MeritValue

Cocrystal Pharma, Inc.

COCPdata completeness 75%16 fiscal years on file
The thesis, from the filings

Cocrystal Pharma, Inc. earns about -102% on equity, but has diluted owners by 53% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$14.2M1−$38.8M2−$18M3−$17.5M4−$8.83M4
Operating cash flow−$12.7M5−$21.4M6−$14.7M7−$16.5M8−$8.19M8
Capital expenditure$52,0009$74,00010$118,00011$8,00012$12,00012
Free cash flow (derived)−$12.8M5−$21.5M6−$14.8M7−$16.5M8−$8.2M8
Total debt—————
Cash & equivalents$58.7M13$37.1M14$26.4M15$9.86M16$7.03M16
Diluted shares7.4M8.1M9.7M10.2M11.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.61
your share of equity
Profit it earned you last year
−$7.82
Free cash flow it threw off
−$7.27
Debt you’d be carrying
—

10 shares is a claim on $5.61 of net worth that earned you −$7.82 and generated −$7.27 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-102% avg · 5y
FY21 -18%FY22 -98%FY23 -68%FY24 -184%FY25 -139%

It earned an average -102% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+53% shares · 5y

Share count is up 53% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009385 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011613 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001496 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013838 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009385 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011613 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001496 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013838 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009385 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011613 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001496 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013838 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-22-007551 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011613 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001496 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013838 (CashAndCashEquivalentsAtCarryingValue)