Cocrystal Pharma Inc (NASDAQ: COCP) is a clinical-stage biotechnology company that discovers and develops antiviral drug candidates using a proprietary structure-based drug discovery platform. The company generates no product revenue, funding operations through capital raises while advancing pre-commercial candidates through clinical trials. Cocrystal has not received regulatory approval for or commercialized any product candidate as of the 10-K filed March 31, 2026. Its pipeline includes CDI-988, a pan-viral 3CL protease inhibitor in Phase 1 development targeting coronaviruses (including SARS-CoV-2) and norovirus, and CC-42344, an influenza A replication inhibitor whose initial Phase 2a study was invalidated due to insufficient infection rates and must be redone. The filing discloses substantial doubt about the company's ability to continue as a going concern. Total research and development expenses were $5,055,000 for the year ended December 31, 2025, down from $12,537,000 for the year ended December 31, 2024, primarily due to winding down of clinical study costs.

Revenue model

No product revenue as of the 10-K filed March 31, 2026. Operations are funded through external financing. If any product candidate achieves regulatory approval, the company anticipates potential commercialization agreements with third-party marketing partners on a worldwide or regional basis.

Products and services

CDI-988: oral pan-viral 3CL protease inhibitor targeting coronaviruses (SARS-CoV-2) and norovirus, Phase 1 completed with favorable safety and tolerability data; Phase 1b norovirus challenge study initiated as of December 2025. CC-42344: oral influenza A replication inhibitor; initial Phase 2a study invalidated due to low infection rates, new Phase 2a study planned. Both candidates are discovered using a proprietary structure-based drug discovery platform.

Customers and end markets

No commercial customers as of the filing date. Target end markets are treatment and prophylaxis of viral infectious diseases, including influenza, coronaviruses, and norovirus.

Value-chain role

Early-stage drug discovery and clinical development. Relies on third-party collaborators, contract research organizations, and clinical sites (including Emory University School of Medicine) for trial execution. Does not manufacture or commercialize products. Regulatory approval from the FDA is required before any U.S. commercialization.

Geographic exposure

Operations and clinical development primarily in the United States. The filing notes potential future international commercialization agreements but no current international revenue or operations are disclosed.

Source: SEC 10-K, filed 2026-03-31

Industry: Pharmaceutical Preparations Peers: Acer Therapeutics Inc. Elicio Therapeutics Inc Real Brands, Inc. Clever Leaves Holdings Inc. Processa Pharmaceuticals Inc Johnson & Johnson Landos Biopharma, Inc.