Perseus Proteomics Inc.

Business Details

Leveraging antibody acquisition platforms originating from the University of Tokyo (hybridoma method, phage display method, and proprietary ICOS method), the company conducts research and development of therapeutic antibody drugs for cancer and other diseases. Revenue is composed of three areas: (1) drug discovery (upfront payments, milestones, and royalties from out-licensing), (2) Antibody Research Support Services (research contracting), and (3) Antibody & Reagent Sales (48 types of nuclear receptor antibodies, PTX3 ELISA Kits, etc.). Currently there is no out-licensing revenue from drug discovery, and the majority of sales is accounted for by Antibody & Reagent Sales.

Recent Overview

Corrected errors in the cost of sales statement and cash flow statement of the financial results report (no impact on earnings)

On June 22, 2026, the company announced a partial correction to its FY2026 (ending March 2026) financial results report (originally disclosed on May 14, 2026). The corrections concern two points: (1) a display error in the "Cost of Products Manufactured for the Period" column for the prior fiscal year in the cost of sales statement (from "-" to "¥16,554 thousand"), and (2) in the cash flow statement, expenditures for acquisition of tangible fixed assets for the current fiscal year (from -¥9,494 thousand to -¥9,264 thousand) and expenditures for acquisition of intangible fixed assets (from -¥450 thousand to -¥680 thousand). There is no impact on total cash flow from investing activities (-¥10,062 thousand) or on earnings.

Key Products

Growth Drivers

• Increased revenue in Antibody Research Support Services: expansion of new orders driven by the launch of camelid-derived VHH antibody screening services, among other factors
• Recognition of AMED grant income (¥53,311 thousand): an increase of ¥78,765 thousand in long-term deposits received, resulting from selection of PPMX-T003 for ANKL under the "Support Program for Practical Application Prior to Orphan Drug Designation"
• Reduction in selling, general and administrative expenses: pre-tax loss improved by ¥185,159 thousand year-on-year due to cost efficiency improvements including research and development expenses
• Fundraising through exercise of stock acquisition rights (¥500,500 thousand): securing financial resources to continue research and development
• Conclusion of new joint research agreements: pipeline expansion through partnerships with Asuka Pharmaceutical (November 2025) and Eurus Therapeutics (December 2025)

Risks

• Uncertainty of drug discovery out-licensing: out-licensing activities for PPMX-T002 and PPMX-T003 are ongoing, but full-year earnings guidance is not disclosed due to the difficulty of making reasonable forecasts
• Delay in the ANKL investigator-initiated clinical trial: the number of enrolled cases remains small, and securing subjects is difficult given the ultra-rare nature of the disease
• Continued cash burn: cash and cash equivalents decreased by ¥152,574 thousand for the full year FY2026 (ending March 2026), with an ending balance of ¥1,515,346 thousand. A structural deficit persists as research and development expenses outpace revenue
• Dilution risk from stock acquisition rights with exercise price revision provisions: 3,680,000 potential shares (approximately 24.9% of currently outstanding shares), with the exercise price revised to 92% of the market price
• Risk of recurrence of financial statement errors: while this correction has no impact on profit or loss, it raises concerns regarding internal control over disclosure quality and reliability