A newly listed company report on MabGenesis, which is developing antibody drugs for dogs and cats using proprietary animal antibody libraries. The company expects revenue of ¥352 million in the fiscal year ending March 2027, with a return to profitability unlikely, and indicates that progress in joint agreements will be a key factor.
MabGenesis was established in June 2019 with the aim of applying to healthcare antibody acquisition technologies developed by Fujita Health University and the University of Miyazaki. The company has since developed antibody libraries for dogs and cats, completing its canine library in September 2020 and its feline library in November 2021. It subsequently launched its canine and feline antibody drug discovery business.
In the fiscal year ended March 2026, revenue was ¥337 million and ordinary profit was ¥36 million, resulting in a return to profitability, due to the expansion of joint research agreements with partners, research milestones and upfront payments under licensing agreements. Its results to date indicate a revenue structure centered on joint research agreements and upfront payments received upon licensing.
For the fiscal year ending March 2027, the company's plan calls for revenue of ¥352 million, up 4.5% year on year, an operating loss of ¥5 million, an ordinary loss of ¥11 million and a net loss of ¥11 million. Revenue is estimated at ¥235 million from joint projects, ¥112 million from in-house projects and ¥4 million from other consulting income.
The company expects revenue centered on upfront payments upon signing joint project agreements and research milestones, while higher selling, general and administrative expenses, including listing-related costs, are expected to affect its loss plan. No cost of sales is expected to be recorded, and gross profit is projected at ¥352 million.