ENVALITH
ペプチドリーム株式会社 logo

PeptiDream Inc.

4587・Prime Market・Pharmaceuticals

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ペプチドリーム株式会社 logo
PeptiDream Inc.4587

Business

PeptiDream is a biotech venture spun out of the University of Tokyo, founded in 2006. The company operates two segments: the Drug Discovery Development Business, which creates innovative pharmaceuticals through joint research and licensing agreements with global pharmaceutical companies based on its proprietary drug discovery platform system, PDPS® (Peptide Discovery Platform System); and the Radiopharmaceuticals Business, which is handled end-to-end within Japan by its wholly owned subsidiary PDRadiopharma. Major customers include leading global pharmaceutical companies such as Novartis, BMS/RayzeBio, Genentech, MSD, and J&J, as well as domestic medical institutions. Through the consolidation of PDRadiopharma as a subsidiary in March 2022, the company has established a vertically integrated business structure spanning drug discovery research through manufacturing and sales.

Business Model

In the Drug Discovery Development Business, the main revenue sources are ongoing license fees and royalties from the 11 companies licensing PDPS® (Peptide Discovery Platform System) technology, milestone fees tied to clinical progress of partnered programs, and lump-sum payments from out-licensing of in-house programs. In the Radiopharmaceuticals Business, PDRファーマ manufactures and sells diagnostic and therapeutic radiopharmaceuticals, recording revenue of ¥15,728 million in the fiscal year ended December 2025. The company is also expanding Digital Solutions (Software Group) (Bridgea DISPENSER, onti, etc.), aiming to provide added value to medical institutions.

Company Strengths

PDPS®, based on an exclusive license agreement with the University of Tokyo, is a proprietary technology enabling translational synthesis and screening of cyclic peptide libraries containing special amino acids. The number of technology licensees has reached 11 companies, and partnership track records with global major pharmaceutical companies such as Novartis, BMS, Genentech, MSD, and J&J underpin the technology's competitive advantage.

PDRファーマ possesses all functions in-house domestically, from drug discovery research and development to manufacturing and sales. Revenue from the Radiopharmaceuticals Business for FY2025 (ending December 2025) was ¥15,728 million, up 102.4% year on year, achieving stable growth. The company continues to expand indications, including the addition of a neuroblastoma indication for Riat MIBG-I131 Injection (September 2025) and the expansion of insurance coverage for Amyvid Injection (November 2024).

The clinical-stage pipeline has expanded rapidly, from 5 programs at the end of 2023, to 7 at the end of 2024, to 13 at the end of 2025. Multiple programs are underway in both the RI field and Non-RI field, including 177Lu/64Cu-PSMA-I&T (prostate cancer), 225Ac/68Ga-GPC3 (hepatocellular carcinoma), and 225Ac/64Cu-CA9 (renal cell carcinoma). The pipeline is expected to expand to 19-25 programs by the end of 2026.

ENVALITH's Perspective

Revenue for Q1 of FY2026 (ending March 2026) was ¥4,765 million (up 12.6% year on year), and Core operating loss was ¥1,067 million (an improvement of ¥288 million year on year), confirming a narrowing of losses. The full-year forecast calls for revenue of ¥32,000 million (up 72.8% year on year) and Core operating profit of ¥4,600 million, anticipating a significant turnaround to profitability. However, the Q1 progress rate against the full-year revenue forecast was only 14.9%, premised on revenue being concentrated in the latter half of the year. Whether or not milestone payments not included in the full-year forecast are secured represents a potential upside factor for results, while uncertainty regarding the timing of such recognition remains high.

Plans are underway for capital investment of up to ¥27.0 billion in total, comprising the new plant at Kazusa Academia Park (construction cost of approximately ¥10.0–12.0 billion; construction to begin in the second half of 2026, with operations planned to start in 2028) and the new research building at Tonomachi (construction cost of approximately ¥12.0–15.0 billion; construction to begin in 2027, with operations planned to start in 2029). The capital expenditure forecast for FY2026 (ending March 2026) is ¥5,449 million, a significant increase from the previous fiscal year. Cash and cash equivalents at the end of Q1 stood at ¥25,551 million, securing a certain level of liquidity on hand, but the company also refinanced long-term borrowings (proceeds from long-term borrowings of ¥16,440 million against repayments of ¥17,100 million), and maintaining financial discipline remains a key point of attention.

The Radiopharmaceuticals Business remained profitable in Q1, with revenue of ¥4,095 million and segment profit of ¥75 million, while the Drug Discovery Development Business continued to post a substantial segment loss of ¥1,193 million. Research and development expenses expanded to ¥1,231 million, up ¥243 million year on year, reflecting continued cost increases associated with pipeline expansion. External tailwinds include growth in the radiopharmaceuticals market and rising demand for PET diagnostic agents driven by the spread of Alzheimer's disease treatments; however, monetizing the Drug Discovery Development Business will require progress in the clinical pipeline and the recognition of large milestone payments, leaving uncertainty as to timing.

Growth Strategy

Rapid expansion of the clinical pipeline and development of radiopharmaceutical manufacturing infrastructure toward becoming a global drug discovery company

The CA9 program (ccRCC) has already received FDA IND approval, with Phase 1 clinical trial initiation planned for mid-2026. The CLDN18.2 program is scheduled to begin a Phase 0 trial in 2026 (jRCTs031250563). The CDH3 program is currently preparing an IND application. As these three in-house products enter clinical stages in succession, future licensing-out and commercialization opportunities are expected to expand.

A new plant is planned for construction on a 57,000㎡ site at Kazusa Academia Park in Chiba Prefecture, for use in clinical development and commercial production of targeted radiopharmaceuticals utilizing 177Lu, 225Ac, 64Cu, and other isotopes. Construction costs are estimated at approximately ¥10.0–12.0 billion, to be funded through cash on hand and long-term borrowings. Leveraging its location between Haneda and Narita airports, the company also has exports to the Asia-Pacific region in view.

Dosing of the first patient in the domestic Phase 1 clinical trial for 177Lu-PSMA-I&T (metastatic castration-resistant prostate cancer) began in February 2026. Domestic clinical trials for 64Cu-PSMA-I&T (prostate cancer diagnosis) also began in October 2025. The global ECLIPSE trial has already achieved its primary endpoint. Tauvid (flortaucipir F 18) received domestic manufacturing and marketing approval in December 2024.

The oral myostatin inhibitor has demonstrated, in preclinical studies, an effect of maintaining lean body mass when used in combination with a GLP-1 receptor agonist, and partnership negotiations are ongoing. The oral IL-17A/F dual inhibitor was announced as an addition to the clinical development portfolio in December 2025, with studies underway toward an IND application. Both are expected to generate upfront licensing payments that are not included in the full-year earnings forecast.

A new research building is planned for construction on land adjacent to the head office (acquired in 2021), which will expand office space and enhance in vivo testing and CMC/formulation development capabilities necessary for obtaining nonclinical proof of concept. Construction costs are estimated at approximately ¥12.0–15.0 billion. Research and development expenses are planned at ¥6,445 million for the full fiscal year ending December 2026, up 28.4% year on year, reflecting continued upfront investment aimed at expanding the pipeline.

Last updated: July 17, 2026