Worth reading
88Important
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
24.67
Dilution rate (%)Wording
Avoiding a definitive answer
How definitive the wording is.Details of issuance or disposal
Issuance of the 41st Series Stock Acquisition Rights with an exercise price adjustment clause and the 42nd Series Stock Acquisition Rights through a third-party allotment
Who receives how much
41st Series: 200,000 units (20,000,000 potential shares); 42nd Series: 200,000 units (20,000,000 potential shares)
EVO FUND200,000 units of the 41st Series Stock Acquisition Rights, 20,000,000 potential shares
Kubota Ryo (窪田良)200,000 units of the 42nd Series Stock Acquisition Rights, 20,000,000 potential shares
The height of each bar represents the proportion of shares received by each allottee. The thin line below represents the number of existing shares to which these shares are added.
41st Series: ¥8 per stock acquisition right; 42nd Series: ¥1 per stock acquisition right
Total issue value
41st Series: ¥1,600,000; 42nd Series: ¥200,000; total: ¥1,800,000
Amount of funds to be raised
Total payment amount: ¥2,401,800,000; estimated net proceeds: ¥2,380,550,000
Estimated issuance expenses
¥21,250,000
Specific use of funds
Expenses related to research and development and commercialisationAmount ¥1,380 million / Scheduled timing of expenditures January 2027 to December 2031
Working capital for business operationsAmount ¥1,000 million / Scheduled timing of expenditures January 2027 to December 2028
Existing Shares and Increase
+24.67%Rate of increase
162,144,288 shares202,144,288Shares
24.67% (24.69% on a voting rights basis)
The dilution rate shows what proportion the newly issued shares represent of the existing shares. The higher the proportion, the more the value and voting rights per share are diluted.
Terms of the stock acquisition rights
Exercise price
Series 41: Initially ¥60, revised every 2 trading days to 100% of the simple average closing price for the preceding 2 consecutive trading days, subject to a minimum of ¥30. Series 42: ¥60, with no ordinary market-price-linked adjustment, but with a full-ratchet adjustment clause.
Exercise period
Series 41: 10 November 2026 to 10 November 2028. Series 42: 10 November 2026 to 10 November 2031.
Number of Stock Acquisition Rights
Total issued: 400,000. Unexercised balance: Not disclosed
Reason for acquisition without consideration
Series 41: The remaining rights will be acquired if the company resolves that acquisition is necessary, or on 10 November 2028. Series 42: The remaining rights will be acquired on 10 November 2031. In both cases, the acquisition price will be equal to the payment amount per stock acquisition right.
Offering structure
Underwriter / lead underwriter
EVOLUTION JAPAN証券株式会社 (domestic agent)
Categories and Number of Persons Covered
EVO FUND: 1 entity, 200,000 Series 41 rights. Kubota Ryo (窪田良): 1 person, 200,000 Series 42 rights.
Intended allottee's holding policy
EVO FUND intends to invest and may sell the shares acquired through exercise. 窪田良 (Ryo Kubota) plans to sell some of the acquired shares, but intends to hold the shares not subject to sale over the medium to long term and not sell them in the market for the time being. Transfers of the stock acquisition rights require approval by the company's Board of Directors.
Payment date
9 November 2026 (allotment date)
Basis for determining the amount to be paid
The initial exercise price for Series 41 and the exercise price for Series 42 are 100% of the closing price of ¥60 on 22 October 2026. The revised exercise price for Series 41 is 100% of the simple average closing price for the 2 consecutive trading days preceding the revision date. The minimum exercise price for Series 41 is ¥30.
Procedures under the Corporate Code of Conduct
The company obtained an opinion on the legality of the payment amount for these stock acquisition rights from its Audit & Supervisory Committee, all of whose members are outside directors. Any future full-ratchet adjustment for Series 42 will require the affirmative opinion of all Audit & Supervisory Committee members.
Most recent equity financing
Timing December 2025 / Type New shares and Series 38 stock acquisition rights issued through a third-party allotment / Amount Actual funds raised: ¥630,004,500; estimated net proceeds: approximately ¥614 million, Timing September 2024 / Type Series 33 stock acquisition rights / Amount Estimated net proceeds: approximately ¥791 million
Impact on Business Performance
The company will promote research and development and commercialisation activities, secure the funds necessary for business operations, and stabilise its financial base. The specific impact on business performance has not been determined.
| Item | Details |
|---|---|
| Type of issuance or disposal | Issuance of the 41st Series Stock Acquisition Rights with an exercise price adjustment clause and the 42nd Series Stock Acquisition Rights through a third-party allotment |
| Number of shares to be issued or disposed of | 41st Series: 200,000 units (20,000,000 potential shares); 42nd Series: 200,000 units (20,000,000 potential shares) |
| Issue price and disposal price | 41st Series: ¥8 per stock acquisition right; 42nd Series: ¥1 per stock acquisition right |
| Total issue value | 41st Series: ¥1,600,000; 42nd Series: ¥200,000; total: ¥1,800,000 |
| Amount of funds to be raised | Total payment amount: ¥2,401,800,000; estimated net proceeds: ¥2,380,550,000 |
| Estimated issuance expenses | ¥21,250,000 |
| Specific use of funds | Details Expenses related to research and development and commercialisation / Amount ¥1,380 million / Scheduled timing of expenditures January 2027 to December 2031, Details Working capital for business operations / Amount ¥1,000 million / Scheduled timing of expenditures January 2027 to December 2028 |
| Payment date | 9 November 2026 (allotment date) |
| Intended allottee | Name EVO FUND / Number of Shares 200,000 units of the 41st Series Stock Acquisition Rights, 20,000,000 potential shares, Name Kubota Ryo (窪田良) / Number of Shares 200,000 units of the 42nd Series Stock Acquisition Rights, 20,000,000 potential shares |
| Intended allottee's holding policy | EVO FUND intends to invest and may sell the shares acquired through exercise. 窪田良 (Ryo Kubota) plans to sell some of the acquired shares, but intends to hold the shares not subject to sale over the medium to long term and not sell them in the market for the time being. Transfers of the stock acquisition rights require approval by the company's Board of Directors. |
| Dilution Rate | 24.67% (24.69% on a voting rights basis) |
| Total number of issued shares | 162,144,288 shares → 202,144,288 shares (if all stock acquisition rights are exercised)（24.67％） |
| Basis for determining the amount to be paid | The initial exercise price for Series 41 and the exercise price for Series 42 are 100% of the closing price of ¥60 on 22 October 2026. The revised exercise price for Series 41 is 100% of the simple average closing price for the 2 consecutive trading days preceding the revision date. The minimum exercise price for Series 41 is ¥30. |
| Exercise price | Series 41: Initially ¥60, revised every 2 trading days to 100% of the simple average closing price for the preceding 2 consecutive trading days, subject to a minimum of ¥30. Series 42: ¥60, with no ordinary market-price-linked adjustment, but with a full-ratchet adjustment clause. |
| Exercise period | Series 41: 10 November 2026 to 10 November 2028. Series 42: 10 November 2026 to 10 November 2031. |
| Number of Stock Acquisition Rights | Total issued: 400,000. Unexercised balance: Not disclosed |
| Reason for acquisition without consideration | Series 41: The remaining rights will be acquired if the company resolves that acquisition is necessary, or on 10 November 2028. Series 42: The remaining rights will be acquired on 10 November 2031. In both cases, the acquisition price will be equal to the payment amount per stock acquisition right. |
| Categories and Number of Persons Covered | EVO FUND: 1 entity, 200,000 Series 41 rights. Kubota Ryo (窪田良): 1 person, 200,000 Series 42 rights. |
| Underwriter / lead underwriter | EVOLUTION JAPAN証券株式会社 (domestic agent) |
| Procedures under the Corporate Code of Conduct | The company obtained an opinion on the legality of the payment amount for these stock acquisition rights from its Audit & Supervisory Committee, all of whose members are outside directors. Any future full-ratchet adjustment for Series 42 will require the affirmative opinion of all Audit & Supervisory Committee members. |
| Most recent equity financing | Timing December 2025 / Type New shares and Series 38 stock acquisition rights issued through a third-party allotment / Amount Actual funds raised: ¥630,004,500; estimated net proceeds: approximately ¥614 million, Timing September 2024 / Type Series 33 stock acquisition rights / Amount Estimated net proceeds: approximately ¥791 million |
| Impact on Business Performance | The company will promote research and development and commercialisation activities, secure the funds necessary for business operations, and stabilise its financial base. The specific impact on business performance has not been determined. |
Items this document does not state (6)
Transfer restriction periodConditions for lifting transfer restrictionsTotal Stock-Based CompensationOverallotmentStock Split RatioMajor 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 secure funds for expenses related to the research and development and commercialisation of pharmaceuticals and medical devices, as well as working capital for business operations. The company states that phased fundraising will enable it to strengthen equity capital while limiting temporary large-scale dilution.
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.