Financial Summary for the Third Quarter of Fiscal Year Ending September 2026 (Japan GAAP) (Consolidated)

Overview of operating results

This quarter reported net sales of 323 million yen, operating loss of 633 million yen, ordinary loss of 628 million yen, and quarterly net loss of 631 million yen. Compared with the same period last year, sales rose sharply, while continuing drug discovery investments and related expenses remained a weight on profitability. The primary pipeline includes an additional clinical trial for acute spinal cord injury submitted to PMDA in June 2026. The company increased capital through the exercise of stock acquisition rights to strengthen the balance sheet, and plans to continue funding through revenue from active pharmaceutical ingredient (API) supply and joint development agreements.

Financial position and cash flow movements

At the end of the third quarter, current assets stood at 1,958,188 thousand yen, net assets at 1,252,226 thousand yen. Current liabilities were 114,079 thousand yen, non-current liabilities were 630,428 thousand yen, total liabilities were 744,508 thousand yen. The decrease in current assets was due to cash increases from the exercise of SARs and reductions in raw material costs and prepayments. Cash and cash equivalents were 1,695,535 thousand yen. While there is material uncertainty regarding the continuity of the business, financing and expanded partnerships are expected to address this.