Cocrystal Pharma : Investor Presentation

Potent antivirals to combat some of the most serious diseases facing humanity

January 2023

Nasdaq: COCP www.cocrystalpharma.com

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the market opportunities for the treatment of acute and chronic viral diseases which are the focus of our programs; the development pipeline; our technology platform's ability to produce viable drug candidates at reduced development timelines and costs; the potential future payments and royalties in connection with the collaboration with Merck Sharp & Dohme Corp. ("Merck"); the expected future characteristics and progress in our clinical programs, including anticipated initiation of a Phase 1 study for oral influenza PB2 inhibitor, CC-42344, in H2 2023, a Phase 1 study for the COVID-19CDI-988 oral protease inhibitor in H1 2023, and a Phase 1 study for Oral influenza PB2 inhibitor, CC-42344 in H1 2024; our exploration of other collaboration opportunities, and our expectations regarding future liquidity.

Forward-looking statements are prefaced by words such as "anticipate," "expect," "plan," "could," "may," "will," "should," "would," "intend," "seem," "potential," "appear," "continue," "future," believe," "estimate," "forecast," "project," and similar words. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. We caution you, therefore, against relying on any of these forward-looking statements. Our actual results may differ materially from those contemplated by the forward-looking statements for a variety of reasons, including, without limitation, the risks arising from the impact of COVID-19 and its current spread in China and the potential spreading to the United States and other places where clinical trial for our studies are conducted, the Ukraine war, inflation and interest rate increases on the national and global economy, on our collaboration partners, clinical research organizations ("CROs"), Contract Manufacturing Organizations, and on our Company, including raw material and test animal shortages and other supply chain disruptions or labor shortages, the ability of our CROs to recruit volunteers for, and to proceed with, clinical trials, our and our collaboration partners' technology and software performing as expected, the results of future preclinical and clinical trials, general risks arising from clinical trials, receipt of regulatory approvals, regulatory changes, development of effective treatments and/or vaccines by competitors, including as part of the programs financed by the U.S. government, potential mutations in the virus which may result in variants that are resistant to a product candidate we develop, and our reliance on Merck for further development in the influenza A/B program under the license and collaboration agreement. Further information on the risk factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements, is contained in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. Any forward-looking statement made by us in this presentation speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

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About Cocrystal Pharma

Applying powerful, proprietary drug discovery platform technology to develop first- and best-in-classbroad-spectrum antiviral drugs

Advancing programs in high-value antiviral drug targets

• Pandemic and seasonal influenza A
• Pandemic SARS-CoV-2,SARS-CoV-2 variants, and coronaviruses
• Norovirus gastroenteritis

Drug candidates with clinically validated mechanisms of action

• Effectively cure viral diseases
• Broad-spectrumand potent antiviral activity
• Designed to be effective for emerging variants and existing drug resistant viruses

Proprietary drug discovery platform technology

• Unique drug discovery platform technology developed with Nobel Prize-winning technology

Focused on advancing a robust product pipeline toward commercialization

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Investment Highlights

• Targeting multibillion-dollar, global markets for the treatment of acute and pandemic viral diseases
• Proprietary drug discovery platform technology
• Advancing multiple clinical programs
• • Oral influenza PB2 inhibitor, CC-42344 - Phase 1 completed and Phase 2a to begin H2 2023
  • Oral coronavirus protease inhibitor, CDI-988 - Phase 1 to begin H1 2023
  • Inhaled influenza PB2 inhibitor, CC-42344 - Phase 1 to begin H1 2024
  • Oral norovirus protease inhibitor - Preclinical lead development ongoing
• Ongoing Merck collaboration for influenza A/B therapeutic - Potential milestones and royalties for up to $156 million and validation of Cocrystal's drug discovery platform technology
• Additional pandemic preparedness collaboration opportunities are being explored
• Seasoned leadership includes experienced management, senior scientists and two Nobel laureates
• Cost-efficientoperations and clean capital structure; cash sufficient to fund planned operations

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Robust Therapeutic Pipeline Addressing Unmet Medical Needs

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Program		Discovery		Preclinical		Phase 1	Phase 2	Phase 3
Influenza A	CC-42344 oral						Planned Phase 2a trial
PB2 Inhibitor						initiation in H2 2023
Influenza A/B	Influenza A/B		In collaboration with	Collaboration update
Inhibitor		expected in H1 2023
Influenza A	CC-42344						Planned Phase 1 trial
Inhaled PB2 inhibitor						initiation in H1 2024
COVID-19	CDI-988 Oral Protease					Planned Phase 1 trial
Inhibitor					initiation in H1 2023
COVID-19	CDI-45205 Protease			IND-enabling study ongoing
(Licensed)	Inhibitor
COVID-19	Replication Inhibitors		Discovery ongoing
Norovirus	Oral Protease				Planned preclinical lead
Gastroenteritis	Inhibitors				selection in H1 2023

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