Worth reading
83Important
Scored from 4 of 5 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
6768880000
Yen (net amount of funds expected to be raised assuming all stock acquisition rights are exercised at the initial exercise price)Wording
Avoiding a definitive answer
How definitive the wording is.Details of issuance or disposal
Issuance of the 70th and 71st stock acquisition rights through a third-party allotment (with exercise price adjustment clauses), and issuance of the 2nd unsecured straight corporate bonds (privately placed bonds)
Who receives how much
70th Stock Acquisition Rights 48,000,000 shares (480,000 rights) / 71st Stock Acquisition Rights 48,000,000 shares (480,000 rights)
EVO FUNDEquivalent to 96,000,000 shares (48,000,000 shares for the 70th and 48,000,000 shares for the 71st)
The lower thin line represents the existing number of shares to which these shares will be added.
70th Stock Acquisition Rights ¥4 per right / 71st Stock Acquisition Rights ¥2 per right
Total issue value
¥2,880,000
Amount of funds to be raised
¥6,768,880,000 (estimated net proceeds after deducting issuance expenses from the total issue price of these stock acquisition rights and the total exercise price based on the initial exercise price)
Specific use of funds
Direct and indirect expenses for a Phase III clinical trial for adenovirus infection following hematopoietic stem cell transplantationAmount Approximately ¥2.56 billion / Scheduled timing of expenditures From September 2026 to March 2028
Direct and indirect expenses for a Phase II clinical trial for progressive multifocal leukoencephalopathy (PML), led by the U.S. NIHAmount Approximately ¥4.8 billion less the amount allocated to the above Phase III clinical trial (individual amount: Not disclosed) / Scheduled timing of expenditures From September 2026 to March 2028
Terms of the stock acquisition rights
Exercise price
Initial exercise price: ¥71. An adjustment clause applies. The exercise price will be adjusted to 100% of the closing price on the trading day immediately preceding the adjustment date, subject to a floor of ¥36. There is no maximum exercise price.
Exercise period
From 3 September 2026 to 3 September 2029
Number of Stock Acquisition Rights
Total issued: 960,000 rights (480,000 each of the 70th and 71st). The number of unexercised rights is Not disclosed because it depends on the status after issuance.
Reason for acquisition without consideration
The rights will not be acquired for no consideration. If the Company resolves to acquire them, it will do so at an amount equal to the issue price. Any rights remaining on 3 September 2029 will be acquired at an amount equal to the issue price.
Payment date
2 September 2026 (stock acquisition rights); 3 September 2026 (2nd unsecured straight corporate bonds)
Basis for determining the amount to be paid
The initial exercise price is ¥71. The exercise price after adjustment will be 100% of the closing price of the Company's common shares on the trading day immediately preceding the adjustment date. The minimum exercise price is ¥36, calculated by rounding up to the nearest yen 50% of the closing price on the trading day immediately preceding the resolution date for the issuance.
Most recent equity financing
Timing December 2024 / Type Stock acquisition rights-attached bonds through a third-party allotment / Amount Approximately ¥1.7 billion, Timing August 2025 to July 2026 / Type 65th through 67th stock acquisition rights and unsecured straight corporate bonds through a third-party allotment / Amount Approximately ¥2.75 billion
Impact on Business Performance
There will be no impact on the consolidated earnings outlook for the fiscal year ending December 2026.
| Item | Details |
|---|---|
| Type of issuance or disposal | Issuance of the 70th and 71st stock acquisition rights through a third-party allotment (with exercise price adjustment clauses), and issuance of the 2nd unsecured straight corporate bonds (privately placed bonds) |
| Number of shares to be issued or disposed of | 70th Stock Acquisition Rights 48,000,000 shares (480,000 rights) / 71st Stock Acquisition Rights 48,000,000 shares (480,000 rights) |
| Issue price and disposal price | 70th Stock Acquisition Rights ¥4 per right / 71st Stock Acquisition Rights ¥2 per right |
| Total issue value | ¥2,880,000 |
| Amount of funds to be raised | ¥6,768,880,000 (estimated net proceeds after deducting issuance expenses from the total issue price of these stock acquisition rights and the total exercise price based on the initial exercise price) |
| Specific use of funds | Details Direct and indirect expenses for a Phase III clinical trial for adenovirus infection following hematopoietic stem cell transplantation / Amount Approximately ¥2.56 billion / Scheduled timing of expenditures From September 2026 to March 2028, Details Direct and indirect expenses for a Phase II clinical trial for progressive multifocal leukoencephalopathy (PML), led by the U.S. NIH / Amount Approximately ¥4.8 billion less the amount allocated to the above Phase III clinical trial (individual amount: Not disclosed) / Scheduled timing of expenditures From September 2026 to March 2028 |
| Payment date | 2 September 2026 (stock acquisition rights); 3 September 2026 (2nd unsecured straight corporate bonds) |
| Intended allottee | Name EVO FUND / Number of Shares Equivalent to 96,000,000 shares (48,000,000 shares for the 70th and 48,000,000 shares for the 71st) |
| Basis for determining the amount to be paid | The initial exercise price is ¥71. The exercise price after adjustment will be 100% of the closing price of the Company's common shares on the trading day immediately preceding the adjustment date. The minimum exercise price is ¥36, calculated by rounding up to the nearest yen 50% of the closing price on the trading day immediately preceding the resolution date for the issuance. |
| Exercise price | Initial exercise price: ¥71. An adjustment clause applies. The exercise price will be adjusted to 100% of the closing price on the trading day immediately preceding the adjustment date, subject to a floor of ¥36. There is no maximum exercise price. |
| Exercise period | From 3 September 2026 to 3 September 2029 |
| Number of Stock Acquisition Rights | Total issued: 960,000 rights (480,000 each of the 70th and 71st). The number of unexercised rights is Not disclosed because it depends on the status after issuance. |
| Reason for acquisition without consideration | The rights will not be acquired for no consideration. If the Company resolves to acquire them, it will do so at an amount equal to the issue price. Any rights remaining on 3 September 2029 will be acquired at an amount equal to the issue price. |
| Most recent equity financing | Timing December 2024 / Type Stock acquisition rights-attached bonds through a third-party allotment / Amount Approximately ¥1.7 billion, Timing August 2025 to July 2026 / Type 65th through 67th stock acquisition rights and unsecured straight corporate bonds through a third-party allotment / Amount Approximately ¥2.75 billion |
| Impact on Business Performance | There will be no impact on the consolidated earnings outlook for the fiscal year ending December 2026. |
Items this document does not state (13)
Estimated issuance expensesIntended allottee's holding policyDilution RateTotal number of issued sharesTransfer restriction periodConditions for lifting transfer restrictionsCategories and Number of Persons CoveredTotal Stock-Based CompensationUnderwriter / lead underwriterOverallotmentStock Split RatioProcedures under the Corporate Code of ConductMajor 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.To continue developing brincidofovir and secure funding through March 2028, mainly for a Phase III clinical trial for adenovirus infection following hematopoietic stem cell transplantation and a Phase II clinical trial for progressive multifocal leukoencephalopathy (PML).
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.