----

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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|---------------------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|----------------------------------------------------------------------------------------------------|

| Delaware                                                       |   | 20-578559                            |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 19805 North Creek Parkway                                      |   |                                 |
| Bothell, Washington                                            |   | 98011                                |
| (Address of Principal Executive Offices)                       |   | (Zip Code)                           |

| Large accelerated filer  o               |   | Accelerated filer  o         |
|-----------------------------------------------|--------|-----------------------------------|
|                                          |   |                              |
| Non-accelerated filer  o                 |   | Smaller reporting company  x |
| (Do not check if a smaller reporting company) |   |                              |

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Table of Contents

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Table of Contents

QUARTER 

|                                                                                                                                                                                                    |   | Page   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                                                                                                    |   |   |
| Part I — Financial Information                                                                                                                                                               |   |   |
|                                                                                                                                                                                                    |   |   |
| Item 1. Financial Statements (unaudited)                                                                                                                                                                |   | 1      |
|                                                                                                                                                                                                    |   |   |
| Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013                                                                                                         |   | 1      |
|                                                                                                                                                                                                    |   |   |
| Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2014 and 2013 and for the period from January 9, 2007 (Date of Inception) to March 31, 2014 |   | 2      |
|                                                                                                                                                                                                    |   |   |
| Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2014                                                |   | 3      |
|                                                                                                                                                                                                    |   |   |
| Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2014 and 2013 and for the period from January 9, 2007 (Date of Inception) to March 31, 2014    |   | 4      |
|                                                                                                                                                                                                    |   |   |
| Notes to Consolidated Financial Statements                                                                                                                                                         |   | 5      |
|                                                                                                                                                                                                    |   |   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                     |   | 13     |
|                                                                                                                                                                                                    |   |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                      |   | 16     |
|                                                                                                                                                                                                    |   |   |
| Item 4. Controls and Procedures                                                                                                                                                                         |   | 16     |
|                                                                                                                                                                                                    |   |   |
| Part II — Other Information                                                                                                                                                                  |   | 18     |
|                                                                                                                                                                                                    |   |   |
| Item 1. Legal Proceedings                                                                                                                                                                               |   | 18     |
|                                                                                                                                                                                                    |   |   |
| Item 1A. Risk Factors                                                                                                                                                                                   |   | 18     |
|                                                                                                                                                                                                    |   |   |
|     Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                  |   | 18     |
|                                                                                                                                                                                                    |   |   |
|     Item 3. Defaults Upon Senior Securities                                                                                                                                              |   | 19     |
|                                                                                                                                                                                                    |   |   |
|     Item 4. Mine Safety Disclosures                                                                                                                                                      |   | 19     |
|                                                                                                                                                                                                    |   |   |
|     Item 5. Other                                                                                                                                                                        |   | 19     |
|                                                                                                                                                                                                    |   |   |
| Item 6. Exhibits                                                                                                                                                                                        |   | 19     |
|                                                                                                                                                                                                    |   |   |
| Signatures                                                                                                                                                                                              |   | 20     |
|                                                                                                                                                                                                    |   |   |
| EX-31.1                                                                                                                                                                                                 |   |   |
| EX-31.2                                                                                                                                                                                                 |   |   |
| EX-32.1                                                                                                                                                                                                 |   |   |
| EX-101                                                                                                                                                                                                  |   |   |

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Table of Contents

company

|                                                                                                                                                                                                                                        |   | March 31, 2014 |    |    | December 31,2013 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|---------|------------------|--------|
|                                                                                                                                                                                                                                        |   | (unaudited)    |    |    |             |   |
| Assets                                                                                                                                                                                                                                      |   |           |    |    |             |   |
| Current assets:                                                                                                                                                                                                                             |   |           |    |    |             |   |
| Cash and cash equivalents                                                                                                                                                                                                                   |   | $              | 2,599   |    |             | $      | 1,034 |   |
| Marketable securities                                                                                                                                                                                                                       |   |           | 7,285   |    |             |   |   |   |
| Prepaid and other current assets                                                                                                                                                                                                            |   |           | 153     |    |             |   | 139 |   |
| Total current assets                                                                                                                                                                                                                        |   |           | 10,037  |    |             |   | 1,173 |   |
|                                                                                                                                                                                                                                        |   |           |    |    |             |   |   |   |
| Property and equipment, net                                                                                                                                                                                                                 |   |           | 412     |    |             |   | 469 |   |
| Deposits                                                                                                                                                                                                                                    |   |           | 32      |    |             |   | 19 |   |
| Total assets                                                                                                                                                                                                                                |   | $              | 10,481  |    |             | $      | 1,661 |   |
|                                                                                                                                                                                                                                        |   |           |    |    |             |   |   |   |
| Liabilities and stockholders' equity (deficit)                                                                                                                                                                                              |   |           |    |    |             |   |   |   |
| Current liabilities:                                                                                                                                                                                                                        |   |           |    |    |             |   |   |   |
| Accounts payable                                                                                                                                                                                                                            |   |           | 289     |    |             |   | 224 |   |
| Accrued expenses                                                                                                                                                                                                                            |   |           | 177     |    |             |   | 139 |   |
| Derivative liabilities                                                                                                                                                                                                                      |   |           | 12,089  |    |             |   | 23 |   |
| Total current liabilities                                                                                                                                                                                                                   |   |           | 12,555  |    |             |   | 386 |   |
| Total liabilities                                                                                                                                                                                                                           |   |           | 12,555  |    |             |   | 386 |   |
|                                                                                                                                                                                                                                        |   |           |    |    |             |   |   |   |
| Commitments and contingencies                                                                                                                                                                                                               |   |           |    |    |             |   |   |   |
| Series A convertible preferred stock, $.0001 par value, 7,150 shares authorized; 0 and 7,046 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively; liquidation preference of $14,000 as of December 31, 2013 |   |           | -       |    |             |   | 10,108 |   |
|                                                                                                                                                                                                                                        |   |           |    |    |             |   |   |   |
| Stockholders' equity (deficit):                                                                                                                                                                                                             |   |           |    |    |             |   |   |   |
| Series B convertible preferred stock, $.001 par value: 5,000 shares authorized, 1,000 and 279 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively                                                           |   |           | 1       |    |             |   | - |   |
|     Common stock, $.001 par value: 200,000 and 262,186 shares authorized, 121,580 and 0 shares    issued and outstanding at March 31, 2014 and December 31, 2013, respectively                           |   |           | 122     |    |             |   | - |   |
| Additional paid-in capital                                                                                                                                                                                                                  |   |           | 11,961  |    |             |   | 3,502 |   |
| Accumulated other comprehensive loss                                                                                                                                                                                                        |   |           | (1,451  | )       |             |   | - |   |
| Deficit accumulated during the development stage                                                                                                                                                                                            |   |           | (12,707 | )       |             |   | (12,335 | ) |
| Total stockholders' equity (deficit)                                                                                                                                                                                                        |   |           | (2,074  | )  |             |   | (8,833 | ) |
|                                                                                                                                                                                                                                        |   |           |    |    |             |   |   |   |
| Total liabilities and stockholders' equity (deficit)                                                                                                                                                                                        |   | $              | 10,481  |    |             | $      | 1,661 |   |

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COMPREHENSIVE 

|                                                                                      |   | Three months ended March 31, |    |    | Period from January 7, 2007 (Inception) to March 31, |   |
|-------------------------------------------------------------------------------------------|--------|------------------------------|---------|---------|------------------------------------------------------|--------|
|                                                                                      |   | 2014                         |    |    | 2013                                                 |   |   | 2014 |   |
|                                                                                      |   |                         |    |    |                                                 |   |   |   |   |
| Revenues                                                                                  |   | $                            | -       |    |                                                 | $      | - |   |   | $ | 733 |   |
|                                                                                      |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Operating expenses                                                                        |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Research and Development                                                                  |   |                         | 967     |    |                                                 |   | 1,005 |   |   |   | 16,469 |   |
| General and Administrative                                                                |   |                         | 565     |    |                                                 |   | 53 |   |   |   | 2,343 |   |
| Total operating expenses                                                                  |   |                         | (1,532  | )       |                                                 |   | 1,058 |   |   |   | 18,812 |   |
|                                                                                      |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Loss from operations                                                                      |   |                         | (1,532  | )       |                                                 |   | (1,058 | ) |   |   | (18,079 | ) |
|                                                                                      |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Interest income                                                                           |   |                         | -       |    |                                                 |   | - |   |   |   | 40 |   |
| Other income                                                                              |   |                         | -       |    |                                                 |   | - |   |   |   | 9 |   |
| Interest expense                                                                          |   |                         | -       |    |                                                 |   | - |   |   |   | (2 | ) |
|     Fair value of warrant liabilities in excess of proceeds from financing |   |                         | (946    | )  |                                                 |   | - |   |   |   | (946 | )  |
| Change in fair value of derivative liabilities                                            |   |                         | 2,106   |    |                                                 |   | - |   |   |   | 6,271 |   |
| Total other income, net                                                                   |   |                         | 1,160   |    |                                                 |   | - |   |   |   | 5,372 |   |
|                                                                                      |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Net loss                                                                                  |   | $                            | (372    | )       |                                                 | $      | (1,058 | ) |   | $ | (12,707 | ) |
|                                                                                      |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Comprehensive loss:                                                                       |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Net loss                                                                                  |   | $                            | (372    | )       |                                                 | $      | (1,058 | ) |   | $ | (12,707 | ) |
| Unrealized loss on marketable securities                                                  |   |                         | (1,451  | )       |                                                 |   | - |   |   |   | - |   |
| Total comprehensive loss                                                                  |   | $                            | (1,823  | )       |                                                 | $      | (1,058 | ) |   | $ | (12,707 | ) |
|                                                                                      |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Net loss per common share:                                                                |   |                         |    |    |                                                 |   |   |   |   |   |   |   |
| Basic loss per share                                                                      |   | $                            | (0.00   | )       |                                                 | $      | (0.02 | ) |   |   |   |   |
| Weighted average common shares outstanding, basic                                         |   |                         | 324,471 |    |                                                 |   | 57,255 |   |   |   |   |   |
| Diluted loss per share                                                                    |   | $                            | (0.00   | )       |                                                 | $      | (0.02 | ) |   |   |   |   |
| Weighted average common shares outstanding, diluted                                       |   |                         | 324,471 |    |                                                 |   | 57,255 |   |   |   |   |   |

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|                                                                       |   | Series A Convertible Preferred Stock |   |   | Series B Convertible Preferred Stock |    | Common Stock |   | Additional Paid-in Capital |      | Accumulated other comprehensive loss |   | Deficit Accumulated During the Development Stage |    | Total Stockholders' Equity (Deficit) |   |
|----------------------------------------------------------------------------|--------|--------------------------------------|--------|--------|--------------------------------------|---------|--------------|--------|----------------------------|-----------|--------------------------------------|--------|--------------------------------------------------|---------|--------------------------------------|--------|
|                                                                       |   | Shares                               |   | Amount |                                 |    |         | Shares |                       | Amount    |                                 | Shares |                                             | Amount  |                                 |   |   |   |   |   |   |   |   |
| Balance as of December 31, 2013                                            |   |                                 | 7,046  |   | $                                    | 10,108  |         |   |                       |  279 |                                 | $      | -                                                |    |                                 |   |   | $ | - |   | $ | 3,502 |   | $ | - |   | $ | (12,335 | ) | $ | (8,833 | ) |
| Conversion of Series A Convertible Preferred Stock                         |   |                                 | (7,046 | )      |                                 | (10,108 | )            |   |                       |  721 |                                 |   | 1                                           |    |                                 |   |   |   |   |   |   | 10,107 |   |   |   |   |   |   |   |   | 10,108 |   |
| Merger between Biozone Pharmaceuticals, Inc. and Cocrystal Discovery, Inc. |   |                                 |   |   |                                 |    |         |   |                       |      |                                 |   |                                             | 115,907 |                                 |   | 116 |   |   | (1,672 | )  |   |   |   |   |   |   |   | (1,556 | )  |
| Exercise of common stock options                                           |   |                                 |   |   |                                 |    |         |   |                       |      |                                 |   |                                             |    |                                 |   | 175 |   |   |   |   |   | 19 |   |   |   |   |   |   |   |   | 19 |   |
| Stock-based compensation                                                   |   |                                 |   |   |                                 |    |         |   |                       |      |                                 |   |                                             |    |                                 |   |   |   |   |   |   |   | 11 |   |   |   |   |   |   |   |   | 11 |   |
| Issuance of common stock and warrants in January 2014                      |   |                                 |   |   |                                 |    |         |   |                       |      |                                 |   |                                             |    |                                 |   | 5,500 |   |   | 6 |   |   | (6 | )  |   |   |   |   |   |   |   | - |   |
| Unrealized loss on marketable securities                                   |   |                                 |   |   |                                 |    |         |   |                       |      |                                 |   |                                             |    |                                 |   |   |   |   |   |   |   |   |   |   | (1,451 | ) |   |   |   |   | (1,451 | ) |
| Net loss                                                                   |   |                                 |   |   |                                 |    |         |   |                       |      |                                 |   |                                             |    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   | (372 | ) |   | (372 | ) |
|                                                                       |   |                                 |   |   |                                 |    |         |   |                       |      |                                 |   |                                             |    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of March 31, 2014                                               |   |                                 | -      |   | $                                    | -       |         |   |                       |      | 1,000                                |   | $                                                | 1       |                                 |   | 121,582 |   | $ | 122 |   | $ | 11,961 |   | $ | (1,451 | ) | $ | (12,707 | ) | $ | (2,074 | ) |

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FLOWS

|                                                                                                              |   | Three months ended March 31, |   |   | Period from January 9, 2007 (inception) to March 31, |   |
|-------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|--------|------------------------------------------------------|--------|
|                                                                                                              |   | 2014                         |   |   | 2013                                                 |   |   | 2014 |   |
|                                                                                                              |   |                         |   |   |                                                 |   |   |   |   |
| Operating activities:                                                                                             |   |                         |   |   |                                                 |   |   |   |   |
| Net loss                                                                                                          |   | $                            | (372   | )      |                                                 | $      | (1,058 | ) |   | $ | (12,707 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities:                                       |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Depreciation                                                                                                      |   |                         | 57     |   |                                                 |   | 60 |   |   |   | 793 |   |
| Stock based compensation                                                                                          |   |                         | 11     |   |                                                 |   | 18 |   |   |   | 363 |   |
|  Fair value of warrant liabilities in excess of proceeds from financing                                      |   |                         | 946    |   |                                                 |   | - |   |   |   | 946 |   |
| Change in fair value of derivative liabilities                                                                    |   |                         | (2,106 | )      |                                                 |   | - |   |   |   | (6,271 | ) |
| Changes in operating assets and liabilities, net of effects of reverse merger with Biozone Pharmaceuticals, Inc.: |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Prepaid expenses and other current assets                                                                         |   |                         | (10    | )      |                                                 |   | 27 |   |   |   | (166 | ) |
| Accounts payable and accrued expenses                                                                             |   |                         | (306   | )      |                                                 |   | 1 |   |   |   | 57 |   |
| Net cash used in operating activities                                                                             |   |                         | (1,780 | )      |                                                 |   | (952 | ) |   |   | (16,985 | ) |
|                                                                                                              |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Investing activities:                                                                                             |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Capital expenditures                                                                                              |   |                         | -      |   |                                                 |   | - |   |   |   | (1,204 | ) |
| Cash acquired in reverse merger with Biozone Pharmaceuticals, Inc.                                                |   |                         | 589    |   |                                                 |   | - |   |   |   | 589 |   |
| Long term deposits                                                                                                |   |                         | (13    | )      |                                                 |   | - |   |   |   | (13 | ) |
| Net cash provided by (used in) investing activities                                                               |   |                         | 576    |   |                                                 |   | - |   |   |   | (628 | ) |
|                                                                                                              |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Financing activitities                                                                                            |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Proceeds from issuance of Series A preferred stock, net of issuance costs                                         |   |                         | -      |   |                                                 |   | - |   |   |   | 10,108 |   |
| Proceeds from issuance of common stock and options to Teva, net of issuance costs                                 |   |                         | -      |   |                                                 |   | - |   |   |   | 7,328 |   |
| Proceeds from exercise of stock options                                                                           |   |                         | 19     |   |                                                 |   | 4 |   |   |   | 26 |   |
| Proceeds from issuance of common stock and warrants                                                               |   |                         | 2,750  |   |                                                 |   | - |   |   |   | 2,750 |   |
| Net cash provided by financing activities                                                                         |   |                         | 2,769  |   |                                                 |   | 4 |   |   |   | 20,212 |   |
|                                                                                                              |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                              |   |                         | 1,565  |   |                                                 |   | (948 | ) |   |   | 2,599 |   |
| Cash and cash equivalents at beginning of period                                                                  |   |                         | 1,034  |   |                                                 |   | 4,717 |   |   |   | - |   |
| Cash and cash equivalents at end of period                                                                        |   | $                            | 2,599  |   |                                                 | $      | 3,769 |   |   | $ | 2,599 |   |
|                                                                                                              |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:                                           |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Unrealized loss on marketable securities                                                                          |   | $                            | (1,451 | )      |                                                 |   |   |   |   | $ | (1,451 | ) |
| Assets acquired and liabilities assumed in reverse merger with Biozone Pharmaceuticals, Inc.                      |   |                         |   |   |                                                 |   |   |   |   |   |   |   |
| Prepaid expenses and other current assets                                                                         |   | $                            | 3      |   |                                                 |   |   |   |   | $ | 3 |   |
| Marketable securities                                                                                             |   |                         | 8,737  |   |                                                 |   |   |   |   |   | 8,737 |   |
| Accounts payable and accrued expenses                                                                             |   |                         | 410    |   |                                                 |   |   |   |   |   | 410 |   |
| Derivative liabilities                                                                                            |   |                         | 10,475 |   |                                                 |   |   |   |   |   | 10,475 |   |

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Financial 

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Table of Contents

|                                    |   |              |   |   | Quoted Prices in Active Markets |                            | Significant Other Observable Inputs |                                | Unobservable Inputs |                |
|-----------------------------------------|--------|-------------------|--------|--------|---------------------------------|---------------------------------|-------------------------------------|-------------------------------------|---------------------|---------------------|
| Description                             |   | March 31, 2014    |   |   | (Level 1)                       |                            |                                | (Level 2)                           |                |                | (Level 3) |   |
| Assets:                                 |   |              |   |   |                            |                            |                                |                                |                |                |   |   |
| Cash and Cash Equivalents               |   | $                 | 2,599  |   |                            | $                               | 2,599                               |                                |                | $                   | - |   |   | $ | - |   |
| Marketable securities                   |   |              | 7,285  |   |                            |                            | 4,014                               |                                |                |                | 3,271 |   |   |   |   |   |
| Total assets                            |   | $                 | 9,884  |   |                            | $                               | 6,613                               |                                |                | $                   | 3,271 |   |   | $ | - |   |
|                                    |   |              |   |   |                            |                            |                                |                                |                |                |   |   |   |   |   |   |
| Liabilities:                            |   |              |   |   |                            |                            |                                |                                |                |                |   |   |   |   |   |   |
| Warrants potentially settleable in cash |   | $                 | 12,089 |   |                            | $                               | -                                   |                                |                | $                   | - |   |   | $ | 12,089 |   |
| Total liabilities                       |   | $                 | 12,089 |   |                            | $                               | -                                   |                                |                | $                   | - |   |   |   | 12,089 |   |
|                                    |   |              |   |   |                            |                            |                                |                                |                |                |   |   |   |   |   |   |
|                                    |   |              |   |   |                            | Quoted Prices in Active Markets |                                | Significant Other Observable Inputs |                | Unobservable Inputs |   |
| Description                             |   | December 31, 2013 |   |   | (Level 1)                       |                            |                                | (Level 2)                           |                |                | (Level 3) |   |
| Assets:                                 |   |              |   |   |                            |                            |                                |                                |                |                |   |   |   |   |   |   |
| Cash and Cash Equivalents               |   | $                 | 1,034  |   |                            | $                               | 1,034                               |                                |                | $                   | - |   |   | $ | - |   |
| Total assets                            |   | $                 | 1,034  |   |                            | $                               | 1,034                               |                                |                | $                   | - |   |   |   | - |   |
|                                    |   |              |   |   |                            |                            |                                |                                |                |                |   |   |   |   |   |   |
| Liabilities:                            |   |              |   |   |                            |                            |                                |                                |                |                |   |   |   |   |   |   |
| Derivative liability                    |   | $                 | 23     |   |                            | $                               | -                                   |                                |                | $                   | - |   |   | $ | 23 |   |
| Total liabilities                       |   | $                 | 23     |   |                            | $                               | -                                   |                                |                | $                   | - |   |   |   | 23 |   |

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|                                                                    |   | Fair Value Measurements Using Significant Unobservable Inputs |   |
|-------------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
|                                                                    |   | (Level 3)                                                     |   |
| Balance, January 1, 2014                                                |   | $                                                             | 23     |   |
| Change in fair value of Teva option                                     |   |                                                          | (23    | ) |
| Estimated fair value of warrants assumed in merger on January 2, 2014   |   |                                                          | 10,475 |   |
| Estimated fair value of warrants issued in January sale of common stock |   |                                                          | 3,696  |   |
| Change in fair value of warrants for the period ended March 31, 2014    |   |                                                          | (2,082 | ) |
| Balance at March 31, 2014                                               |   | $                                                             | 12,089 |   |

| Warrants outstanding                                                         |   |   | 26,669 |   |
|------------------------------------------------------------------------------|--------|--------|--------|--------|
| Stock options outstanding                                                    |   |   | 4,156  |   |
| Options reserved for future issuance under the Company's 2007 Incentive Plan |   |   | 49,268 |   |
| Total reserved for future issuance                                           |   |   | 80,093 |   |

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|                                            |   |   |  January 2012 warrants |   | February 2012 warrants |   |   | June 2013 warrants |   |   | June 2013 warrants |   |   | August 2013 warrants |   |   | October 2013 warrants |   |   | October 2013warrants |   |   | January 2014 warrants |   |   | Total  |   |
|-------------------------------------------------|--------|--------|-----------------------------|--------|------------------------|--------|--------|--------------------|--------|--------|--------------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|--------|--------|
|                                            |   |   |                        |   |                   |   |   |               |   |   |               |   |   |                 |   |   |                  |   |   |                 |   |   |                  |   |   |   |
| Outstanding, January 1, 2014                    |   |   | -                           |   |                   | -      |   |               |   | -      |               |   |   | -                    |   |   |                  | -      |   |                 |   | -      |                  |   |   | -      |   |   |   | - |   |   |   | - |   |
| Warrants acquired in merger                     |   |   | 650                         |   |                   | 1,000  |   |               |   | 455    |               |   |   | 1,864                |   |   |                  | 10,000 |   |                 |   | 200    |                  |   |   | 7,000  |   |   |   |   |   |   |   | 21,169 |   |
| Warrants granted in period ended March 31, 2014 |   |   |                        |   |                   |   |   |               |   |   |               |   |   |                 |   |   |                  |   |   |                 |   |   |                  |   |   |   |   |   |   | 5,500 |   |   |   | 5,500 |   |
| Outstanding, March 31, 2014                     |   |   | 650                         |   |                   | 1,000  |   |               |   | 455    |               |   |   | 1,864                |   |   |                  | 10,000 |   |                 |   | 200    |                  |   |   | 7,000  |   |   |   | 5,500 |   |   |   | 26,669 |   |

|                    |   | February 2012 warrants |   |   | August 2013 warrants |   |   | October 2013 warrants |   |   | October2013warrants |   |   | January2014warrants  |       |
|-------------------------|--------|------------------------|--------|--------|----------------------|--------|--------|-----------------------|--------|--------|---------------------|--------|--------|---------------------------|------------|
| Strike price            |   | $                      | 0.60   |   |                 | $      | 0.40   |                  |   | $      | 0.50                |   |   | $                         |  0.50 |   |   | $ | 0.50 |   |
| Expected term (years)   |   |                   | 1.9    |   |                 |   | 9.4    |                  |   |   | 4.6                 |   |   |                      |  9.6  |   |   |   |  9.8 |   |
| Cumulative volatility % |   |                   | 73     | %      |                 |   | 105    | %                     |   |   | 84                  | %      |   |                      |  105  | % |   |   |  105 | % |
| Risk-free rate %        |   |                   | 0.36   | %      |                 |   | 2.92   | %                     |   |   | 1.32                | %      |   |                      |  2.92 | % |   |   |  2.96 | % |

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|                                   |   | Total number of shares |      |   | WeightedAverageExercise Price |   |   | AggregateIntrinsicValue |   |
|----------------------------------------|--------|------------------------|-----------|--------|-------------------------------|--------|--------|-------------------------|--------|
| Outstanding options at January 1, 2014 |   |                   | 4,402,890 |   |                          | $      | 0.11   |                    |   | $ | 2,038,538 |   |
| Granted                                |   |                   | -         |   |                          |   |   |                    |   |   |   |   |
| Exercised                              |   |                   | (175,272  | )      |                          |   | 0.11   |                    |   |   | 80,976 |   |
| Cancelled                              |   |                   | (71,606   | )      |                          |   | 0.11   |                    |   |   | 32,939 |   |
| Outstanding at March 31, 2014          |   |                   | 4,156,012 |   |                          | $      | 0.11   |                    |   | $ | 1,911,766 |   |
|                                   |   |                   |      |   |                          |   |   |                    |   |   |   |   |
| Options exercisable at March 31, 2014  |   |                   | 3,652,470 |   |                          | $      | 0.10   |                    |   | $ | 1,701,827 |   |

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|                                 |   | Three months ended March 31, |   |
|--------------------------------------|--------|------------------------------|--------|
|                                 |   | 2014                         |   |   | 2013 |   |
| Options to purchase common stock     |   |                         | 4,156  |   |   |   | 4,403 |   |
| Warrants to purchase common stock    |   |                         | 26,669 |   |   |   | 1,650 |   |
| Series A convertible preferred stock |   |                         | -      |   |   |   | 9,256 |   |
| Total                                |   |                         | 30,825 |   |   |   | 15,309 |   |

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ITEM 2
CONDITION 

| · | Hepatitis C. We expect to file an Investigational New Drug application with the U.S. Food & Drug Administration in December 2014;  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

| · | Influenza.  We expect to file an Investigational New Drug application with the U.S. Food & Drug Administration in December 2015;  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Rhinovirus (HRV) to treat the common cold. We expect to file an Investigational New Drug application with the U.S. Food & Drug Administration in December 2016. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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ITEM 3
ABOUT 

ITEM 4

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INFORMATION

TEM

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ITEM 3

ITEM 4

ITEM 5

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|                   | Cocrystal Pharma, Inc.                                     |
|------------------------|------------------------------------------------------------|
|                   |                                                       |
| Dated: August 14, 2014 | By:                                              | /s/ Gary WilcoxGary Wilcox |
|                   | Chief Executive Officer(Principal Executive Officer)  |
| Dated: August 14, 2014 | By:                                              | /s/ Gerald McGuireGerald McGuire |
|                   | Chief Financial Officer(Principal Financial Officer)       |

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| Exhibit     |   |                                                                                                              |   | Incorporated by Reference |   | Filed orFurnished |
|-------------|--------|-------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|------------------------|
| No.         |   | Exhibit Description                                                                                          |   | Form                                |   | Date                   |   | Number |   | Herewith |
|        |   |                                                                                                              |   |                                |   |                   |   |   |   |   |
| 2.1         |   | Agreement and Plan of Merger – Cocrystal Discovery                                                          |   | 8-K                                 |   | 1/8/14                 |   | 2.1 |   |   |
| 2.2         |   | Certificate of Merger – Cocrystal Discovery                                                                 |   | 8-K                                 |   | 1/8/14                 |   | 2.2 |   |   |
| 2.3         |   | Certificate of Merger – Delaware                                                                            |   | 10-K                                |   | 4/4/14                 |   | 2.4 |   |   |
| 2.4         |   | Articles of  Merger - Nevada                                                                            |   | 10-K                                |   | 4/4/14                 |   | 2.5 |   |   |
| 2.5         |   | Certificate of Designation – Series B                                                                       |   | 8-K                                 |   | 1/8/14                 |   | 3.1 |   |   |
| 3.7         |   | Certificate of Incorporation – Delaware                                                                     |   | 10-K                                |   | 4/4/14                 |   | 3.7 |   |   |
| 3.8    |   | Bylaws – Delaware                                                                                           |   | 10-K                                |   | 4/4/14                 |   | 3.9 |   |   |
| 10.1   |   | Form of Securities Purchase Agreement - January 2014 Offering                                                     |   | 8-K                                 |   | 1/21/14                |   | 10.1 |   |   |
| 10.2   |   | Form of Warrant - January 2014 Offering                                                                           |   | 8-K                                 |   | 1/21/14                |   | 10.2 |   |   |
| 10.3   |   | Employment Agreement – Gary Wilcox*                                                                         |   | 8-K                                 |   | 1/8/14                 |   | 10.1 |   |   |
| 10.4   |   | Employment Agreement – Sam Lee*                                                                             |   | 8-K                                 |   | 1/8/14                 |   | 10.2 |   |   |
| 10.5   |   | 2007 Equity Incentive Plan - Cocrystal Discovery                                                                  |   | S-8                                 |   | 1/2/14                 |   | 10.1 |   |   |
| 10.13       |   | Form of Indemnification Agreement                                                                                 |   | 10-K                                |   | 4/4/14                 |   | 10.13 |   |   |
| 10.20       |   | Share Purchase Agreement                                                                                          |   |                                |   |                   |   |   |   | Filed+ |
| 10.21       |   | Research and Collaboration Agreement Between Teva Pharmaceutical Industries Limited and Cocrystal Discovery, Inc. |   |                                |   |                   |   |   |   | Filed+ |
| 10.22       |   | Exclusive License Agreement Between Teva Pharmaceutical Industries Limited and Cocrystal Discovery, Inc.          |   |                                |   |                   |   |   |   | Filed+ |
| 31.1        |   | Certification of Principal Executive Officer (302)                                                                |   |                                |   |                   |   |   |   | Filed |
| 31.2        |   | Certification of Principal Financial Officer (302)                                                                |   |                                |   |                   |   |   |   | Filed |
| 32.1        |   | Certification of Principal Executive and Principal Financial Officer (906)                                        |   |                                |   |                   |   |   |   | Furnished** |
| 101.INS     |   | XBRL Instance Document                                                                                            |   | 10-Q                                |   | 5/15/14                |   |   |   |   |
| 101.SCH     |   | XBRL Taxonomy Extension Schema Document                                                                           |   | 10-Q                                |   | 5/15/14                |   |   |   |   |
| 101.CAL     |   | XBRL Taxonomy Extension Calculation Linkbase Document                                                             |   | 10-Q                                |   | 5/15/14                |   |   |   |   |
| 101.DEF     |   | XBRL Taxonomy Extension Definition Linkbase Document                                                              |   | 10-Q                                |   | 5/15/14                |   |   |   |   |
| 101.LAB     |   | XBRL Taxonomy Extension Label Linkbase Document                                                                   |   | 10-Q                                |   | 5/15/14                |   |   |   |   |
| 101.PRE     |   | XBRL Taxonomy Extension Presentation Linkbase Document                                                            |   | 10-Q                                |   | 5/15/14                |   |   |   |   |