Cash-Flow Risk from R&D Investment Ahead of Revenue
First written in FY2023. 6 of 9 entries say "Materialised", first in FY2024-Q3. Latest entry: FY2027-H1.
Tms moved to the "Worse" side of this theme in 2024, 2 years before the typical company in this theme (2026).
The whole theme swung hardest in 2026: 8 of 18 companies on the "Worse" side.
5 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「Cash used in operating activities during the interim accounting period was ¥339,104 thousand, compared with an outflow of ¥476,386 thousand in the same period of the previous year. This was mainly due to recognition of a pretax interim net loss.」
Cash outflows from operating activities continued, amounting to ¥339,104 thousand, although they narrowed from ¥476,386 thousand in the previous corresponding period. - FY2026-H1WorsenedAnnual report
「Cash used in operating activities during the interim accounting period was ¥476,386 thousand, compared with an outflow of ¥409,597 thousand in the same period of the previous year. This was mainly due to recognition of a pretax interim net loss.」
Operating cash outflow increased from ¥409,597 thousand to ¥476,386 thousand year on year. Cash and cash equivalents were ¥3,084,596 thousand after financing inflows from warrant exercises. - FY2025MaterialisedAnnual report
「Cash flow from operating activities was an outflow of ¥493,756 thousand, mainly because the Company actively invested in R&D, including TMS-008 development, and recorded a pretax net loss of ¥659,598 thousand, despite receiving dividends from CORXEL.」
Operating cash flow was an outflow of ¥493,756 thousand and cash and cash equivalents decreased by ¥523,679 thousand. Cash outflows continued, although the operating cash-flow outflow narrowed from the previous fiscal year. - FY2025-H1MaterialisedAnnual report
「This was mainly because cash and deposits decreased by ¥437,851 thousand as a result of payments for operating expenses and other costs.」
Cash and deposits decreased by ¥437,851 thousand due to operating expenses and other payments, while operating cash flow was an outflow of ¥409,597 thousand. - FY2025-Q1MaterialisedAnnual report
「This was mainly because cash and deposits decreased by ¥190,597 thousand as a result of payments for operating expenses and other costs.」
Cash and deposits decreased by ¥190,597 thousand due to operating expenses and other payments, reflecting continued R&D-related cash outflows. - FY2024-Q3MaterialisedAnnual report
「This was mainly because cash and deposits decreased by ¥522,134 thousand as a result of payments for operating expenses.」
Cash and deposits decreased by ¥522,134 thousand due to R&D and other expenses, demonstrating cash outflows from investment ahead of revenue. - FY2023First statedAnnual report
「As an R&D-based company, the Company requires substantial R&D funding, and the burden of R&D expenses means that the period of investment ahead of revenue continues for an extended time. During this period, the Company tends to report operating losses continuously and generate negative cash flow from operating activities.」
Advance R&D investment leads to continuing operating losses and negative operating cash flow, creating concern about business continuity if funding cannot be secured before stable revenue is established.