Chordia Therapeutics Inc.
190A・Growth Market・Pharmaceuticals
Chordia Therapeutics, Inc. (Pharmaceutical business, single segment)
An oncology-focused drug discovery venture advancing R&D of first-in-class small-molecule anti-cancer drugs.
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating loss (9-month cumulative) | -¥1,070 million | -¥1,420 million (same period prior year, cumulative) | ↑ |
| Ordinary loss (9-month cumulative) | -¥1,046 million | -¥1,397 million (same period prior year, cumulative) | ↑ |
| Net loss for the quarter (9-month cumulative) | -¥1,047 million | -¥1,399 million (same period prior year, cumulative) | ↑ |
| R&D expenses (9-month cumulative) | ¥841 million | ¥1,125 million (same period prior year, cumulative) | ↑ |
| Selling, general and administrative expenses (9-month cumulative) | ¥229 million | ¥295 million (same period prior year, cumulative) | ↑ |
| Cash and deposits balance | ¥2,506 million (as of end of May 2026) | ¥2,548 million (as of end of August 2025) | ↓ |
| Total assets | ¥2,585 million | ¥2,681 million (end of previous fiscal year) | ↓ |
| Net assets | ¥2,333 million | ¥2,437 million (end of previous fiscal year) | ↓ |
| Equity ratio | 89.9% | 90.8% (end of previous fiscal year) | ↓ |
| Net loss per share for the quarter | -¥14.45 | -¥20.43 (same quarter prior year) | ↑ |
| Full-year operating loss forecast | -¥2,008 million | No change | — |
Business Details
A drug discovery venture company specializing in the oncology field, which has high unmet medical needs, engaged in the research and development of first-in-class small-molecule pharmaceuticals with a novel mechanism of action targeting RNA regulatory stress. The company conducts exploratory research, preclinical studies, and clinical research in-house, while outsourcing manufacturing and sales. Revenue is expected to come from upfront payments, milestones, and royalties based on license agreements. At present, no business revenue has been recorded, with R&D expenses representing the main cost. The company operates as a single segment focused solely on the pharmaceutical business.
Recent Overview
Rogocekib transitioned to the expansion cohort; cost reductions improved the Q3 cumulative loss by 24.7% year-on-year.
In the nine months cumulative for the third quarter of the fiscal year ending August 2026 (September 2025 to May 2026), rogocekib's US Phase 1/2 clinical trial transitioned to the expansion cohort, with 16 cases enrolled as of the end of May 2026. R&D expenses were ¥841 million (down 25.3% year-on-year) and SG&A expenses were ¥229 million (down 22.3% year-on-year), continuing substantial cost reductions, resulting in an operating loss of ¥1,070 million (an improvement of ¥350 million from ¥1,420 million in the same period of the prior year). Grant income increased to ¥50 million (from ¥23 million in the same period of the prior year). Cash and deposits balance stood at ¥2,506 million. Progress in the exercise of the 9th series of stock acquisition rights led to increases of ¥469 million each in capital stock and capital surplus for the 9-month cumulative period. Regarding CTX-177, a termination agreement was concluded with Ono Pharmaceutical in February 2026, reacquiring all rights, and the company is now seeking a new partner. The full-year earnings forecast (operating loss of ¥2,008 million) remains unchanged.
Key Products
Growth Drivers
- Transition to the expansion cohort (IE/AE) in rogocekib's US Phase 1/2 clinical trial and progress in case enrollment (16 cases enrolled as of end of May 2026)
- Securing development funds through progress in the exercise of the 9th series of stock acquisition rights (with exercise price adjustment provisions) (capital stock and capital surplus each increased by ¥469 million in the 9-month cumulative period)
- Increase in grant income from AMED and others (¥50 million in the 9-month cumulative period, approximately 2.2 times the same period of the prior year)
- Creation of opportunities to secure a new licensing partner through the reacquisition of all rights to CTX-177
- Suppression of cash burn through substantial reductions in R&D expenses and SG&A expenses (operating loss for the 9-month cumulative period improved by 24.7% year-on-year)
- Intellectual property and regulatory advantages from rogocekib's substance patents registered in 51 countries and FDA orphan drug designation
Risks
- The existence of material events regarding going concern assumptions due to continued operating losses and negative operating cash flow (the notes to the quarterly financial statements recognize that no material uncertainty exists)
- Business revenue has remained at zero, and the outlook for monetization remains unclear pending the conclusion of license agreements and achievement of milestones
- Risk that rogocekib's clinical trials may not progress as expected (failure to meet safety/efficacy criteria, delays in discussions with regulatory authorities, etc.); the Phase 2 clinical trial is expected to begin around mid-2027, subject to change depending on progress and external environment
- Risk that it may become difficult to secure a new licensing partner for CTX-177
- Stagnation of business development activities and increased caution in investment decisions by major pharmaceutical companies due to global macroeconomic and geopolitical risks
- Risk of future funding shortfalls if the exercise of stock acquisition rights does not progress
- Foreign exchange risk (a foreign exchange loss of ¥7 million was recorded in the 9-month cumulative period)
Last updated: November 21, 2025