Amid continued back-and-forth movements in Anges' share price, the stock rose at the end of September before falling back in early October. Development-related news included the reported completion of enrollment for a Phase 2 clinical trial in the previous fiscal year and the award of a grant to advance development of a subcutaneous formulation.
The stock rose to ¥38, up 5.56% from the previous day, on 30 September, then fell back to ¥36, down 5.26%, on 1 October. It has since been trading in the ¥34–36 range.
On 29 September, the company disclosed that enrollment had been completed for the Phase 2 clinical trial of the jointly developed AV-001 in the previous fiscal year, and development-related news has been reported in succession in the short term.
According to the summary of the earnings report for the interim period of the fiscal year ending December 2026, business revenue rose 21.2% year on year to ¥500 million, while the operating loss widened to ¥3.2 billion due to higher research and development expenses. Cash and deposits declined to ¥200 million, and the equity ratio was described as indicating a weak financial base at 3.5%.
Performance has shown no improvement over the past 12 quarters. Net profit margins remain deeply negative, while the equity ratio continues to decline and interest-bearing debt continues to increase.