Detailed financial statements for Cocrystal Pharma, Inc. (COCP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cocrystal Pharma, Inc. (COCP) is a biotechnology firm dedicated to researching and advancing antiviral treatments for severe and/or persistent viral illnesses. The company leverages structure-based technologies to create new antiviral medications, primarily focusing on infections caused by the hepatitis C virus (HCV), influenza, coronaviruses, and noroviruses.
Analysis Summary
Trailing-twelve-month margins: gross margin 205.8%, operating margin -30.6%, net margin -30.1%.
At the current price of $1.14, COCP has negative trailing earnings (P/E not meaningful) and an ROE of -207.47%. Market capitalisation stands at $16M.
Balance sheet quality for COCP: current ratio of 3.7, net cash position of $5.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | $6.6M | $2.0M | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $201000 | $101000 | $50000 | $4.0M | $6.0M | $8.8M | $12.4M | $15.2M | $12.5M | $5.1M |
| Gross Profit | -$201000 | -$101000 | -$50000 | $2.6M | -$4.0M | -$8.8M | -$12.4M | -$15.2M | -$12.5M | -$5.1M |
| Research & Development | $101.7M | $5.8M | $58.6M | $4.0M | $6.0M | $8.8M | $12.4M | $15.2M | $12.5M | $5.1M |
| Selling, General & Admin | $4.1M | $2.4M | $4.4M | $4.9M | $5.6M | $5.4M | $5.7M | $6.0M | $5.3M | $4.0M |
| Operating Expenses | $105.8M | $8.3M | $62.9M | $51.0M | $5.6M | $5.4M | $26.4M | $3.4M | $5.3M | $4.0M |
| Operating Income | -$105.8M | -$8.3M | -$62.9M | -$48.4M | -$9.6M | -$14.2M | -$38.8M | -$18.6M | -$17.9M | -$9.0M |
| EBITDA | -$105.6M | -$7.4M | -$62.5M | -$2.2M | -$9.4M | -$14.0M | -$18.0M | -$21.0M | -$17.4M | -$8.5M |
| Interest Expense | 0 | 0 | 0 | $19000 | $8000 | $4000 | $2000 | 0 | 0 | 0 |
| Pre-tax Income | -$104.3M | -$7.5M | -$62.6M | -$48.2M | -$9.6M | -$14.2M | -$38.8M | -$18.0M | -$17.5M | -$8.8M |
| Income Tax | -$29.4M | -$6.9M | -$13.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$74.9M | -$613000 | -$49.0M | -$48.2M | -$9.6M | -$14.2M | -$38.8M | -$18.0M | -$17.5M | -$8.8M |
| EPS | $-38.17 | $-0.30 | $-21.01 | $-15.78 | $-2.01 | $-1.85 | $-4.77 | $-0.00 | $-1.72 | $-0.78 |
| EPS (Diluted) | $-38.14 | $-0.30 | $-21.01 | $-15.78 | $-2.01 | $-1.85 | $-4.77 | $-0.00 | $-1.72 | $-0.78 |
| Shares Outstanding (Diluted) | $2.0M | $2.0M | $2.3M | $3.1M | $4.8M | $7.7M | $8.1M | $9.7M | $10.2M | $11.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | $225000 | $105000 |
| Gross Profit | -$954000 | $1.4M | $134000 | $105000 |
| Operating Income | -$2.1M | -$2.5M | -$2.4M | -$3.2M |
| EBITDA | -$1.8M | -$2.3M | -$2.2M | -$3.1M |
| Net Income | -$2.0M | -$2.4M | -$2.3M | -$3.2M |
| EPS | $-0.19 | $-0.18 | $-0.17 | $-0.23 |
| EPS (Diluted) | $-0.19 | $-0.18 | $-0.17 | $-0.23 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3.6M | $748000 | $2.7M | $7.4M | $33.0M | $58.7M | $37.1M | $26.4M | $9.9M | $7.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.3M | $1.3M | 0 | $644000 | $556000 | 0 | $716000 | $890000 | $1.2M | $706000 |
| Inventory | 0 | $29000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $5.5M | $2.2M | $2.9M | $8.3M | $34.0M | $59.3M | $40.2M | $29.1M | $11.6M | $8.1M |
| Property, Plant & Equipment | $280000 | $119000 | $384000 | $1.1M | $1.1M | $931000 | $616000 | $2.1M | $1.8M | $1.5M |
| Goodwill | $65.2M | $65.2M | $65.2M | $19.1M | $19.1M | $19.1M | 0 | 0 | 0 | 0 |
| Intangible Assets | $53.9M | $53.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $124.9M | $121.4M | $68.6M | $28.5M | $54.2M | $79.4M | $40.8M | $31.3M | $13.5M | $9.7M |
| Accounts Payable | $563000 | $494000 | $616000 | $1.5M | $657000 | $578000 | $614000 | $1.2M | $1.5M | $890000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.0M | $1.4M | $1.6M | $2.3M | $1.4M | $1.5M | $1.2M | $3.3M | $2.4M | $2.2M |
| Long-term Debt | 0 | $1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $22.6M | $16.0M | $1.7M | $2.8M | $1.7M | $1.8M | $1.3M | $4.9M | $3.9M | $3.4M |
| Retained Earnings | -$137.4M | -$138.0M | -$187.1M | -$235.3M | -$244.9M | -$259.1M | -$297.9M | -$315.9M | -$333.4M | -$342.2M |
| Total Equity | $102.3M | $105.4M | $66.9M | $25.7M | $52.5M | $77.5M | $39.6M | $26.4M | $9.5M | $6.3M |
| Total Debt | 0 | $1.0M | $331000 | $817000 | $596000 | $534000 | $297000 | $1.9M | $1.8M | $1.5M |
| Net Debt | -$3.6M | $259000 | -$2.4M | -$6.6M | -$32.4M | -$58.2M | -$36.8M | -$24.5M | -$8.1M | -$5.5M |
| Working Capital | $3.4M | $770000 | $1.4M | $6.0M | $32.7M | $57.8M | $39.0M | $25.8M | $9.2M | $5.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $7.7M | $7.0M | $4.7M | $2.2M |
| Total Assets | $10.4M | $9.7M | $7.4M | $4.6M |
| Total Liabilities | $2.8M | $3.4M | $3.3M | $3.6M |
| Total Equity | $7.7M | $6.3M | $4.1M | $1.0M |
| Total Debt | $1.6M | $1.5M | $1.4M | $1.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$74.9M | -$613000 | -$49.0M | -$48.2M | -$9.6M | -$14.2M | -$38.8M | -$18.0M | -$17.5M | -$8.8M |
| Depreciation & Amortization | $201000 | $101000 | $50000 | $98000 | $157000 | $190000 | $388000 | -$1.4M | $126000 | $72000 |
| Stock-based Compensation | $548000 | $614000 | $562000 | $351000 | $662000 | $724000 | $855000 | $801000 | $643000 | $270000 |
| Change in Working Capital | -$2.1M | $682000 | $117000 | $443000 | -$878000 | $796000 | -$2.7M | $2.3M | $140000 | $294000 |
| Operating Cash Flow | -$14.7M | -$6.9M | -$8.3M | -$1.6M | -$9.8M | -$12.7M | -$21.4M | -$14.7M | -$16.5M | -$8.2M |
| Capital Expenditure | -$51000 | -$40000 | -$28000 | -$145000 | -$240000 | -$52000 | -$74000 | -$118000 | -$8000 | -$12000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$14.7M | -$6.9M | -$8.3M | -$1.7M | -$10.1M | -$12.8M | -$21.5M | -$14.8M | -$16.5M | -$8.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.5M | -$1.7M | -$2.3M | -$2.5M |
| Capital Expenditure | -$12561 | 0 | 0 | 0 |
| Free Cash Flow | -$1.6M | -$1.7M | -$2.3M | -$2.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $56000 | $84000 | $92000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | -69.3% | -100.0% | | | | |
| Net Income Growth (YoY) | | +99.2% | -7901.3% | +1.8% | +80.0% | -47.0% | -173.8% | +53.7% | +2.7% | +49.5% |
| EPS Growth (YoY) | | +99.2% | -6903.3% | +24.9% | +87.3% | +8.0% | -157.8% | +100.0% | -90426.3% | +54.7% |
| Shares Change (YoY) | | +2.4% | +16.1% | +30.8% | +57.1% | +60.3% | +5.9% | +18.5% | +5.4% | +11.0% |
| FCF Growth (YoY) | | +52.8% | -19.8% | +79.5% | -489.6% | -26.8% | -68.4% | +31.3% | -11.6% | +50.3% |
| Gross Margin | | | | 39.0% | -199.6% | | | | | |
| Operating Margin | | | | -737.4% | -476.0% | | | | | |
| EBITDA Margin | | | | -33.6% | -468.2% | | | | | |
| Net Margin | | | | -733.8% | -479.0% | | | | | |
| FCF Margin | | | | -26.0% | -500.0% | | | | | |
| Effective Tax Rate | 28.2% | 91.8% | 21.7% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-7.49 | $-3.45 | $-3.56 | $-0.56 | $-2.10 | $-1.66 | $-2.64 | $-1.53 | $-1.62 | $-0.73 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.0M | $2.0M | $2.3M | $3.1M | $4.8M | $7.7M | $8.1M | $9.7M | $10.2M | $11.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -207.47% |
| Return on Invested Capital | -423.90% |
| Return on Assets | -213.77% |
| Gross Margin | 205.76% |
| Operating Margin | -3063.64% |
| Net Margin | -3011.52% |
Financial Health
| Debt / Equity | 1.28 |
| Current Ratio | 1.24 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.68 | -240.00 | -2.06 | -0.38 | -8.12 | -4.22 | -0.41 | -905.26 | -1.17 | -1.26 |
| P/B | 2.69 | 1.37 | 1.51 | 0.71 | 1.49 | 0.77 | 0.40 | 0.63 | 2.16 | 1.75 |
| P/S | 0.00 | 0.00 | 0.00 | 2.79 | 38.87 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 39.0% | -199.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | -737.4% | -476.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | -733.8% | -479.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |