Cocrystal Pharma (COCP) Financials

Cocrystal Pharma’s latest quarter shows a familiar biotech profile: no meaningful product revenue, steady operating losses, and continued reliance on its cash balance to fund research and development. For Q1 2026, the company reported $225,000 in revenue against $2.58 million in operating expenses, resulting in a net loss of $2.3 million. Cash and equivalents fell to $4.7 million at quarter-end, down sharply from $7.7 million at the end of Q3 2025 and $13.0 million a year earlier.

What stands out over the last four years is the improving loss trend, but at a cost: Cocrystal has reduced quarterly operating losses from the $4 million to $5 million range in 2023-2024 to around $2.0 million to $2.4 million in the last several quarters. That improvement appears to come from lower spending, especially in R&D, rather than from a step-change in revenue growth. Revenue remains minimal and inconsistent, which is typical for a clinical-stage biotech company.

Balance sheet liquidity is the biggest near-term issue. The company ended Q1 2026 with $5.94 million in current assets and $3.31 million in total liabilities, leaving $4.12 million in common equity. That is a much smaller cash cushion than the prior year, and operating cash burn remains significant. In Q1 2026 alone, operating cash flow was negative $2.34 million.

• Operating losses have improved materially versus 2023-2024. Q1 2026 net loss of $2.3 million is better than the $3.9 million to $5.3 million quarterly losses seen in much of 2024.
• Cash balance is still positive and above the near-term quarterly burn rate. Cocrystal had $4.7 million in cash and equivalents at the end of Q1 2026.
• Interest and other income partially offset operating losses. In Q1 2026, other income of $35,000 and lower interest expense helped narrow the pre-tax loss slightly.
• R&D spending has come down from prior-year levels. Q1 2026 R&D expense was $1.37 million, below the $1.62 million in Q4 2025 and far below some 2024 quarters.
• Revenue was present in Q1 2026, but it was very small. The company reported $225,000 in operating revenue, which is not enough to change the overall financial picture.
• Share count has been relatively stable recently. Basic shares outstanding were 13.8 million in Q1 2026, similar to Q4 2025, though that is still higher than earlier periods in 2025.
• The company’s financial profile remains typical of a clinical-stage biotech. Heavy R&D spending and recurring losses suggest future progress depends on pipeline execution and financing access.
• Operating cash burn remains substantial. Q1 2026 operating cash outflow was $2.34 million, which puts pressure on the cash balance.
• Cash has declined sharply year over year. Cash and equivalents fell from $13.0 million in Q3 2024 to $4.7 million in Q1 2026.
• Retained earnings remain deeply negative. The company’s accumulated losses underscore the long history of unprofitable operations.

Bottom line: Cocrystal Pharma appears to be extending its runway by keeping quarterly losses lower than in prior years, but it is still burning cash and generating only a small amount of revenue. For investors, the key questions are whether its pipeline can create meaningful clinical or partnership value before liquidity becomes a bigger constraint.