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Overview

Pharmaceutical

Modalis Therapeutics Corporation

Modalis Therapeutics is a clinical-stage gene therapy company developing treatments for rare genetic diseases using its proprietary CRISPR-GNDM® epigenome editing platform. The technology selectively activates or silences target genes without cutting DNA, enabling a 'gene switch' approach to treating monogenic disorders including muscular diseases, cardiomyopathy, and central nervous system conditions. The company advances its pipeline through both wholly-owned and partnered co-development models, targeting approximately 400 million rare disease patients worldwide who currently lack effective therapies.

Market Cap

¥2.92B

US$18.6M

¥0.18B

US$1.12M

Stock¥28▼-6.67%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

—

LTM EV/EBIT

LTM PER

LTM PBR

1.2

2026-08-25 closing price basis: ranked #138 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-1B).

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-86.9%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 20, 26MDL-101 Patent Allowed in Japan for LAMA2-RD Treatment

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

90%

EquityD/E 0.11xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 17.2%

as of 2026-06-30 · Source: Annual Securities Report

LSIM Co., Ltd.

2.91%

BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)

2.32%

Seiso KONDO

2.05%

Ueda Yagi Tanshi Co., Ltd.

2.05%

SBI SECURITIES Co., Ltd.

1.93%

Osamu NUREKI

1.60%

JPMSPLC CLIENT ASSETS CL JPY (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.35%

MORGAN STANLEY & CO. LLC (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)

1.18%

STATE STREET BANK AND TRUST COMPANY (Standing Proxy: Mizuho Bank, Ltd.)

1.03%

Nobuaki OSUGI

0.82%

Management

6 officers

Haruhiko MORITA

Representative Director, CEO

Apr 1994 Joined Kirin Brewery Co., Ltd. (now Kyowa Kirin Co., Ltd.) Jan 2002 Booz Allen Hamilton Inc. (now PwC Strategy&) Nov 2003 General Manager, Corporate Planning Department and Business Planning Department, Wise Therapeutics Co., Ltd. May 2004 Director, LSIM Co., Ltd. (current) Mar 2006 Representative Director, CEO, Regimmune Corporation Jan 2016 Representative Director, CEO, the Company (current) Apr 2016 CEO, EdiGene Inc. (now Modalis Therapeutics Inc.) (current)

1969-08-09

Hideki TAKEDA

Outside Director

Apr 1983 Joined Fujisawa Pharmaceutical Co., Ltd. (now Astellas Pharma Inc.) Jan 2009 Representative Director, Medical Patent Research Co., Ltd. (current) Feb 2011 Representative Director, Nihon Mouhou Kenkyusho Co., Ltd. (now Healios K.K.) Jan 2016 Director, the Company (current) Feb 2018 Outside Director, Cytex Co., Ltd. (current) Mar 2019 Outside Audit & Supervisory Board Member, ThinkCyte K.K. (current) Dec 2020 Outside Director, Baika Therapeutics, Inc. (current)

1958-09-25

Joseph McCRACKEN

Outside Director

Nov 1997 Vice President, Worldwide Business and Technology Development, Rhone-Poulenc Rorer Pharmaceuticals Aug 2000 Vice President, Business Development, Genentech Jul 2011 Vice President, Global Head of Business Development and Licensing, Roche Oct 2013 Board Member, Savara Inc. (SVRA) (current) Dec 2013 Board Member and Vice President, Business Development, Alkahest Sep 2014 Outside Director, NexVet Dec 2015 Outside Director, Regimmune Corporation (current) Aug 2018 Outside Director, the Company (current) Oct 2019 Board Member, Neuropore Therapies, Inc. Mar 2020 Board Member, Lumos Pharma, Inc. (LUMO) Jan 2024 President, Life Science Investment LLC (current) Sep 2025 Board Member, Okava Pharmaceuticals, Inc. (current)

1953-04-24

Teruhisa TAJIMA

Outside Director (Audit and Supervisory Committee Member)

Oct 1995 Joined Chuo Audit Corporation Jun 2000 Registered as Certified Public Accountant Jun 2004 Outside Audit & Supervisory Board Member, Longreach Group, Inc. (current) Feb 2010 Established Tajima CPA Office, Representative (current) Sep 2014 Outside Audit & Supervisory Board Member, PRISM Pharma Co., Ltd. (now PRISM BioLab) Sep 2014 Supervisory Director, Tosei REIT Investment Corporation (current) Sep 2014 Outside Audit & Supervisory Board Member, Oncotherapy Science, Inc. Jan 2016 Outside Audit & Supervisory Board Member, the Company Mar 2016 Outside Audit & Supervisory Board Member, Lena Therapeutics Inc. (current) Aug 2018 Outside Director (Audit and Supervisory Committee Member), the Company (current) Sep 2018 Outside Audit & Supervisory Board Member, NewGen Pharma Inc. (current) Feb 2021 Outside Audit & Supervisory Board Member, J-Pharma Co., Ltd. Jun 2023 Outside Audit & Supervisory Board Member, Matsuya Foods Holdings Co., Ltd. (current) Sep 2023 Outside Director (Audit and Supervisory Committee Member), J-Pharma Co., Ltd. (current) Mar 2025 Outside Audit & Supervisory Board Member, Shinnihon Jusetsu Holdings Co., Ltd. (current)

1971-08-04

Toshio FURUTA

Outside Director (Audit and Supervisory Committee Member)

Apr 1991 Joined Shinozaki Yoshiaki Law Office (now Shinozaki & Shinji Law Office) Apr 1993 Established Furuta Toshio Law Office (now Claire Law Office LPC), Representative Partner (current) Jun 2016 Director (Audit and Supervisory Committee Member), Netyear Group Corporation (current) Sep 2016 Director (Audit and Supervisory Committee Member), Canvas Co., Ltd. (current) Dec 2018 Director (Audit and Supervisory Committee Member), the Company (current)

1962-02-04

Eisaku NAKAMURA

Outside Director (Audit and Supervisory Committee Member)

Apr 1987 Joined Marubeni Corporation Oct 2001 President and Representative Director, Verebuno Inc. Sep 2002 Outside Director, Canvas Co., Ltd. Sep 2006 Director and Tokyo Branch Manager, Bio Site Capital Co., Ltd. May 2015 Outside Director, Acucela Inc. (now Kubota Vision Inc.) Dec 2016 Outside Director, Kubota Pharmaceutical Holdings Co., Ltd. Mar 2019 Outside Director (Audit and Supervisory Committee Member), De Western Therapeutics Institute, Inc. (current) Dec 2019 Outside Audit & Supervisory Board Member, Luca Science Inc. (current) Apr 2025 Outside Audit & Supervisory Board Member, Solasia Pharma K.K. (current) Mar 2026 Director (Audit and Supervisory Committee Member), the Company (current)

1961-07-01

Large Shareholding Reports

Evo Fund

2026-10-22

8.96%→7.61%

Evo Fund

2026-09-28

9.02%→8.96%

Evo Fund

2026-09-18

10.28%→9.02%

Evo Fund

2026-09-17

14.23%→10.28%

Evo Fund

2026-07-30

17.46%→16.20%

Evo Fund

2026-07-21

19.07%→17.46%

Evo Fund

2026-07-13

20.19%→19.07%

Evo Fund

2026-07-10

21.49%→20.19%

Evo Fund

2026-07-06

22.69%→21.49%

Evo Fund

2026-06-19

22.69%

LSIM Co., Ltd.

2026-05-27

5.23%→5.02%

Evo Fund

2026-05-01

5.07%→4.00%

LSIM Co., Ltd.

2026-05-01

6.28%→5.23%

Evo Fund

2026-04-24

6.07%→5.07%

Evo Fund

2026-04-15

7.41%→6.07%

Evo Fund

2026-04-03

8.70%→7.41%

Evo Fund

2026-03-12

10.32%→8.70%

Evo Fund

2026-03-05

11.36%→10.32%

Evo Fund

2026-02-24

12.64%→11.36%

Evo Fund

2026-02-02

13.73%→12.64%

Evo Fund

2026-01-05

14.62%→13.73%

Evo Fund

2025-12-17

15.62%→14.62%

Evo Fund

2025-12-05

16.75%→15.62%

Evo Fund

2025-11-19

17.32%→16.75%

Evo Fund

2025-11-18

18.40%→17.32%

Evo Fund

2025-11-10

19.48%→18.40%

Evo Fund

2025-10-22

20.90%→19.48%

LSIM Co., Ltd.

2025-10-16

6.28%→6.28%

Annual report (as of 2026-06-30): 2.91%

Evo Fund

2025-09-09

21.88%→20.90%

Evo Fund

2025-09-08

22.99%→21.88%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Evo Fund

2025-09-05

22.99%→21.88%

Evo Fund

2025-09-01

22.99%

Life Science Innovation Management Co., Ltd.

2025-08-12

6.28%→6.28%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-22

Large Shareholding Report

Modalis Therapeutics Corporation

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Modalis Therapeutics Corporation

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