Worth reading
46Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
140
¥ million (year-on-year decrease in revenue)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter of the fiscal year ending December 20267 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥33 million-80.9%
Operating profit¥-312 million
Ordinary income¥-322 million
Net income¥-323 million
Selling, general and administrative expenses¥346 million
Full-year earnings forecast
Net Sales
¥300 million
Operating loss
¥-780 million
Ordinary loss
¥-800 million
Net loss attributable to owners of the parent
¥-800 million
Research and development costs
¥780 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales11.0%
Research and development costs27.9%
Proceeds from the 13th stock acquisition rights90.9%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Research and development expenses are broadly in line with the planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net SalesLower royalties due to the expiration of patents for DW-1002 outside the United States; U.S. royalties for January through June are scheduled to be recorded as a lump sum when the agreement is executed
New initiatives
- Capital and business alliance with 千寿製薬 and an option agreement covering Japan, Asia and other markets for H-1337
- Basic agreement with U.S. company Terrain on a sales partnership for DW-5LBT
- License agreement with Keio University for H-1129
- Joint research with LABバイオテック社 on therapeutics for eye diseases using lactic acid bacterium-derived EVs
- A shift in policy to prioritize development of H-1337 in Japan over the United States
Key KPIsA metric the company considers important as a management benchmark.
- Cumulative performance of marketed products4 Products
- Late-stage development products (Phase 3 or later)5 Instrument
- Number of kinase inhibitors in the compound library1,500 Approx. number
- Out-licensing track record7 Instrument
Market Size / Share
- U.S. lidocaine patch market295 US$ million 2025
- Lidoderm generic product shareApprox. 90% by volume and approx. 60% by value
- Number of patients with Fuchs endothelial corneal dystrophy in Europe16 Approx. million people
- Number of patients with Fuchs endothelial corneal dystrophy in the United States6 Approx. million people
Number of employees
Number of Employees29 People consolidated
Capital expenditures
¥6 millions purchases of property, plant and equipment
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥33 million (YoY -80.9%) |
| Operating profit | ¥-312 million |
| Ordinary income | ¥-322 million |
| Net income | ¥-323 million |
| Selling, general and administrative expenses | ¥346 million |
| Full-year earnings forecast | Net Sales ¥300 million / Operating loss ¥-780 million / Ordinary loss ¥-800 million / Net loss attributable to owners of the parent ¥-800 million / Research and development costs ¥780 million |
| Progress against full-year forecast | Net Sales 11.0% / Research and development costs 27.9% / Proceeds from the 13th stock acquisition rights 90.9% |
| Self-assessment against the plan | Research and development expenses are broadly in line with the plan |
| Breakdown of Factors Affecting the Change | Net Sales Lower royalties due to the expiration of patents for DW-1002 outside the United States; U.S. royalties for January through June are scheduled to be recorded as a lump sum when the agreement is executed |
| Key KPIs | Indicator name Cumulative performance of marketed products / Value 4 Products / Year on year against the same period last year Not disclosed, Indicator name Late-stage development products (Phase 3 or later) / Value 5 Instrument / Year on year against the same period last year Not disclosed, Indicator name Number of kinase inhibitors in the compound library / Value 1,500 Approx. number / Year on year against the same period last year Not disclosed, Indicator name Out-licensing track record / Value 7 Instrument / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees 29 People (consolidated) / Change during the period Not disclosed / Hiring plan Not disclosed |
| Capital expenditures | ¥6 millions (purchases of property, plant and equipment) |
| Market Size / Share | Market U.S. lidocaine patch market / Value 295 US$ million (2025), Market Lidoderm generic product share / Value Approx. 90% by volume and approx. 60% by value, Market Number of patients with Fuchs endothelial corneal dystrophy in Europe / Value 16 Approx. million people, Market Number of patients with Fuchs endothelial corneal dystrophy in the United States / Value 6 Approx. million people |
| New initiatives | Capital and business alliance with 千寿製薬 and an option agreement covering Japan, Asia and other markets for H-1337, Basic agreement with U.S. company Terrain on a sales partnership for DW-5LBT, License agreement with Keio University for H-1129, Joint research with LABバイオテック社 on therapeutics for eye diseases using lactic acid bacterium-derived EVs, A shift in policy to prioritize development of H-1337 in Japan over the United States |
Items this document does not state (15)
Gross Profit MarginOperating profit marginResults for the three months of the current quarterSegment resultsUnit price and quantity metricsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A
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 decrease in revenue was due to lower royalties following the expiration of patents for DW-1002 outside the United States, while royalties for the United States are scheduled to be recorded as a lump sum when the agreement is executed. The decrease in revenue appears to be the main factor behind the operating loss, but the materials do not explicitly identify the factors contributing to the operating loss.
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.