Results for this period
Full year1 October 2025–30 September 2026Non-consolidated (individual)Japanese GAAPThe width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Net sales increased due to revenue from active pharmaceutical ingredient supply and technology access fees, as well as upfront contract payment revenue under the KP-100LI agreement with Maruishi Pharmaceutical. For the fiscal year ending September 2027, expenses are expected to increase due to the strengthening of the research and development structure, additional domestic clinical trials, vocal fold scar clinical trials and development in the United States.
Material events or conditions related to the going concern assumption: The company faces conditions raising significant doubt due to recurring operating losses, negative cash flow from operating activities and reduced financial flexibility caused by delays in the timing of regulatory applications. However, the company has determined that no material uncertainty exists at present, owing to financing through third-party allotments and other means, as well as cost reductions. There are no applicable notes concerning the going concern assumption.
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Non-consolidated (individual) |
| Period Covered | 1 October 2025–30 September 2026 |
| Net Sales | ¥442 million (YoY +513.3%) |
| Operating profit | ¥-813 million |
| Ordinary income | ¥-810 million |
| Profit attributable to owners of the parent | ¥-813 million |
| Net income per share | ¥(105.32) |
| Operating Margin | △183.7% |
| Equity ratio | End of the current fiscal period 57.1% / End of previous period 61.5% |
| Total assets | ¥1,977 million |
| Net assets | ¥1,166 million |
| Cash flows from operating activities | ¥-563 million |
| Cash flows from investing activities | ¥-16 million |
| Cash flows from financing activities | ¥643 million |
| Cash and cash equivalents at end of period | ¥1,053 million |
| Full-year earnings forecast | Net Sales ¥127 million (YoY -71.2%) / Operating profit ¥-1,773 million / Ordinary income ¥-1,773 million / Net income ¥-1,775 million |
| Annual Dividend Forecast | ¥0 → ¥0（0.0%） |
| Breakdown of extraordinary income (loss) | Extraordinary income Not disclosed / Extraordinary loss Impairment Loss on Shares of an Affiliate ¥1,797 thousand |
| Disclosure regarding the going concern assumption | Material events or conditions related to the going concern assumption: The company faces conditions raising significant doubt due to recurring operating losses, negative cash flow from operating activities and reduced financial flexibility caused by delays in the timing of regulatory applications. However, the company has determined that no material uncertainty exists at present, owing to financing through third-party allotments and other means, as well as cost reductions. There are no applicable notes concerning the going concern assumption. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Material subsequent events | At a board meeting held on 11 November 2026, the company resolved to issue new shares through a third-party allotment to Maruishi Pharmaceutical and Zenoaq Holdings, and to issue the 19th and 20th Series Stock Acquisition Rights to Macquarie Bank Limited. The payment and allotment date is 7 December 2026. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for institutional investors, analysts and individual investors) |
| Issued Shares at Period-End | 8,593,200 |
| Treasury Shares at Period-End | 223 |
| Factors Behind Changes in Business Performance | Net sales increased due to revenue from active pharmaceutical ingredient supply and technology access fees, as well as upfront contract payment revenue under the KP-100LI agreement with Maruishi Pharmaceutical. For the fiscal year ending September 2027, expenses are expected to increase due to the strengthening of the research and development structure, additional domestic clinical trials, vocal fold scar clinical trials and development in the United States. |
Items this document does not state (10)
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.Net sales increased due to revenue from active pharmaceutical ingredient supply and technology access fees from Clarus Biotherapeutics, as well as upfront contract payment revenue recognized under the KP-100LI agreement with Maruishi Pharmaceutical Co., Ltd. For the fiscal year ending September 2027, operating loss is expected to increase due to higher expenses related to strengthening the research and development structure, additional domestic clinical trials, vocal fold scar clinical trials and development in the United States.