Cocrystal Pharma Reports 2024 Financial Results and Provides Updates on its Antiviral Drug-Development Programs BOTHELL, Wash. (

Pharma Reports 2024 Financial Results and Provides Updates on its Antiviral Drug-Development Programs

Wash. (March 31, 2025) - Cocrystal Pharma, Inc. (Nasdaq: COCP) ("Cocrystal" or the "Company") reports

financial results for the 12 months ended December 31, 2024, and provides updates on its antiviral product pipeline, upcoming milestones

and business activities.

novel, potent antiviral compounds for norovirus, influenza and coronavirus address critical gaps in global health where effective treatments

or vaccines are currently lacking," said Sam Lee, Ph.D., President and co-CEO of Cocrystal. "We plan to initiate a norovirus

human challenge study in the U.S. later this year to evaluate our pan-viral protease inhibitor CDI-988 for the potential treatment

and prevention of norovirus infection. The big surge in reported norovirus outbreaks is possibly due to norovirus variants switching

from GII.4 to GII.17, as well as increased social gathering after the COVID-19 pandemic. Norovirus is the most common cause of acute

gastroenteritis and there are no approved therapeutics or vaccines, making it a compelling target.

are optimistic that our oral PB2 inhibitor CC-42344 will have potential as a treatment for seasonal influenza A infection and

pandemic avian influenza," he added. "Following the unexpected low infection rate from the Phase 2a challenge study

that precluded us from obtaining meaningful human efficacy data, we plan to continue the influenza challenge study."

coverage in recent months of norovirus and avian flu outbreaks underscore the urgent need for new antiviral solutions," said James

Martin, CFO and co-CEO of Cocrystal. "We are advancing our first- and best-in-class antiviral drug compounds that were designed

using our Nobel Prize-winning structure-based technologies for these high-value viral targets that address multibillion-dollar markets."

Product Pipeline Overview

apply our proprietary structure-based drug discovery platform technology for developing broad-spectrum antivirals that inhibit viral

replication. By designing and selecting candidates that target highly conserved regions of the viral enzymes, we seek to develop drugs

that are effective against the virus and mutations of the virus, while reducing off-target interactions that may cause undesirable side

effects. Our drug discovery process differs from traditional, empirical medicinal chemistry approaches that often require iterative high-throughput

compound screening and lengthy hit-to-lead processes.

is a major global health threat that may become more challenging to treat due to the emergence of highly pathogenic avian influenza viruses

and resistance to approved influenza antivirals. Each year there are approximately 1 billion cases of seasonal influenza worldwide, 3-5

million severe illnesses and up to 650,000 deaths. On average, about 8% of the U.S. population

contracts influenza each season. In addition to the health risk, influenza is responsible for an estimated $11.2 billion in direct

and indirect costs in the U.S. annually.

symptoms can include severe nausea, vomiting and diarrhea. An estimated 685 million cases and an estimated 50,000 child deaths worldwide

are attributed to norovirus each year, with an estimated societal cost of $60 billion. By targeting viral replication, we believe it

is possible to develop an effective treatment and/or prophylaxis for closed environments for all genogroups of norovirus.

and Other Coronavirus Programs

targeting viral replication enzymes and proteases, we believe it is possible to develop effective treatments for all diseases caused

by coronaviruses including SARS-CoV-2 and its variants, Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome

(MERS). CDI-988 showed potent in vitro pan-viral activity against common human coronaviruses, rhinoviruses and respiratory

enteroviruses, as well as against noroviruses. The global COVID-19 therapeutics market is estimated to exceed $16 billion annually by

and development (R&D) expenses for 2024 were $12.5 million, compared with $15.2 million for 2023. The decrease was primarily due

to the timing of clinical study costs. General and administrative (G&A) expenses for 2024 were $5.3 million, compared with $6.0 million

for 2023, with the $0.7 million decrease primarily due to a reduction of insurance costs and other expenses.

2023 the Company received $2.6 million related to litigation with an insurer.

net loss for 2024 was $17.5 million, or $1.72 per share, compared with the net loss for 2023 of $18.0 million, or $1.87 per share. For

2024 the year over-year-net loss was reduced by $3.1 million exclusive of the $2.6 million received in 2023 noted above.

reported unrestricted cash as of December 31, 2024 of $9.9 million, compared with $26.4 million as of December 31, 2023. Net cash used

in operating activities for 2024 was $16.5 million, compared with $14.7 million for 2023. The Company had working capital of $9.2 million

and 10.2 million common shares outstanding as of December 31, 2024.

Cocrystal Pharma, Inc.

Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication

process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses and hepatitis C viruses. For further information about

Cocrystal, please visit www.cocrystalpharma.com.

Note Regarding Forward-Looking Statements

press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including

statements regarding our plans for the future development of preclinical and clinical product candidates, our expectations regarding

future characteristics of the product candidates we develop, the expected time of achieving certain value-driving milestones in our programs,

including preparation, commencement and advancement of clinical studies for certain product candidates in 2025, our plans regarding further

clinical development of such product candidates, and the viability and efficacy of potential treatments for diseases our product candidates

are designed to treat, and expectations for the markets for certain therapeutics. The words "believe," "may,"

"estimate," "continue," "anticipate," "intend," "should," "plan,"

"could," "target," "potential," "is likely," "will," "expect"

and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking

statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking

statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include,

but are not limited to, the risks and uncertainties arising from our need for additional capital

to fund our operations over the next 12 months, inflation, the possibility of a recession, interest rate increases, imposed and threated

tariffs, and geopolitical conflicts including those in Ukraine and Israel on our Company, our collaboration partners, and on the U.S.,

UK, Australia and global economies, including manufacturing and research delays arising

from raw materials and labor shortages, supply chain disruptions and other business interruptions including any adverse impacts on our

ability to obtain raw materials for and otherwise proceed with studies as well as similar problems with our vendors and our current and

any future clinical research organization (CROs) and contract manufacturing organizations (CMOs), the progress and results of the studies

for CC-42344 and CDI-988 including the delay of the Phase 2a study for CC-42344 which may require us to incur substantial additional

costs, the ability of us and our CROs to recruit volunteers for, and to otherwise proceed with, clinical studies, our and our collaboration

partners' technology and software performing as expected, financial difficulties experienced by certain partners, the results of

any current and future preclinical and clinical studies, general risks arising from clinical studies, receipt of regulatory approvals,

regulatory changes including potential downward pressure on government spending on the biopharmaceutical and healthcare industry based

on policies and actions taken by the Trump Administration in the U.S., the impact of the Trump Administration's policies and actions

on regulation affecting the FDA and other healthcare agencies and potential staffing issues resulting therefrom, potential mutations

in a virus we are targeting that may result in variants that are resistant to a product candidate we develop, and the potential for the

development of effective treatments by competitors which could reduce or eliminate a prospective future market share commercializing

any product candidates we may develop in the future. Further information on our risk factors is contained in our filings with

the SEC, including the "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our

actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation

to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as

may be required by law.

STATEMENTS OF OPERATIONS

thousands, except per share data)