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

Cocrystal Pharma (COCP)

Market Price (6/20/2026): $0.9952 | Market Cap: $13.7 MilSector: Health Care | Industry: Biotechnology

Cocrystal Pharma (COCP)

Market Price (6/20/2026): $0.9952
Market Cap: $13.7 Mil
Sector: Health Care
Industry: Biotechnology

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

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40%

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 -100%, 3Y Excs Rtn is -133%

Penny stock
Mkt Price is 1.0

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -9.0 Mil

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 -69%

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 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40%
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 -100%, 3Y Excs Rtn is -133%
3 Penny stock
Mkt Price is 1.0
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -9.0 Mil
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 -69%
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]$0.0 Mil—
FY 2026 Sales$0.0 Mil—
FY 2027 Sales$0.0 Mil—
FY 2026 Sales Growth——
FY 2027 Sales Growth—7.7%
EARNINGS
LTM Net Income (GAAP) [3]$-8.8 Mil—
FY 2026 Net Income (Non-GAAP)$-7.7 Mil—
FY 2027 Net Income (Non-GAAP)$-7.2 Mil—
FY 2027 Net Income Growth—15.0%
FY 2026 EPS (Non-GAAP)$-0.69—
FY 2027 EPS (Non-GAAP)$-0.64—
FY 2027 EPS Growth——
VALUATION
FY 2026 P/S—3.2
FY 2027 P/S——
FY 2026 P/E—20.5
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 6/30/27 (~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).
null

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

null
Upcoming
8/13/2026Earnings ReleaseRev: $0.0 Mil (E)
EPS: $-0.17 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/16/2026

Cocrystal Pharma (COCP) stock has lost about 5% since 2/28/2026 because of the following key factors:

1. Cocrystal Pharma reported a wider-than-expected net loss for fiscal Q1 2026.

The company announced a net loss of $0.17 per share for its fiscal first quarter ended March 31, 2026, which missed the consensus estimate of a $0.153 loss by 11.11%. Despite a year-over-year improvement in the per-share loss from $0.23 in fiscal Q1 2025, the miss against analyst expectations contributed to negative sentiment during the period.

2. Continued cash burn and diminishing cash reserves.

Cocrystal Pharma's unrestricted cash significantly decreased from $7.7 million at fiscal year-end 2025 to $4.7 million by the end of fiscal Q1 2026 (March 31, 2026). The company utilized $2.3 million in net cash from operating activities during fiscal Q1 2026, highlighting a sustained cash burn rate for this clinical-stage biotechnology firm.

Show more
Updated on 6/16/2026

Cocrystal Pharma (COCP) stock has lost about 5% since 2/28/2026 because of the following key factors:

1. Cocrystal Pharma reported a wider-than-expected net loss for fiscal Q1 2026.

The company announced a net loss of $0.17 per share for its fiscal first quarter ended March 31, 2026, which missed the consensus estimate of a $0.153 loss by 11.11%. Despite a year-over-year improvement in the per-share loss from $0.23 in fiscal Q1 2025, the miss against analyst expectations contributed to negative sentiment during the period.

2. Continued cash burn and diminishing cash reserves.

Cocrystal Pharma's unrestricted cash significantly decreased from $7.7 million at fiscal year-end 2025 to $4.7 million by the end of fiscal Q1 2026 (March 31, 2026). The company utilized $2.3 million in net cash from operating activities during fiscal Q1 2026, highlighting a sustained cash burn rate for this clinical-stage biotechnology firm.

3. Lack of sustained positive impact from clinical milestones to offset financial pressures.

Despite several positive company-specific updates, such as dosing the first subjects in its Phase 1b norovirus study in March 2026 and receiving FDA Fast Track designation for CDI-988 in April 2026, these events did not translate into a sustained upward trend over the entire period. For instance, while the FDA Fast Track designation led to a significant one-day stock price increase of 48.04% on April 2, 2026, the stock's overall movement from late February to mid-June 2026 still resulted in a net loss, indicating that these milestones were not enough to consistently outweigh financial concerns or broader market pressures for a small-cap biotech.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -5.2% change in COCP stock from 2/28/2026 to 6/19/2026 was primarily driven by a -20.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)22820266192026Change
Stock Price ($)1.050.99-5.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)1114-20.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/19/2026
ReturnCorrelation
COCP-5.2% 
Market (SPY)9.2%19.4%
Sector (XLV)-6.4%5.0%

Fundamental Drivers

The -6.1% change in COCP stock from 11/30/2025 to 6/19/2026 was primarily driven by a -20.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)113020256192026Change
Stock Price ($)1.060.99-6.1%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)1114-20.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/19/2026
ReturnCorrelation
COCP-6.1% 
Market (SPY)9.9%25.4%
Sector (XLV)-4.4%9.7%

Fundamental Drivers

The -41.8% change in COCP stock from 5/31/2025 to 6/19/2026 was primarily driven by a -26.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120256192026Change
Stock Price ($)1.710.99-41.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)1014-26.3%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/19/2026
ReturnCorrelation
COCP-41.8% 
Market (SPY)28.1%23.1%
Sector (XLV)14.6%8.0%

Fundamental Drivers

The -53.9% change in COCP stock from 5/31/2023 to 6/19/2026 was primarily driven by a -41.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120236192026Change
Stock Price ($)2.160.99-53.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)814-41.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/19/2026
ReturnCorrelation
COCP-53.9% 
Market (SPY)85.7%13.7%
Sector (XLV)22.9%6.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
COCP Return-52%-75%-12%17%-52%-1%-94%
Peers Return52%2%-34%-1%45%3%52%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
COCP Win Rate33%25%58%42%25%50% 
Peers Win Rate58%52%32%47%55%47% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
COCP Max Drawdown-72%-79%-54%-42%-63%-40% 
Peers Max Drawdown-23%-34%-44%-37%-31%-19% 
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 6/18/2026 (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

```html

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

null

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.

Latest Trefis Analyses

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

Recent Active Movers

Top Gainers

TickerCompanyCategory1W RtnYTD Rtn
EWYiShares MSCI South Korea ETFEquity10.2%125.5%
SOXXiShares Semiconductor ETFEquity8.9%112.5%
SOXQInvesco PHLX Semiconductor ETFEquity8.8%102.2%
SMHVanEck Semiconductor ETFEquity8.3%83.2%
URAGlobal X Uranium ETFEquity6.6%11.8%
ARKKARK Innovation ETFEquity6.3%4.3%
SPMOInvesco S&P 500 Momentum ETFEquity6.2%34.4%
MTUMiShares MSCI USA Momentum Factor ETFEquity6.1%35.4%
XBIState Street SPDR S&P Biotech ETFEquity6.0%15.4%
RINGiShares MSCI Global Gold Miners ETFEquity5.9%-3.1%

Top Losers

TickerCompanyCategory1W RtnYTD Rtn
NASATema Space Innovators ETFEquity-11.3%24.1%
USOUnited States Oil Fund LPCommodity-10.8%66.1%
XOPState Street SPDR S&P Oil & Gas Explo...Equity-6.2%21.5%
XLEState Street Energy Select Sector SPD...Equity-5.9%21.1%
FXNFirst Trust Energy AlphaDEX FundEquity-5.5%22.5%
KWEBKraneShares CSI China Internet ETFEquity-5.0%-25.9%
COMTiShares GSCI Commodity Dynamic Roll S...Commodity-4.7%26.0%
FXIiShares China Large-Cap ETFEquity-4.6%-13.0%
PDBCInvesco Optimum Yield Diversified Com...Commodity-4.3%24.5%
DBCInvesco DB Commodity Index Tracking FundCommodity-4.2%23.6%

Top Gainers

TickerCompanyCategory1M RtnYTD Rtn
SOXXiShares Semiconductor ETFEquity28.7%112.5%
SOXQInvesco PHLX Semiconductor ETFEquity26.7%102.2%
EWYiShares MSCI South Korea ETFEquity26.0%125.5%
SMHVanEck Semiconductor ETFEquity21.3%83.2%
MTUMiShares MSCI USA Momentum Factor ETFEquity15.7%35.4%
SPMOInvesco S&P 500 Momentum ETFEquity13.7%34.4%
VLUEiShares MSCI USA Value Factor ETFEquity12.1%46.8%
AGIXKraneShares Artificial Intelligence ETFEquity11.3%30.9%
XBIState Street SPDR S&P Biotech ETFEquity11.0%15.4%
XLKState Street Technology Select Sector...Equity10.5%33.1%

Top Losers

TickerCompanyCategory1M RtnYTD Rtn
USOUnited States Oil Fund LPCommodity-24.9%66.1%
ETHAiShares Ethereum Trust ETFCryptocurrency-19.1%-42.6%
IBITiShares Bitcoin Trust ETFCryptocurrency-18.1%-28.3%
FBTCFidelity Wise Origin Bitcoin FundCryptocurrency-18.0%-28.2%
COMTiShares GSCI Commodity Dynamic Roll S...Commodity-14.1%26.0%
XOPState Street SPDR S&P Oil & Gas Explo...Equity-14.1%21.5%
PPLTETFS Physical Platinum SharesCommodity-13.8%-17.6%
DBCInvesco DB Commodity Index Tracking FundCommodity-12.6%23.6%
NASATema Space Innovators ETFEquity-12.6%24.1%
PDBCInvesco Optimum Yield Diversified Com...Commodity-12.4%24.5%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

COCPENTABCRXGILDPFEMRKMedian
NameCocrysta.Enanta P.BioCryst.Gilead S.Pfizer Merck  
Mkt Price0.9912.668.99123.7625.21113.8718.94
Mkt Cap0.00.42.2153.7143.5281.572.8
Rev LTM06988629,73463,31465,76815,310
Op Inc LTM-9-60-38211,90115,50812,9705,946
FCF LTM-8-1031010,2309,48314,1154,897
FCF 3Y Avg-13-68609,3258,60314,0654,331
CFO LTM-8-831310,80611,98417,8905,560
CFO 3Y Avg-13-57629,88411,51717,8424,973

Growth & Margins

COCPENTABCRXGILDPFEMRKMedian
NameCocrysta.Enanta P.BioCryst.Gilead S.Pfizer Merck  
Rev Chg LTM-7.4%75.9%3.5%1.4%2.9%3.5%
Rev Chg 3Y Avg--4.8%46.8%3.2%-9.2%4.4%3.2%
Rev Chg Q-15.0%7.5%4.4%5.4%4.9%5.4%
QoQ Delta Rev Chg LTM-3.3%1.2%1.0%1.2%1.2%1.2%
Op Inc Chg LTM49.6%40.9%-1,251.1%9.7%3.1%-36.4%6.4%
Op Inc Chg 3Y Avg16.1%20.2%-361.6%0.1%203.9%69.7%18.2%
Op Mgn LTM--87.2%-43.1%40.0%24.5%19.7%19.7%
Op Mgn 3Y Avg--143.8%-20.6%36.7%17.3%19.9%17.3%
QoQ Delta Op Mgn LTM-21.8%-82.1%0.3%-0.7%-14.3%-0.7%
CFO/Rev LTM--11.3%35.3%36.3%18.9%27.2%27.2%
CFO/Rev 3Y Avg--81.5%0.6%34.4%18.9%28.0%18.9%
FCF/Rev LTM--13.9%35.0%34.4%15.0%21.5%21.5%
FCF/Rev 3Y Avg--99.0%0.2%32.5%14.0%22.0%14.0%

Valuation

COCPENTABCRXGILDPFEMRKMedian
NameCocrysta.Enanta P.BioCryst.Gilead S.Pfizer Merck  
Mkt Cap0.00.42.2153.7143.5281.572.8
P/S-5.32.55.22.34.34.3
P/Op Inc-1.5-6.1-5.712.99.321.73.9
P/EBIT-1.5-7.1-5.713.113.521.45.8
P/E-1.5-5.9-4.816.719.231.57.6
P/CFO-1.7-46.97.014.212.015.79.5
Total Yield-64.6%-16.9%-21.0%8.6%12.0%6.1%-5.4%
Dividend Yield0.0%0.0%0.0%2.6%6.8%2.9%1.3%
FCF Yield 3Y Avg-92.1%-34.3%0.6%7.2%5.7%5.2%2.9%
D/E0.10.20.40.10.40.20.2
Net D/E-0.4-0.30.30.10.40.20.1

Returns

COCPENTABCRXGILDPFEMRKMedian
NameCocrysta.Enanta P.BioCryst.Gilead S.Pfizer Merck  
1M Rtn-10.4%-7.0%2.9%-4.7%-2.2%1.5%-3.5%
3M Rtn-3.4%1.2%-7.3%-9.2%-5.0%0.4%-4.2%
6M Rtn0.5%-17.7%21.3%0.8%3.4%14.3%2.1%
12M Rtn-35.8%75.1%-9.7%17.6%12.9%48.4%15.3%
3Y Rtn-59.7%-46.4%23.8%75.8%-22.8%13.3%-4.7%
1M Excs Rtn-15.5%-10.0%0.5%-6.5%-3.8%-1.6%-5.1%
3M Excs Rtn-22.2%-16.1%-21.9%-25.3%-20.0%-13.1%-21.0%
6M Excs Rtn-9.2%-25.0%10.0%-4.8%-8.2%7.3%-6.5%
12M Excs Rtn-62.8%54.2%-35.2%-7.8%-13.0%25.0%-10.4%
3Y Excs Rtn-133.4%-120.6%-61.8%4.1%-96.2%-57.4%-79.0%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1
Period End12/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/2023
Filing Date3/31/202611/14/20258/14/20255/15/20253/31/202511/13/20248/14/20245/13/20243/28/202411/13/20238/14/20235/15/2023
Key Financials Quarterly            
Total Revenue000000000000
Ebitda-2-2-2-2-3-5-5-4-6-6-4-5
Operating Income-2-2-2-2-3-5-5-4-6-6-4-5
Net Income-2-2-2-2-3-5-5-4-4-4-4-5
EPS-0.17-0.19-0.20-0.23-0.32-0.49-0.53-0.39-0.44-0.41-0.41-0.64
Key Financials TTM            
Total Revenue TTM000000000000
Ebitda TTM-9-9-12-16-17-20-21-20-21-20-19-19
Operating Income TTM-9-10-13-16-18-20-21-20-21-20-20-19
Net Income TTM-9-10-13-16-18-19-18-17-18-18-20-40
Growth Rates Quarterly            
Total Revenue Growth------------
EBITDA Growth23.6%61.2%61.5%43.8%44.8%19.7%-29.4%18.5%-28.7%-6.1%-14.9%-23.1%
Operating Income Growth23.2%58.6%61.3%43.7%43.0%16.6%-25.6%18.6%-25.9%-6.1%-16.1%-21.5%
Net Income Growth25.7%58.5%61.5%41.8%26.8%-18.6%-28.3%23.8%0.8%26.9%82.9%-23.3%
Margins Quarterly            
EBITDA Margin------------
Operating Income Margin------------
Net Income Margin------------
Cash & Debt            
Total Cash78571013182226303234
Total Debt222222222000
Net Debt / (Cash)-6-6-3-5-8-11-16-20-24-30-32-34
Cash Flows Quarterly            
FCF from Operations-2-1-2-3-3-5-4-5-3-3-6-3
Cash Flows TTM            
FCF from Operations TTM-8-10-13-15-16-17-14-16-15-16-22-21
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-2.9%-2.4%-2.5%-2.8%-3.9%-6.1%-6.7%-5.2%-7.1%-7.7%-5.6%-6.7%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-2.6%-2.9%-3.7%-4.8%-5.3%-6.1%-6.5%-6.3%-6.7%-6.4%-6.3%-6.3%

Segment Financials

Revenue by Segment
$ Mil2025202420202019
Research and development Company’s novel orally administered antiviral influenza candidate0027
Total0027


Net Income by Segment
$ Mil20252024
Research and development Company’s novel orally administered antiviral influenza candidate-9-18
Total-9-18


Assets by Segment
$ Mil20242023202220212018
Research and development Company’s novel orally administered antiviral influenza candidate1331417969
Total1331417969


Price Behavior

Price Behavior
Market Price$0.99 
Market Cap ($ Bil)0.0 
First Trading Date05/23/2014 
Distance from 52W High-48.7% 
   50 Days200 Days
DMA Price$1.24$1.14
DMA Trenddownindeterminate
Distance from DMA-19.9%-12.3%
 3M1YR
Volatility116.9%79.6%
Downside Capture372.97250.04
Upside Capture188.43130.34
Correlation (SPY)20.1%25.0%
COCP Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta2.351.711.361.741.480.70
Up Beta3.87-2.67-1.460.611.080.67
Down Beta3.401.77-0.211.071.060.22
Up Capture-99%298%289%268%125%46%
Bmk +ve Days13283667141432
Stock +ve Days7152649101318
Down Capture534%727%280%206%170%106%
Bmk -ve Days7132757109318
Stock -ve Days13243367127391

[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-37.5%79.6%-0.28-
Sector ETF (XLV)14.0%15.0%0.669.9%
Equity (SPY)26.5%12.4%1.6125.3%
Gold (GLD)24.2%27.5%0.7711.5%
Commodities (DBC)19.8%18.8%0.8314.4%
Real Estate (VNQ)11.0%13.7%0.5220.2%
Bitcoin (BTCUSD)-40.0%42.5%-1.0825.3%

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-41.9%74.9%-0.41-
Sector ETF (XLV)5.4%14.7%0.197.7%
Equity (SPY)13.5%17.1%0.6215.1%
Gold (GLD)17.1%18.3%0.765.8%
Commodities (DBC)7.5%19.4%0.294.5%
Real Estate (VNQ)1.9%18.9%0.0011.8%
Bitcoin (BTCUSD)11.0%54.2%0.4010.9%

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%115.8%0.04-
Sector ETF (XLV)9.4%16.6%0.461.1%
Equity (SPY)15.3%18.0%0.734.2%
Gold (GLD)12.3%16.1%0.634.0%
Commodities (DBC)5.9%18.0%0.261.2%
Real Estate (VNQ)5.3%20.7%0.224.4%
Bitcoin (BTCUSD)60.0%66.8%1.004.0%

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

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 5152026-25.7%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest1.1 days
Basic Shares Quantity13.8 Mil
Short % of Basic Shares1.0%

Earnings Returns History

Updated 6/9/2026
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
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
 Collapse to Preview
Report DateFiling DateFiling
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
06/30/201908/09/201910-Q
03/31/201905/10/201910-Q

Insider Activity

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

Industry Resources

External Quote Links


Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 6/19/2026