2Q23 Reported With New Clinical Trials Ready To Begin

Products Are Advancing Toward Clinical Milestones

FY2022 Reported With New Clinical Trials On Track

Safety and Tolerability Data From Influenza Study Announced

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Healthcare

Biotechnology

Cocrystal Pharma Inc.

Investor Appraisal
Cocrystal is a clinical-stage company focused on developing antiviral therapeutics for viral diseases. The company was founded in 2007 and initiated public trading in 2014. It is headquartered in Bothell, Washington. The company employs a technology and drug discovery platform to identify antiviral drugs primarily to treat hepatitis C virus (HCV), influenza, norovirus, and coronavirus infections. The lead therapeutic candidate is CC-31244, a hepatitis C virus (HCV) non-nucleoside polymerase inhibitor that recently completed Phase 2a clinical trial to treat HCV. In 2021, the company anticipates initiating Phase 2b enabling toxicology study with a potential partner. A polymerase basic protein 2 (PB2) inhibitor that is in preclinical development trials for the treatment of influenza. Cocrystal has two license agreements with KSURF to develop certain proprietary broad-spectrum antiviral compounds for the treatment of norovirus and coronavirus infections and a license and research collaboration agreement with Merck &amp; Co., Inc. to discover and develop proprietary influenza A/B antiviral agents. The company is also developing a protease inhibitor against coronavirus. The lead molecule selection is anticipated in Q4 2020.
As of June 30, 2020, the company had $19.3 million in cash, cash equivalents, and short-term investments. In the 6 months ended June 30, 2020, Cocrystal reported net revenues of $1.0 million and a net loss of $5.5 million. Research and development (R&amp;D) expenses were $2.0 million and general and administrative expenses (SG&amp;A) were $2.0 million for the quarter ended June 30, 2020, compared to $1.3 million and $1.1 million, respectively, for the quarter ended March 31, 2020. The increase in the SG&amp;A expenses was attributed to litigation costs, insurance increases, and executive compensation. The increase in the R&amp;D expenses was driven by the increased efforts in norovirus and coronavirus programs.
We think the reported numbers are in line with our F2020 estimates. We are still forecasting $5.6 million of R&amp;D expenses and $5.0 million of SG&amp;A expenses. We forecast $8.9 million in operating expenses and ($0.17) of EPS, respectively.&nbsp; 
We believe that Cocrystal&#8217;s technology platform is likely to be the main driver of the company&#8217;s future value whether via in-house development programs or partnerships. To that end, we advise investors to keep an eye on the upcoming IND for influenza program and lead molecule selection for coronavirus and norovirus programs. Initial clinical performances may in a way de-risk the wider platform further.
<img decoding="async" src="https://www.noblelinx.com/x/research/images/reports/COCP.8.6.2020.jpg" style="width: 534px;height: 188px" />
We believe that the ongoing clinical and preclinical programs will remain dynamic and continue to provide news flow in the medium term. Specifically, around year-end, we expect filing of IND for the influenza A program and potentially a partnership announcement for the Hep C program. In our view, any positive news from the programs (positive exploratory findings) is likely to have an incremental effect on the value of the shares. On the coronavirus front, we think lead compound identification and advancing it into the clinic will generate value for Cocrystal.
We believe that the events that will likely sensitize the market to new value configuration are on tap for 2020-2021. We foresee value expansion upon additional programs advancing in the clinic. In our opinion, the current share price does not reflect the potential of Cocrystal&#8217;s pipeline.&nbsp;We are reiterating our Outperform rating and $5 price target.

Cocrystal Pharma Inc. (COCP)

Q2 EPS: Transformational 12 Months Ahead

Fundamental Analysis:

Rating: Log in to view

2Q23 Reported With New Clinical Trials Ready To Begin (COCP)

Products Are Advancing Toward Clinical Milestones (COCP)

FY2022 Reported With New Clinical Trials On Track (COCP)

Safety and Tolerability Data From Influenza Study Announced (COCP)

Inbox Intel from Channelchek.