Message To Shareholders/Investors

To Shareholders and Investors, We would like to express our sincere gratitude for your continued warm support of our business activities.

In 2025, the pipelines we have been working on for many years showed a strong response as they moved into the next stage. Our glaucoma treatment “H-1337” has completed the late Phase II clinical trial in the United States, and we are proceeding with preparations for the Phase III clinical trial. Our regenerative cell therapy “DWR-2206” has completed the final observation of the Phase II clinical trial, and we are proceeding with preparations for the Phase III clinical trial. In addition, last year, we added “H-1129” to our pipeline and further strengthened our ophthalmology pipeline.
These three are pipelines that will become pillars of future revenue, and we have high expectations for their continued progress. Across other pipelines, we saw steady progress, such as obtaining approval for manufacturing and marketing and completing the observation period in global clinical trials, and it was also a fulfilling year, including an increase in joint research with an eye toward the future.

In 2026, we would like to make it a year in which we further enhance the research and development capabilities we have accumulated to aim for a new stage.
For pipelines under development, we will make the best choices according to each situation and strive to achieve steady progress.
In addition, while building on the technology we have cultivated in the field of ophthalmology, we will also work on new research themes with future development in view. Research activities are the source of our value creation, and we will cherish an attitude of nurturing “buds” that will lead to the future.

In the pharmaceutical and drug discovery fields, there continue to be many unmet medical needs due to aging and the diversification of diseases. In particular, in the field of ophthalmology, needs are increasing for diseases with limited treatment options, such as corneal diseases and retinal diseases, and new approaches, such as regenerative medicine and cell therapy, are also showing expansion.
In this environment, we feel that the creation of “new drugs that address unmet medical needs” and “new drugs that improve quality of life (QOL)” that we advocate is becoming increasingly important.

New drug development takes a long time and presents many challenges, but it is an endeavor of great social significance and the very reason for our existence. We will continue to sincerely engage in the research and development of new drugs and proceed with our business so as to meet the expectations of patients and of our shareholders and investors.
“Innovative New Drugs to the World from Japan.”
With this founding aspiration in our hearts, we will continue to take on challenges in 2026 as well.
We sincerely ask for your continued support this year.

President and CEO Yuichi Hidaka