Cocrystal Pharma, a clinical-stage biotechnology company, is focused on discovering and developing novel antiviral therapeutics for RNA viruses, including influenza, norovirus, coronaviruses, and HCV. The company reported a net loss of $8.831 million for the year ended December 31, 2025, an improvement from $17.504 million in 2024. Research and development expenses decreased to $5.055 million in 2025 from $12.537 million in 2024, primarily due to the winding down of clinical study costs. General and administrative expenses also decreased to $3.964 million in 2025 from $5.341 million in 2024. As of December 31, 2025, the cash balance was $7.025 million, down from $9.860 million in 2024, and net cash used in operating activities was $8.192 million. Management has concluded there is substantial doubt about the company's ability to continue as a going concern for at least the next 12 months due to insufficient working capital. The Phase 2a study for oral CC-42344 (Influenza A) failed to yield scientifically viable efficacy results due to unexpectedly low infection rates, leading to a dispute with the CRO for a $6.309 million refund or redo. The CDI-988 program (norovirus/coronavirus) showed favorable safety and tolerability in its Phase 1 study, and a Phase 1b challenge study was initiated in February 2026. The company raised $5.369 million in net cash from financing activities in 2025 through equity sales, including a registered direct offering and a private placement to accredited investors, some of whom are insiders.