Worth reading
52Recurring
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
—
Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+0.0%
基準 2,026Target2,027million
Operating profit+0.0%
基準 2,026Target2,027million
Net income for the current fiscal year+0.0%
基準 2,026Target2,027million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planRevenue 0, operating loss -1,182, ordinary loss -1,164, net loss -1,166 → Revenue 0, operating loss -1,295, ordinary loss -1,293, net loss -1,304-10.3%Calculated from the two disclosed figures
Total investment plan¥1,684 million (proceeds from the issuance of the 20th Series of Stock Acquisition Rights)
Investment amount by sectorField BP2202 allogeneic BCMA CAR-NKT / Amount ¥1,134 million, Field New Pipeline / Amount ¥171 million, Field Other operating funds / Amount ¥379 million
Key initiatives
01Develop new modalities through in-licensing (cell therapies) and internal creation (antibodies)
02Conduct clinical trials to establish proof of concept for prototype products based on the iPS cell-derived NKT-cell platform
03Establish clinical proof of concept
04Creation of the second program (BP2203) and third program (BP2204) based on the platform.
05Complete Phase I clinical trials to validate the development concept
06Next-stage clinical trials conducted by development partners
07Explore partnering opportunities for the antibody pipeline in the cancer immunotherapy field
08Establish clinical proof of concept through development partners
09Technology developed through cancer immunotherapy antibody development × new fields
Plan assumptionsThe plan is based on the outlook that the global multiple myeloma market will expand from US$29.24 billion in 2025 to US$49.79 billion in 2034, representing a compound annual growth rate of 6.1% from 2026 to 2034.
Non-financial targetsIndicator U.S. clinical trials for BP2202 / Target value Scheduled to begin during fiscal 2026 / Timing During fiscal 2026, Indicator Clinical proof of concept for BP2202 / Target value Implementation / Timing In 2–3 years, Indicator Pipeline based on the iPS cell-derived NKT-cell platform / Target value Create Product 2 (BP2203) and Product 3 (BP2204) / Timing In 2–3 years, Indicator BP2301 / Target value Complete Phase I clinical trials / Timing In 2–3 years
Size of the Target MarketGlobal multiple myeloma market: US$29.24 billion in 2025, US$49.79 billion in 2034, and a compound annual growth rate of 6.1% from 2026 to 2034. Source: Fortune Business Insights, May 2026. Patient numbers: World Health Organization, Globocan (updated 8 February 2024), and Value Health (December 2022).
Risks identified by the company
Uncertainty in New Drug Development
Liquidity
Competition
Patents
Impact of disasters and other events, including COVID-19
Reason for revision or withdrawal
Due to some BP2202-related research and development activities previously recorded as advances progressing ahead of schedule, resulting in an increase in research and development expenses, including ¥41 million in expenses recognized earlier than originally planned.
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Progress against the plan | Annual update |
| Sales Target | 0 (actual results for the fiscal year ended March 2026) → 0 (forecast for the fiscal year ending March 2027) |
| Operating profit target | -1,295 (actual results for the fiscal year ended March 2026) → -1,965 (forecast for the fiscal year ending March 2027) |
| Net income target | -1,304 (actual results for the fiscal year ended March 2026) → -1,949 (forecast for the fiscal year ending March 2027) |
| Total investment plan | ¥1,684 million (proceeds from the issuance of the 20th Series of Stock Acquisition Rights) |
| Investment amount by sector | Field BP2202 allogeneic BCMA CAR-NKT / Amount ¥1,134 million, Field New Pipeline / Amount ¥171 million, Field Other operating funds / Amount ¥379 million |
| Non-financial targets | Indicator U.S. clinical trials for BP2202 / Target value Scheduled to begin during fiscal 2026 / Timing During fiscal 2026, Indicator Clinical proof of concept for BP2202 / Target value Implementation / Timing In 2–3 years, Indicator Pipeline based on the iPS cell-derived NKT-cell platform / Target value Create Product 2 (BP2203) and Product 3 (BP2204) / Timing In 2–3 years, Indicator BP2301 / Target value Complete Phase I clinical trials / Timing In 2–3 years |
| Plan assumptions | The plan is based on the outlook that the global multiple myeloma market will expand from US$29.24 billion in 2025 to US$49.79 billion in 2034, representing a compound annual growth rate of 6.1% from 2026 to 2034. |
| Key initiatives | Develop new modalities through in-licensing (cell therapies) and internal creation (antibodies), Conduct clinical trials to establish proof of concept for prototype products based on the iPS cell-derived NKT-cell platform, Establish clinical proof of concept, Creation of the second program (BP2203) and third program (BP2204) based on the platform., Complete Phase I clinical trials to validate the development concept, Next-stage clinical trials conducted by development partners, Explore partnering opportunities for the antibody pipeline in the cancer immunotherapy field, Establish clinical proof of concept through development partners, Technology developed through cancer immunotherapy antibody development × new fields |
| Results under the previous plan | Revenue 0, operating loss -1,182, ordinary loss -1,164, net loss -1,166 → Revenue 0, operating loss -1,295, ordinary loss -1,293, net loss -1,304 |
| Reason for revision or withdrawal | Due to some BP2202-related research and development activities previously recorded as advances progressing ahead of schedule, resulting in an increase in research and development expenses, including ¥41 million in expenses recognized earlier than originally planned. |
| Size of the Target Market | Global multiple myeloma market: US$29.24 billion in 2025, US$49.79 billion in 2034, and a compound annual growth rate of 6.1% from 2026 to 2034. Source: Fortune Business Insights, May 2026. Patient numbers: World Health Organization, Globocan (updated 8 February 2024), and Value Health (December 2022). |
| Risks identified | Uncertainty in New Drug Development, Liquidity, Competition, Patents, Impact of disasters and other events, including COVID-19 |
| Publication date | 26 June 2026 |
Items this document does not state (10)
Plan periodOperating profit margin targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceSegment targetDate of board resolution
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 company attributes the shortfall in actual results for the fiscal year ended March 2026 against the initial plan to BP2202-related research and development progressing ahead of schedule, resulting in the earlier recognition of research and development expenses. Research and development expenses for the fiscal year ending March 2027 include ¥333 million in non-cash expenses transferred from advances paid in the previous fiscal year.
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