Cocrystal Pharma Inc. (NASDAQ: COCP) reported a net loss of $8.8 million for 2025, compared with $17.5 million in 2024, according to a company statement. The biotechnology company has initiated a Phase 1b human challenge study for its drug candidate CDI-988 at Emory University School of Medicine.

The randomized, double-blind, placebo-controlled study will enroll up to 40 subjects to evaluate CDI-988 as a treatment and preventive for norovirus. The first cohort involves healthy subjects being inoculated with the GII.2 strain under controlled conditions. The primary endpoint measures efficacy in reducing clinical symptoms, while secondary endpoints include reduction of viral shedding and disease severity.

Research and development expenses decreased to $5.1 million in 2025 from $12.5 million in 2024, primarily due to lower costs from winding down a Phase 2a influenza study and reduced employee expenses. General and administrative expenses fell to $4.0 million from $5.3 million in the prior year.

The company reported unrestricted cash of $7.7 million as of December 31, 2025, compared with $9.9 million a year earlier. Net cash used in operating activities was $8.2 million for 2025 versus $16.5 million in 2024.

CDI-988 targets the viral 3CL protease found in all known norovirus strains and has shown activity against multiple norovirus strains in laboratory testing. The company received FDA authorization to conduct the Phase 1b challenge study in September 2025.

Cocrystal also received a $500,000 Small Business Innovation Research Phase I award from the National Institute of Allergy and Infectious Diseases in October 2025 to support development of a broad-spectrum candidate targeting the influenza A/B polymerase complex.