Monetization Through Upfront Payments, Milestones, and Royalties
First written in FY2022. 5 of 16 entries say "Advanced", first in FY2023-Q1. Latest entry: 2026-07-22.
The whole theme swung hardest in 2021: 1 of 11 companies on the "Worse" side.
7 other companies' latest entry also says "Advanced".
- FY2026The scale and composition of full-year revenue changedAnnual report
「Fiscal year Revenue from contracts with customers 122,001 51,986 — 26,034 200,022」
Full-year net sales were ¥200.022 million, a sharp decline from ¥1,357.133 billion in the previous fiscal year. The breakdown was upfront payments of ¥35.133 million, milestones of ¥140.920 million, royalties of ¥12.518 million and consulting revenue of ¥11.450 million, representing a change from the previous fiscal year’s composition centered on a large upfront payment. - 2026-05-14OtherEarnings
「Revenue for the current fiscal year was ¥200.022 million (¥1,357.133 million in the previous fiscal year), and the operating loss was ¥787.816 million (operating profit of ¥235.467 million in the previous fiscal year).」
Revenue and operating results deteriorated year on year because of the absence of a large upfront payment and continued research and development investment. - FY2026-H1The scale and composition of first-half revenue changedAnnual report
「Revenue from contracts with customers 47,501 50,494 — — 4,791 102,788」
Contract revenue was ¥102.788 million for the six months ended the current interim period, down from ¥486.712 million in the same period of the previous year. There were no upfront payments, and the composition was milestone payments of ¥90.000 million, royalties of ¥4.661 million and consulting revenue of ¥8.126 million. - FY2025-H1The scale and composition of first-half revenue changedAnnual report
「Upfront payments 434,670 — — — — 434,670 Milestone payments 40,000 252 — — — 40,252 Royalties 3,252 2,371 — — — 5,623 Consulting — — — — 6,167 6,167 Revenue from contracts with customers 477,922 2,623 — — 6,167 486,712」
Revenue from contracts with customers was ¥486.712 million for the six months ended the current interim period, up from ¥49.314 million in the same period of the previous year. Upfront payments of ¥434.670 million were the main source of revenue, alongside milestone payments of ¥40.252 million and royalties of ¥5.623 million. - FY2024The scale and composition of full-year revenue changedAnnual report
「Net sales for the fiscal year were ¥673.532 million, down ¥281.161 million year on year. This was primarily due to the recognition of ¥100.000 million in milestone payments under the TLG-001 license agreement covering Japan, ¥80.000 million in milestone payments under the TLM-003 joint research agreement, and ¥450.000 million in upfront payments from the execution of license agreements covering intellectual property rights and R&D results relating to eye drops held and to be held by the company, for a total of ¥630.000 million.」
Full-year net sales declined from ¥954.693 million in the previous fiscal year to ¥673.532 million, with a new composition including ¥450.000 million in upfront payments and ¥180.000 million in milestones. - FY2024-Q3The scale and composition of third-quarter revenue changedAnnual report
「Milestone payments 160,462 Royalties 5,248 Consulting 8,314 Revenue from contracts with customers 174,025」
Revenue from contracts with customers was ¥174.025 million for the nine months ended the third quarter, down from ¥882.116 million in the same period of the previous year. The breakdown was milestone payments of ¥160.462 million, royalties of ¥5.248 million and consulting revenue of ¥8.314 million. - FY2024-Q2The scale and composition of first-half revenue changedAnnual report
「Milestone payments 40,294 Royalties 3,945 Consulting 5,075 Revenue from contracts with customers 49,314」
Revenue from contracts with customers was ¥49.314 million for the six months ended the second quarter, down from ¥555.837 million in the same period of the previous year. The breakdown was milestone payments of ¥40.294 million, royalties of ¥3.945 million and consulting revenue of ¥5.075 million. - FY2024-Q1The scale and composition of quarterly revenue changedAnnual report
「Milestone payments 20,168 Royalties 2,120 Revenue from contracts with customers 24,753」
Revenue from contracts with customers was ¥24.753 million in the first quarter, comprising milestone payments of ¥20.168 million and royalties of ¥2.120 million. Its scale and composition changed from revenue of ¥228.902 million in the same quarter of the previous year. - FY2023AdvancedAnnual report
「Net sales for the fiscal year were ¥954.693 million, up ¥313.772 million year on year. This was primarily due to the recognition of ¥200.000 million in milestone payments under the TLG-001 license agreement covering Japan, ¥380.000 million in milestone payments under the TLM-003 license and joint research agreements covering Japan and Asia, and ¥286.860 million in upfront payments from the execution of the TLM-003 license agreement covering the U.S. and Europe, for a total of ¥866.860 million.」
Monetization through upfront payments and milestones expanded in the full-year results, with TLG-001- and TLM-003-related contract revenue and other income accounting for ¥866.860 million of net sales of ¥954.693 million. - FY2023-Q3AdvancedAnnual report
「Nine months ended the third quarter of the fiscal year (from 1 April 2022 to 31 December 2022) Upfront payments 301,688 Milestone payments 562,301 Royalties 8,601 Consulting 9,525 Revenue from contracts with customers 882,116」
For the nine months ended the third quarter, the company recognized upfront payments of ¥301.688 million, milestone payments of ¥562.301 million and royalties of ¥8.601 million, expanding its track record of monetization linked to contracts, development progress and post-launch sales. - FY2023-Q2AdvancedAnnual report
「Milestone payments 540,000 252 1,965 — — 542,217 Royalties 4,891 1,667 — — — 6,559」
For the six months ended the second quarter, the company recognized milestone payments of ¥542.217 million and royalties of ¥6.559 million, demonstrating monetization based on contracts and development progress. - FY2023-Q1AdvancedAnnual report
「Milestone payments 220,000 126 1,965 — — 222,091 Royalties 2,510 1,153 — — — 3,664」
In the first quarter, the company recognized milestone payments of ¥222.091 million and royalties of ¥3.664 million, demonstrating monetization based on contracts and development progress. - FY2022First statedAnnual report
「The company monetizes its business model through upfront payments under joint R&D and license agreements with partner companies, milestone payments, and royalties under royalty agreements after commercialization and launch, and invests that revenue in new research to create additional value.」
Revenue is generated at each stage: contract execution, development progress and post-launch sales.