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

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

Wash. (November 13, 2024) - Cocrystal Pharma, Inc. (Nasdaq: COCP) ("Cocrystal" or the "Company") reports

financial results for the three and nine months ended September 30, 2024, and provides updates on its antiviral product pipeline, upcoming

milestones and business activities.

coming months are critically important to Cocrystal as we expect to report topline results from two ongoing clinical studies with our

best-in-class antiviral candidates in major medical indications," said Sam Lee, Ph.D., President and co-CEO of Cocrystal. "In

the Phase 2a influenza A challenge study with our oral PB2 inhibitor CC-42344, we expect to report topline results before year

end. Earlier this year, we received feedback from the U.S. Food and Drug Administration (FDA) on a Pre-IND package that improves our

clarity on the regulatory path and requirements for the late-stage influenza A clinical study we plan to conduct in the U.S.

multiple-ascending dose portion in our Phase 1 pan-norovirus/pan-coronavirus study with oral protease inhibitor CDI-988 is underway

and we are on track to report topline results in late 2024 or early 2025," he added. "We view the development of an effective

antiviral for norovirus as a significant opportunity for Cocrystal. There is no approved vaccine or antiviral for norovirus, which is

highly contagious and the most common cause of acute gastroenteritis. In in vitro studies, CDI-988 exhibited pan-viral

activity against multiple norovirus strains, including the strain that is responsible for major outbreaks."

significant clinical progress so far this year puts us on track for an active 2025," said James Martin, CFO and co-CEO of Cocrystal.

"I'm pleased to report that based on our currently projected expenditures and our cost-efficient business model, we expect

our cash will be sufficient to fund the advancement of our planned development programs through the coming 12 months."

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 antiviral drug candidates that target the highly conserved regions of the viral enzymes, we seek

to develop drugs that are effective against the virus and mutations of the virus, and also reduce 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.

is a highly contagious infection and is the most common cause of acute gastroenteritis. Worldwide, norovirus causes about one out of

five cases of acute gastroenteritis that leads to diarrhea and vomiting. An estimated 685 million cases and an estimated 50,000 child

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

we believe it is possible to develop an effective treatment and/or short-term prophylactic for closed environments for all genogroups

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 COVID-19 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 by the end of 2031.

Quarter Financial Results

and development (R&D) expenses for the third quarter of 2024 were $3.2 million, compared with $4.2 million for the third quarter

of 2023, with the decrease primarily due to lower clinical study expenses. General and administrative (G&A) expenses for the third

quarters of 2024 and 2023 remained relatively stable at $1.8 million.

net loss for the third quarter of 2024 was $4.9 million, or $0.49 per share, compared with a net loss for the third quarter of 2023 of

$4.2 million, or $0.41 per share, that included a $1.6 million payment to the Company in 2023 for a legal settlement.

Month Financial Results

expenses for the first nine months of 2024 were $10.5 million, compared with $10.9 million for the first nine months of 2023. G&A

expenses for the first nine months of 2024 were $4.1 million, compared with $4.6 million for the first nine months of 2023.

net loss for the first nine months of 2024 was $14.2 million, or $1.40 per share, compared with a net loss for the first nine months

of 2023 of $13.5 million, or $1.43 per share.

reported unrestricted cash as of September 30, 2024 of $13.0 million, compared with $26.4 million as of December 31, 2023. Net cash used

in operating activities for the first nine months of 2024 was $13.3 million, compared with $11.3 million for the first nine months of

2023. The Company had working capital of $12.3 million and 10.2 million common shares outstanding as of September 30, 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. Cocrystal employs unique structure-based

technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. 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 drug 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 2024 and 2025, the viability

and efficacy of potential treatments for diseases our product candidates are designed to treat, expectations for the markets for certain

therapeutics, our ability to execute our clinical and regulatory goals and deploy regulatory guidance towards future studies, and the

expected sufficiency of our cash balance to advance our programs and fund our planned operations. 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 future inflation, potential future

increases in interest rates uncertainty in the financial markets, the possibility of a recession, and geopolitical conflict including

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 on our ability to 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 ability of our CROs to recruit

volunteers for, and to 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 healthcare in the wake of the recent presidential election in the U.S., the impact of the recent U.S. presidential

election on regulation affecting the FDA and other healthcare agencies and potential staffing issues, potential mutations in a virus

we are targeting that may result in variants that are resistant to a product candidate we develop. Further information on our

risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023.

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)