Risk of Failing to Achieve Results Commensurate with R&D Investment
First written in FY2017. 3 of 6 entries say "Restated". Latest entry: 2026-08-13.
The whole theme swung hardest in 2026: 14 of 29 companies on the "Worse" side.
74 other companies' latest entry also says "Restated".
- 2026-08-13RestatedEarnings
「Selling, general and administrative expenses amounted to ¥1,105 million, down 8.7% year on year, due to declines in both research and development expenses and selling, general and administrative expenses,」
The company reported lower expenses, including lower research and development expenses, but did not change its description of the risks concerning results commensurate with research and development investment or obtaining regulatory approval. - FY2025RestatedAnnual report
「The research and development expenses required for these activities were ¥565.224 million for the fiscal year ended September 2022, representing 89.2% of net sales, ¥496.674 million for the fiscal year ended September 2023, representing 75.1%, ¥452.775 million for the fiscal year ended September 2024, representing 58.9%, and ¥452.488 million for the fiscal year ended September 2025, representing 55.8%. We regard these expenses as upfront investment to increase corporate value over the long term.」
The disclosure positions R&D investment as upfront investment and reports R&D expenses of ¥452.488 million for the fiscal year ended September 2025, or 55.8% of net sales. It continues to explain the risk of failing to obtain results or approval commensurate with the investment. - FY2025-H1MaterialisedAnnual report
「Although results suggesting efficacy were obtained for some evaluation items, the primary endpoint was not achieved. After discussions with Kyushu University and a comprehensive assessment, we decided to discontinue development of this product.」
The risk of failing to achieve results commensurate with R&D investment materialized when the primary endpoint was not achieved in the Phase IIb trial of α-GalCer/DC, leading to discontinuation of development. - FY2023RestatedAnnual report
「The research and development expenses required for these activities were ¥325.718 million for the fiscal year ended September 2021, representing 47.7% of net sales, ¥565.224 million for the fiscal year ended September 2022, representing 89.2%, and ¥496.674 million for the fiscal year ended September 2023, representing 75.1%. We regard these expenses as upfront investment to increase corporate value over the long term. However, if research results sufficient to support commercialization or other outcomes commensurate with the R&D investment are not obtained, or if clinical trials for regenerative medicine products do not produce the results we expected and, as a result, marketing approval for those products is not obtained, this may affect the performance of our company.」
R&D expenses declined from the previous fiscal year, but the disclosure continues to explain the risks related to recovering the investment, clinical trial results, and failure to obtain approval. - FY2022WorsenedAnnual report
「The research and development expenses required for these activities were ¥249.996 million for the fiscal year ended September 2020, representing 31.9% of net sales, ¥325.718 million for the fiscal year ended September 2021, representing 47.7%, and ¥565.224 million for the fiscal year ended September 2022, representing 89.2%. We regard these expenses as upfront investment to increase corporate value over the long term. However, if research results sufficient to support commercialization or other outcomes commensurate with the R&D investment are not obtained, or if clinical trials for regenerative medicine products do not produce the results we expected and, as a result, marketing approval for those products is not obtained, this may affect the performance of our company.」
R&D expenses increased to ¥565.224 million, or 89.2% of net sales, and the disclosure identifies the risk that the investment may not be recovered because of clinical trial results or failure to obtain marketing approval. - FY2017First statedAnnual report
「The R&D expenses required for these activities were ¥645,978 thousand in the fiscal year ended September 2015, representing 38.6% of consolidated revenue; ¥603,364 thousand in the fiscal year ended September 2016, or 31.6%; and ¥612,477 thousand in the fiscal year ended September 2017, or 35.9%. We regard these expenditures as upfront investments to enhance corporate value over the long term. However, if the R&D investment does not generate research results leading to commercialization or otherwise commensurate outcomes, this could affect the Group’s performance.」
The Company discloses R&D expenses and their ratios to revenue for three fiscal years and the risk that upfront investment may not produce commercial results.