SCHEDULE: Frost Increases Cocrystal Pharma Stake to 10.6%

Phillip Frost, M.D. and Frost Gamma Investments Trust reported an increased beneficial ownership in Cocrystal Pharma, Inc. to 10.6% following RSU vesting.

Summary

• Phillip Frost, M.D. and Frost Gamma Investments Trust (FGIT) collectively reported beneficial ownership of 1,382,873 shares of Cocrystal Pharma, Inc. common stock, representing 10.6% of the outstanding shares.
• Dr. Frost's beneficial ownership includes 1,319,838 shares held by FGIT, 15,243 shares held directly, and 47,792 shares issuable upon exercise of vested options.
• FGIT's beneficial ownership stands at 1,319,838 shares, representing 10.1% of the outstanding common stock.
• The increase in ownership resulted from the acquisition of 13,550 shares on August 21, 2025, and 1,693 shares on September 30, 2025, both in connection with the vesting of restricted stock units.
• The shares were acquired for investment purposes.
• As of September 29, 2025, there were 13,039,348 shares of common stock outstanding.

Sentiment

Score: 5

Explanation: Neutral, as it is a factual report of beneficial ownership changes due to RSU vesting, not a performance or strategic announcement. The increase in insider ownership is generally viewed positively but is a routine event in this context.

Positives

• Increased beneficial ownership by a key insider, Phillip Frost, M.D., and his associated trust, which can signal continued confidence in the company's long-term prospects.
• The acquisitions were a result of restricted stock unit vesting, indicating ongoing compensation and alignment of management interests with shareholders.

Future Outlook

The Reporting Persons acquired the shares of common stock for investment purposes, indicating a continued long-term interest in Cocrystal Pharma, Inc.

Management Comments

• The Reporting Persons acquired the shares of common stock for investment purposes.

Industry Context

N/A. This filing primarily concerns beneficial ownership disclosure rather than operational or strategic updates relevant to broader industry trends.

Related Party Transactions

• Phillip Frost, M.D. controls Frost Gamma Investments Trust (FGIT) as sole trustee. Frost Gamma L.P. is the sole beneficiary of FGIT, and Dr. Frost is one of two limited partners of Frost Gamma L.P. Dr. Frost is also the sole shareholder of Frost-Nevada Corporation, which is the sole shareholder of Frost Gamma, Inc., the general partner of Frost Gamma L.P. This complex structure indicates a significant related-party relationship in the beneficial ownership of the shares.

Stakeholder Impact

• Shareholders: Disclosure of significant insider ownership provides transparency regarding a key investor's stake and ongoing commitment to the company, potentially reinforcing investor confidence.

Key Dates

Recommendation

This Schedule 13D amendment reports routine acquisitions of shares by Dr. Phillip Frost and Frost Gamma Investments Trust through restricted stock unit vesting. It does not contain new financial performance data, strategic shifts, or other material information that would warrant a change in investment recommendation. The increased insider ownership, while generally positive, is a result of compensation vesting rather than open market purchases signaling a strong new conviction, thus maintaining a 'hold' stance.

Keywords

Cocrystal Pharma, Phillip Frost, Frost Gamma Investments Trust, Schedule 13D, Beneficial Ownership, Insider Ownership, RSU Vesting, Biotechnology, Pharmaceuticals