Persistent negative free cash flow, often exceeding $2 million per quarter, underscores a structural inability to cover fixed research costs through current partnership-based revenue.
| 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 |
|---|
| Cash from Operations | -7.78M | -8.19M | -16.48M | -14.67M | -21.43M | -12.72M | -9.83M | -1.56M | -8.29M | -6.9M | -14.65M | -10.32M | -6.01M | -4.57M | -1.47M | -420.95K | -19.34K | -25.1K | -33.58K | -34.17K |
| Operating CF Margin % | - | - | - | - | - | - | -488.08% | -23.81% | - | - | - | -13226.92% | -66766.67% | - | -8.56% | -3.34% | - | - | - | - |
| Operating CF Growth % | 176.96% | 50.31% | -12.4% | 31.58% | -68.53% | -29.39% | -528.92% | 81.15% | -20.09% | 52.9% | -42.05% | -71.69% | -31.53% | -210.5% | -249.54% | -2076.03% | 22.93% | 25.25% | 1.72% | - |
| Net Income | -8.83M | -8.83M | -17.5M | -17.98M | -38.84M | -14.19M | -9.65M | -48.17M | -49.05M | -613K | -74.87M | -50.12M | -99K | -19.62M | -7.96M | -5.46M | -48.48K | -41.37K | -52.92K | -58.72K |
| Depreciation & Amortization | 59K | 72K | 126K | -1.39M | 388K | 190K | 157K | 98K | 50K | 101K | 201K | 192K | 199K | 138.66K | 439.42K | 531.84K | 336 | 336 | 280 | 0 |
| Stock-Based Compensation | 224K | 270K | 643K | 801K | 855K | 724K | 662K | 351K | 562K | 614K | 548K | 2.93M | 38K | 9.34M | 120K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -49K | 54K | 45.85M | -13.58M | -6.88M | -29.41M | -15.27M | -52K | 2.51M | 402.18K | 3.27K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -292K | 3K | 110K | 1.56M | 18.87M | -195K | -177K | -133K | 53.61M | -807K | 90.97M | 50.27M | -5.55M | 3.24M | 5.23M | -3.26M | 1.8K | 1.8K | 1.8K | 1.8K |
| Working Capital Changes | 1.06M | 294K | 140K | 2.34M | -2.71M | 796K | -878K | 443K | 117K | 682K | -2.08M | 1.68M | -542K | -167.61K | 306.41K | 1.49M | 27K | 14.13K | 17.26K | 22.76K |
| Change in Receivables | 1.66M | 509K | -325K | 0 | -716K | 556K | 88K | -644K | 0 | 20K | 11K | 0 | 0 | 0 | -461.76K | 560.35K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 716K | -217K | 919K | -919K | 0 | 0 | 0 | 0 | 0 | 0 | -237.25K | -665.91K | 0 | 0 | 0 | 0 |
| Change in Payables | -339.79K | 0 | -895K | 2.05M | -321K | 217K | -919K | 919K | 0 | 281K | -2.02M | 0 | 0 | 0 | -880.39K | 652.24K | 16.16K | 16.16K | 22.76K | 22.76K |
| Cash from Investing | -12.56K | -12K | -8K | -118K | -74K | -52K | -240K | -145K | 1.37M | -40K | 3K | -262K | 6.08M | -4 | -374.34K | 10.29K | -932 | -6.43K | -1.68K | -4.54K |
| Capital Expenditures | -12.56K | -12K | -8K | -118K | -74K | -52K | -240K | -145K | -28K | -40K | -51K | -339K | -5K | -4 | -374.34K | -575.43K | -5.2K | -5.2K | -1.01K | 0 |
| CapEx % of Revenue | 5.58% | - | - | - | - | - | 11.92% | 2.21% | - | - | - | 434.62% | 55.56% | - | 2.18% | 4.57% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 783K | 0 | 0 | 585.72K | 0 | 0 | -669 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 0 | 54K | 77K | 27K | 0 | 0 | 585.72K | 4.27K | -1.23K | -4.54K | -4.54K |
| Cash from Financing | 5.57M | 5.37M | 0 | 3.99M | -27K | 38.47M | 35.66M | 6.42M | 8.89M | 4.08M | 9.02K | 15.88K | 2.87K | 5.15M | 1.49M | 575.52K | 0 | 0 | 102.45K | 102.45K |
| Debt Issued (Net) | 0 | 0 | 0 | -7K | -27K | -39K | -121K | -214K | 981K | 1M | 0 | 0 | 0 | 700K | 1.1M | -126.27K | 283.1K | 0 | 0 | -30K |
| Equity Issued (Net) | 9.76M | 5.37M | 0 | 4M | 0 | 38.51M | 35.78M | 6.64M | 7.68M | 3M | 9.01M | 15.86M | 2.75M | 3.5M | 650K | 705K | 0 | 0 | 0 | 132.45K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 228K | 80K | 3K | 23K | 116K | 950K | -258.31K | -3.21K | 0 | 0 | -30K | 0 |
| Net Change in Cash | -2.24M | -2.83M | -16.49M | -10.79M | -21.54M | 25.7M | 25.59M | 4.72M | 1.98M | -2.86M | -5.64M | 5.31M | 2.94M | 581.37K | -354.04K | 164.86K | -20.28K | -31.53K | -35.26K | 63.75K |
| Free Cash Flow | -7.79M | -8.2M | -16.49M | -14.78M | -21.51M | -12.77M | -10.07M | -1.71M | -8.32M | -6.94M | -14.71M | -10.66M | -6.01M | -4.57M | -1.85M | -996.38K | -24.55K | -30.3K | -34.59K | -34.17K |
| FCF Margin % | -3463.2% | - | - | - | - | - | -500% | -26.02% | - | - | - | -13661.54% | -66822.22% | - | -10.74% | -7.9% | - | - | - | - |
| FCF Growth % | 47.78% | 50.26% | -11.56% | 31.27% | -68.42% | -26.82% | -489.58% | 79.47% | -19.8% | 52.79% | -38.01% | -77.19% | -31.64% | -147.52% | -85.24% | -3959.41% | 18.99% | 12.4% | -1.24% | - |
| FCF per Share | -0.57 | -0.73 | -1.62 | -1.53 | -2.64 | -1.66 | -2.10 | -0.56 | -3.56 | -3.45 | -7.49 | -6.08 | -17.67 | -14.44 | -10.52 | -6.50 | -0.20 | -0.29 | -0.33 | -0.36 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.93x | 0.94x | 0.82x | 0.55x | 0.90x | 1.02x | 0.03x | 0.17x | 11.26x | 0.20x | 0.21x | 60.70x | 0.23x | 0.18x | 0.08x | 0.40x | 0.61x | 0.63x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Limited cash runway
As reported in financial statements, Cocrystal Pharma consistently exhibits a tight correlation between net losses and operating cash outflows, with the OCF/NI ratio fluctuating near 1.0, which suggests that the company's reported losses are almost entirely driven by actual cash-based research and development expenditures.
The close alignment between net income and operating cash flow indicates that the company lacks significant non-cash expenses to mask its underlying burn rate. Investors should monitor this relationship, as it confirms that the company's financial health is directly tied to its ability to fund ongoing clinical activities without the benefit of accounting adjustments.
Based on the company's quarterly filings, Cocrystal Pharma has maintained a persistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $2 million, underscoring the structural inability of the current partnership-based revenue model to cover the high fixed costs of its drug discovery platform.
The lack of positive free cash flow suggests that the company remains in a capital-intensive phase where every dollar of revenue is immediately consumed by clinical trial and laboratory overhead. This trajectory warrants further investigation into how management intends to bridge the funding gap as current cash reserves continue to deplete.
According to recent SEC filings, Cocrystal Pharma's working capital movements have been highly erratic, with swings such as the $621,000 inflow in 2025Q4, which appears to provide temporary relief to the cash position but does not represent a sustainable improvement in the company's core operational efficiency.
These fluctuations in working capital often stem from the timing of milestone payments and the settlement of accrued liabilities rather than organic improvements in cash conversion. Analysts should interpret these shifts with caution, as they may obscure the underlying rate at which the company is consuming its limited liquidity.
As evidenced by historical data, Cocrystal Pharma utilizes stock-based compensation and periodic revaluations of warrant liabilities to manage its capital structure, which may temporarily mitigate the impact of cash burn on the balance sheet but ultimately fails to address the fundamental need for non-dilutive revenue.
The reliance on equity-linked instruments to manage the balance sheet suggests that the company is effectively trading future dilution for current operational survival. Investors should monitor the impact of these non-cash adjustments, as they may mask the true economic cost of maintaining the company's research operations.
Quick answers to the most common questions about buying COCP stock.
Cocrystal Pharma, Inc. (COCP) generated $-8.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cocrystal Pharma, Inc. (COCP) reported negative free cash flow of $8.2M in 2025, indicating capital requirements exceeded cash from operations.
Cocrystal Pharma, Inc. (COCP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.