NANO MRNA Co., Ltd.
4571・Growth Market・Pharmaceuticals
NANO MRNA Co., Ltd. (Single Segment)
A holding-company-type biotech venture combining RNA drug discovery and investment business as its two pillars
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales | ¥174 million | ¥108 million | ↑ |
| Operating Loss | -¥965 million | -¥755 million | ↓ |
| Ordinary Loss | -¥866 million | -¥687 million | ↓ |
| Net Loss Attributable to Owners of Parent | -¥943 million | -¥835 million | ↓ |
| Total Assets | ¥5,906 million | ¥3,996 million | ↑ |
| Net Assets | ¥3,565 million | ¥2,739 million | ↑ |
| Equity Ratio | 59.9% | 68.2% | ↓ |
| Cash and Cash Equivalents at End of Period | ¥4,910 million | ¥1,197 million | ↑ |
| Net Loss per Share | -¥12.90 | -¥11.85 | ↓ |
| Net Assets per Share | ¥43.11 | ¥38.59 | ↑ |
Business Details
In December 2025, the company changed its trade name to NANO Holdings Co., Ltd. and formally launched its Strategic Investment Business (Nano Bridge Investment / Bio Bridge I). It is advancing the NANO MRNA business (clinical development of TUG1 ASO and RUNX1 mRNA) and the investment business (establishment of Nano Bridge Investment and formation of Bio Bridge I) in parallel. Revenue sources consist of two pillars: Cosmetic Raw Material Supply (for Albion) and royalty income from Comlex® Otic Solution. From April 2026, the company will transition to a holding company structure, with the drug discovery business split off and succeeded by NANO MRNA Co., Ltd.
Recent Overview
Transitioned to a holding company structure and formally launched the investment business, substantially expanding cash on hand through bond issuance
At the extraordinary general meeting of shareholders in December 2025, the company changed its trade name to NANO Holdings Co., Ltd. and formally launched its Strategic Investment Business. Proceeds of ¥2,475 million from the issuance of the 1st Series of unsecured bonds (limited to qualified institutional investors) and ¥1,221 million from stock issuance through the exercise of stock acquisition rights, among other factors, substantially expanded the cash balance at fiscal year-end to ¥4,910 million (up ¥3,713 million year on year). Effective April 1, 2026, the drug discovery business was spun off through an incorporation-type company split into NANO MRNA Co., Ltd., with the company transitioning to a holding company structure. As a subsequent event, the company resolved to make Luna RD Co., Ltd. (holder of PEG-free LNP technology) a subsidiary (acquisition price of ¥200 million, planned acquisition of 66.67% voting rights).
Key Products
Growth Drivers
- Acceleration of out-licensing activities to pharmaceutical companies as the TUG1 ASO Phase Ib trial progresses (clinical trial notification submission planned for August 2026)
- Accumulation of clinical data through the continuation of the RUNX1 mRNA Phase I trial in Australia (three patients dosed)
- Strengthening of the mRNA and nucleic acid drug platform technology base through the acquisition of PEG-free LNP technology via the acquisition of Luna RD Co., Ltd.
- Future capital gains from the investment business through Nano Bridge Investment (NBI) and the formation of Bio Bridge I
- Establishment of a deal sourcing framework and construction of a Japan-U.S.-China investment platform through collaboration with the SBI Group and others
- Improvement in the business environment for drug discovery and healthcare through expanded government policies to strengthen drug discovery capabilities
- Reduced funding burden through R&D subsidy income (¥76 million for the fiscal year under review) and Australian R&D tax incentive refunds
Risks
- A loss-making structure in which the main recurring operating revenue has not yet been established and R&D and SG&A expenses continue to be incurred (operating loss of ¥965 million for the fiscal year under review)
- Increased interest-bearing debt from the issuance of the 1st Series of unsecured bonds (¥1,300 million in long-term bonds, ¥300 million in bonds scheduled for redemption within one year classified as current liabilities), and the resulting financial burden of interest expenses and bond issuance costs
- Clinical trial delay risk (accelerating patient enrollment is a challenge for RUNX1 mRNA, and the Phase Ib trial plan for TUG1 ASO is still being formulated)
- Risk that out-licensing does not materialize, leading to funding depletion if milestone and royalty income fail to arise
- High uncertainty in the investment business's performance forecast, to the extent that disclosure is not feasible, with heavy dependence on external factors such as the number of investments and stock market conditions
- High dependence on sales from Cosmetic Raw Material Supply (for Albion), creating customer concentration risk
- A declining equity ratio, down from 68.2% to 59.9%, reflecting a rising trend in financial leverage due to the increase in outstanding bonds
- Increased group management costs and organizational integration risk associated with the transition to a holding company structure and the business split
Last updated: June 26, 2026