Cocrystal Pharma Inc (NASDAQ:COCP) had been in the news back on August 16 when the biotech company announced its financial results for the second fiscal quarter and the six month period, both of which ended on June 30, 2021.
However, the Cocrystal stock was in action yesterday and investors piled on to it in a big way as it ended the day with gains of as much as 9.50%. There was no fresh news about Cocrystal and hence, it might be a sound move to take a look at the company’s second quarter financial results.
While the company did provide updates with regards to a range of its products on the pipeline, Cocrystal did not generate any revenues in the second fiscal quarter. That was a considerable reversal from the $554,000 in revenues that the company had generated in the prior year period.
However, investors need to note in this regard that the company has a collaboration agreement with the pharmaceutical giant Merck in place. As per the provisions of that particular agreement, Cocrystal could end up receiving as much as $156 in future payments consisting of royalties and sales milestones among others.