Cocrystal Pharma, Inc., a clinical-stage biotechnology company focused on developing antiviral therapeutics, reported significant financial changes in its 10-Q filing for the nine months ended September 30, 2024. The company experienced a net loss of approximately $14.2 million, an increase from a net loss of $13.5 million during the same period in 2023. The net loss per common share for this period was $(1.40), slightly improved from $(1.43) in the previous year.

Total operating expenses for the nine months ended September 30, 2024, rose to $14.6 million, compared to $13.9 million in 2023. Research and development expenses decreased to $10.5 million from $10.9 million, while general and administrative expenses also saw a reduction, totaling $4.1 million compared to $4.6 million in the prior year. The increase in overall operating expenses was attributed to ongoing clinical trials and operational costs.

Cocrystal's cash position has notably declined, with current assets reported at $14.3 million as of September 30, 2024, down from $29.1 million at the end of 2023. Cash and restricted cash decreased to approximately $13.1 million from $29.8 million over the same period. The company utilized $13.3 million in net cash for operating activities, an increase from $11.3 million in the previous year.

Strategically, Cocrystal faced challenges as it terminated its Collaboration Agreement with Merck Sharp & Dohme LLC, which was initiated in January 2019 for the development of influenza antiviral agents. The agreement was ended due to the inability to develop compounds that met program specifications. Additionally, the company terminated two License Agreements with Kansas State University Research Foundation, citing futility in further development efforts.

Cocrystal continues to focus on its lead candidate, CC-42344, a novel PB2 inhibitor for treating influenza A, which is currently in a Phase 2a human challenge study. The company is also advancing CDI-988, a protease inhibitor for noroviruses and coronaviruses, which is undergoing a Phase 1 clinical study in Australia.

As of September 30, 2024, Cocrystal had approximately 10.2 million shares of common stock outstanding and has authorized a total of 100 million shares of common stock. The company has not yet achieved profitability and anticipates continued operating losses as it progresses through its clinical development phases. Future funding is expected to come from additional equity offerings and strategic partnerships, although there are no guarantees regarding the availability of such funding.