COCP: Cocrystal Pharma releases 2021 fiscal year results and provides an update on the current pipeline programs
NASDAQ:COCP
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Cocrystal Pharma (NASDAQ:COCP) reported 4th quarter and full year 2021 results on March 23rd, 2022. The numbers were largely in line with our estimates. For 2021, the company reported no revenues as expected. General & Administrative expenses were $5.43 million which was lower than 2020 levels and slightly below our estimates. This was primarily due to reduced professional fees resulting from the conclusion of certain previously reported legal matters.
Research & Development expenses came in at $8.8 million for the year, an increase of 45.7% from the prior year as the company ramped up spending for their Covid-19 and influenza programs. Cocrystal expects R&D expenses to increase again during 2022 due to the advancement of the influenza A program into clinical trials as well as progress with preclinical COVID-19 programs toward clinical development.
Net loss for the year was $14.2 million, or $0.16 per diluted shares, which was inline with our expectations. Net cash used in operating activities was $12.7 million and capital expenditures were only $52,000. The company raised $38.5 million in equity capital during 2021 through both an ATM offering and a secondary public offering.
The company’s unrestricted cash balance at year end was $58.7 million and total liabilities were only $1.84 million, none of which was considered traditional debt.
The company’s cash position of $58.7 million should be sufficient to fund their operations through the end of 2023, and possibly into 2024, depending on R&D spending levels and possible milestone payments from Merck.
There is no change to our revenue and earnings estimates as reported in our Initiation on February 24th, 2022. The valuation of $3.25 is unchanged as well. Earnings estimates and valuations may be adjusted after the company reports 1st quarter 2022 earnings.
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