Risk that research facility investments will not deliver expected benefits and may require impairment
First written in FY2020. 3 of 5 entries say "Restated". Latest entry: 2026-10-06.
The whole theme swung hardest in 2026: 20 of 25 companies on the "Worse" side.
11 other companies' latest entry also says "Restated".
- 2026-10-06RestatedGeneral Meetings of Shareholders
「当社は、多額の資金を投入して医薬品の研究開発を進めておりますが、安定的な収益計上に至っておらず、継続的に営業損失が発生し、営業キャッシュ・フローがマイナスとなっていることから、当事業年度において、固定資産に対する減損損失の認識の要否の検討を行っております。検討の結果、固定資産の帳簿価額（有形固定資産150,171千円、無形固定資産1,626千円、投資その他の資産2,885千円）を回収できるだけの将来キャッシュ・フローが見込めるとして減損損失の計上は不要と判断しております。」
安定的な収益計上に至らず営業損失・営業キャッシュ・フローのマイナスが続く一方、固定資産の将来キャッシュ・フローによる回収可能性を理由に、減損損失は計上不要とする判断が再確認されている。 - FY2025RestatedAnnual report
「The Company is investing substantial funds in pharmaceutical research and development. However, it has not yet achieved stable revenue recognition, has incurred operating losses on an ongoing basis and has negative operating cash flow. Accordingly, during the fiscal year, the Company is considering whether it is necessary to recognize impairment losses on property, plant and equipment.」
The Company continues to review property, plant and equipment in light of indications of impairment, but determined that future cash flows would recover the carrying amount, and no impairment loss was recognized. - FY2024WorsenedAnnual report
「Based on past performance and the pipeline development plans for the next fiscal year and beyond, the Company has determined that indications of impairment are continuing in substance and is considering whether it is necessary to recognize impairment losses on property, plant and equipment during the fiscal year.」
The Company has not yet achieved stable revenue recognition and determined that indications of impairment continue for property, plant and equipment. Following its review, no impairment loss was recognized. - FY2022RestatedAnnual report
「However, there is currently no assurance that the benefits of these capital expenditures will be fully realized. If the Company is unable to develop its business as anticipated, this could have a material impact on its operating results and financial position, including the need to recognize impairment losses through the application of impairment accounting.」
The risk of impairment if the benefits of capital expenditures on the collaborative research institute and animal testing facilities are not realized has been reaffirmed. - FY2020First statedAnnual report
「However, there is currently no assurance that the benefits of these capital expenditures will be fully realized. If the Company is unable to develop its business as anticipated, this could have a material impact on its operating results and financial position, including the need to recognize impairment losses through the application of impairment accounting.」
The risk of impairment and its impact on performance if the benefits of investments in the collaborative research institute and animal testing facilities are not realized is disclosed.