Operating Losses and Negative Operating Cash Flow Due to Upfront Investment
First written in FY2021. 10 of 22 entries say "Materialised", first in FY2022-Q1. Latest entry: 2026-08-13.
Stella Pharma moved to the "Worse" side of this theme in 2021, the same year as the typical company in this theme.
The whole theme swung hardest in 2021: 5 of 10 companies on the "Worse" side.
5 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Cash used in operating activities during the fiscal year was ¥334,514 thousand, compared with ¥140,408 thousand generated at the end of the previous fiscal year. Operating loss was ¥748,957 thousand, compared with an operating loss of ¥90,246 thousand in the previous fiscal year.」
Operating cash flow changed from ¥140,408 thousand generated in the previous year to ¥334,514 thousand used, while operating loss widened to ¥748,957 thousand. - FY2026-H1WorsenedAnnual report
「Cash used in operating activities during the interim accounting period was ¥320,766 thousand, compared with ¥545,793 thousand generated in the same period of the previous year. Operating loss was ¥298,904 thousand, compared with an operating loss of ¥269,080 thousand in the same period of the previous year.」
Operating cash flow changed from ¥545,793 thousand generated in the same period of the previous year to ¥320,766 thousand used, while operating loss widened from ¥269,080 thousand to ¥298,904 thousand. - FY2025MitigatedAnnual report
「For the fourth quarter alone, we achieved profitability for the first time, making a significant contribution to operating performance. Cash generated from operating activities was ¥140,408 thousand, compared with ¥876,837 thousand used in the same period of the previous year.」
Although an operating loss of ¥90,246 thousand remained for the year, profitability was achieved for the first time in the fourth quarter, and operating cash flow turned positive at ¥140,408 thousand. The disclosure does not state that the risk of losses associated with upfront investment has been eliminated. - FY2025-H1MaterialisedAnnual report
「Revenue for the six-month interim accounting period was ¥169,394 thousand, up 10.0% year on year. Operating loss was ¥269,080 thousand, ordinary loss was ¥267,279 thousand, and interim net loss was ¥268,720 thousand.」
During the interim accounting period, an operating loss of ¥269,080 thousand, ordinary loss of ¥267,279 thousand and interim net loss of ¥268,720 thousand continued to be incurred in connection with the upfront-investment business. - FY2024-Q3MaterialisedAnnual report
「As a result, net sales for the cumulative third quarter were ¥200.193 million, up 14.3% year on year; operating loss was ¥466.969 million, compared with an operating loss of ¥503.005 million in the same period of the previous year; ordinary loss was ¥466.654 million, compared with an ordinary loss of ¥480.498 million; and net loss for the quarter was ¥469.561 million, compared with a net loss of ¥483.220 million.」
Operating loss, ordinary loss and net loss for the quarter associated with the upfront-investment business continued to be incurred during the nine months ended the third quarter. - FY2024-Q2MaterialisedAnnual report
「Cash used in operating activities during the six months ended the second quarter was ¥435,804 thousand, compared with ¥357,958 thousand used in the same period of the previous year. This was mainly because a pretax net loss for the quarter of ¥304,430 thousand was recorded and accounts receivable increased by ¥42,348 thousand, while accounts payable decreased by ¥49,069 thousand, accounts payable and other current liabilities decreased by ¥147,629 thousand, and accrued consumption taxes and other items decreased by ¥41,564 thousand.」
Negative operating cash flow associated with the upfront-investment business continued, with ¥435,804 thousand of cash used during the six months ended the second quarter. An operating loss of ¥301,233 thousand and net loss for the quarter of ¥305,856 thousand were also incurred. - FY2024-Q1MaterialisedAnnual report
「As a result, net sales for the cumulative first quarter were ¥61.598 million, up 33.3% year on year; operating loss was ¥163.060 million, compared with an operating loss of ¥195.510 million in the same period of the previous year; ordinary loss was ¥164.236 million, compared with an ordinary loss of ¥195.880 million; and net loss for the quarter was ¥165.699 million, compared with a net loss of ¥196.788 million.」
Operating loss, ordinary loss and net loss for the quarter associated with the upfront-investment business continued to be incurred during the three months ended the first quarter. - FY2023-Q3MaterialisedAnnual report
「Net sales for the cumulative third quarter were ¥175.169 million, up 106.8% year on year; operating loss was ¥503.005 million, compared with an operating loss of ¥517.958 million in the same period of the previous year; ordinary loss was ¥480.498 million, compared with an ordinary loss of ¥557.393 million; and net loss for the quarter was ¥483.220 million, compared with a net loss of ¥560.116 million.」
Operating loss, ordinary loss and net loss for the quarter associated with the upfront-investment business continued to be incurred during the nine months ended the third quarter. - FY2023-Q2MaterialisedAnnual report
「Cash used in operating activities during the six months ended the second quarter was ¥357,958 thousand, compared with ¥606,970 thousand used in the same period of the previous year. This was mainly because a pretax net loss for the quarter of ¥342,330 thousand was recorded, accounts receivable increased by ¥33,878 thousand and inventories increased by ¥117,586 thousand, while accounts payable increased by ¥88,985 thousand and accrued consumption taxes and other items decreased by ¥50,588 thousand.」
Negative operating cash flow associated with the upfront-investment business continued, with ¥357,958 thousand of cash used during the six months ended the second quarter. - FY2023-Q1MaterialisedAnnual report
「As a result, net sales for the cumulative first quarter were ¥46.198 million, up 500.0% year on year; operating loss was ¥195.510 million, compared with an operating loss of ¥183.905 million in the same period of the previous year; ordinary loss was ¥195.880 million, compared with an ordinary loss of ¥221.791 million; and net loss for the quarter was ¥196.788 million, compared with a net loss of ¥222.698 million.」
During the first quarter under review, an operating loss of ¥195,510 thousand, ordinary loss of ¥195,880 thousand and net loss for the quarter of ¥196,788 thousand were also incurred in connection with the upfront-investment business. - FY2022Update to annual earnings and cash flow resultsAnnual report
「Cash used in operating activities during the fiscal year was ¥1,081,129 thousand, compared with ¥772,811 thousand used in the same period of the previous year. Operating loss was ¥741,902 thousand, ordinary loss was ¥764,088 thousand, and net loss for the year was ¥767,719 thousand.」
The annual results have been updated for the operating loss and negative operating cash flow associated with the upfront-investment business. - FY2022-Q3MaterialisedAnnual report
「As a result, net sales for the cumulative third quarter were ¥84.697 million, down 45.7% year on year; operating loss was ¥517.958 million, compared with an operating loss of ¥502.121 million in the same period of the previous year; ordinary loss was ¥557.393 million, compared with an ordinary loss of ¥502.350 million; and net loss for the quarter was ¥560.116 million, compared with a net loss of ¥504.488 million.」
During the nine months ended the third quarter, an operating loss of ¥517,958 thousand, ordinary loss of ¥557,393 thousand and net loss for the quarter of ¥560,116 thousand were also incurred in connection with the upfront-investment business. - FY2022-Q2MaterialisedAnnual report
「As a result, revenue for the six months ended the second quarter was ¥69,297 thousand, operating loss was ¥337,879 thousand, ordinary loss was ¥406,712 thousand, and net loss for the quarter was ¥408,527 thousand. Cash used in operating activities during the six months ended the second quarter was ¥606,970 thousand.」
An operating loss of ¥337,879 thousand, net loss for the quarter of ¥408,527 thousand, and ¥606,970 thousand of cash used in operating activities were incurred. - FY2022-Q1MaterialisedAnnual report
「As a result, net sales for the cumulative first quarter were ¥7.699 million, operating loss was ¥183.905 million, ordinary loss was ¥221.791 million, and net loss for the quarter was ¥222.698 million.」
Regarding the operating losses previously described in connection with the upfront-investment business, an operating loss of ¥183,905 thousand was also incurred in the first quarter under review. - FY2021First statedAnnual report
「Under our business model, substantial research and development expenses must be incurred upfront before the development pipeline is launched and monetised. Accordingly, we may continue to incur operating losses and negative operating cash flow.」
The disclosure identifies losses and cash outflows during the upfront investment period of the drug-discovery business as a structural risk.