Worth reading
78Important
Scored from 4 of 5 sectionsDirection
Neutral
Direction inferred from the company’s description.Scale
1773
¥ million (estimated proceeds if all stock acquisition rights are exercised on their initial terms)Wording
Avoiding a definitive answer
How definitive the wording is.Details of issuance or disposal
Issuance through a third-party allotment of the Fifth Series of stock acquisition rights (with an exercise price adjustment clause) and the Sixth through Ninth Series (with a Target Issue and adjustment option).
Who receives how much
5th: 3,000,000 potential shares; 6th: 200,000 shares; 7th: 200,000 shares; 8th: 100,000 shares; 9th: 100,000 shares (total: 3,600,000 shares)
Long Corridor Alpha Opportunities Master Fund（LCAO）Fifth Series: 2,220,000 shares; Sixth Series: 148,000 shares; Seventh Series: 148,000 shares; Eighth Series: 74,000 shares; Ninth Series: 74,000 shares
MAP246 Segregated Portfolio（MAP246）Fifth Series: 240,000 shares; Sixth Series: 16,000 shares; Seventh Series: 16,000 shares; Eighth Series: 8,000 shares; Ninth Series: 8,000 shares
BEMAP Master Fund Ltd.（BEMAP）Fifth Series: 540,000 shares; Sixth Series: 36,000 shares; Seventh Series: 36,000 shares; Eighth Series: 18,000 shares; Ninth Series: 18,000 shares
The height of each bar represents the proportion of shares received by each allottee. The thin line below represents the number of existing shares to which these shares are added.
5th: ¥85 per warrant; 6th: ¥52 per warrant; 7th: ¥39 per warrant; 8th: ¥35 per warrant; 9th: ¥34 per warrant
Total issue value
5th: ¥2,550,000; 6th: ¥104,000; 7th: ¥78,000; 8th: ¥35,000; 9th: ¥34,000; total: ¥2,801,000
Amount of funds to be raised
Total payment upon issuance: ¥2.801 million; estimated total proceeds of approximately ¥1,773 million if all stock acquisition rights are exercised at their initial exercise prices (subject to changes resulting from exercise price adjustments and non-exercise)
Specific use of funds
Development research expenses for animal studies to verify the efficacy and safety of drug candidates, and investigator-initiated clinical trials using drug candidates and PerfusioⓇ in humans to evaluate their efficacy and safety, conducted as part of drug discovery research for the company’s proprietary pipelineAmount All proceeds (approximately ¥1,773 million in total) / Scheduled timing of expenditures From January 2027 through December 2029
Terms of the stock acquisition rights
Exercise price
5th: initially ¥426, with an adjustment clause to 90% of the closing price and a floor of ¥213; 6th: ¥600; 7th: ¥800; 8th: ¥1,000; 9th: ¥1,250. At issuance, the 6th to 9th stock acquisition rights had no adjustment conditions. However, the board may resolve to add an adjustment to 90% of the closing price, provided that the resulting price does not fall below the minimum exercise price.
Exercise period
From 30 October 2026 to 29 October 2029 (if the final day is not a trading day, the preceding trading day)
Number of Stock Acquisition Rights
Total issuance: 36,000 warrants (5th: 30,000; 6th: 2,000; 7th: 2,000; 8th: 1,000; 9th: 1,000). Number of unexercised warrants remaining: Not disclosed.
Intended allottee's holding policy
If the intended allottee transfers the stock acquisition rights, the company’s prior written approval is required. Other holding policies: Not disclosed.
Payment date
29 October 2026 (allotment date)
Basis for determining the amount to be paid
The initial exercise price for the 5th stock acquisition rights is ¥426, subject to adjustment to an amount equivalent to 90% of the closing price on the adjustment reference date, with a floor of ¥213. The exercise prices for the 6th to 9th stock acquisition rights are ¥600, ¥800, ¥1,000 and ¥1,250, respectively. Specific discount or premium rates relative to the closing price: Not disclosed.
Procedures under the Corporate Code of Conduct
Issued pursuant to a board resolution. Whether an independent third-party opinion was obtained or shareholder approval was sought: Not disclosed.
Most recent equity financing
Timing 24 December 2021 / Type Paid allotment of shares to a third party / Amount Not disclosed
Impact on Business Performance
The disclosure states that the company aims to generate revenue by licensing out its products sequentially from around 2029, but the specific impact on financial results in monetary terms is Not disclosed.
| Item | Details |
|---|---|
| Type of issuance or disposal | Issuance through a third-party allotment of the Fifth Series of stock acquisition rights (with an exercise price adjustment clause) and the Sixth through Ninth Series (with a Target Issue and adjustment option). |
| Number of shares to be issued or disposed of | 5th: 3,000,000 potential shares; 6th: 200,000 shares; 7th: 200,000 shares; 8th: 100,000 shares; 9th: 100,000 shares (total: 3,600,000 shares) |
| Issue price and disposal price | 5th: ¥85 per warrant; 6th: ¥52 per warrant; 7th: ¥39 per warrant; 8th: ¥35 per warrant; 9th: ¥34 per warrant |
| Total issue value | 5th: ¥2,550,000; 6th: ¥104,000; 7th: ¥78,000; 8th: ¥35,000; 9th: ¥34,000; total: ¥2,801,000 |
| Amount of funds to be raised | Total payment upon issuance: ¥2.801 million; estimated total proceeds of approximately ¥1,773 million if all stock acquisition rights are exercised at their initial exercise prices (subject to changes resulting from exercise price adjustments and non-exercise) |
| Specific use of funds | Details Development research expenses for animal studies to verify the efficacy and safety of drug candidates, and investigator-initiated clinical trials using drug candidates and PerfusioⓇ in humans to evaluate their efficacy and safety, conducted as part of drug discovery research for the company’s proprietary pipeline / Amount All proceeds (approximately ¥1,773 million in total) / Scheduled timing of expenditures From January 2027 through December 2029 |
| Payment date | 29 October 2026 (allotment date) |
| Intended allottee | Name Long Corridor Alpha Opportunities Master Fund（LCAO） / Number of Shares Fifth Series: 2,220,000 shares; Sixth Series: 148,000 shares; Seventh Series: 148,000 shares; Eighth Series: 74,000 shares; Ninth Series: 74,000 shares, Name MAP246 Segregated Portfolio（MAP246） / Number of Shares Fifth Series: 240,000 shares; Sixth Series: 16,000 shares; Seventh Series: 16,000 shares; Eighth Series: 8,000 shares; Ninth Series: 8,000 shares, Name BEMAP Master Fund Ltd.（BEMAP） / Number of Shares Fifth Series: 540,000 shares; Sixth Series: 36,000 shares; Seventh Series: 36,000 shares; Eighth Series: 18,000 shares; Ninth Series: 18,000 shares |
| Intended allottee's holding policy | If the intended allottee transfers the stock acquisition rights, the company’s prior written approval is required. Other holding policies: Not disclosed. |
| Basis for determining the amount to be paid | The initial exercise price for the 5th stock acquisition rights is ¥426, subject to adjustment to an amount equivalent to 90% of the closing price on the adjustment reference date, with a floor of ¥213. The exercise prices for the 6th to 9th stock acquisition rights are ¥600, ¥800, ¥1,000 and ¥1,250, respectively. Specific discount or premium rates relative to the closing price: Not disclosed. |
| Exercise price | 5th: initially ¥426, with an adjustment clause to 90% of the closing price and a floor of ¥213; 6th: ¥600; 7th: ¥800; 8th: ¥1,000; 9th: ¥1,250. At issuance, the 6th to 9th stock acquisition rights had no adjustment conditions. However, the board may resolve to add an adjustment to 90% of the closing price, provided that the resulting price does not fall below the minimum exercise price. |
| Exercise period | From 30 October 2026 to 29 October 2029 (if the final day is not a trading day, the preceding trading day) |
| Number of Stock Acquisition Rights | Total issuance: 36,000 warrants (5th: 30,000; 6th: 2,000; 7th: 2,000; 8th: 1,000; 9th: 1,000). Number of unexercised warrants remaining: Not disclosed. |
| Procedures under the Corporate Code of Conduct | Issued pursuant to a board resolution. Whether an independent third-party opinion was obtained or shareholder approval was sought: Not disclosed. |
| Most recent equity financing | Timing 24 December 2021 / Type Paid allotment of shares to a third party / Amount Not disclosed |
| Impact on Business Performance | The disclosure states that the company aims to generate revenue by licensing out its products sequentially from around 2029, but the specific impact on financial results in monetary terms is Not disclosed. |
Items this document does not state (12)
Estimated issuance expensesDilution RateTotal number of issued sharesTransfer restriction periodConditions for lifting transfer restrictionsReason for acquisition without considerationCategories and Number of Persons CoveredTotal Stock-Based CompensationUnderwriter / lead underwriterOverallotmentStock Split RatioMajor shareholders after the offering
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The proceeds will be allocated to development research expenses for conducting animal studies and investigator-initiated clinical trials as part of drug discovery research for the company’s proprietary pipeline.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.