Cash flow risk associated with ongoing R&D
First written in FY2024. 1 of 3 entries say "Mitigated", first in FY2025. Latest entry: FY2027-H1.
The whole theme swung hardest in 2026: 8 of 18 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- FY2027-H1Negative operating cash flow in the interim periodAnnual report
「Cash and cash equivalents at the end of the interim accounting period (hereinafter, "funds") decreased by ¥500,547 thousand from the end of the previous fiscal year to ¥6,335,462 thousand.」
During the interim accounting period, funds from operating activities decreased by ¥529,128 thousand, while cash and cash equivalents decreased by ¥500,547 thousand from the end of the previous fiscal year. There was no statement that a funding shortage or liquidity problem occurred, but the position changed from positive operating cash flow in the previous year to negative operating cash flow in the interim period. - FY2025MitigatedAnnual report
「Regarding liquidity, cash and cash equivalents at the end of December 2025 totaled ¥6,836,009 thousand. We believe this covers working capital needs for the foreseeable future and represents a level at which liquidity is not impaired.」
During the fiscal year, cash flow from operating activities was positive at ¥1,080,526 thousand, and cash and cash equivalents were ¥6,836,009 thousand, described as sufficient to cover near-term working capital needs. Funding and financing risks before commercialization remain. - FY2024First statedAnnual report
「Because the Company's business operations continuously generate operating losses during the R&D period due to the burden of R&D expenses, cash flow from operating activities tends to be negative until the Company's products are commercialized and stable sources of revenue are secured.」
The Company identifies negative operating cash flow while R&D and clinical development continue and the possibility of being unable to secure necessary funds in a timely manner.