COCP Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About COCP Interactive Breakdown Better Bets vs. COCP Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Cocrystal Pharma (COCP)

    Market Price (11/6/2026): $1.15 | Market Cap: $22.2 MilSector: Health Care | Industry: Biotechnology

    Cocrystal Pharma (COCP)

    Market Price (11/6/2026): $1.15
    Market Cap: $22.2 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.

    Weak multi-year price returns
    2Y Excs Rtn is -78%, 3Y Excs Rtn is -125%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -10 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3064%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 85%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2410%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2410%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -78%

    Key risks
    COCP key risks include [1] a persistent need for fundraising to sustain operations due to its history of operating losses and limited cash and [2] a critical dependence on the success of its early-stage drug candidates, Show more.

    0 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.
    2 Weak multi-year price returns
    2Y Excs Rtn is -78%, 3Y Excs Rtn is -125%
    3 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -10 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3064%
    4 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 85%
    5 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2410%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2410%
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -78%
    7 Key risks
    COCP key risks include [1] a persistent need for fundraising to sustain operations due to its history of operating losses and limited cash and [2] a critical dependence on the success of its early-stage drug candidates, Show more.

    COCP in ETFs

    Weight = COCP's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31COCP [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.3 Mil—
    FY 2026 Sales$0.2 Mil—
    FY 2027 Sales$0.0 Mil—
    FY 2026 Sales Growth-50.0%—
    FY 2027 Sales Growth-100.0%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$-9.9 Mil—
    FY 2026 Net Income (Non-GAAP)$-8.1 Mil—
    FY 2027 Net Income (Non-GAAP)$-5.3 Mil—
    FY 2027 Net Income Growth—13.9%
    FY 2026 EPS (Non-GAAP)$-0.72—
    FY 2027 EPS (Non-GAAP)$-0.47—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S134.31.7
    FY 2027 P/S——
    FY 2026 P/E—8.7
    FY 2027 P/E——

    [1] COCP forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    COCPS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.0
    Rev Chg Q�8.9%
    Rev Chg LTM�8.6%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.0
    Op Mgn LTM-3,063.6%18.9%
    CFO/Rev LTM-2,410.3%21.5%
    Net Inc Mgn-3,011.5%13.5%
    VALUATIONVERY HIGH
    P/S48.03.2
    P/CFO-2.015.1
    P/FCF-2.020.2
    P/E-1.622.3
    STABILITYVERY GOOD
    Debt/Equity0.080.19
    Cash/Assets0.470.07

    AI Analysis | Feedback

    MetricValueDateSource
    CDI-988 (Norovirus and Coronavirus treatment) Clinical Trial PhasePhase 1b human challenge study planned8142025Link
    CC-42344 (Influenza A treatment) Clinical Trial PhasePhase 2a human challenge study extended12312024Link
    Collaboration Agreement Potential Value (Merck)Up to $156 million in milestone payments1032019Link
    NIH/NIAID SBIR Grant AwardApproximately $500,00010272025Link
    Patent PortfolioIssued patents and pending applications in the U.S., Europe, and other jurisdictions3212023Link

    Price Chart

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    Upcoming
    11/13/2026Earnings ReleaseRev: $0.0 Mil (E)
    EPS: $-0.17 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/4/2026

    Cocrystal Pharma (COCP) stock has gained about 20% since 7/31/2026 because of the following key factors:

    1. Cocrystal Pharma secured a $5 million private placement with long-time investor OPKO Health on August 3, 2026. This capital infusion, representing a vote of confidence, supported the advancement of the company's lead norovirus candidate, CDI-988, and was followed by a 14.63% increase in the stock price on that day.

    2. The company announced the completion of dosing for the last subject in its Phase 1b human challenge study for CDI-988, its norovirus prevention and treatment candidate, on September 9, 2026. This clinical milestone is significant, with preliminary efficacy results anticipated in late fiscal Q4 2026 or early fiscal Q1 2027, and led to a 5.08% rise in the stock price.

    Show more
    Updated on 11/4/2026

    Cocrystal Pharma (COCP) stock has gained about 20% since 7/31/2026 because of the following key factors:

    1. Cocrystal Pharma secured a $5 million private placement with long-time investor OPKO Health on August 3, 2026. This capital infusion, representing a vote of confidence, supported the advancement of the company's lead norovirus candidate, CDI-988, and was followed by a 14.63% increase in the stock price on that day.

    2. The company announced the completion of dosing for the last subject in its Phase 1b human challenge study for CDI-988, its norovirus prevention and treatment candidate, on September 9, 2026. This clinical milestone is significant, with preliminary efficacy results anticipated in late fiscal Q4 2026 or early fiscal Q1 2027, and led to a 5.08% rise in the stock price.

    3. Cocrystal Pharma strengthened its leadership by appointing Carol Brosgart, M.D., to its Board of Directors, effective August 12, 2026. Dr. Brosgart brings decades of experience in antiviral therapy, epidemiology, and biopharma advisory, with a background that includes key roles in developing FDA-approved antiviral drugs at Gilead Sciences, which is expected to bolster the company's antiviral pipeline development.

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    Stock Movement Drivers

    Fundamental Drivers

    The 22.0% change in COCP stock from 7/31/2026 to 11/5/2026 was primarily driven by a 46.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)731202611052026Change
    Stock Price ($)0.821.0022.0%
    Change Contribution By: 
    Total Revenues ($ Mil)0046.7%
    P/S Multiple50.241.8-16.8%
    Shares Outstanding (Mil)14140.0%
    Cumulative Contribution22.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    COCP22.0% 
    Market (SPY)-1.9%11.5%
    Sector (XLV)13.8%-19.1%

    Fundamental Drivers

    The -30.1% change in COCP stock from 4/30/2026 to 11/5/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)430202611052026Change
    Stock Price ($)1.431.00-30.1%
    Change Contribution By: 
    Total Revenues ($ Mil)009.2233720368547763E17%
    P/S Multiple∞41.8 
    Shares Outstanding (Mil)14140.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    COCP-30.1% 
    Market (SPY)2.3%18.6%
    Sector (XLV)27.2%-3.3%

    Fundamental Drivers

    The -8.3% change in COCP stock from 10/31/2025 to 11/5/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)1031202511052026Change
    Stock Price ($)1.091.00-8.3%
    Change Contribution By: 
    Total Revenues ($ Mil)009.2233720368547763E17%
    P/S Multiple∞41.8 
    Shares Outstanding (Mil)1014-26.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    COCP-8.3% 
    Market (SPY)8.4%23.4%
    Sector (XLV)29.8%3.1%

    Fundamental Drivers

    The -41.5% change in COCP stock from 10/31/2023 to 11/5/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)1031202311052026Change
    Stock Price ($)1.711.00-41.5%
    Change Contribution By: 
    Total Revenues ($ Mil)009.2233720368547763E17%
    P/S Multiple∞41.8 
    Shares Outstanding (Mil)1014-27.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    COCP-41.5% 
    Market (SPY)81.3%13.6%
    Sector (XLV)55.5%3.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    COCP Return-52%-75%-12%17%-52%2%-94%
    Peers Return52%2%-34%-1%45%14%67%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    COCP Win Rate33%25%58%42%25%45% 
    Peers Win Rate58%52%32%47%55%55% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    COCP Max Drawdown-72%-79%-54%-42%-63%-48% 
    Peers Max Drawdown-23%-34%-44%-37%-31%-23% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ENTA, BCRX, GILD, PFE, MRK.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    EventCOCPS&P 500
    2025 US Tariff Shock
      % Loss-37.0%-18.8%
      % Gain to Breakeven58.8%23.1%
      Time to Breakeven115 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-26.2%-7.8%
      % Gain to Breakeven35.5%8.5%
      Time to Breakeven137 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-44.5%-9.5%
      % Gain to Breakeven80.1%10.5%
      Time to Breakeven200 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-26.1%-6.7%
      % Gain to Breakeven35.3%7.1%
      Time to Breakeven15 days31 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-46.7%-19.2%
      % Gain to Breakeven87.5%23.8%
      Time to Breakeven22 days105 days

    Compare to ENTA, BCRX, GILD, PFE, MRK

    In The Past

    Cocrystal Pharma's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventCOCPS&P 500
    2025 US Tariff Shock
      % Loss-37.0%-18.8%
      % Gain to Breakeven58.8%23.1%
      Time to Breakeven115 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-26.2%-7.8%
      % Gain to Breakeven35.5%8.5%
      Time to Breakeven137 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-44.5%-9.5%
      % Gain to Breakeven80.1%10.5%
      Time to Breakeven200 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-26.1%-6.7%
      % Gain to Breakeven35.3%7.1%
      Time to Breakeven15 days31 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-46.7%-19.2%
      % Gain to Breakeven87.5%23.8%
      Time to Breakeven22 days105 days

    Compare to ENTA, BCRX, GILD, PFE, MRK

    In The Past

    Cocrystal Pharma's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Cocrystal Pharma (COCP)

    Cocrystal Pharma (COCP) is a biotechnology company focused on the discovery and development of antiviral therapeutic treatments for serious and chronic viral diseases. Leveraging structure-based technologies, the company aims to create drugs to combat infections caused by viruses such as hepatitis C virus (HCV), influenza, coronavirus, and norovirus. Its core business involves the research, preclinical, and clinical development of novel antiviral compounds.

    The company's pipeline includes several key assets. CC-31244, an HCV non-nucleoside polymerase inhibitor, has completed Phase IIa clinical trials for treating HCV infection. Additionally, Cocrystal Pharma is developing CC-42344, a PB2 inhibitor in preclinical stages for influenza infection, and is actively identifying non-nucleoside polymerase inhibitors for norovirus infections.

    Cocrystal Pharma also strategically partners with other entities to advance its drug candidates and expand its reach. It holds a license and research collaboration agreement with Merck Sharp & Dohme Corp. for influenza A/B antiviral agents, and a license agreement with Kansas State University Research Foundation for norovirus and coronavirus compounds. These collaborations, along with drug discovery partnerships, are crucial to developing its treatments for the broader pharmaceutical market, targeting patients afflicted with these serious viral diseases.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Cocrystal Pharma (COCP):

    • Imagine a tiny, research-focused Gilead Sciences, but dedicated to discovering new treatments for a broad range of viral infections.

    • Think of it as a standalone R&D division of a major pharmaceutical company like Merck or Pfizer, specialized purely in finding new antiviral drugs.

    AI Analysis | Feedback

    • CC-31244: An antiviral drug that has completed Phase IIa clinical trials for treating Hepatitis C virus (HCV) infection.
    • CC-42344: An antiviral drug in preclinical development for treating influenza infection.
    • Norovirus Antiviral Compounds: Antiviral compounds currently being identified and developed for norovirus infections.
    • Coronavirus Antiviral Compounds: Antiviral compounds under development for the treatment of coronavirus infections.
    • Proprietary Influenza A/B Antiviral Agents: Antiviral agents being discovered and developed in collaboration with Merck for influenza A/B.

    AI Analysis | Feedback

    Based on the provided description, Cocrystal Pharma (COCP) is a biotechnology company focused on the discovery and development of antiviral therapeutic treatments. Its products are primarily in preclinical or clinical development stages, and it does not appear to sell finished drugs directly to individuals or to typical retail channels like pharmacies or hospitals.

    Instead, Cocrystal Pharma generates revenue through strategic partnerships, licensing agreements, and collaborations with other companies and institutions. Therefore, the company sells primarily to other companies and research organizations.

    Its major customers and partners, as described, include:

    • Merck Sharp & Dohme Corp. (a subsidiary of Merck & Co., Inc., symbol: MRK): This entity has a license and research collaboration agreement with Cocrystal Pharma to discover and develop influenza A/B antiviral agents.
    • Kansas State University Research Foundation: This institution has a license agreement with Cocrystal Pharma to develop antiviral compounds for norovirus and coronavirus infections.
    • HitGen: Collaborates with Cocrystal Pharma on drug discovery.
    • InterX Inc.: Also collaborates with Cocrystal Pharma on drug discovery.

    AI Analysis | Feedback

    HitGen (688222.SS)

    InterX Inc.

    AI Analysis | Feedback

    Sam Lee, Ph.D. Co-Chief Executive Officer and President

    Dr. Sam Lee has over 25 years of experience in anti-infective drug discovery research. Before joining Cocrystal Pharma, he managed anti-infective drug discovery projects for eight years at Icos Corporation, where he was instrumental in incorporating protein crystallography and structural screening technologies into research and played a key role in developing phosphoinositide 3-kinase (PI3K) delta inhibitors that led to an FDA-approved product. Dr. Lee co-founded Cocrystal Pharma in 2007. He earned his Ph.D. in Biological Sciences from the University of Notre Dame and completed postdoctoral training in viral biochemistry at Stanford University. While at Stanford, Dr. Lee also founded and served as CEO of Viral Assays in Cupertino, CA.

    James J. Martin Co-Chief Executive Officer and Chief Financial Officer

    Mr. James Martin brings over 25 years of finance and management experience, including providing financial leadership to publicly traded health science companies. Prior to his appointment as CFO of Cocrystal Pharma in June 2017 and subsequently Co-CEO in May 2021, he served as Chief Financial Officer for several companies. These include Motus GI, VBI Vaccines, Inc. (formerly SciVac Therapeutics, Inc.), Vapor Corp, Inc., and SafeStitch before its merger with TransEnterix, Inc. Mr. Martin also holds the position of Chief Financial Officer for Non-Invasive Monitoring Systems, Inc. He holds an undergraduate degree in business administration and an MBA from Barry University and is a Certified Public Accountant.

    AI Analysis | Feedback

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    Key Risks to Cocrystal Pharma (COCP)

    1. Clinical Trial Failure and Regulatory Approval Risk: As a biotechnology company focused on developing antiviral therapeutic treatments, Cocrystal Pharma's success hinges entirely on the ability of its drug candidates to successfully navigate lengthy and costly clinical trials and gain regulatory approval. The pipeline, including CC-31244 for HCV (completed Phase IIa), CC-42344 for influenza (preclinical), and compounds for norovirus and coronavirus, is at various stages of development, with none yet commercialized. Recent challenges, such as the unexpectedly low influenza infection rate in a Phase 2a study for CC-42344, highlight the inherent uncertainties and potential setbacks in drug development. If their lead candidates fail to demonstrate sufficient efficacy or safety, or fail to secure regulatory approval, it would severely impact the company's future revenue generation and viability.
    2. Financial and Capital Risk: Cocrystal Pharma operates as a clinical-stage company with no commercial products, leading to a continuous need for financing to fund its operations. The company has reported ongoing operating losses and zero revenue growth over the past three years. As of September 30, 2025, Cocrystal Pharma had unrestricted cash of only $7.7 million and continued to use significant net cash from operating activities. This fragile liquidity position raises substantial doubts about its ability to sustain operations without additional fundraising, and there's a risk that cash on hand may not fund operations beyond the next 12 months without new capital. Such reliance on equity financing can also lead to shareholder dilution.
    3. Competition and Market Acceptance/Pricing Pressures: The markets for antiviral treatments for diseases such as HCV, influenza, coronavirus, and norovirus are highly competitive, with existing treatments and significant research efforts by other pharmaceutical companies. Even if Cocrystal Pharma's drug candidates successfully pass clinical trials and gain regulatory approval, they will face challenges in competing effectively against established or emerging therapies. Furthermore, the biotechnology industry is increasingly subject to pricing pressures and regulatory requirements to demonstrate economic value, which could impact the profitability and market access of any approved products.
    ```

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Cocrystal Pharma (COCP) focuses on developing antiviral therapeutic treatments for several serious viral diseases. The addressable markets for their main product areas are outlined below:

    • Hepatitis C Virus (HCV) Treatments: The global hepatitis C drug market was valued at approximately USD 13.03 billion in 2024 and is projected to grow to USD 18.86 billion by 2033, with a compound annual growth rate (CAGR) of 4.2% during the period of 2026–2033. Another estimate indicates the global hepatitis C drug market is projected to reach USD 26.14 billion by 2032, growing from USD 19.51 billion in 2024 with a CAGR of 3.72% from 2025 to 2032. North America holds a significant share of this market, and the Asia-Pacific region is also a vital segment, valued at USD 2.75 billion in 2024 and forecasted to reach USD 3.8 billion by 2035.

    • Influenza Virus Antiviral Treatments: The global influenza treatment market was estimated at USD 5,912.0 million in 2023 and is projected to reach USD 6,444.8 million by 2030, growing at a CAGR of 1.2% from 2024 to 2030. The global influenza antiviral drugs market is also projected to reach a valuation of approximately USD 5.8 billion by 2033, demonstrating a CAGR of 4.5% from 2025 to 2033.

    • Coronavirus Antiviral Treatments: The global market for specific antiviral drugs for COVID-19 is experiencing rapid growth. It is projected to increase from USD 15.23 billion in 2025 to USD 17.83 billion in 2026 at a CAGR of 17.1%, with an anticipated further growth to USD 33.17 billion in 2030 at a CAGR of 16.8%.

    • Norovirus Treatments: The norovirus treatment market size has shown rapid growth, increasing from USD 1.75 billion in 2024 to USD 1.94 billion in 2025 at an 11% CAGR. This market is expected to reach USD 2.91 billion in 2029 with a CAGR of 10.7%. Another estimate projects the norovirus treatment market to grow from USD 1.94 billion in 2025 to USD 2.15 billion in 2026, with a projected growth to USD 3.22 billion in 2030 at a CAGR of 10.6%. North America was the largest region in the norovirus treatment market in 2024.

    AI Analysis | Feedback

    For Cocrystal Pharma (COCP), a clinical-stage biotechnology company currently without product sales, future revenue growth over the next 2-3 years is primarily anticipated from the advancement of its proprietary antiviral drug candidates through clinical development and the potential for new strategic collaborations.

    The key expected drivers of future revenue growth include:

    1. Advancement and potential commercialization of CDI-988 for norovirus: Cocrystal Pharma's lead oral, broad-spectrum protease inhibitor, CDI-988, is considered a significant future revenue driver. The company commenced a Phase 1b human challenge study for CDI-988 in the first quarter of 2026, evaluating its potential as both a preventive and a treatment for norovirus infections. Norovirus represents a substantial unmet medical need globally, with no approved treatments or vaccines currently available.
    2. Advancement and potential commercialization of CC-42344 for influenza: Another core pipeline asset is CC-42344, an influenza A polymerase inhibitor. The company received authorization in October 2023 to initiate a Phase 2a human challenge trial for CC-42344 as a potential treatment for pandemic and seasonal influenza A. Cocrystal Pharma continues to focus on bringing CC-42344 to market, positioning it as a key antiviral candidate in its development pipeline.
    3. Entry into new strategic partnerships or licensing agreements: As a clinical-stage company, securing new collaborations and licensing agreements based on positive clinical data for its antiviral candidates is a crucial driver for future revenue. Management has expressed optimism regarding potential future partnerships as its clinical data matures. Such agreements could lead to upfront payments, milestone payments, and royalties, similar to past agreements.

    AI Analysis | Feedback

    Share Issuance

    • In September 2025, Cocrystal Pharma completed a registered direct offering of 2,764,710 shares of common stock at $1.70 per share, generating approximately $4.7 million in gross proceeds.
    • Concurrently in September 2025, the company issued unregistered warrants to purchase up to 5,529,420 shares of common stock at an exercise price of $1.50 per share, which could yield an additional approximately $8.3 million if fully exercised.
    • In October 2025, Cocrystal Pharma completed a private placement with directors and management, raising $1.03 million by selling 743,024 common shares at $1.39 per unit and issuing unregistered warrants to purchase up to 1,486,048 additional shares at an exercise price of $1.24. If these warrants are fully exercised, the company could receive approximately $1.83 million more.

    Inbound Investments

    • In October 2025, Cocrystal Pharma received a non-dilutive Small Business Innovation Research (SBIR) Phase I award of approximately $500,000 from the National Institutes of Health (NIH) and National Institute of Allergy and Infectious Diseases (NIAID) to advance its influenza A and B antiviral candidate program.

    Capital Expenditures

    • Capital expenditures are minimal in Cocrystal Pharma's business model.
    • The company reported $0 in capital expenditures in the fourth quarter of 2024.
    • Expected growth may require significant capital expenditures in the future.

    Peer Outperformance in Biotechnology

    COCP has trailed 60% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that COCP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    63%
    of 452 industry peers · -3.8% return
    3Y
    46%
    of 398 industry peers · -42.9% return
    5Y
    40%
    of 363 industry peers · -91.2% return
    No Biotechnology peer with a comparable growth profile has beaten COCP by more than 20pp over 5Y.
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is COCP's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 7.6%56.6%93.6% CAH 498% · MCK 396% · COR 181%
    Health Care Services 20 33.8%28.8%6.1% HIMS 189% · RDNT 125% · DGX 100%
    Health Care Facilities 25 13.9%27.4%-1.4% THC 280% · NHC 210% · EHC 186%
    Managed Health Care 8 47.9%1.6%-2.2% OSCR 95% · HQY 52% · ELV 10%
    Health Care Equipment 50 11.0%17.8%-17.6% UFPT 355% · GKOS 286% · PLSE 127%
    Pharmaceuticals 61 -12.9%10.6%-37.3% LQDA 977% · XERS 571% · KNSA 500%
    Health Care Supplies 11 23.9%17.0%-40.1% LNTH 248% · HAE 66% · MMSI 29%
    Life Sciences Tools & Services 108 -8.1%-18.9%-74.5% AXGN 255% · NTRA 214% · MEDP 181%
    Biotechnology ← 364 -25.8%-36.1%-82.0% ELVN 1073% · TRVI 995% · DNTH 956%
    Health Care Technology 21 -21.4%-50.4%-82.8% VEEV -3% · DOCS -51%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    TitleDate
    0DASHBOARDS 
    1Cocrystal Pharma Earnings Notes12/16/2025
    Title
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    Financials

    COCPENTABCRXGILDPFEMRKMedian
    NameCocrysta.Enanta P.BioCryst.Gilead S.Pfizer Merck  
    Mkt Price1.1510.097.51164.0029.05143.8519.57
    Mkt Cap0.00.31.9203.7165.6355.083.8
    Rev LTM06596230,98763,62467,37815,974
    Op Inc LTM-10-5940811,69916,6246,2013,305
    FCF LTM-8-3736613,78011,78614,7466,076
    FCF 3Y Avg-12-6011910,79110,13014,2125,124
    CFO LTM-8-3536714,47914,17318,7037,270
    CFO 3Y Avg-12-4912111,38912,83818,0115,755

    Growth & Margins

    COCPENTABCRXGILDPFEMRKMedian
    NameCocrysta.Enanta P.BioCryst.Gilead S.Pfizer Merck  
    Rev Chg LTM-0.7%60.3%6.5%1.3%4.9%4.9%
    Rev Chg 3Y Avg--6.7%45.2%4.2%-2.9%4.4%4.2%
    Rev Chg Q--21.6%13.1%6.8%-0.4%4.7%4.7%
    QoQ Delta Rev Chg LTM46.7%-5.7%2.2%1.7%-0.1%1.2%1.5%
    Op Inc Chg LTM20.5%39.3%436.6%4.1%-1.7%-72.3%12.3%
    Op Inc Chg 3Y Avg17.4%22.8%261.9%0.0%16.3%19.8%18.6%
    Op Mgn LTM-3,063.6%-90.0%42.5%37.8%26.1%9.2%17.7%
    Op Mgn 3Y Avg--136.7%15.1%37.4%23.3%22.2%22.2%
    QoQ Delta Op Mgn LTM951.5%-2.7%1.6%-0.7%-0.6%-1.3%-0.7%
    CFO/Rev LTM-2,410.3%-54.1%38.2%46.7%22.3%27.8%25.0%
    CFO/Rev 3Y Avg--71.6%11.0%38.5%20.6%27.7%20.6%
    FCF/Rev LTM-2,410.3%-56.6%38.0%44.5%18.5%21.9%20.2%
    FCF/Rev 3Y Avg--87.8%10.8%36.4%16.2%21.9%16.2%

    Valuation

    COCPENTABCRXGILDPFEMRKMedian
    NameCocrysta.Enanta P.BioCryst.Gilead S.Pfizer Merck  
    Mkt Cap0.00.31.9203.7165.6355.083.8
    P/S48.04.52.06.62.65.34.9
    P/Op Inc-1.6-5.04.717.410.057.37.3
    P/EBIT-1.6-5.8-6.9-133.823.852.8-3.7
    P/E-1.6-4.6-5.3-52.741.1144.7-3.1
    P/CFO-2.0-8.35.214.111.719.08.5
    Total Yield-72.1%-21.6%-18.4%0.1%8.2%3.0%-9.2%
    Dividend Yield0.0%0.0%0.0%2.0%5.8%2.3%1.0%
    FCF Yield 3Y Avg-78.4%-24.1%5.5%7.7%6.5%5.2%5.3%
    D/E0.10.20.40.10.40.20.2
    Net D/E-0.1-0.50.20.10.30.10.1

    Returns

    COCPENTABCRXGILDPFEMRKMedian
    NameCocrysta.Enanta P.BioCryst.Gilead S.Pfizer Merck  
    1M Rtn3.6%-17.1%-5.5%13.7%5.6%1.3%2.5%
    3M Rtn11.7%-24.4%-19.2%26.0%10.9%12.7%11.3%
    6M Rtn-17.3%-33.1%-15.6%23.8%13.5%29.8%-1.1%
    12M Rtn10.6%-7.6%4.7%37.1%26.3%75.5%18.4%
    3Y Rtn-34.3%10.5%26.6%122.2%13.0%51.1%19.8%
    1M Excs Rtn10.2%-17.0%-9.2%13.1%5.2%2.2%3.7%
    3M Excs Rtn9.5%-25.8%-19.1%24.7%9.4%13.4%9.5%
    6M Excs Rtn-22.8%-37.9%-20.3%19.1%8.7%25.1%-5.8%
    12M Excs Rtn-3.9%-20.2%-2.2%23.4%14.6%63.3%6.2%
    3Y Excs Rtn-128.6%-71.6%-45.2%48.0%-66.9%-28.1%-56.1%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/13/20265/15/20263/31/202611/14/20258/14/20255/15/20253/31/202511/13/20248/14/20245/13/20243/28/202411/13/2023
    Key Financials Quarterly            
    Total Revenue000000000000
    Ebitda-3-2-2-2-2-2-3-5-5-4-6-6
    Operating Income-3-2-2-2-2-2-3-5-5-4-6-6
    Net Income-3-2-2-2-2-2-3-5-5-4-4-4
    EPS-0.23-0.17-0.17-0.19-0.20-0.23-0.32-0.49-0.53-0.39-0.44-0.41
    Key Financials TTM            
    Total Revenue TTM000000000000
    Ebitda TTM-10-9-9-9-12-16-17-20-21-20-21-20
    Operating Income TTM-10-9-9-10-13-16-18-20-21-20-21-20
    Net Income TTM-10-9-9-10-13-16-18-19-18-17-18-18
    Growth Rates Quarterly            
    Total Revenue Growth------------
    EBITDA Growth-52.0%-1.2%23.6%61.2%61.5%43.8%44.8%19.7%-29.4%18.5%-28.7%-6.1%
    Operating Income Growth-51.0%-0.6%23.2%58.6%61.3%43.7%43.0%16.6%-25.6%18.6%-25.9%-6.1%
    Net Income Growth-54.0%0.1%25.7%58.5%61.5%41.8%26.8%-18.6%-28.3%23.8%0.8%26.9%
    Margins Quarterly            
    EBITDA Margin-3021.0%-1041.8%----------
    Operating Income Margin-3032.4%-1047.1%----------
    Net Income Margin-3013.3%-1021.8%----------
    Cash & Debt            
    Total Cash257857101318222630
    Total Debt112222222220
    Net Debt / (Cash)-1-3-6-6-3-5-8-11-16-20-24-30
    Cash Flows Quarterly            
    FCF from Operations-3-2-2-1-2-3-3-5-4-5-3-3
    Cash Flows TTM            
    FCF from Operations TTM-8-8-8-10-13-15-16-17-14-16-15-16
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-3.7%-2.7%-2.9%-2.4%-2.5%-2.8%-3.9%-6.1%-6.7%-5.2%-7.1%-7.7%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-2.9%-2.6%-2.6%-2.9%-3.7%-4.8%-5.3%-6.1%-6.5%-6.3%-6.7%-6.4%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320202019
    Research and development Company’s novel orally administered antiviral influenza candidate00027
    Total00027


    Net Income by Segment
    $ Mil202520242023
    Research and development Company’s novel orally administered antiviral influenza candidate-9-18-18
    Total-9-18-18


    Assets by Segment
    $ Mil20232022202120182017
    Research and development Company’s novel orally administered antiviral influenza candidate31417969121
    Total31417969121


    Price Behavior

    Price Behavior
    Market Price$1.00 
    Market Cap ($ Bil)0.0 
    First Trading Date05/23/2014 
    Distance from 52W High-36.3% 
       50 Days200 Days
    DMA Price$1.09$1.10
    DMA Trendupindeterminate
    Distance from DMA-8.6%-9.2%
     3M1YR
    Volatility49.4%74.9%
    Downside Capture53.37186.88
    Upside Capture26.20157.21
    Correlation (S&P 500)-6.9%24.7%
    COCP Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta0.17-0.021.061.071.520.73
    Up Beta2.89-0.562.411.650.680.72
    Down Beta0.410.230.581.391.570.41
    Up Capture-129%-51%132%30%201%38%
    Bmk +ve Days12182862130427
    Stock +ve Days9173054102320
    Down Capture93%70%23%125%146%104%
    Bmk -ve Days10253664121325
    Stock -ve Days11192661126384

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with COCP
    COCP-2.9%74.9%0.24-
    Sector ETF (XLV)29.2%16.9%1.333.3%
    Equity (SPY)9.5%13.6%0.4122.9%
    Gold (GLD)3.6%28.7%0.1113.0%
    Commodities (DBC)37.7%21.2%1.407.6%
    Real Estate (VNQ)12.0%14.2%0.5515.6%
    Bitcoin (BTCUSD)-20.8%43.3%-0.4221.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with COCP
    COCP-37.8%75.1%-0.32-
    Sector ETF (XLV)8.6%15.4%0.367.0%
    Equity (SPY)11.3%17.3%0.4815.4%
    Gold (GLD)17.5%19.1%0.746.7%
    Commodities (DBC)8.0%19.6%0.293.0%
    Real Estate (VNQ)1.2%18.9%-0.0512.0%
    Bitcoin (BTCUSD)5.9%51.5%0.2912.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with COCP
    COCP-33.3%113.7%0.04-
    Sector ETF (XLV)12.2%16.8%0.600.9%
    Equity (SPY)14.9%18.0%0.704.3%
    Gold (GLD)12.0%16.5%0.594.4%
    Commodities (DBC)7.6%18.1%0.330.8%
    Real Estate (VNQ)5.7%20.7%0.234.3%
    Bitcoin (BTCUSD)61.3%66.2%1.014.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.2 Mil
    Short Interest: % Change Since 93020262.2%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest4.9 days
    Basic Shares Quantity13.8 Mil
    Short % of Basic Shares1.3%

    Earnings Returns History

    Updated 9/9/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    3/31/20261.0%47.0%39.0%
    11/14/20250.0%-10.7%-4.5%
    8/14/20250.0%-9.5%-6.0%
    5/15/2025-1.4%-2.1%5.5%
    11/13/202424.3%16.4%7.8%
    8/14/2024-10.5%0.5%-11.6%
    5/13/20240.0%12.8%57.3%
    3/28/2024-6.7%-2.0%3.7%
    ...
    SUMMARY STATS   
    # Positive856
    # Negative7109
    Median Positive0.6%12.8%6.6%
    Median Negative-5.0%-9.4%-11.6%
    Max Positive24.3%47.0%57.3%
    Max Negative-10.5%-13.2%-30.8%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    3/31/20261.0%47.0%39.0%
    11/14/20250.0%-10.7%-4.5%
    8/14/20250.0%-9.5%-6.0%
    5/15/2025-1.4%-2.1%5.5%
    11/13/202424.3%16.4%7.8%
    8/14/2024-10.5%0.5%-11.6%
    5/13/20240.0%12.8%57.3%
    3/28/2024-6.7%-2.0%3.7%
    11/13/2023-1.1%-11.1%-7.4%
    8/16/2023-4.2%1.4%-30.8%
    5/15/2023-5.3%-13.2%-1.9%
    8/15/20223.4%-9.3%-21.6%
    5/11/2022-5.0%-2.1%2.5%
    3/23/20221.8%-3.4%-11.6%
    11/15/20210.2%-9.7%-21.8%
    SUMMARY STATS   
    # Positive856
    # Negative7109
    Median Positive0.6%12.8%6.6%
    Median Negative-5.0%-9.4%-11.6%
    Max Positive24.3%47.0%57.3%
    Max Negative-10.5%-13.2%-30.8%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    03/31/202605/15/202610-Q
    12/31/202503/31/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/31/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/13/202410-Q
    12/31/202303/28/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/29/202310-K
    09/30/202211/14/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    03/31/202605/15/202610-Q
    12/31/202503/31/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/14/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/31/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/13/202410-Q
    12/31/202303/28/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/15/202310-Q
    12/31/202203/29/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
    03/31/202205/11/202210-Q
    12/31/202103/23/202210-K
    09/30/202111/15/202110-Q
    06/30/202108/16/202110-Q
    03/31/202105/17/202110-Q
    12/31/202003/17/202110-K
    09/30/202011/13/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/13/202010-Q
    12/31/201903/27/202010-K
    09/30/201911/12/201910-Q

    Insider Activity

    Updated 8/5/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy80520260.9475,00070,5901,866,918Form
    2Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy22520261.0020,00019,9521,903,970Form
    3Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy20920260.9550,00047,2801,785,814Form
    4Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy10220260.9550,00047,2751,738,350Form
    5Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy123120250.9720,00019,3101,726,846Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy80520260.9475,00070,5901,866,918Form
    2Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy22520261.0020,00019,9521,903,970Form
    3Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy20920260.9550,00047,2801,785,814Form
    4Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy10220260.9550,00047,2751,738,350Form
    5Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy123120250.9720,00019,3101,726,846Form
    6Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy122920250.9740,00038,9441,721,861Form
    7Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy122920250.9725,00024,2581,677,213Form
    8Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy112820250.994,0003,9751,692,904Form
    9Frost, Phillip MD ET ALFrost Gamma Investments TrustBuy112520250.9420,00018,8121,598,598Form

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