Worth reading
31Immaterial
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateTotal investment plan¥2,545 million (amount raised; ¥1,083 million allocated through the end of January 2026)
Investment amount by sectorField Costs of the additional Phase III clinical trial for SR-0379, a treatment for skin ulcers / Amount raised ¥896 million / Amount allocated ¥502 million, Field Costs and other expenses for the Phase I clinical trial of FPP004X, an antibody-inducing peptide / Amount raised ¥446 million / Amount allocated ¥346 million, Field Research and development funding for new development compounds / Amount raised ¥572 million / Amount allocated ¥113 million, Field Personnel expenses to advance research and development / Amount raised ¥337 million / Amount allocated ¥122 million, Field Operating funds to maintain the research and development structure / Amount raised ¥294 million / Amount allocated Not disclosed
Key initiatives
01① Steady advancement of existing development programs
02② Expansion of the development pipeline
03③ Execution of licensing agreements with pharmaceutical companies
Plan assumptionsCalculated at ¥150 per US$1, The anti-IL-17 antibody drug market was $5,810 million in 2020 and is forecast to reach $9,942 million in 2025, representing average annual growth of 11%, The anti-IL-23 antibody drug market was $10,986 million in 2020 and is forecast to reach $18,140 million in 2025, representing average annual growth of 11%
Non-financial targetsIndicator name Target number of subjects in the additional Phase III clinical trial of SR-0379 (Study 02) / Target value 142 subjects / Timing Not disclosed, Indicator name Administration of the investigational drug to subjects in the Phase I clinical trial of FPP004X / Target value Dosing completed / Timing Q4 FY2025, Indicator name Results of the Phase I clinical trial of FPP004X / Target value Results expected to be available / Timing The second half of FY2026, Indicator name Results of the Phase III clinical trial of SR-0379 (Study 02) / Target value Results expected to be available / Timing First half of FY2027
Size of the Target MarketMarket Anti-IL-17 antibody drug market / Figures $5,810 million in 2020, forecast at $9,942 million in 2025, average annual growth of 11% / Source Informa, Datamonitor Healthcare (November 2021), Market Anti-IL-23 antibody drug market / Figures $10,986 million in 2020, forecast at $18,140 million in 2025, average annual growth of 11% / Source Informa, Datamonitor Healthcare (November 2021), Market Number of patients with skin ulcers (pressure ulcers and diabetic ulcers) / Figures Approximately 1 million in Japan and approximately 2.3 million in the United States / Source See P66
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Progress against the plan | Annual update |
| Total investment plan | ¥2,545 million (amount raised; ¥1,083 million allocated through the end of January 2026) |
| Investment amount by sector | Field Costs of the additional Phase III clinical trial for SR-0379, a treatment for skin ulcers / Amount raised ¥896 million / Amount allocated ¥502 million, Field Costs and other expenses for the Phase I clinical trial of FPP004X, an antibody-inducing peptide / Amount raised ¥446 million / Amount allocated ¥346 million, Field Research and development funding for new development compounds / Amount raised ¥572 million / Amount allocated ¥113 million, Field Personnel expenses to advance research and development / Amount raised ¥337 million / Amount allocated ¥122 million, Field Operating funds to maintain the research and development structure / Amount raised ¥294 million / Amount allocated Not disclosed |
| Non-financial targets | Indicator name Target number of subjects in the additional Phase III clinical trial of SR-0379 (Study 02) / Target value 142 subjects / Timing Not disclosed, Indicator name Administration of the investigational drug to subjects in the Phase I clinical trial of FPP004X / Target value Dosing completed / Timing Q4 FY2025, Indicator name Results of the Phase I clinical trial of FPP004X / Target value Results expected to be available / Timing The second half of FY2026, Indicator name Results of the Phase III clinical trial of SR-0379 (Study 02) / Target value Results expected to be available / Timing First half of FY2027 |
| Plan assumptions | Calculated at ¥150 per US$1, The anti-IL-17 antibody drug market was $5,810 million in 2020 and is forecast to reach $9,942 million in 2025, representing average annual growth of 11%, The anti-IL-23 antibody drug market was $10,986 million in 2020 and is forecast to reach $18,140 million in 2025, representing average annual growth of 11% |
| Key initiatives | ① Steady advancement of existing development programs, ② Expansion of the development pipeline, ③ Execution of licensing agreements with pharmaceutical companies |
| Size of the Target Market | Market Anti-IL-17 antibody drug market / Figures $5,810 million in 2020, forecast at $9,942 million in 2025, average annual growth of 11% / Source Informa, Datamonitor Healthcare (November 2021), Market Anti-IL-23 antibody drug market / Figures $10,986 million in 2020, forecast at $18,140 million in 2025, average annual growth of 11% / Source Informa, Datamonitor Healthcare (November 2021), Market Number of patients with skin ulcers (pressure ulcers and diabetic ulcers) / Figures Approximately 1 million in Japan and approximately 2.3 million in the United States / Source See P66 |
| Publication date | 31 March 2026 |
Items this document does not state (16)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceSegment targetResults under the previous planReason for revision or withdrawalRisks identifiedDate 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 stated that, to enhance corporate value, it will steadily advance its existing development programs, expand its development pipeline, and enter into licensing agreements with pharmaceutical companies. In research and development, it will prioritize the clinical trials for FPP004X and SR-0379.
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