Cocrystal Pharma Q4 2023 Earnings Report
Key Takeaways
Cocrystal Pharma reported a net loss for 2023 of $18.0 million, or $1.87 per share, compared to a net loss of $38.8 million in 2022. The company's cash position was reported as $26.4 million as of December 31, 2023, and believes it is sufficient to fund current operations including planned clinical studies beyond the next 12 months.
FDA feedback to Pre-IND package provides clarity for Phase 2b clinical trial with CC-42344.
Planned IND filing for late-stage clinical development of oral CC-42344.
Phase 1 study initiation expected in 2024 for inhaled CC-42344.
Topline data expected from first-in-human study with CDI-988.
Cocrystal Pharma
Cocrystal Pharma
Forward Guidance
Cocrystal Pharma anticipates several key milestones in 2024, including clinical trial advancements and data readouts, while operating under a cost-efficient business model.
Positive Outlook
- Advancing influenza candidate CC-42344 into a Phase 2a study
- Advancing the dual norovirus-coronavirus candidate CDI-988 into a Phase 1 study
- Planning to file an IND for late-stage clinical development of oral CC-42344
- Initiating a Phase 1 study in healthy volunteers with inhaled CC-42344
- Expecting topline data from the ongoing first-in-human study with CDI-988
Challenges Ahead
- Risks and uncertainties arising from the high interest rates in response to inflation
- Uncertainty in the financial markets, the possibility of a recession and geopolitical conflict in Ukraine and Israel
- Manufacturing and research delays arising from raw materials and labor shortages, supply chain disruptions and other business interruptions
- The ability of CROs to recruit volunteers for, and to proceed with, clinical studies
- Potential mutations in a virus we are targeting that may result in variants that are resistant to a product candidate we develop