The capital structure is under pressure as total assets contracted from $31.3 million in 2023Q4 to $7.4 million in 2026Q1, while $1.4 million in debt remains outstanding.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Current Assets | 5.94M | 8.13M | 11.58M | 29.09M | 40.18M | 59.32M | 34.02M | 8.28M | 2.94M | 2.18M | 5.47M | 9.92M | 6.38M | 6.46M | 2.67M | 2.9M | 22.78K | 45.62K | 75.14K | 109.85K |
| Cash & Short-Term Investments | 4.68M | 7.03M | 9.86M | 26.35M | 37.14M | 58.7M | 33.01M | 7.42M | 2.72M | 748K | 3.64M | 9.28M | 5.95M | 589.47K | 62.3K | 416.33K | 22.78K | 43.05K | 74.59K | 109.85K |
| Cash Only | 4.68M | 7.03M | 9.86M | 26.35M | 37.14M | 58.7M | 33.01M | 7.42M | 2.72M | 748K | 3.64M | 9.28M | 3.97M | 589.47K | 62.3K | 416.33K | 22.78K | 43.05K | 74.59K | 109.85K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 761K | 706K | 1.22M | 890K | 716K | 0 | 556K | 644K | 0 | 1.29M | 1.31M | 202K | 287K | 0 | 835K | 523.04K | 1.4M | 0 | 0 | 0 |
| Days Sales Outstanding | 1.47K | - | - | - | - | - | 100.76 | 35.81 | - | - | - | 945.26 | 11.64K | - | 17.73 | 15.15 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29K | 0 | 0 | 0 | 0 | 1.65M | 1.82M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 104.8 | - | - | - | - | 60.45 | 76.88 | - | - | - | - |
| Other Current Assets | 493K | 403K | 505K | 1.85M | 2.32M | 50K | 50K | 50K | 29K | 28K | 517K | 441K | 144K | 0 | 121.91K | 0 | -3.94M | 0 | 0 | 0 |
| Total Non-Current Assets | 1.49M | 1.58M | 1.88M | 2.17M | 662K | 20.07M | 20.23M | 20.25M | 65.62M | 119.25M | 119.41M | 214.31M | 252.91M | 488 | 4.57M | 4.64M | 66.59K | 66.93K | 62.07K | 61.34K |
| Property, Plant & Equipment | 1.39M | 1.48M | 1.85M | 2.12M | 616K | 931K | 1.09M | 1.11M | 384K | 119K | 280K | 430K | 284K | 469 | 3.33M | 3.34M | 5.26K | 5.6K | 732 | 0 |
| Fixed Asset Turnover | 0.15x | - | - | - | - | - | 1.85x | 5.92x | - | - | - | 0.18x | 0.03x | - | 5.16x | 3.77x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 19.09M | 19.09M | 19.09M | 65.19M | 65.19M | 65.19M | 65.19M | 65.19M | 0 | 1.03M | 1.03M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53.91M | 53.91M | 146.3M | 184.97M | 0 | 190.89K | 247.45K | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.78M | 31K | -23.91M | 2.35M | 0 | 0 | -102.02K | -102.02K | 61.34K | 61.34K | 61.34K | 0 |
| Other Non-Current Assets | 95K | 95K | 29K | 46K | 46K | 46K | 46K | 50K | 40K | -293K | 31K | -16.44M | 2.46M | 19 | 17.68K | 25.32K | 0 | 0 | 0 | 61.34K |
| Total Assets | 7.43M | 9.71M | 13.46M | 31.26M | 40.84M | 79.39M | 54.24M | 28.53M | 68.56M | 121.43M | 124.88M | 224.23M | 259.28M | 6.46M | 7.24M | 7.55M | 89.37K | 112.55K | 137.2K | 171.18K |
| Asset Turnover | 0.02x | - | - | - | - | - | 0.04x | 0.23x | - | - | - | 0.00x | 0.00x | - | 2.37x | 1.67x | - | - | - | - |
| Asset Growth % | -154.38% | -27.82% | -56.95% | -23.46% | -48.56% | 46.37% | 90.12% | -58.39% | -43.54% | -2.77% | -44.31% | -13.52% | 3915.99% | -10.82% | -4.07% | 8343.98% | -20.6% | -17.97% | -19.85% | - |
| Total Current Liabilities | 2.23M | 2.21M | 2.43M | 3.26M | 1.22M | 1.54M | 1.36M | 2.29M | 1.56M | 1.41M | 2.04M | 6.7M | 9.16M | 12.48M | 7.93M | 7.28M | 82.44K | 58.01K | 41.86K | 24.05K |
| Accounts Payable | 1.37M | 890K | 1.54M | 1.22M | 614K | 578K | 657K | 1.51M | 616K | 494K | 563K | 2.58M | 299K | 224K | 736.28K | 1.62M | 963.85K | 0 | 0 | 24.05K |
| Days Payables Outstanding | -274.89 | - | 44.89 | 29.4 | 18.09 | 23.99 | 39.74 | 137.74 | 4.5K | 1.79K | 1.02K | 4.91K | 26.81K | 21.17K | 26.96 | 68.3 | 92.58K | - | - | 4.88K |
| Short-Term Debt | 343K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 214K | 0 | 0 | 0 | 0 | 0 | 2.75M | 3.41M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 464K | 0 | 0 | 0 | 0 | 0 | 3.52M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 515K | 986K | 0 | 1.69M | 130K | 116K | 187K | 7K | 127K | 569K | 1.48M | 4.12M | 8.86M | 12.12M | 3.68M | 985.64K | -1.01M | 0 | 0 | 0 |
| Current Ratio | 2.66x | 3.68x | 4.77x | 8.92x | 33.04x | 38.40x | 25.05x | 3.62x | 1.89x | 1.55x | 2.68x | 1.48x | 0.70x | 0.52x | 0.34x | 0.40x | 0.28x | 0.79x | 1.79x | 4.57x |
| Quick Ratio | 2.66x | 3.68x | 4.77x | 8.92x | 33.04x | 38.40x | 25.05x | 3.62x | 1.89x | 1.53x | 2.68x | 1.48x | 0.70x | 0.52x | 0.13x | 0.15x | 0.28x | 0.79x | 1.79x | 4.57x |
| Cash Conversion Cycle | 1.74K | - | - | - | - | - | - | - | - | - | - | - | - | - | 51.22 | 23.72 | - | - | - | - |
| Total Non-Current Liabilities | 1.08M | 1.17M | 1.5M | 1.61M | 57K | 298K | 379K | 537K | 117K | 14.62M | 20.52M | 49.94M | 243.47M | 0 | 2.89M | 3.04M | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.01M | 0 | 0 | 0 | 0 | 2.89M | 3.04M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.85M | 1.17M | 1.5M | 1.61M | 57K | 298K | 379K | 537K | 117K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.78M | 13.58M | 20.46M | 49.88M | 65.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63K | 61K | 178.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.31M | 3.38M | 3.93M | 4.88M | 1.27M | 1.84M | 1.74M | 2.82M | 1.67M | 16.03M | 22.56M | 56.64M | 252.63M | 12.48M | 10.82M | 10.32M | 82.44K | 58.01K | 41.86K | 24.05K |
| Total Debt | 1.42M | 1.5M | 1.81M | 1.85M | 297K | 534K | 596K | 817K | 331K | 1.01M | 0 | 0 | 0 | 0 | 5.65M | 6.45M | 0 | 0 | 0 | 0 |
| Net Debt | -3.26M | -5.52M | -8.05M | -24.5M | -36.85M | -58.17M | -32.41M | -6.6M | -2.39M | 259K | -3.64M | -9.28M | -3.97M | -589.47K | 5.59M | 6.03M | -22.78K | -43.05K | -74.59K | -109.85K |
| Debt / Equity | 0.35x | 0.24x | 0.19x | 0.07x | 0.01x | 0.01x | 0.01x | 0.03x | 0.00x | 0.01x | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.17x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.38x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -9068.50x | -3555.25x | -1198.25x | -121.21x | - | - | - | - | - | -2.48x | -0.45x | -3.39x | 0.05x | - | - | - |
| Total Equity | 4.12M | 6.33M | 9.52M | 26.38M | 39.57M | 77.55M | 52.51M | 25.71M | 66.89M | 105.4M | 102.32M | 167.59M | 6.65M | -6.03M | -3.58M | -2.77M | 6.93K | 54.54K | 95.34K | 147.13K |
| Equity Growth % | -186.13% | -33.52% | -63.91% | -33.32% | -48.98% | 47.7% | 104.24% | -61.57% | -36.54% | 3.01% | -38.95% | 2419.83% | 210.37% | -68.31% | -29.29% | -40058.51% | -87.29% | -42.8% | -35.2% | - |
| Book Value per Share | 0.30 | 0.56 | 0.94 | 2.73 | 4.86 | 10.09 | 10.95 | 8.42 | 28.66 | 52.42 | 52.12 | 95.62 | 19.55 | -19.04 | -20.41 | -18.07 | 0.06 | 0.52 | 0.91 | 1.55 |
| Total Shareholders' Equity | 4.12M | 6.33M | 9.52M | 26.38M | 39.57M | 77.55M | 52.51M | 25.71M | 66.89M | 105.4M | 102.32M | 167.59M | 6.65M | -6.03M | -3.58M | -2.77M | 10.46K | 57.14K | 96.71K | 147.83K |
| Common Stock | 13K | 13K | 10K | 10K | 8K | 8K | 71K | 36K | 30K | 24K | 714K | 694K | 123K | 113.94K | 63.14K | 55.18K | 3.77K | 3.77K | 3.77K | 3.77K |
| Retained Earnings | -344.55M | -342.25M | -333.42M | -315.91M | -297.93M | -259.09M | -244.91M | -235.26M | -187.09M | -138.04M | -137.43M | -62.56M | -12.43M | -33.75M | -14.13M | -6.16M | -204.34K | -155.86K | -114.49K | -61.57K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -983K | -1.36M | -1.35M | -1.15M | 236K | -10.11K | -4.93M | -4.56M | -952 | -616 | -280 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.54K | -2.6K | -1.37K | -700 |
Imminent liquidity shortfall
As reported in financial statements, Cocrystal Pharma's total assets have contracted significantly from $31.3 million in 2023Q4 to $7.4 million in 2026Q1, reflecting a persistent depletion of capital reserves that underscores the company's ongoing struggle to achieve self-sustaining operations through its current drug discovery model.
The consistent decline in total assets suggests that the company is consuming its primary capital base to fund R&D activities without a corresponding replenishment from commercial milestones. This trajectory indicates that the business model remains highly dependent on external financing, which may become increasingly difficult to secure as the asset base shrinks.
Based on recent quarterly filings, the company's cash position has dwindled to $4.7 million as of 2026Q1, a sharp decline from the $26.4 million held in 2023Q4, which signals a rapidly narrowing window for management to secure non-dilutive funding or achieve a major clinical milestone.
The current ratio of 2.66, while appearing superficially adequate, masks the reality of a high-burn clinical-stage entity with limited revenue visibility. Investors should monitor the rate of cash depletion closely, as the current liquidity buffer may be insufficient to support the company's planned clinical trial enrollment velocity through the next fiscal year.
According to the provided balance sheet data, equity has plummeted from $26.4 million in 2023Q4 to $4.1 million in 2026Q1, a trend driven by the accumulation of a $344.5 million deficit in retained earnings that highlights the long-term value destruction inherent in the current clinical development cycle.
The erosion of equity suggests that the company is effectively trading ownership for the capital required to maintain its laboratory operations. This persistent negative trend in retained earnings warrants further investigation into whether future clinical readouts can realistically reverse the dilution cycle or if further equity issuance is inevitable.
As evidenced by the company's historical data, the reliance on debt, which remains at $1.4 million despite the shrinking asset base, introduces a layer of financial rigidity that may complicate future restructuring efforts or limit the company's flexibility during periods of extreme cash scarcity.
While the debt-to-equity ratio of 0.35 appears manageable in isolation, it represents a significant burden for a pre-revenue entity with no consistent cash flow to service interest or principal. This leverage, though modest in absolute terms, may indicate that the company is exhausting all available financing avenues, leaving little room for error.
Quick answers to the most common questions about buying COCP stock.
As of 2025, Cocrystal Pharma, Inc. (COCP) had total assets of $9.7M including $8.1M in current assets.
Cocrystal Pharma, Inc. (COCP) carries total debt of $1.5M, offset by $7.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cocrystal Pharma, Inc. (COCP) has total shareholders' equity (book value) of $6.3M ($0.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cocrystal Pharma, Inc. (COCP) reported a current ratio of 3.68x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.