Risk of Shareholder-Value Dilution from the Exercise of Stock Acquisition Rights
First written in FY2016. 14 of 29 entries say "Materialised", first in FY2020-Q1. Latest entry: 2026-08-07.
OncoTherapy Science moved to the "Worse" side of this theme in 2019, 2 years before the typical company in this theme (2021).
The whole theme swung hardest in 2017: 28 of 54 companies on the "Worse" side.
56 other companies' latest entry also says "Materialised".
- FY2026WorsenedAnnual report
「Pursuant to a resolution of the Board of Directors dated 21 November 2025, the company issued on 8 December 2025, through a private placement to Long Corridor Alpha Opportunities Master Fund, MAP246 Segregated Portfolio and BEMAP Master Fund Ltd., a total of 796,000 Series 38 share acquisition rights with an exercise-price adjustment clause (79,600,000 shares).」
Series 38 share acquisition rights added potential shares of up to 79,600,000. While 40,000,000 shares were delivered during the fiscal year, rights covering 39,600,000 shares remained outstanding as of 31 March 2026. Potential dilution factors expanded. - FY2026-H1MaterialisedAnnual report
「Number of such bonds with share acquisition rights and other instruments exercised during the interim accounting period (units) 630,000 Number of shares delivered upon exercise during the interim accounting period (shares) 63,000,000」
All 630,000 Series 37 share acquisition rights were exercised, and 63,000,000 shares were delivered. Dilution from share acquisition rights progressed as actual share issuance. - FY2025WorsenedAnnual report
「Pursuant to a resolution of the Board of Directors dated 10 April 2025, the company issued on 28 April 2025, through a private placement, a total of 630,000 Series 37 share acquisition rights with an exercise-price adjustment clause (63,000,000 shares). The exercise price of these share acquisition rights is subject to adjustment, and the exercise period is 3 years from 30 April 2025 to 28 April 2028. Depending on stock market conditions, the company may be unable to raise funds as planned. If these share acquisition rights are exercised, the value of the company's shares may be diluted and the share price may be affected.」
New Series 37 share acquisition rights covering up to 63,000,000 shares were issued. By the filing date, 13,000,000 shares had been delivered, so potential dilution and actual share issuance are both progressing. - FY2025-H1MaterialisedAnnual report
「Number of such bonds with share acquisition rights and other instruments exercised during the interim accounting period (units) 540,000 Number of shares delivered upon exercise during the interim accounting period (shares) 54,000,000 Funds raised through exercises during the interim accounting period (¥ million) 1,190」
All 540,000 Series 36 share acquisition rights were exercised, and 54,000,000 shares were delivered. Dilution from share acquisition rights is progressing as actual share issuance, and ¥1,190 million was raised during the interim accounting period. - FY2024WorsenedAnnual report
「Pursuant to a resolution of the Board of Directors dated 5 April 2024, the company issued on 22 April 2024, through a private placement, a total of 540,000 Series 36 share acquisition rights with an exercise-price adjustment clause (54,000,000 shares).」
While the Series 35 share acquisition rights were acquired and cancelled, new Series 36 share acquisition rights covering up to 54,000,000 shares were issued, and some were exercised by the filing date. Potential dilution factors increased again. - FY2024-Q3No additional exercises during the quarterAnnual report
「(3) [Status of Exercise of Bonds with Share Acquisition Rights and Other Instruments with Exercise-Price Adjustment Clauses] Not applicable .」
No additional exercises or share deliveries under share acquisition rights with exercise-price adjustment clauses and other instruments were reported for the third quarter accounting period. This does not indicate that the dilution risk from previously issued instruments has disappeared. - FY2024-Q2MaterialisedAnnual report
「Number of such bonds with share acquisition rights and other instruments exercised during the quarter (units) 110,000 Number of shares delivered upon exercise during the quarter (shares) 11,000,000 Cumulative number of shares delivered under such bonds with share acquisition rights and other instruments as of the end of the quarter (shares) 23,000,000」
For share acquisition rights with exercise-price adjustment clauses, 11,000,000 shares were delivered during the second quarter accounting period, bringing the cumulative number of shares delivered to 23,000,000. Dilution from the exercise of share acquisition rights is progressing as actual share issuance. - FY2024-Q1MaterialisedAnnual report
「During the first-quarter accounting period, stock acquisition rights attached to bonds with stock acquisition rights subject to exercise-price adjustment clauses were exercised as follows.」
For Series 34 share acquisition rights and other instruments, 120,000 rights were exercised during the quarter and 12,000,000 shares were delivered. In addition, 110,000 rights were exercised by 31 July 2023, resulting in the issuance of 11,000,000 shares, so dilution progressed as actual share issuance. - FY2023WorsenedAnnual report
「Pursuant to a resolution of the Board of Directors dated 24 March 2023, the company issued on 10 April 2023, through a private placement to Long Corridor Alpha Opportunities Master Fund and MAP246 Segregated Portfolio, a total of 380,000 Series 34 and Series 35 share acquisition rights with exercise-price adjustment clauses (38,000,000 shares). The exercise prices of these share acquisition rights are subject to adjustment, and the exercise period is 2 years from 11 April 2023 to 10 April 2025. Accordingly, some of the rights had already been exercised as of the filing date, but depending on stock market conditions, the company may be unable to raise funds as planned. If these share acquisition rights are exercised, the value of the company's shares may be diluted and the share price may be affected.」
New share acquisition rights with exercise-price adjustment clauses covering up to 38,000,000 shares were issued, and some were exercised by the filing date. The potential factors causing failure to raise funds and dilution of equity value have expanded. - FY2023-Q3No additional exercises during the quarterAnnual report
「(3) [Status of Exercise of Bonds with Share Acquisition Rights and Other Instruments with Exercise-Price Adjustment Clauses] Not applicable.」
The company stated that there were no exercises of bonds with share acquisition rights and other instruments with exercise-price adjustment clauses during the third quarter, and no additional share deliveries during the quarter were indicated. - FY2023-Q2No additional exercises during the quarterAnnual report
「(3) [Status of Exercise of Bonds with Share Acquisition Rights and Other Instruments with Exercise-Price Adjustment Clauses] Not applicable.」
The company stated that there were no exercises of bonds with share acquisition rights and other instruments with exercise-price adjustment clauses during the second quarter, and no additional share deliveries during the quarter were indicated. This does not indicate that the dilution risk from previously issued instruments has disappeared. - FY2022-Q3MaterialisedAnnual report
「During the third quarter, share acquisition rights relating to bonds with share acquisition rights and other instruments with an exercise price adjustment clause were exercised as follows.」
For Series 31 share acquisition rights and other instruments, 2,623,100 shares were delivered during the quarter, bringing the cumulative number of shares delivered to 16,311,700. Dilution from share acquisition rights is progressing further as actual share issuance. - FY2022-Q2MaterialisedAnnual report
「Number of such bonds with share acquisition rights and other instruments exercised during the quarter (units) 71,680 Number of shares delivered upon exercise during the quarter (shares) 7,168,000 Cumulative number of shares delivered under such bonds with share acquisition rights and other instruments as of the end of the quarter (shares) 13,688,600」
For Series 31 share acquisition rights, 7,168,000 shares were delivered during the second quarter accounting period, bringing the cumulative number of shares delivered to 13,688,600. Dilution from share acquisition rights is progressing further as actual share issuance. - FY2022-Q1WorsenedAnnual report
「Series 31 share acquisition rights with an exercise-price adjustment clause, issued through a private placement on 28 April 2021 pursuant to a resolution of the Board of Directors dated 12 April 2021 Class, details and number of shares underlying the share acquisition rights (shares) Common shares 35,000,000 (100 shares per share acquisition right) During the first quarter accounting period, the share acquisition rights attached to bonds with share acquisition rights and other instruments with exercise-price adjustment clauses were exercised as follows. Number of such bonds with share acquisition rights and other instruments exercised during the quarter (units) 65,206 Number of shares delivered upon exercise during the quarter (shares) 6,520,600」
Series 31 share acquisition rights added potential shares of up to 35,000,000, and 6,520,600 shares were actually delivered during the quarter. The expansion of potential dilution and actual share issuance are both reported. - FY2020WorsenedAnnual report
「As of 31 March 2020, the total number of shares issued by the company was 176,332,000, whereas the total number of shares scheduled to be issued under share acquisition rights granted to the company's officers, employees and external collaborators was 955,000. Up to 8,500,000 common shares.」
While the exercise of Series 30 share acquisition rights covering 29,300,000 shares was completed, potential shares from stock options totaling 955,000 remained at the fiscal year-end, and an issuance limit for share acquisition rights covering up to 8,500,000 common shares was approved after the filing date. An additional potential source of dilution has been added. - FY2020-Q3MaterialisedAnnual report
「The Series 30 share acquisition rights issued by the company were exercised as follows between 1 January 2020 and 17 January 2020, and all exercises were completed as of 17 January 2020.」
The exercise of Series 30 share acquisition rights covering 29,300,000 shares was completed, and potential dilution was completed as actual share issuance. - FY2020-Q2MaterialisedAnnual report
「During the second quarter accounting period, the share acquisition rights attached to bonds with share acquisition rights and other instruments with exercise-price adjustment clauses were exercised as follows.」
During the quarter, 3,750,500 shares were delivered, bringing the cumulative number of shares delivered to 14,150,500. Dilution from share acquisition rights is progressing as actual share issuance. - FY2020-Q1MaterialisedAnnual report
「During the first-quarter accounting period, stock acquisition rights attached to bonds with stock acquisition rights subject to exercise-price adjustment clauses were exercised as follows.」
The exercise of Series 30 share acquisition rights resulted in the delivery of 5,874,600 shares during the quarter, bringing the cumulative number of shares delivered to 10,400,000. Potential dilution is progressing as actual share issuance. - FY2019-Q3WorsenedAnnual report
「Pursuant to a resolution of the Board of Directors dated 26 December 2018, the company issued on 15 January 2019, through a private placement to Daiwa Securities Co., Ltd., 293,000 Series 30 share acquisition rights with an exercise-price adjustment clause (29,300,000 shares). The exercise price of these share acquisition rights is subject to adjustment, and the exercise period is 3 years from 16 January 2019 to 17 January 2022. Accordingly, some of the rights had already been exercised as of the filing date, but depending on stock market conditions, the company may be unable to raise funds as planned. If these share acquisition rights are exercised, the value of the company's shares may be diluted and the share price may be affected.」
The potential number of shares from share acquisition rights increased substantially to 29,300,000, and some rights were exercised, expanding the potential scale of dilution from that stated in the previous fiscal year. - FY2018MitigatedAnnual report
「As of 31 March 2018, the total number of shares issued by the company was 147,032,000, whereas the total number of shares scheduled to be issued upon exercise of share acquisition rights was 1,832,500.」
The number of shares scheduled to be issued under the share acquisition rights declined from 2,427,500 in the previous fiscal year to 1,832,500, reducing the potential scale of dilution. - FY2017MitigatedAnnual report
「As of 31 March 2017, the total number of shares issued by the company was 147,027,000, whereas the total number of shares scheduled to be issued upon exercise of share acquisition rights was 2,427,500.」
The potential dilution risk from share acquisition rights continues, but the scheduled number of shares has declined from the 2,500,000 previously stated to 2,427,500. - FY2016First statedAnnual report
「As of 31 March 2016, the total number of shares issued by the company was 147,017,000, whereas the total number of shares scheduled to be issued upon exercise of share acquisition rights was 2,500,000.」
The company discloses the dilution of equity value resulting from the exercise of share acquisition rights and the potential impact on the supply-demand balance and share price.