The company lacks sustainable operating leverage, with revenue remaining negligible and operating losses reaching a peak of $5.4 million in 2024Q2.
| 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 |
|---|
| Sales/Revenue | 225K | 0 | 0 | 0 | 0 | 0 | 2.01M | 6.56M | 0 | 0 | 0 | 78K | 9K | 0 | 17.19M | 12.61M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | -100% | -69.32% | - | - | - | -100% | 766.67% | - | -100% | 36.38% | - | - | - | - | - |
| Cost of Goods Sold | -1.28M | 0 | 12.54M | 15.17M | 12.39M | 8.79M | 6.03M | 4M | 50K | 101K | 201K | 192K | 4.07K | 3.86K | 9.97M | 8.64M | 3.8K | 4.6K | 1.8K | 1.8K |
| COGS % of Revenue | - | - | - | - | - | - | 299.6% | 61% | - | - | - | 246.15% | 45.23% | - | 57.99% | 68.54% | - | - | - | - |
| Gross Profit | 1.51M | 0 | -12.54M | -15.17M | -12.39M | -8.79M | -4.02M | 2.56M | -50K | -101K | -201K | -114K | 4.93K | -3.86K | 7.22M | 3.97M | -3.8K | -4.6K | -1.8K | -1.8K |
| Gross Margin % | 669.78% | - | - | - | - | - | -199.6% | 39% | - | - | - | -146.15% | 54.77% | - | 42.01% | 31.46% | - | - | - | - |
| Gross Profit Growth % | - | 100% | 17.35% | -22.41% | -40.91% | -118.76% | -257.03% | 5220% | 50.5% | 49.75% | -76.32% | -2412.84% | 227.63% | -100.05% | 82.11% | 104454.95% | 17.39% | -155.56% | 0% | - |
| Operating Expenses | 10.54M | 9.02M | 5.34M | 3.39M | 26.44M | 5.43M | 5.57M | 50.97M | 62.92M | 8.26M | 105.82M | 54.03M | 5.81M | 3.3M | 9.86M | 7.85M | 49.49K | 42.85K | 55.85K | 61.52K |
| OpEx % of Revenue | - | - | - | - | - | - | 276.37% | 776.45% | - | - | - | 69264.1% | 64533.33% | - | 57.35% | 62.3% | - | - | - | - |
| Selling, General & Admin | 4.19M | 3.96M | 5.34M | 5.99M | 5.75M | 5.43M | 5.57M | 4.86M | 4.35M | 2.44M | 4.14M | 6.76M | 1.74M | 3.28M | 7.12M | 7.45M | 49.49K | 42.85K | 55.85K | 61.52K |
| SG&A % of Revenue | - | - | - | - | - | - | 276.37% | 74.09% | - | - | - | 8673.08% | 19300% | - | 41.39% | 59.13% | - | - | - | - |
| Research & Development | 5.07M | 5.05M | 12.54M | 15.17M | 12.39M | 8.79M | 6.03M | 4M | 58.57M | 5.82M | 101.68M | 47.26M | 4.07M | 17.5K | 743.09K | 399.62K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 299.6% | 61% | - | - | - | 60591.03% | 45233.33% | - | 4.32% | 3.17% | - | - | - | - |
| Other Operating Expenses | 888K | 0 | -12.54M | -17.77M | 8.3M | -8.79M | -6.03M | 42.1M | 0 | -131K | -1K | 0 | 0 | 0 | 2M | 0 | 0 | 1.44K | 2.94K | 61.52K |
| Operating Income | -9.03M | -9.02M | -17.88M | -18.56M | -38.83M | -14.22M | -9.59M | -48.41M | -62.92M | -8.26M | -105.82M | -53.95M | -5.8M | -3.3M | -2.64M | -3.89M | -49.49K | -42.85K | -55.85K | -61.52K |
| Operating Margin % | -4015.11% | - | - | - | - | - | -475.97% | -737.45% | - | - | - | -69164.1% | -64433.33% | - | -15.34% | -30.84% | - | - | - | - |
| Operating Income Growth % | - | 49.55% | 3.67% | 52.2% | -173.04% | -48.35% | 80.2% | 23.07% | -661.61% | 92.19% | -96.15% | -830.3% | -75.67% | -25.2% | 32.17% | -7753.64% | -15.51% | 23.29% | 9.22% | - |
| EBITDA | -8.59M | -8.64M | -17.75M | -18.37M | -38.64M | -14.03M | -9.43M | -48.31M | -62.87M | -8.16M | -105.62M | -53.76M | -5.6M | -3.16M | -2.2M | -3.36M | -49.16K | -42.51K | -55.57K | -63.63K |
| EBITDA Margin % | -3818.67% | - | - | - | - | - | -468.17% | -735.95% | - | - | - | -68917.95% | -62222.22% | - | -12.78% | -26.62% | - | - | - | - |
| EBITDA Growth % | 46.11% | 51.31% | 3.36% | 52.46% | -175.42% | -48.81% | 80.48% | 23.17% | -670.42% | 92.27% | -96.48% | -859.93% | -77.08% | -43.93% | 34.51% | -6725.39% | -15.63% | 23.5% | 12.65% | - |
| D&A (Non-Cash Add-back) | 442K | 376K | 126K | 189K | 185K | 190K | 157K | 98K | 50K | 101K | 201K | 192K | 199K | 138.66K | 439.42K | 531.84K | 336 | 336 | 280 | -2.1K |
| EBIT | -9.03M | -9.02M | -17.88M | -21.16M | -18.14M | -14.22M | -9.59M | -2.3M | -62.57M | -7.49M | -105.82M | -53.95M | -5.8M | -8.3M | -2.48M | -4.21M | 23.26K | -42.61K | -53.58K | 0 |
| Net Interest Income | -15K | 0 | 537K | 640K | -2K | -4K | -8K | -19K | 0 | 0 | 0 | 180K | 96K | 0 | 0 | -1.24M | -439.02K | 0 | 0 | 0 |
| Interest Income | -15K | 0 | 537K | 640K | 2 | 4 | 0 | 0 | 0 | 0 | 126K | 180K | 96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 2K | 4K | 8K | 19K | 0 | 0 | 0 | 0 | 0 | 3.34M | 5.48M | 1.24M | 439.02K | 0 | 0 | 0 |
| Other Income/Expense | 205K | 188K | 374K | 575K | -8K | 36K | -62K | 237K | 294K | 769K | 1.55M | -11.42M | 5.65M | -8.34M | -5.33M | -1.57M | 1.01K | 244 | 2.94K | 2.8K |
| Pretax Income | -8.83M | -8.83M | -17.5M | -17.98M | -38.84M | -14.19M | -9.65M | -48.17M | -62.63M | -7.49M | -104.27M | -65.37M | -151K | -11.64M | -7.96M | -5.45M | -48.48K | -41.37K | -52.92K | -58.72K |
| Pretax Margin % | -3924% | - | - | - | - | - | -479.05% | -733.84% | - | - | - | -83807.69% | -1677.78% | - | -46.33% | -43.27% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.58M | -6.88M | -29.39M | -15.25M | -52K | 0 | 0 | 3.27K | 1.01K | -1.48K | -2.94K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 21.69% | 91.82% | 28.19% | 23.33% | 34.44% | 0% | 0% | -0.06% | -2.09% | 3.57% | 5.55% | 0% |
| 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 |
| Net Margin % | -3924% | - | - | - | - | - | -479.05% | -733.84% | - | - | - | -64258.97% | -1100% | - | -46.33% | -43.29% | - | - | - | - |
| Net Income Growth % | 44.29% | 49.55% | 2.67% | 53.69% | -173.79% | -47.03% | 79.97% | 1.79% | -7901.31% | 99.18% | -49.38% | -50528.28% | 99.5% | -146.36% | -45.94% | -11157.29% | -17.18% | 21.82% | 9.89% | - |
| Net Income (Continuing) | -8.83M | -8.83M | -17.5M | -17.98M | -38.84M | -14.19M | -9.65M | -48.17M | -49.05M | -613K | -74.87M | -50.12M | -99K | -11.64M | -7.96M | -5.46M | -49.41K | -42.6K | -53.59K | -58.72K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.65M | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -0.64 | -0.78 | -1.72 | -0.00 | -4.77 | -1.85 | -2.01 | -15.78 | -21.01 | -0.30 | -38.14 | -28.60 | -0.29 | -62.00 | -45.41 | -35.60 | -0.39 | -0.40 | -0.51 | -0.62 |
| EPS Growth % | 52.87% | 54.65% | - | 99.96% | -157.84% | 7.96% | 87.26% | 24.89% | -6903.33% | 99.21% | -33.36% | -9762.07% | 99.53% | -36.53% | -27.56% | -9028.21% | 2.5% | 21.57% | 17.74% | - |
| EPS (Basic) | - | -0.78 | -1.72 | -0.00 | -4.77 | -1.85 | -2.01 | -15.78 | -21.01 | -0.30 | -38.17 | -28.60 | -0.29 | -62.00 | -45.41 | -35.60 | -0.39 | -0.40 | -0.51 | -0.62 |
| Diluted Shares Outstanding | 13.79M | 11.29M | 10.17M | 9.65M | 8.14M | 7.69M | 4.8M | 3.05M | 2.33M | 2.01M | 1.96M | 1.75M | 340.26K | 316.49K | 175.4K | 153.28K | 124.3K | 104.72K | 104.72K | 95.23K |
| Basic Shares Outstanding | 13.79M | 11.29M | 10.17M | 9.65M | 8.14M | 7.69M | 4.8M | 3.05M | 2.33M | 2.01M | 1.96M | 1.75M | 340.26K | 316.49K | 175.4K | 153.28K | 124.3K | 104.72K | 104.72K | 95.23K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited cash runway
As indicated by the company's financial history, Cocrystal Pharma remains a pre-revenue entity, with the $225,000 in revenue reported in 2026Q1 representing an isolated milestone payment rather than a sustainable growth trend, highlighting the inherent volatility of its partnership-dependent business model for investors.
The absence of consistent top-line growth underscores the company's reliance on sporadic collaboration inflows rather than commercial product sales. This lack of recurring revenue suggests that future growth trajectories will remain entirely contingent on the successful achievement of clinical milestones and the timing of partnership-related payments.
Based on reported income statements, Cocrystal Pharma's cost structure is dominated by high research and development expenditures, which reached a peak of $4.3 million in 2024Q2, reflecting the significant capital requirements necessary to advance its proprietary antiviral pipeline through early-stage clinical trials.
The company's expense discipline appears constrained by the necessity of funding laboratory operations and clinical research organizations. Investors should monitor whether the recent reduction in R&D spending to $1.4 million in 2026Q1 represents a strategic efficiency gain or a forced contraction due to limited liquidity.
According to the provided quarterly data, Cocrystal Pharma exhibits no meaningful operating leverage, as the company consistently reports negative operating income, with losses reaching $5.4 million in 2024Q2, demonstrating that current revenue streams are insufficient to cover the fixed costs of its structural biology platform.
The persistent gap between operating expenses and revenue suggests that the business model has yet to achieve the scale required for operational self-sufficiency. Without a significant shift in the revenue-to-cost ratio, the company will likely continue to rely on external financing to bridge its ongoing operating deficits.
With cash and equivalents reported at approximately $7 million, the company faces a precarious financial position, as evidenced by the persistent quarterly net losses that suggest a limited operational runway, potentially forcing management into dilutive equity raises to sustain its ongoing clinical development programs.
The current cash position warrants further investigation into the company's ability to fund its pipeline without significantly impairing shareholder value. The market may be pricing the equity as a distressed asset, reflecting the high probability that additional capital will be required before any major clinical readouts occur.
Quick answers to the most common questions about buying COCP stock.
For fiscal year 2025, Cocrystal Pharma, Inc. (COCP) reported total revenue of $0.0M.
Cocrystal Pharma, Inc. (COCP) reported a net loss of $8.8M for the fiscal year ending 2025.