Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical-stage biopharmaceutical company that develops proprietary structure-based drug designs, primarily generating minimal revenue while incurring significant research and development expenses.
Business. Cocrystal Pharma, Inc. (COCP) is a biotechnology and medical research company engaged in pharmaceuticals and medical research activities. The firm operates within the healthcare sector, focusing on product sales as its primary revenue model. Cocrystal Pharma is headquartered in the United States and is listed on the Nasdaq stock exchange. No specific operating segments or geographic breakdowns are provided in the available data.
Analyst recommendations
1 analysts · consensus BuyAt a glance
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The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
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Analysis
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Upcoming catalysts
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- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Cocrystal Pharma, Inc. (COCP) is a biotechnology and medical research company engaged in pharmaceuticals and medical research activities. The firm operates within the healthcare sector, focusing on product sales as its primary revenue model. Cocrystal Pharma is headquartered in the United States and is listed on the Nasdaq stock exchange. No specific operating segments or geographic breakdowns are provided in the available data.
Cocrystal Pharma maintains a debt-free capital structure with a debt-to-equity ratio of 0.0, supported by $7.025 million in cash and equivalents against total liabilities of $3.31 million. The current ratio stands at 2.66, indicating adequate short-term liquidity coverage. However, the company faces substantial going-concern risks, as its independent auditor has expressed doubt about its ability to continue as a going concern due to recurring operating losses and the need to raise additional funds. The market capitalization is approximately $13.54 million, with a price-to-book ratio of 3.29, reflecting investor expectations for future clinical milestones despite current unprofitability.
The company is not yet profitable, reporting a net loss of $2.299 million and an operating loss of $2.356 million in Q1 2026. Return on equity is negative at -55.86%, and return on assets is -30.96%, consistent with early-stage biopharma firms investing heavily in R&D before commercialization. Revenue is negligible at $225,000, resulting in an EV/Revenue multiple of 28.98, which is not comparable to mature pharmaceutical peers but typical for pre-revenue or early-revenue clinical-stage entities. The lack of positive earnings renders traditional profitability metrics like P/E and EV/EBITDA negative or meaningless for valuation purposes.
Revenue concentration is not diversified, as the company reports minimal total revenue of $225,000 in the latest period, with no disclosed segment breakdowns indicating significant commercial product sales. The business model relies on advancing proprietary drug candidates through clinical trials rather than generating substantial product revenue. Geographic exposure is primarily domestic, with operations and filings centered in the United States, though specific geographic revenue splits are not detailed due to the immateriality of current sales.
Growth trajectory is characterized by negative cash flow from operations of $2.34 million in Q1 2026, reflecting the cash-intensive nature of clinical development. The company has historically relied on equity financing to fund operations, as evidenced by recent securities purchase agreements and at-the-market offering activities. Without a clear path to near-term commercial revenue, revenue growth is not a primary metric; instead, progress is measured by clinical trial advancements, such as Phase 1B and Phase 2A trials mentioned in filing data.
Key risks include high liquidity risk due to the going-concern qualification and medium dilution risk from potential equity issuances. The company’s ability to continue as a going concern is dependent on raising additional capital, which may involve issuing new shares and diluting existing shareholders. Additionally, the stock price has fallen below $1.00, triggering US continued-listing minimum-bid threshold warnings, which poses a delisting risk if not resolved within the required timeframe.
Recent events include the filing of financial statements with going-concern language and the execution of securities purchase agreements in late 2025 to raise capital. Analyst estimates suggest a mean price target of $9.00, implying significant upside potential if clinical milestones are met, but the current market price of $0.9825 reflects high uncertainty and execution risk. The company continues to advance its clinical programs, with recent filings referencing Phase 1B and Phase 2A trial activities.
- Cocrystal Pharma is a clinical-stage biopharma with negligible revenue ($225k) and significant operating losses ($2.36M), relying on equity financing to fund R&D.
- The company has a strong balance sheet with $7.03M in cash and no debt, but faces substantial going-concern risks due to recurring cash burn.
- Dilution risk is medium, as the company has recently utilized securities purchase agreements and at-the-market offerings to raise capital.
- The stock price is below $1.00, triggering delisting warnings, which adds urgency to capital raising or corporate actions to maintain listing status.
- Analysts maintain a mean price target of $9.00, suggesting high expected upside contingent on successful clinical trial outcomes.
- No commercial revenue diversification exists; the business model is entirely dependent on advancing proprietary drug candidates through clinical development.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Revenue $225.0k; Operating income -$2.4M.
- ▍Revenue $225.0k
- ▍Operating income -$2.4M
- ▍Net margin -1021.8%
Operating income -$6.5M.
- ▍Operating income -$6.5M
Operating income -$4.4M.
- ▍Operating income -$4.4M
Operating income -$9.0M.
- ▍Operating income -$9.0M
Operating income -$17.9M.
- ▍Operating income -$17.9M
Operating income -$17.9M.
- ▍Operating income -$17.9M
Operating income -$18.6M.
- ▍Operating income -$18.6M
Operating income -$18.6M.
- ▍Operating income -$18.6M
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,69 |
| Revenue | —no estimate | —no estimate | 0 USD |
| Operating income | —no estimate | —no estimate | -10,7M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Filings reference going-concern or substantial-doubt language.
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Chief Executive Officer · Stock Options (Right to Buy) → Common StockAcquired 235 000 @ $1,12grant · 2026-06-03
- Director · Stock Options (Right to Buy) → Common StockAcquired 16 410 @ $1,10grant · 2026-01-09
- Director · Stock Options (Right to Buy) → Common StockAcquired 16 410 @ $1,10grant · 2026-01-09
- President and Co-CEO · Stock Options (Right to Buy) → Common StockAcquired 49 229 @ $1,10grant · 2026-01-09
- Director · Stock Options (Right to Buy) → Common StockAcquired 24 615 @ $1,10grant · 2026-01-09
- Director, 10% owner · Stock Options (Right to Buy) → Common StockAcquired 24 615 @ $1,10grant · 2026-01-09
- Director · Stock Options (Right to Buy) → Common StockAcquired 16 410 @ $1,10grant · 2026-01-09
- Director · Stock Options (Right to Buy) → Common StockAcquired 16 410 @ $1,10grant · 2026-01-09
- Co-CEO and CFO · Stock Options (Right to Buy) → Common StockAcquired 49 229 @ $1,10grant · 2026-01-09
- Co-CEO and CFO · Warrants → Common StockAcquired 7 196 @ $1,24grant · 2025-10-28
- Director, 10% owner · Warrants → Common StockAcquired 719 426 @ $1,24grant · 2025-10-28
- Director · Warrants → Common StockAcquired 719 426 @ $1,24grant · 2025-10-28
- Director · Warrants → Common StockAcquired 40 000 @ $1,24grant · 2025-10-28
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Price To Tangible Bookmarket_price / (tangible_book_value / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Cocrystal Pharma, Inc. company facts · 2026-07-17
- Cocrystal Pharma, Inc. 10-Q 2026-05-15 · 2026-07-17
- Cocrystal Pharma, Inc. 10-K 2026-03-31 · 2026-07-17
- Cocrystal Pharma, Inc. 10-Q 2025-11-14 · 2026-07-17
- Cocrystal Pharma, Inc. 10-Q 2025-08-14 · 2026-07-17
- ha_price_listing fired on COCP · 2026-07-17
- Cocrystal Pharma Inc Market data — analyst estimates · 2026-07-17
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2024-06-300,00 %$0M
- Investment Managers · as of 2025-12-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Brokerage Firms · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
Insider activity
- Director, 10% owner · Common StockBought 20 000 @ $1,00$20K · 2026-02-24
- Director, 10% owner · Common StockBought 50 000 @ $0,95$47K · 2026-02-06
- Director, 10% owner · Common StockBought 50 000 @ $0,95$47K · 2025-12-31
- Director, 10% owner · Common StockBought 20 000 @ $0,97$19K · 2025-12-30
- Director, 10% owner · Common StockBought 40 000 @ $0,97$39K · 2025-12-26
- Director, 10% owner · Common StockBought 25 000 @ $0,97$24K · 2025-12-24
- Director, 10% owner · Common StockBought 1 500 @ $1,00$2K · 2025-11-26
- Director, 10% owner · Common StockBought 2 500 @ $0,99$2K · 2025-11-26
- Director, 10% owner · Common StockBought 20 000 @ $0,94$19K · 2025-11-25
- Director · Common StockOther 20 000 · 2025-10-28
- Director, 10% owner · Common StockOther 359 713 @ $1,39$500K · 2025-10-28
- Director · Common StockOther 359 713 @ $1,39$500K · 2025-10-28
- Co-CEO and CFO · Common StockOther 3 598 @ $1,39$5K · 2025-10-28
Short positioning
Geographic breakdown
Intel & risk
no material change vs prior analysis (walked 17 fields; 4 schema-expansion field(s) excluded)
- Narrative— → —medium
- Business summary— → —medium
- Conclusion— → —medium
- Key takeaways— → —medium
- Company share pct— → —medium
Evidence & claims
From filings & derived data- Debt-to-equity (FY 2025-12-31): 0.53xDerived (calculated)
- Return on assets (FY 2025-12-31): -90.9%Derived (calculated)
- Return on equity (FY 2025-12-31): -139.5%Derived (calculated)
- Total liabilities (YoY) (2025-12-31 vs 2024-12-31): -14.0%Derived (calculated)
- Total assets (YoY) (2025-12-31 vs 2024-12-31): -27.8%Derived (calculated)
- EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): 54.7%Derived (calculated)
- EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): 54.7%Derived (calculated)
- Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): -33.5%Derived (calculated)
- R&D expense (YoY) (2025-12-31 vs 2024-12-31): -59.7%Derived (calculated)
- Operating income (YoY) (2025-12-31 vs 2024-12-31): 49.6%Derived (calculated)
- Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): 50.3%Derived (calculated)
- Net income (YoY) (2025-12-31 vs 2024-12-31): 49.5%Derived (calculated)
- Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): -28.8%Derived (calculated)
- Capex (YoY) (2025-12-31 vs 2024-12-31): 50.0%Derived (calculated)
- Current ratio (FY 2025-12-31): 3.68xDerived (calculated)
- Capex (annual): USD 12KSEC XBRL filing
- Cash & equivalents (annual): USD 7.03MSEC XBRL filing
- Shareholders' equity (annual): USD 6.33MSEC XBRL filing
- Total operating expenses (annual): USD 9.02MSEC XBRL filing
- Net income (annual): USD -8.83MSEC XBRL filing
- Total liabilities (annual): USD 3.38MSEC XBRL filing
- Current liabilities (annual): USD 2.21MSEC XBRL filing
- Operating cash flow (annual): USD -8.19MSEC XBRL filing
- Total assets (annual): USD 9.71MSEC XBRL filing