Perseus Proteomics Inc.
4882・Growth Market・Pharmaceuticals
Business
Perseus Proteomics Inc. is a drug discovery venture established in 2001, based on protein expression and antibody production technologies developed at the University of Tokyo's Research Center for Advanced Science and Technology (LSBM). The company possesses multiple antibody acquisition technologies—the hybridoma method, phage display method (including its proprietary ICOS method), and single B-cell screening method—and primarily conducts research and development of therapeutic antibody drugs in the oncology field. Its business consists of three areas: drug discovery (pipeline development and licensing-out), Antibody Research Support Services (contract services), and Antibody & Reagent Sales. Its main customers are pharmaceutical companies, research institutions, and academia in Japan and overseas; it sells 48 types of nuclear receptor antibodies to researchers worldwide and also sells reagents through global distributors such as R&D Systems. The company listed on the TSE Growth Market in 2021.
Business Model
The Company's revenue is structured in three layers: (1) continuous small-scale income from Antibody Research Support Services (contract services) and (2) Antibody & Reagent Sales, and (3) upfront payments, milestones, and royalty income from out-licensing its drug discovery pipeline to pharmaceutical companies. Of the ¥135,507 thousand in net sales for FY2026 (ending March 2026), Antibody Research Support Services accounted for ¥40,270 thousand and Antibody & Reagent Sales accounted for ¥95,237 thousand. Out-licensing income from drug discovery has not yet been realized, and the success or failure of out-licensing PPMX-T002, T003, and T004 will significantly affect the future scale of revenue. Expenses, including R&D expenses of ¥573,593 thousand, substantially exceed sales, resulting in a loss-making structure, which the Company supplements with funds from the exercise of stock acquisition rights and the acquisition of subsidies.
Company Strengths
Combines three methods—hybridoma technology, phage display (proprietary ICOS method), and single B-cell screening—to enable antibody generation against target proteins that were previously difficult to address. In FY2026 (ending March 2026), the company successfully created PPMX Antibody Library 2 and has been advancing collaboration with AI drug discovery, confirming continuous strengthening of its technology platform.
In the development of PPMX-T003 for ANKL, the company was selected twice—in March 2022 and February 2025—for AMED's "Program for Practical Application Support Prior to Orphan Drug Designation." In FY2026 (ending March 2026), the company recorded grant income of ¥53,311 thousand, and long-term deposits received increased by ¥78,765 thousand. Recognition of scientific validity by public institutions and continued financial support are ongoing.
Revenue from Antibody Research Support Services reached ¥40,270 thousand in FY2026 (ending March 2026), up 65.4% year on year, marking six consecutive periods of increase. In May 2025, the company launched a new service utilizing a VHH antibody library, and newly concluded joint research agreements with Asuka Pharmaceutical (November 2025) and Eurus Therapeutics (December 2025). Steady expansion of the customer network has been confirmed as a track record.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal years, rising from ¥72 million in FY2022 to ¥136 million in FY2026. Operating loss, which peaked at ¥895 million in FY2024, narrowed for two consecutive fiscal years to ¥826 million in FY2025 and ¥745 million in FY2026. Net loss for the period also continued to improve, from ¥1,104 million in FY2024 to ¥905 million in FY2025 and ¥718 million in FY2026. The main drivers of improvement in FY2026 (ending March 2026) were increased revenue due to the launch of the camelid-derived VHH antibody screening service and other factors, along with greater efficiency in SG&A expenses including R&D costs. The recognition of ¥53,311 thousand in AMED subsidies also contributed to the improvement in earnings. Note that the current correction concerns the prior-period figure in the "cost of products manufactured during the period" line of the cost of sales statement (changed from "—" to "¥16,554 thousand") and a revision to the breakdown of expenditures for acquisition of tangible and intangible fixed assets in the cash flow statement (with no change to the total amount of ¥10,062 thousand), and has no impact on profit or loss.
Growth Strategy
Advancing clinical development of the flagship pipeline and creating out-licensing opportunities through multiple external partnerships
Following selection for AMED's pre-orphan drug designation practical application support program, the company is advancing clinical development of its flagship pipeline targeting ANKL (Aggressive NK-cell Leukemia). The ¥78,765 thousand increase in long-term deposits received reflects progress in receiving AMED funding.
Joint research agreements were concluded with ASKA Pharmaceutical in November 2025 and with Eurus Therapeutics in December of the same year. Collaboration with external pharmaceutical companies aims to diversify the pipeline and expand out-licensing opportunities.
New orders are being expanded through the launch of camelid-derived VHH antibody screening services and other initiatives, strengthening the near-term revenue base. Net sales for FY2026 (ending March 2026) are expected to reach ¥136 million (up 13% year on year), contributing to revenue growth.
Proceeds of ¥500,500 thousand from share issuance through the exercise of stock acquisition rights were raised during the current period. The company secured a fiscal year-end cash balance of ¥1,515,346 thousand, maintaining a financial base to continue R&D activities. Balancing this with dilution risk remains a challenge.
Last updated: July 19, 2026