ENVALITH
Chordia Therapeutics株式会社 logo

Chordia Therapeutics Inc.

190A・Growth Market・Pharmaceuticals

Official website
Chordia Therapeutics株式会社 logo
Chordia Therapeutics Inc.190A

Business

Chordia Therapeutics, Inc. is a drug discovery venture company founded in 2017, based at the Shonan Health Innovation Park in Fujisawa City, Kanagawa Prefecture. Focusing on "RNA control stress," a novel hallmark of cancer cells, the company conducts research and development of first-in-class small-molecule anticancer drugs targeting indications for which no marketed drugs currently exist. It holds five pipelines in total, led by its lead pipeline candidate rogocekib (a CLK inhibitor), along with CTX-177 (a MALT1 inhibitor), CTX-439 (a CDK12 inhibitor), a GCN2 inhibitor, and a new pipeline candidate. The company listed on the Tokyo Stock Exchange Growth Market in June 2024. Its main target diseases are cancer types with high unmet medical needs, such as acute myeloid leukemia (AML), myelodysplastic syndrome (MDS), and ovarian cancer.

Business Model

The Company does not maintain large-scale in-house laboratories or manufacturing facilities, and instead builds a lightweight R&D structure that utilizes outsourcing and academic collaborations. Revenue is expected to consist mainly of upfront payments under licensing agreements, development milestone income, sales milestone income, and royalty income. As a basic strategy, the Company plans to out-license overseas sales rights for its pipeline to global pharmaceutical companies at the timing after successful Phase 2 clinical trials. At present, there is no track record of recorded business revenue, and fundraising relies on stock issuance, exercise of stock acquisition rights, and grants such as those from AMED.

Company Strengths

Anticancer drugs targeting RNA control stress, a novel hallmark of cancer, have yet to be marketed. The company holds four RNA control stress-related pipelines targeting CLK inhibition, CDK12 inhibition, GCN2 inhibition, and RNA degradation, and is advancing world-leading research and development in this field.

In the domestic Phase 1 clinical trial (60 cases) initiated in 2018, a response rate of 28.6% (4/14 cases) was achieved in ovarian cancer, and a response rate of 42.9% (6/14 cases) was achieved in AML and MDS. Among AML responders, long-term response cases with treatment duration exceeding 300 days were also confirmed, and Orphan Drug Designation for the AML indication has been obtained from the FDA.

The company holds worldwide exclusive rights to four pipelines under a comprehensive license agreement with Takeda Pharmaceutical Company. It has entered into multiple joint research agreements with Kyoto University, National Cancer Center Japan, the University of Tokyo, and others, and also utilizes AMED grants. It has also established a collaborative framework for U.S. Phase 1/2 trials with MD Anderson Cancer Center and Mayo Clinic.

ENVALITH's Perspective

As of the end of May 2026, 16 cases had been enrolled in the expansion cohort, with enrollment progressing toward the IE target of approximately 30 cases. Safety and efficacy data from the IE will determine whether transition to the AE phase is possible, ultimately leading to the selection of the RP2D and target cancer types. Phase 2 trial initiation is expected around mid-2027, and until then, disclosure of clinical data will be the primary share price catalyst. It should be noted that plans may change depending on progress, the external environment, and discussions with regulatory authorities.

As of the end of the third quarter, the company held ¥2,506 million in cash and deposits, and management has stated that funds to sustain business operations for the next year have been secured. The note regarding going concern assumptions also states "not applicable." However, the full-year operating loss forecast stands at ¥2,008 million, and if the exercise of stock acquisition rights does not proceed as expected, or if development is prolonged, additional fundraising will be necessary. Share dilution risk and the fundraising environment (increasingly cautious investment decisions toward biotech ventures) remain external factors that warrant continued attention.

In April 2025, Ono Pharmaceutical discontinued the clinical trial of CTX-177 for strategic reasons, and a termination agreement was concluded in February 2026. The company acquired the data at no cost and regained full worldwide rights, but the fact that the partner company discontinued development once again highlights the development risk inherent in the pipeline. The company is currently searching for a new licensing partner, and whether and under what terms a contract is concluded may affect future business performance. Early partnering is also being considered for CTX-439 and GCN2, and the commercialization progress of multiple pipeline assets will be a key point of focus.

Growth Strategy

Advancing in parallel the early completion of the rogocekib U.S. trial and its licensing out, alongside early partnering of the preclinical pipeline

Conducting a two-stage expansion cohort of IE (approximately 30 cases) and AE based on FDA's Project Optimus guidance, to determine RP2D and target cancer types. Phase 2 clinical trial initiation is expected around mid-2027. Safety and efficacy data from IE represent the next key milestone.

Following termination of the agreement with Ono Pharmaceutical, the company reacquired all worldwide rights. Data transfer has been completed, and the company is actively seeking new partners, with conclusion of a new licensing agreement being considered as one option. The company aims to obtain upfront and milestone payments through such an agreement.

Under the policy of concentrating R&D resources on rogocekib, the company is considering a wide range of options, including early partnering, for CTX-439 (a CDK12 inhibitor) and the GCN2 inhibitor. In-house research utilizing grants such as those from AMED is also continuing.

Among the 9th (with exercise price revision clause), 10th, and 11th series of stock acquisition rights issued in September 2025, exercise of the 9th series is progressing. In the cumulative third quarter, capital stock and capital surplus each increased by ¥469 million. The company maintains a structure capable of flexibly responding to future development fund needs.

Last updated: July 17, 2026