Risk of Continued Losses and Funding Constraints from R&D-Led Investment
First written in FY2023. 7 of 10 entries say "Worsened", first in FY2025. Latest entry: 2026-09-11.
Cuorips moved to the "Worse" side of this theme in 2025, 3 years after the typical company in this theme (2022).
The whole theme swung hardest in 2025: 6 of 12 companies on the "Worse" side.
5 other companies' latest entry also says "Mitigated".
- FY2026WorsenedAnnual report
「Cash flow from operating activities for the consolidated fiscal year under review was an outflow of ¥1,059.895 million, compared with an outflow of ¥812.616 million in the previous fiscal year. This was mainly due to the recording of a net loss before income taxes and other adjustments of ¥1,026.699 million.」
Operating cash outflow related to research and development and commercialization investment expanded from ¥812.616 million to ¥1,059.895 million, worsening the loss and cash-outflow risk. - FY2026-H1WorsenedAnnual report
「Cash flow from operating activities during the interim consolidated accounting period under review was an outflow of ¥851.611 million, compared with an outflow of ¥714.661 million in the same interim period of the previous year. This was mainly due to an increase of ¥431.722 million in advances paid and the recording of an interim net loss before income taxes and other adjustments of ¥483.434 million.」
Operating cash outflow expanded from ¥714.661 million to ¥851.611 million, worsening the numerical impact of cash outflows from research-and-development spending. - FY2025WorsenedAnnual report
「Cash flow from operating activities for the consolidated fiscal year under review was an outflow of ¥812.616 million, compared with an outflow of ¥451.060 million in the previous fiscal year. Although we have launched the CDMO business, we have not yet secured a stable source of revenue sufficient to achieve profitability.」
Liquidity was maintained through joint research and development fees and capital increases, but operating cash outflow expanded from ¥451.060 million to ¥812.616 million and CDMO had not reached stable profitability. - FY2024MitigatedAnnual report
「At present, we are maintaining liquidity by raising funds through private placements and receiving joint research and development fees from joint research and development partners.」
The company stated that financing through capital increases and receipt of joint research and development fees was maintaining liquidity, although financing risk remains until marketed products and stable revenue are secured. - FY2023First statedAnnual report
「As a research-and-development company, we require substantial funding over an extended period for upfront investment in research and development. The resulting cost burden has led to net losses and continued negative cash flow from operating activities.」
The company uses joint research and development fees, private placements and additional financing as necessary, but states that failure to secure funds in a timely manner could threaten business continuity.