COCP

Cocrystal is a pre-revenue clinical-stage antiviral developer, and the numbers say exactly that. The 'revenue' in the data is a stale FY2020 figure ($2.01M) with no revenue reported in FY2021–FY2025; the 7.1x P/S and 358.6% gross margin are artifacts of dead data, not a real business. What is real: a FY2025 net loss of -$8.83M, operating cash flow of -$8.19M, and an accumulated deficit of -$342M. The loss did narrow ~50% YoY, but the MD&A is explicit that this came from 'the winding down of clinical study costs' — R&D fell from $12.5M to $5.1M — not from progress. Spending less because you paused the program is not a bull case.

The auditor attaches a going-concern paragraph: the company 'suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern.' With $7.03M cash against an ~$8.2M annual burn, that runway is roughly one year, and management states plainly that resuming the CC-42344 Phase 2a influenza trial 'will require us to raise additional capital.' Shares outstanding already grew 35.5% YoY to 13.8M — dilution is the funding mechanism, and at a $14.3M market cap any raise is heavily dilutive to existing holders. The balance sheet is clean of debt (liabilities/equity 0.53x), but with only $6.33M of equity that solvency is a countdown, not a moat.