ENVALITH
株式会社キャンバス logo

CanBas Co., Ltd.

4575・Growth Market・Pharmaceuticals

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株式会社キャンバス logo
CanBas Co., Ltd.4575

Business

Canbas Co., Ltd. is a drug discovery venture founded in January 2000 that operates as a "drug discovery company," handling everything in-house from the exploration of anticancer drug candidate compounds to clinical development, based on its proprietary cell phenotype screening technology (drug discovery engine). Its main pipeline consists of CBP501 (an immune-igniting agent, which has successfully completed a Phase 2 clinical trial targeting pancreatic cancer and is now in preparation for the next phase), CBS9106 (rights returned from Stemline), CBT005 (for which a decision has been made to advance to preclinical stage), and CBP-A08 / IDO・TDO inhibitor, which are still in the exploratory stage. The company is listed on the Growth Market of the Tokyo Stock Exchange, and at present has not recorded any product sales, remaining in the pre-investment stage.

Business Model

The Company is in a pre-revenue, upfront investment stage with no product sales income, and anticipates future revenue sources in the form of upfront payments, milestone payments, and research and development funding received through strategic alliances with pharmaceutical companies, as well as product sales following the eventual launch of new drugs. Development funding is mainly secured through share issuance via the exercise of stock acquisition rights (FY2025 financing cash flow: ¥1,748,929 thousand), and the Company employs a fabless drug discovery model that advances research and development while controlling fixed costs through collaboration with CROs and external research institutions.

Company Strengths

Using its own unique cell-based phenotypic screening method developed since its founding, the company has independently created all of its candidate compounds, including CBP501, CBS9106, CBT005, and CBP-A08. As a drug discovery company that does not rely on in-licensing compounds from external sources, it holds its own technology and intellectual property rights (substance patents and use patents in the United States, Europe, and Japan).

CBP501 successfully completed a Phase 2 clinical trial for pancreatic cancer using a three-drug combination with cisplatin and nivolumab. In February 2024, the company obtained approval from the U.S. FDA to initiate a Phase 2b clinical trial, and preparations for the next-phase clinical trial are underway, including obtaining approval to initiate a Phase 3 clinical trial in Europe.

The Scientific Advisory Board, chaired by Professor Daniel D. Von Hoff—former president of the American Association for Cancer Research and former president of the American Society of Clinical Oncology, who has been involved in more than 200 anticancer drug clinical trials—has held regular meetings twice a year since its establishment in March 2002. A close partnership with a major global CRO specializing in anticancer drugs complements the company's small team of 11 members.

ENVALITH's Perspective

As of the end of the third quarter under review, product sales remain zero since the company's founding, and it has no partnership relationships with pharmaceutical companies or others for any of CBP501, CBS9106, CBT005, or CBP-A08. Cash balance has declined to ¥1,765 million, and amid an expected increase in expenses as the European Phase 3 trial moves into full swing, the business continuity risk remains high if a partnership or additional fundraising is not realized. The earnings report explicitly states that circumstances exist that raise material doubt about the going concern assumption.

The timing of obtaining approval to commence the European Phase 3 clinical trial for CBP501 is said to significantly affect business expenses for FY2026 (ending June 2026), and the full-year earnings forecast remains undisclosed as a reasonable estimate is deemed difficult. Cumulative R&D expenses for the third quarter totaled ¥686 million, an increase of ¥104 million year-on-year, with advance payments increasing by ¥229 million in line with progress in preparations for the European Phase 3 trial. The fact that the timing of expense recognition can fluctuate significantly depending on when regulatory approval is obtained represents a key uncertainty factor for investment decisions.

In June 2025, the CBS9106 license agreement with Stemline Therapeutics was terminated, and the development and commercialization rights were returned to the company. Future development policy will be considered in light of basic research results and financial condition, making near-term revenue contribution difficult to expect. In addition, cumulative operating loss for the third quarter under review was ¥916 million, an expansion of ¥117 million year-on-year, with the progress rate against the full-year FY2025 (ended June 2025) operating loss of ¥1,110 million already reaching 82.5%. The expected expansion of the full-year loss warrants close financial attention.

Growth Strategy

Three pillars: advancing the CBP501 European Phase 3 trial, securing strategic alliances, and expanding the follow-on pipeline

The company is proceeding with regulatory applications and preparatory activities toward initiating a European Phase 3 clinical trial targeting pancreatic cancer. As indicated by the ¥229 million increase in advance payments, preparations are progressing concretely, and the next major milestone is the initiation of the trial following approval.

Alliance-seeking activities with pharmaceutical companies and others are underway for CBP501, CBT005, CBP-A08 / IDO・TDO inhibitor, and other compounds. Upon conclusion of an alliance, the company expects to receive upfront payments and milestone income, as well as have the counterparty bear R&D expenses; however, at present no alliance relationship has been established for any of the compounds.

For the immune switch agonist CBT005, the company has decided to transition to preclinical testing (the non-clinical testing package required for filing a clinical trial application) and is proceeding with preparations for large-scale synthesis. As a follow-on pipeline candidate with a mechanism of action distinct from CBP501, it is expected to contribute to enhancing value in future alliance negotiations.

In June 2025, the company terminated its license agreement with Stemline Therapeutics, Inc. and had the rights returned. The company is now at the stage of considering its future development policy in light of the results of additional basic research and its financial condition, and specific next actions have not yet been determined.

Although the company maintains a cash balance of ¥1,765 million, given the expected increase in expenses as the European Phase 3 trial moves into full swing, the company maintains the possibility of continuing to raise funds through the exercise of stock acquisition rights and other means. Securing a financial foundation to resolve the going concern doubt is essential.

Last updated: July 17, 2026