Cocrystal Pharma, Inc.
COCPHealthcare|Biotechnology|US
$1.04
+0.04 (+4.00%)
DCF Value
$0.47
Tangible Book / Share
$0.08
Cash / Share
$0.16
Financials
Financial Snapshot
Market Cap
$20.0M
Enterprise Value
$19.2M
Revenue (TTM)
$330.0K
Net Income (TTM)
-$9.9M
Cash & Investments
$2.2M
Net Cash
$828.0K
Free Cash Flow (TTM)
-$8.2M
Operating CF (TTM)
-$8.1M
Debt/Equity
1.28
Cash Runway & Burn Rate
Cash on Hand
$2.2M
Quarterly Burn
$2.0M
Monthly Burn
$678.4K
Est. Runway
~1.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $3.6M | $748.0K | $2.7M | $7.4M | $33.0M | $58.7M | $37.1M | $26.4M | $9.9M | $7.0M | $2.2M | |
| Operating Cash Flow | -$14.7M | -$6.9M | -$8.3M | -$1.6M | -$9.8M | -$12.7M | -$21.4M | -$14.7M | -$16.5M | -$8.2M | -$8.1M | |
| Free Cash Flow | -$14.7M | -$6.9M | -$8.3M | -$1.7M | -$10.1M | -$12.8M | -$21.5M | -$14.8M | -$16.5M | -$8.2M | -$8.2M | |
| Capital Expenditure | -$51.0K | -$40.0K | -$28.0K | -$145.0K | -$240.0K | -$52.0K | -$74.0K | -$118.0K | -$8.0K | -$12.0K | -$12.6K | |
| Financing Cash Flow | $9.0K | $4.1M | $8.9M | $6.4M | $35.7M | $38.5M | -$27.0K | $4.0M | $0.00 | $5.4M | $5.6M |
R&D Spending
R&D (TTM)
$6.1M
R&D Intensity
1844.2%
R&D Growth vs Prior
+20.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $6.6M | $2.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $330.0K | |
| R&D Expense | $101.7M | $5.8M | $58.6M | $4.0M | $6.0M | $8.8M | $12.4M | $15.2M | $12.5M | $5.1M | $6.1M | |
| R&D % of Revenue | — | — | — | 61.0% | 299.6% | — | — | — | — | — | 1844.2% | |
| SG&A | $4.1M | $2.4M | $4.4M | $4.9M | $5.6M | $5.4M | $5.7M | $6.0M | $5.3M | $4.0M | $4.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $6.6M | $2.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $330.0K | |
| Cost of Revenue | $201.0K | $101.0K | $50.0K | $4.0M | $6.0M | $8.8M | $12.4M | $15.2M | $12.5M | $5.1M | $0.00 | |
| Gross Profit | -$201.0K | -$101.0K | -$50.0K | $2.6M | -$4.0M | -$8.8M | -$12.4M | -$15.2M | -$12.5M | -$5.1M | $330.0K | |
| R&D | $101.7M | $5.8M | $58.6M | $4.0M | $6.0M | $8.8M | $12.4M | $15.2M | $12.5M | $5.1M | $6.1M | |
| SG&A | $4.1M | $2.4M | $4.4M | $4.9M | $5.6M | $5.4M | $5.7M | $6.0M | $5.3M | $4.0M | $4.4M | |
| Operating Income | -$105.8M | -$8.3M | -$62.9M | -$48.4M | -$9.6M | -$14.2M | -$38.8M | -$18.6M | -$17.9M | -$9.0M | -$10.1M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $19.0K | $8.0K | $4.0K | $2.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$104.3M | -$7.5M | -$62.6M | -$48.2M | -$9.6M | -$14.2M | -$38.8M | -$18.0M | -$17.5M | -$8.8M | -$9.9M | |
| Net Income | -$74.9M | -$613.0K | -$49.0M | -$48.2M | -$9.6M | -$14.2M | -$38.8M | -$18.0M | -$17.5M | -$8.8M | -$9.9M | |
| EPS (Diluted) | -38.14 | -0.30 | -21.01 | -15.78 | -2.01 | -1.85 | -4.77 | -0.00 | -1.72 | -0.78 | -0.80 | |
| EBITDA | -$105.6M | -$7.4M | -$62.5M | -$2.2M | -$9.4M | -$14.0M | -$17.7M | -$21.0M | -$17.4M | -$8.5M | -$9.9M | |
| Shares Out. (M) | 1.96 | 2.01 | 2.33 | 3.05 | 4.80 | 7.69 | 8.14 | 9.65 | 10.17 | 11.29 | 13.79 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.6M | $748.0K | $2.7M | $7.4M | $33.0M | $58.7M | $37.1M | $26.4M | $9.9M | $7.0M | $2.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $5.5M | $2.2M | $2.9M | $8.3M | $34.0M | $59.3M | $40.2M | $29.1M | $11.6M | $8.1M | $3.2M | |
| Total Assets | $124.9M | $121.4M | $68.6M | $28.5M | $54.2M | $79.4M | $40.8M | $31.3M | $13.5M | $9.7M | $4.6M | |
| Total Current Liabilities | $2.0M | $1.4M | $1.6M | $2.3M | $1.4M | $1.5M | $1.2M | $3.3M | $2.4M | $2.2M | $2.6M | |
| Long-Term Debt | $0.00 | $1.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $22.6M | $16.0M | $1.7M | $2.8M | $1.7M | $1.8M | $1.3M | $4.9M | $3.9M | $3.4M | $3.6M | |
| Stockholders' Equity | $102.3M | $105.4M | $66.9M | $25.7M | $52.5M | $77.5M | $39.6M | $26.4M | $9.5M | $6.3M | $1.0M | |
| Retained Earnings | -$137.4M | -$138.0M | -$187.1M | -$235.3M | -$244.9M | -$259.1M | -$297.9M | -$315.9M | -$333.4M | -$342.2M | -$347.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.7M | -$6.9M | -$8.3M | -$1.6M | -$9.8M | -$12.7M | -$21.4M | -$14.7M | -$16.5M | -$8.2M | -$8.1M | |
| Capital Expenditure | -$51.0K | -$40.0K | -$28.0K | -$145.0K | -$240.0K | -$52.0K | -$74.0K | -$118.0K | -$8.0K | -$12.0K | -$12.6K | |
| Free Cash Flow | -$14.7M | -$6.9M | -$8.3M | -$1.7M | -$10.1M | -$12.8M | -$21.5M | -$14.8M | -$16.5M | -$8.2M | -$8.2M | |
| Investing Cash Flow | $3.0K | -$40.0K | $1.4M | -$145.0K | -$240.0K | -$52.0K | -$74.0K | -$118.0K | -$8.0K | -$12.0K | -$12.6K | |
| Financing Cash Flow | $9.0K | $4.1M | $8.9M | $6.4M | $35.7M | $38.5M | -$27.0K | $4.0M | $0.00 | $5.4M | $5.6M | |
| Issuance of Stock | $9.0M | $3.0M | $7.7M | $6.6M | $35.8M | $38.5M | $0.00 | $4.0M | $0.00 | $5.4M | $9.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $1.0M | $981.0K | -$214.0K | -$121.0K | -$39.0K | -$27.0K | -$7.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $548.0K | $614.0K | $562.0K | $351.0K | $662.0K | $724.0K | $855.0K | $801.0K | $643.0K | $270.0K | $232.0K | |
| Net Change in Cash | -$5.6M | -$2.9M | $2.0M | $4.7M | $25.6M | $25.7M | -$21.5M | -$10.8M | -$16.5M | -$2.8M | -$2.6M |
Dilution Tracker
Shares outstanding grew 135.4% over 5 years — significant dilution
Shares Outstanding
19M
5-Year Share Growth
+135.4%
Stock Issuance (TTM)
$9.8M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.96 | 2.01 | 2.33 | 3.05 | 4.80 | 7.69 | 8.14 | 9.65 | 10.17 | 11.29 | 13.79 | |
| Change vs Prior % | — | 2.4% | 16.1% | 30.8% | 57.1% | 60.3% | 5.9% | 18.5% | 5.4% | 11.0% | 22.1% | |
| Stock Issuance | $9.0M | $3.0M | $7.7M | $6.6M | $35.8M | $38.5M | $0.00 | $4.0M | $0.00 | $5.4M | $9.8M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $548.0K | $614.0K | $562.0K | $351.0K | $662.0K | $724.0K | $855.0K | $801.0K | $643.0K | $270.0K | $232.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | 39.0% | -199.6% | — | — | — | — | — | 100.0% | |
| Operating Margin % | — | — | — | -737.4% | -476.0% | — | — | — | — | — | -3063.6% | |
| Net Margin % | — | — | — | -733.8% | -479.0% | — | — | — | — | — | -3011.5% | |
| EBITDA Margin % | — | — | — | -33.6% | -468.2% | — | — | — | — | — | -2996.4% | |
| FCF Margin % | — | — | — | -26.0% | -500.0% | — | — | — | — | — | -2470.7% | |
| ROE % | -73.2% | -0.6% | -73.3% | -187.4% | -18.4% | -18.3% | -98.2% | -68.2% | -183.8% | -139.5% | -207.5% | |
| ROA % | -60.0% | -0.5% | -71.5% | -168.8% | -17.8% | -17.9% | -95.1% | -57.5% | -130.1% | -90.9% | -213.8% | |
| ROIC % | -61.9% | -0.6% | -73.3% | -182.5% | -18.1% | -18.2% | -97.4% | -65.7% | -157.8% | -115.1% | -423.9% | |
| R&D / Revenue % | — | — | — | 61.0% | 299.6% | — | — | — | — | — | 1844.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -100.0% | 0.0% | 0.0% | 0.0% | -69.3% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -76.3% | 49.8% | 50.5% | 5220.0% | -257.0% | -118.8% | -40.9% | -22.4% | 17.4% | 59.7% | |
| Operating Income | -96.1% | 92.2% | -661.6% | 23.1% | 80.2% | -48.4% | -173.0% | 52.2% | 3.7% | 49.6% | |
| Net Income | -49.4% | 99.2% | -7901.3% | 1.8% | 80.0% | -47.0% | -173.8% | 53.7% | 2.7% | 49.5% | |
| EPS (Diluted) | -33.4% | 99.2% | -6903.3% | 24.9% | 87.3% | 8.0% | -157.8% | 100.0% | -90426.3% | 54.7% | |
| Operating Cash Flow | -42.0% | 52.9% | -20.1% | 81.1% | -528.9% | -29.4% | -68.5% | 31.6% | -12.4% | 50.3% | |
| Free Cash Flow | -38.0% | 52.8% | -19.8% | 79.5% | -489.6% | -26.8% | -68.4% | 31.3% | -11.6% | 50.3% | |
| R&D Expense | 115.1% | -94.3% | 906.0% | -93.2% | 50.7% | 45.7% | 40.9% | 22.4% | -17.4% | -59.7% | |
| SG&A Expense | -38.8% | -41.1% | 78.4% | 11.7% | 14.5% | -2.5% | 5.9% | 4.3% | -10.8% | -25.8% | |
| Total Assets | -44.3% | -2.8% | -43.5% | -58.4% | 90.1% | 46.4% | -48.6% | -23.5% | -57.0% | -27.8% | |
| Book Value / Share | -45.5% | 0.5% | -45.3% | -70.6% | 30.0% | -7.9% | -51.8% | -43.7% | -65.8% | -40.1% | |
| Debt | 0.0% | 0.0% | -67.1% | 146.8% | -27.1% | -10.4% | -44.4% | 523.9% | -2.5% | -16.7% | |
| Diluted Shares | 12.0% | 2.4% | 16.1% | 30.8% | 57.1% | 60.3% | 5.9% | 18.5% | 5.4% | 11.0% |
Valuation
P/E (TTM)At Loss
P/S60.71
P/B13.74
10Y Low / Med / High0.40 / 1.49 / 2.69
EV/EBITDAAt Loss
EV/Revenue58.20
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.47
Tangible Book / Share
$0.08
Cash / Share
$0.16
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -3.68 | -240.00 | -2.06 | -0.38 | -8.12 | -4.22 | -0.41 | -905.26 | -1.17 | -1.26 | -1.30 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 2.79 | 38.87 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 60.71 | |
| P/B Ratio | 2.69 | 1.37 | 1.51 | 0.71 | 1.49 | 0.77 | 0.40 | 0.63 | 2.16 | 1.75 | 13.74 | |
| EV/EBITDA | -2.57 | -19.62 | -1.57 | -5.32 | -4.86 | -0.13 | 1.18 | 0.38 | -0.72 | -0.65 | -1.94 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 1.79 | 22.77 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 58.20 |
Analyst Estimates & Quality
Altman Z-Score
-108.20
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $165.0K | $0.00 | $0.00 |
| Net Income | -$8.1M | -$5.3M | -$7.1M |
| EPS | $-0.72 | $-0.47 | $-0.63 |
| # Analysts (EPS) | 2 | 2 | 1 |