SCHEDULE: Frost Increases Stake in Cocrystal Pharma

Phillip Frost, M.D. and Frost Gamma Investments Trust increased their beneficial ownership in Cocrystal Pharma, Inc. through a recent unit purchase.

Summary

• Phillip Frost, M.D. and Frost Gamma Investments Trust (Reporting Persons) filed Amendment No. 7 to their Schedule 13D.
• On October 28, 2025, the Reporting Persons purchased units at $1.39 per unit.
• This transaction resulted in the acquisition of 359,713 shares of Cocrystal Pharma, Inc. common stock and 719,426 warrants to purchase additional shares.
• Phillip Frost, M.D. now beneficially owns 2,462,012 shares, representing 17.8% of the outstanding common stock.
• Frost Gamma Investments Trust beneficially owns 2,398,977 shares, representing 17.4% of the outstanding common stock.
• The beneficial ownership percentages are calculated based on 13,039,350 shares outstanding as of September 18, 2025, plus exercisable options and warrants.

Sentiment

Score: 7

Explanation: The increased investment by a significant insider, Phillip Frost, M.D., suggests confidence in the company's future prospects. While it's a routine disclosure, the act of increasing ownership is generally a positive signal.

Positives

• Increased investment by a significant insider (Phillip Frost, M.D.) indicates confidence in the company's future.
• The acquisition of additional shares and warrants strengthens the Reporting Persons' long-term stake in Cocrystal Pharma, Inc.

Risks

• The filing states that none of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• None of the Reporting Persons have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws during the last five years.

Future Outlook

The filing states that the Reporting Persons acquired the shares of common stock for investment purposes, indicating a long-term view on the company.

Industry Context

This filing reflects an insider's increased confidence in Cocrystal Pharma, Inc., a biotechnology company. Such insider buying can be seen as a positive signal in the pharmaceutical and biotech sectors, which are often characterized by high R&D costs and long development cycles, making strong investor backing crucial.

Comparison to Industry Standards

• This filing is a standard Schedule 13D amendment reporting a change in beneficial ownership. The increase in stake by a significant insider like Dr. Frost, who has a long history in the pharmaceutical industry, is generally viewed favorably.
• While specific comparable companies or projects are not mentioned, insider purchases often outperform broader market indices, suggesting a belief in the company's intrinsic value or future prospects, similar to how institutional investors might increase positions in promising biotech firms.

Related Party Transactions

• Phillip Frost, M.D. is the trustee of Frost Gamma Investments Trust and has various indirect control mechanisms over the shares held by FGIT, making the transactions between Dr. Frost and FGIT related-party dealings in terms of beneficial ownership reporting.

Stakeholder Impact

• Shareholders: The increased stake by a prominent investor could be perceived positively, potentially boosting investor confidence.
• Company: The capital raised through the offering, in which the Reporting Person participated, provides additional funding for company operations.

Key Dates

Recommendation

While the increased insider ownership by Dr. Frost is a positive signal, indicating confidence, this filing alone does not provide sufficient operational or financial details about Cocrystal Pharma, Inc. to warrant a 'buy' or 'strong buy' recommendation. It primarily reflects an investment decision by a specific shareholder. Investors should 'hold' and await further company-specific performance updates or strategic announcements to make a more informed decision, using this insider activity as a supportive data point rather than a primary driver for immediate action.

Keywords

Cocrystal Pharma, Phillip Frost, Frost Gamma Investments Trust, Schedule 13D, Beneficial Ownership, Common Stock, Warrants, Investment, Biotechnology, Pharmaceuticals