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Chordia Therapeutics

TSE Growth ・ Ticker 190A ・ Listed

Updated

Result on listing day

+66.7%

Offer price

153 yen

First traded price

255 yen

Selling 100 shares at the first traded price would have produced a gain of 10,200 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building)
2024-05-30 — 2024-06-05
Lottery result
To be announced
Listing date
2024-06-14
Cash needed to apply for one lot (100 shares)
about 15,300 yen
Offering size (at the offer price)
1.6 billion yen ・ 10,465,000 shares
Market capitalisation at listing
10 billion yen
Lock-up
Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 武田薬品工業などの大株主等に90日間、代表取締役には360日間のロックアップが付されています。
Company website
https://www.chordiatherapeutics.com/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is SBI Securities, which receives the largest allocation.

SBI証券野村證券みずほ証券松井証券楽天証券岩井コスモ証券岡三証券東洋証券丸三証券極東証券水戸証券あかつき証券広田証券岡三オンライン (no longer offers IPOs)SBIネオトレード証券

Broker pages are in Japanese. A comparison in English is on the brokers page.

What stands out

  • Develops small-molecule cancer drugs through its own approach of targeting "RNA regulation stress" in cancer cells
  • Its lead candidate rogocekib (CTX-712) has completed a Phase 1 trial in Japan and is in a Phase 1/2 trial in the United States
  • Has a track record of licensing a drug to Ono Pharmaceutical, receiving an upfront fee of 0.8 billion yen and a development milestone of 2.5 billion yen

What could go wrong

  • It has had no operating revenue for several years and continues to post losses from research and development spending (the company also forecasts a net loss for the year to August 2026)
  • Cash and deposits were 2.55 billion yen at the end of August 2025, and further fundraising to continue development (such as the exercise of share warrants) could dilute existing shares
  • Depending on clinical trial results, development could be delayed or stopped

About the company

A drug discovery venture spun out of Takeda Pharmaceutical that researches and develops new cancer drugs targeting "RNA regulation stress" in cancer cells.

How it makes money

It takes cancer drug candidates it discovers itself into clinical trials (testing in people) and earns money by licensing them out, that is, handing development and sales rights to a pharmaceutical company, in return for upfront fees, milestone payments at development stages and future royalties. For example, it licensed the MALT1 inhibitor CTX-177 to Ono Pharmaceutical and received an upfront fee of 0.8 billion yen in the year to August 2021 and a development milestone of 2.5 billion yen in the year to August 2023 (the rights to that drug were later returned). It had no operating revenue in the years to August 2024 and August 2025, as research and development spending comes first.

Where growth is meant to come from

Its lead candidate rogocekib (CTX-712), aimed at acute myeloid leukaemia (AML) and other cancers, has completed a Phase 1 trial in Japan and is in a Phase 1/2 trial in the United States. It presented results from the dose-escalation part of the trial at the European Hematology Association (EHA) congress in June 2026, and is aiming to apply for marketing approval by the end of 2028. For the year to August 2026 the company forecasts no operating revenue and a net loss of about 1.96 billion yen.

Read about this company in Japanese →

Figures are taken from the offering documents and public sources, and are checked against two independent sources before publication. Nothing here is investment advice. Shares can and do open below their offer price.