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Dec 31, 2023
Cocrystal Pharma Q4 2023 Earnings Report
Reported financial results for the year ended December 31, 2023, and provided updates on its antiviral product pipeline, upcoming milestones and business activities.
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