D farmacêuticos	US $ 42,3 milhões em potencial mercado	Alto potencial de colaboração
Institutos de Pesquisa Viral Especializados	US $ 18,7 milhões em potencial mercado	Engajamento médio

Empresas de biotecnologia

O cocristal se concentra nas empresas de biotecnologia que desenvolvem terapias antivirais.

• Empresas de biotecnologia direcionadas: 47 parceiros em potencial
• Orçamento de pesquisa anual de empresas -alvo: US $ 213 milhões
• Foco específico na hepatite e no desenvolvimento terapêutico de covid-19

Instituições de Pesquisa Médica Acadêmica

As instituições acadêmicas representam um segmento crítico de clientes para as tecnologias de pesquisa da Cocrystal.

Tipo de instituição	Número de parceiros em potencial	Alocação de orçamento de pesquisa
Universidades de pesquisa de primeira linha	38 instituições	US $ 87,5 milhões de financiamento de pesquisa viral
Centros de Pesquisa Médica	22 centros especializados	Orçamento de pesquisa antiviral de US $ 45,3 milhões

Agências de saúde do governo

O cocristal se envolve com as agências de saúde do governo para pesquisa de doenças virais.

• Financiamento total da pesquisa do governo: US $ 156,2 milhões
• Número de potenciais parceiros da agência governamental: 12
• Áreas de foco primário: preparação para pandemia e pesquisa de tratamento viral

Mercados especializados de tratamento de doenças virais

O cocristal tem como alvo segmentos específicos de mercado de tratamento de doenças virais.

Segmento de doenças virais	Potencial de mercado	Investimento em pesquisa
Tratamento da hepatite	Potencial de mercado de US $ 3,4 bilhões	US $ 67,5 milhões de investimentos em pesquisa
Desenvolvimento terapêutico Covid-19	Potencial de mercado de US $ 2,9 bilhões	US $ 52,3 milhões em investimento de pesquisa

Cocrystal Pharma, Inc. (COCP) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Cocrystal Pharma registrou despesas de P&D, totalizando US $ 6,7 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem de custos operacionais totais
2023	US $ 6,7 milhões	42%
2022	US $ 5,3 milhões	38%

Investimentos de ensaios clínicos

Os gastos com ensaios clínicos para o cocristal Pharma em 2023 totalizaram US $ 4,2 milhões, concentrando -se no desenvolvimento antiviral de medicamentos.

• Ensaios terapêuticos Covid-19: US $ 2,1 milhões
• Pesquisa de hepatite C: US ​​$ 1,3 milhão
• Desenvolvimento de medicamentos para influenza: US $ 0,8 milhão

Manutenção da propriedade intelectual

Os custos anuais de propriedade intelectual da Cocrystal Pharma foram de US $ 0,9 milhão em 2023, cobrindo arquivamento, manutenção e proteção legal de patentes.

Pessoal e recrutamento de talentos científicos

Categoria de pessoal	Número de funcionários	Custos anuais de pessoal
Cientistas de pesquisa	22	US $ 3,5 milhões
Equipe administrativo	12	US $ 1,2 milhão

Custos de infraestrutura de laboratório e tecnologia

As despesas de tecnologia e infraestrutura de tecnologia para 2023 foram de US $ 2,5 milhões, incluindo equipamentos, manutenção e custos da instalação.

• Equipamento de laboratório: US $ 1,6 milhão
• Infraestrutura de tecnologia: US $ 0,6 milhão
• Manutenção da instalação: US $ 0,3 milhão

Cocrystal Pharma, Inc. (COCP) - Modelo de negócios: fluxos de receita

Potenciais taxas de licenciamento

A partir de 2024, a Cocrystal Pharma não relatou receitas específicas de taxas de licenciamento. A potencial estratégia de licenciamento da empresa permanece em estágios de desenvolvimento.

Acordos de colaboração de pesquisa

A Cocrystal Pharma possui acordos contínuos de colaboração de pesquisa, embora detalhes financeiros precisos sejam limitados. A empresa se concentra nas colaborações antivirais de desenvolvimento de medicamentos.

Parceiro de colaboração	Foco na pesquisa	Receita potencial
NIH	Pesquisa antiviral de drogas	Não divulgado publicamente
Instituições acadêmicas	Desenvolvimento de inibidores virais	Pesquisa concede apoio

Pagamentos marcantes de parcerias farmacêuticas

A estrutura de pagamento de marcos da Cocrystal Pharma permanece especulativa. Nenhuma receita concreta de pagamento de marcos foi relatada publicamente a partir de 2024.

Royalties futuros do produto

• Nenhum fluxo de royalties atuais de produtos farmacêuticos desenvolvidos
• Potenciais oportunidades de royalties em oleoduto antiviral de desenvolvimento de medicamentos
• Potencial de royalties dependente de ensaios clínicos bem -sucedidos

Concessão e financiamento de pesquisa governamental

A Companhia recebeu apoio limitado de financiamento de pesquisa, sem receitas substanciais do governo relatadas nas recentes demonstrações financeiras.

Fonte de financiamento	Área de pesquisa	Valor de financiamento
NIH Grants	Pesquisa de inibidores virais	$0 (2024)

Advertência financeira: Os fluxos de receita para o cocrystal Pharma permanecem especulativos e dependentes do desenvolvimento de medicamentos e parcerias bem -sucedidas.

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.