Risk of Delays in R&D and Failure to Achieve Results

「During the current interim consolidated accounting period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」

「しかしながら、研究開発活動は計画通りに進む保証はなく、特に遺伝子治療分野における開発は長期間を要するため、研究開発活動の遅延により、当社グループの事業戦略や経営成績に影響を及ぼす可能性があります。」

「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「また、バイオテクノロジー業界を取り巻く経営環境の変化は激しく、当社グループの事業環境は新たな技術革新や新規参入者等により大きな影響を受ける可能性があることから、現在推進している研究開発活動から必ずしも期待した効果を得られる保証はなく、計画する収益を獲得できない可能性があります。」

「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」

「No new business or other risks arose during the nine months ended 31 December. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「No new business or other risks arose during the six months ended 30 September. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」

「No new business or other risks arose during the nine months ended [the current third quarter]. There have also been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative second quarter of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「During the first quarter of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「No new business or other risks arose during the nine months ended [the current third quarter]. There have also been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative second quarter of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「During the first quarter of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「No new business or other risks arose during the nine months ended [the current third quarter]. There have also been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」

「During the cumulative second quarter of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「During the first quarter of the current consolidated fiscal year, there were no newly arising business or other risks. In addition, there were no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」

「However, there is no guarantee that R&D activities will proceed as planned. In particular, clinical development in the Group’s gene medicine business requires a long period, and there is no guarantee that sufficient R&D results will be achieved in a timely manner. Delays in R&D activities may therefore affect the Group’s business strategy and financial results.」