--- title: "Cocrystal names James Sapirstein chief executive officer" url: "https://aibio.space/news/cocrystal-names-james-sapirstein-chief-executive-officer/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-06-09" section: "Company Updates" tickers: "NASDAQ:COCP" source: "https://www.sec.gov/Archives/edgar/data/1412486/000149315226027837/form8-k.htm" summary: "An 8-K filed June 9, 2026 sets out the offer letter for the new chief executive, who replaces two co-chief executives." --- By the aibio.space news desk. Sources - [Cocrystal Pharma, Inc. 8-K (2026-06-09)](https://www.sec.gov/Archives/edgar/data/1412486/000149315226027837/form8-k.htm) - [Cocrystal Pharma, Inc. 10-K (2026-03-31): business](https://www.sec.gov/Archives/edgar/data/1412486/000149315226013838/form10-k.htm) - [Cocrystal Pharma, Inc. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1412486/000149315226013838/) [COCP](https://aibio.space/companies/cocrystal-pharma/) 2026-06-09 # Cocrystal names James Sapirstein chief executive officer Tickers [COCP](https://aibio.space/companies/cocrystal-pharma/) An 8-K filed June 9, 2026 sets out the offer letter for the new chief executive, who replaces two co-chief executives. ## Key facts - **Company**: Cocrystal Pharma, Inc. (NASDAQ: COCP) - **News type**: Company Updates - **Primary source**: [Cocrystal Pharma, Inc. 8-K (2026-06-09)](https://www.sec.gov/Archives/edgar/data/1412486/000149315226027837/form8-k.htm) *A compound microscope with its objective lenses. CC0, via rawpixel. The picture shows the field, not the companies named.* Cocrystal Pharma, Inc. (Nasdaq: [COCP](https://aibio.space/companies/cocrystal-pharma/)) filed an 8-K on June 9, 2026 disclosing the terms of its appointment of James Sapirstein as Chief Executive Officer. The board appointed him effective June 3, 2026, under an employment offer letter filed as Exhibit 10.1. He replaces Sam Lee and James Martin, who had served as Co-Chief Executive Officers. Sam Lee continues as President and also serves as Chief Scientific Officer. James Martin continues as Chief Financial Officer. The filing gives no reason for replacing the two co-chief executives with one. ## Salary, bonus and equity Under the offer letter, Mr. Sapirstein receives an initial annual base salary of $265,000. He is also eligible for an annual performance bonus equal to 50% of his base salary, based on performance targets set by the board. He received an initial grant of 10-year stock options to purchase 235,000 shares of common stock under the company's 2025 Equity Incentive Plan. The exercise price is $1.05, which the filing describes as the closing price of the common stock on the date of grant. The options vest in four equal annual installments beginning June 3, 2027, subject to his continued employment. If there is a Change in Control, as defined in the offer letter, the grant vests in full. If he is terminated without Cause, 50% of the then unvested options accelerate and vest. The offer letter also provides for a later grant of options to purchase an additional 235,000 shares. That grant would be made on the six-month anniversary of his start date, with an exercise price equal to the closing price on the grant date. It depends on his continued employment, performance targets set by the board and approval by the Compensation Committee. These options would vest in four equal annual installments on each anniversary of the grant date. ## Background of the new chief executive Mr. Sapirstein is 64. From October 2019 to February 2025 he served as Chief Executive Officer of Entero Therapeutics, Inc. (Nasdaq: ENTO), a biopharmaceutical company focused on therapies for gastrointestinal diseases. From February 2025 to March 2026 he served as a consultant to that company. The filing states that there are no arrangements or understandings between Mr. Sapirstein and any other person under which he was selected as Chief Executive Officer. It also reports no family relationships among the company's directors or executive officers and him, and no related party transactions that would require disclosure under Item 404(a) of Regulation S-K. ## The company and its finances Cocrystal describes itself as a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics as treatments for serious and/or chronic viral diseases. Its business section says the company uses structure-based drug design and aims to develop broad-spectrum antivirals against influenza virus, norovirus, coronaviruses and hepatitis C virus. The XBRL data in the company's annual report show research and development expense of $5.1 million for the fiscal year ended December 31, 2025, compared with $12.5 million for 2024. The net loss was $8.8 million for 2025, compared with $17.5 million for 2024. Cash used in operations was $8.2 million for 2025, compared with $16.5 million for 2024. Cash and cash equivalents at December 31, 2025 were $7.0 million, compared with $9.9 million at December 31, 2024. Cash used in operations in 2025 was $8.2 million, more than the year-end cash balance. The company is a clinical-stage business that has not been profitable in the periods shown, and the 8-K does not describe its cash position after June 3, 2026. The new chief executive's two option grants, 235,000 shares each, add to the potential share count, and the first vests in full if control of the company changes. ## What comes next The filing does not set out any new corporate plans beyond the appointment and the compensation terms. Mr. Sapirstein's first option grant vests starting June 3, 2027. The second grant depends on a date that falls six months after his start date, and on board and committee approvals that the filing does not yet describe as completed. The filing gives no timing for the company's Phase 1b norovirus data, and it says nothing about what the new chief executive plans to change. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story COCP Cocrystal Pharma, Inc. 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Cite as: aibio.space, "Cocrystal names James Sapirstein chief executive officer", 2026-06-09, https://aibio.space/news/cocrystal-names-james-sapirstein-chief-executive-officer/