Cocrystal Pharma’s third‑quarter 2025 results show a net loss of $2.0 million, or $0.19 per share, a significant improvement over the $4.9 million loss ($0.49 per share) reported in the same quarter a year earlier. The company’s earnings per share of –$0.19 beat analyst consensus of –$0.215 by $0.025, reflecting disciplined cost management and the absence of one‑time charges that weighed on the prior year’s performance.
Operating expenses fell sharply, with research and development costs dropping to $954,000 from $3.2 million in Q3 2024 and general‑administrative expenses falling to $1.1 million from $1.8 million. The R&D reduction is largely attributable to the completion of early‑phase studies for the company’s lead candidates, while the G&A cut stems from a reduction in compensation expense and a streamlined corporate structure. These measures have tightened the company’s cost base and contributed directly to the narrowed loss.
Cash and liquidity have improved markedly. As of September 30, 2025, Cocrystal held $7.7 million in cash. The company raised $4.7 million in a registered direct offering and secured a private placement of warrants that could generate an additional $8.3 million if exercised. An October private placement with directors and management added $1.03 million, with warrants that could raise $1.83 million. In addition, a $500,000 NIH Small Business Innovation Research award was awarded to advance the influenza A/B polymerase program, further bolstering the balance sheet and extending the operational runway.
The company’s pipeline remains a key driver of future upside. Enrollment for a first‑quarter 2026 norovirus challenge study of CDI‑988 is slated to begin soon, while the influenza program has received the NIH SBIR award to support development of a novel polymerase inhibitor. CEO Sam Lee emphasized the “significant unmet medical need for norovirus treatment and prevention,” and CFO James Martin highlighted the company’s focus on government and military funding to advance its antiviral pipeline and build shareholder value.
Despite these positive developments, management acknowledges substantial doubt about the company’s ability to continue as a going concern. The company’s operating losses and limited revenue base mean that additional capital will be required to sustain its clinical programs. Investors will weigh the improved cash position and pipeline progress against the ongoing liquidity risk and the need for future financing or partnership agreements.
Overall, Cocrystal’s Q3 2025 results demonstrate improved financial performance and disciplined cost control, but the company remains a clinical‑stage biotech with significant operating losses and a limited revenue base. The company’s pipeline milestones and strengthened cash position provide a potential upside, while the going‑concern risk underscores the need for continued capital infusion and successful clinical outcomes.
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