Risk of Increased R&D Investment and Failure to Commercialize
First written in FY2020. 2 of 4 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2026: 14 of 29 companies on the "Worse" side.
74 other companies' latest entry also says "Restated".
- FY2025RestatedAnnual report
「R&D expenses for the consolidated fiscal year were ¥19.073 million, equivalent to 0.5% of sales, a decrease from the previous fiscal year. However, depending on the research methods and specific commercialization plans adopted in the future, investing substantially more in R&D could significantly change our group’s operating results and financial condition from their current levels.」
R&D expenses were ¥19.073 million, or 0.5% of sales. The risks of additional future investment and failure to achieve commercialization results commensurate with the R&D expenses continue. - FY2022RestatedAnnual report
「R&D expenses for the fiscal year were ¥87.562 million, equivalent to 2.0% of sales, a decrease from the previous fiscal year. However, depending on the research methods and specific commercialization plans adopted in the future, we may invest substantially more in R&D in the future.」
Although R&D expenses increased to ¥87.562 million, the ratio to sales declined to 2.0%. The risks of additional future investment and failure to achieve commercialization continue. - FY2021WorsenedAnnual report
「R&D expenses for the fiscal year were ¥71.161 million, equivalent to 2.4% of sales, an increase from the previous fiscal year.」
R&D expenses increased from ¥10.817 million, or 0.6% of sales, in the previous fiscal year to ¥71.161 million, or 2.4%. The risks of further R&D investment and failure to achieve commercialization continue to increase. - FY2020First statedAnnual report
「However, depending on the research methods and specific commercialization plans adopted in the future, investing substantial amounts in research and development could significantly change our operating results and financial condition from their current levels. In addition, if commercialization or other results commensurate with the R&D investment are not achieved, our business expansion could be hindered, affecting our future business strategy and operating results.」
For research and development relating to exosomes and other areas, the possibility of substantial future investment and failure to achieve commercialization results commensurate with that investment was identified as a new risk. R&D expenses were quantified at ¥10.817 million, or 0.6% of sales.