Cocrystal Pharma Inc (OTCBB:COCP), an over-the-counter drugs manufacturer, moved sideways after reporting its Annual Report for the year 2015. The stock suffered bouts of negativity, but overall maintained a good run during the last several months. The success of the company is evidenced from its share price that managed to cross 50 cents mark to $1 per share and is eyeing above $1.5 levels now.
The company released its Annual Report for the period ended on December 31, 2014, where is recorded no revenues for the period. The only receipt was that of $9,000 in the form of grant in 2014. A positive side of the Annual Report was that its net loss narrowed heavily from $3.8 million to $99,000 during the said period. The net loss so reported for 2014 consists impact of a substantial decrease in the fair value of outstanding warrants. At the same time, the operating loss of the company in 2014 stood at $5.76 million as compared to $4 million in 2013.
Expenses and cash
On the expenses front, the company anticipates research and development (R&D) expenses to increase on account of plans to expand pre-clinical development activities. The company’s R&D expenses for the year 2014 came in at $4.07 million, which compares to $3.8 million in 2013. On the other hand, Cocrystal Pharma Inc (OTCBB:COCP) reported a 693% increase in General and administrative expenses from $0.219 million in 2013 to $1.73 million in 2014, which are associated with personnel costs and other costs pertaining to mergers and financing. The cash and cash equivalents balance was $3.97 million for the period ended on December 31, 2014.
The financial report of Cocrystal Pharma Inc (OTCBB:COCP) could be viewed as healthy given the company is an OTC stock. However, the impact of the same is not felt so much on the company’s stock, which declined marginally by 0.68% to $1.47. The average volume of shares during the last previous session was 1.92 million.