CanBas Co., Ltd.
4575・Growth Market・Pharmaceuticals
Pharmaceutical Business (single segment)
A drug discovery venture specialized in basic research and clinical development of anticancer agents (in a pre-monetization, front-loaded investment stage)
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating loss (cumulative Q3) | -¥916 million | -¥799 million | ↓ |
| Ordinary loss (cumulative Q3) | -¥873 million | -¥831 million | ↓ |
| Quarterly net loss (cumulative Q3) | -¥874 million | -¥832 million | ↓ |
| R&D expenses (cumulative Q3) | ¥686 million | ¥582 million | ↑ |
| SG&A expenses (cumulative Q3) | ¥230 million | ¥217 million | ↑ |
| Total operating expenses (cumulative Q3) | ¥916 million | ¥799 million | ↑ |
| Total assets (end of Q3) | ¥2,206 million | ¥3,051 million (end of prior fiscal year) | ↓ |
| Cash and deposits (end of Q3) | ¥1,765 million | ¥2,828 million (end of prior fiscal year) | ↓ |
| Net assets (end of Q3) | ¥2,074 million | ¥2,944 million (end of prior fiscal year) | ↓ |
| Equity ratio (end of Q3) | 92.3% | 95.4% (end of prior fiscal year) | ↓ |
| Net loss per share (cumulative Q3) | -¥44.35 | -¥44.27 | ↓ |
Business Details
Canbas Co., Ltd. is a drug discovery company that creates its own anticancer drug candidate compounds using proprietary cell phenotype screening as its drug discovery engine. It currently has no marketed products and continues front-loaded investment centered on preparations for a European Phase 3 clinical trial of its lead compound CBP501 (an immune ignitor). Its financial base rests on obtaining upfront payments and milestone income through strategic alliances with pharmaceutical companies and others, as well as fundraising through new share issuances. The company consists of a single segment, the Pharmaceutical Business.
Recent Overview
Preparations for CBP501's European Phase 3 trial accelerated, R&D expenses rose 18% year on year, and the cash balance declined by ¥1,062 million
In the cumulative nine months of FY2026 (ending March 2026) (July 2025–March 2026), advance payments increased by ¥229 million reflecting progress in regulatory applications and preparatory activities toward initiating CBP501's European Phase 3 clinical trial, while cash and deposits decreased by ¥1,062 million to ¥1,765 million. R&D expenses increased ¥104 million year on year to ¥686 million, and total operating expenses increased ¥117 million year on year to ¥916 million. Non-operating income included interest received of ¥4 million and foreign exchange gains of ¥38 million, limiting the ordinary loss to ¥873 million. Regarding CBS9106, the agreement with Stemline was terminated in June 2025 and the rights were returned to the company. A material uncertainty regarding the going concern assumption continues to exist.
Key Products
Growth Drivers
- Acceleration of development progress through obtaining approval to initiate CBP501's European Phase 3 clinical trial
- Potential to obtain upfront payments and milestone income through strategic alliances with pharmaceutical companies and others regarding CBP501 and subsequent compounds
- Enhancement of the value of the subsequent pipeline through CBT005's transition to preclinical testing
- Potential for continued fundraising through exercise of stock acquisition rights and other means
- Loss-reduction effect from non-operating income such as foreign exchange gains (¥38 million in foreign exchange gains recorded in the cumulative nine months of Q3)
Risks
- A material uncertainty regarding the going concern assumption exists (zero business revenue since founding, and no alliance relationships with pharmaceutical companies or others for any compound)
- Risk of significant fluctuation in operating expenses due to uncertainty regarding the timing of obtaining regulatory approval for CBP501 clinical trials
- Loss of potential license income from CBS9106 following the return of rights from Stemline, with the future development policy still undetermined
- Risk of delayed monetization due to the continued absence of a secured alliance partner
- Accelerating decline in cash balance (¥1,765 million at the end of Q3) due to the increasing trend in R&D expenses (+18% year on year in the cumulative nine months of Q3)
- Risk of clinical trial failure or delay and uncertainty regarding obtaining drug approval
- Continued non-disclosure of full-year earnings forecasts due to the difficulty of making a reasonable estimate, making it difficult for investors to grasp the earnings outlook
Last updated: September 29, 2025