Worth reading
53Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
20
¥ hundred millionWording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+0.0%
基準 2,026Target2,027million
Operating profit+0.0%
基準 2,026Target2,027million
Net income for the current fiscal year+0.0%
基準 2,026Target2,027million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planR&D expense plan for the fiscal year ending March 2026: 550 → Actual R&D expense for the fiscal year ending March 2026: 277（△49.6%）0.0%Calculated from the two disclosed figures
Total investment plan¥2 billion (amount to be raised; intended uses of funds over the medium to long term)
Investment amount by sectorField Clinical development investment / Amount ¥1.1 billion, Field In-licensing and M&A investment / Amount ¥600 million, Field New Business Creation / Amount ¥300 million
Key initiatives
01LPO (last patient out) for TLM-001's domestic Phase 2a trial
02Progress of clinical trials for TLM-003 in Japan, Europe, and China
03New out-licensing agreement for TLM-023
04Commencement of clinical trials for TLG-001 in China
05Accelerating sales of the science cosmetics brand “aeonia”
Size of the Target MarketDry eye: ¥20 trillion, with 500 million–3.4 billion potential patients. Myopia: ¥28 trillion, with 2.6 billion potential patients. Brain and central nervous system disorders: 290 million patients, including approximately 280 million with depression and approximately 8.5 million with Parkinson's disease. The myopic population is forecast to increase from 1.406 billion in 2000 to 4.758 billion in 2050. Sources: studies by the Brien Holden Vision Institute and the University of New South Wales, the WHO's latest Fact Sheet, and other sources.
Risks identified by the company
Matters relating to the Pharmaceuticals and Medical Devices Act and other regulations
Competition
Resource allocation risk
Reason for revision or withdrawal
The contract upfront payment was not recorded because the timing of a major contract shifted into a different period. R&D expense for the fiscal year ending March 2026 was ¥277 million, compared with the planned ¥550 million, following a review of the timing of certain investments, but this did not represent a reduction in R&D investment.
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Plan period | From fiscal 2026 onward |
| Progress against the plan | Annual update |
| Sales Target | Actual for the fiscal year ending March 2026: 200 → Forecast for the fiscal year ending March 2027: 1,100–1,500（450～650%） |
| Operating profit target | Actual for the fiscal year ending March 2026: (787) → Forecast for the fiscal year ending March 2027: 5–50 |
| Net income target | Actual net income for the fiscal year ending March 2026: (761) → Forecast net income for the fiscal year ending March 2027: 45–90 |
| Total investment plan | ¥2 billion (amount to be raised; intended uses of funds over the medium to long term) |
| Investment amount by sector | Field Clinical development investment / Amount ¥1.1 billion, Field In-licensing and M&A investment / Amount ¥600 million, Field New Business Creation / Amount ¥300 million |
| Key initiatives | LPO (last patient out) for TLM-001's domestic Phase 2a trial, Progress of clinical trials for TLM-003 in Japan, Europe, and China, New out-licensing agreement for TLM-023, Commencement of clinical trials for TLG-001 in China, Accelerating sales of the science cosmetics brand “aeonia” |
| Results under the previous plan | R&D expense plan for the fiscal year ending March 2026: 550 → Actual R&D expense for the fiscal year ending March 2026: 277（△49.6%） |
| Reason for revision or withdrawal | The contract upfront payment was not recorded because the timing of a major contract shifted into a different period. R&D expense for the fiscal year ending March 2026 was ¥277 million, compared with the planned ¥550 million, following a review of the timing of certain investments, but this did not represent a reduction in R&D investment. |
| Size of the Target Market | Dry eye: ¥20 trillion, with 500 million–3.4 billion potential patients. Myopia: ¥28 trillion, with 2.6 billion potential patients. Brain and central nervous system disorders: 290 million patients, including approximately 280 million with depression and approximately 8.5 million with Parkinson's disease. The myopic population is forecast to increase from 1.406 billion in 2000 to 4.758 billion in 2050. Sources: studies by the Brien Holden Vision Institute and the University of New South Wales, the WHO's latest Fact Sheet, and other sources. |
| Risks identified | Matters relating to the Pharmaceuticals and Medical Devices Act and other regulations, Competition, Resource allocation risk |
| Publication date | 25 June 2026 |
Items this document does not state (11)
Operating profit margin targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceSegment targetNon-financial targetsPlan assumptionsDate 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 contract upfront payment was not recorded because the timing of a major contract shifted into a different period, resulting in revenue and profit falling short of plan for the fiscal year ending March 2026. The funds raised will also be used for growth investments to increase pipeline value, expand growth opportunities, and provide health value in the healthcare sector.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.