Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/sanbio-co-ltd" target="_blank" data-smartkarma-citation="entities:24540:1" rel="noopener">SanBio Co Ltd (4592 JP)</a> will launch its international offering of 6M new shares at ¥2487 per share, aiming to raise up to ¥14.9B (~ US$96M).</li>
<li>Net proceeds will be allocated for Akuugo launch in Japan, Phase 3 clinical trials of SB623 traumatic brain injury program in USA and for SB623 cerebral infarction program in Japan.</li>
<li>The current stock price being ¥2628 makes the offering attractive. SanBio remains a risky bet with probability of a high return going up with every milestone being successfully cleared.</li>
</ul>



SanBio Co Ltd (4592 JP) will launch its international offering of 6M new shares at ¥2487 per share, aiming to raise up to ¥14.9B (~ US$96M).
Net proceeds will be allocated for Akuugo launch in Japan, Phase 3 clinical trials of SB623 traumatic brain injury program in USA and for SB623 cerebral infarction program in Japan.
The current stock price being ¥2628 makes the offering attractive. SanBio remains a risky bet with probability of a high return going up with every milestone being successfully cleared.


SanBio Co Ltd (4592 JP): International Offering Attractive, Akuugo Approval Is Next Big Trigger

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/sanbio-co-ltd" target="_blank" data-smartkarma-citation="entities:24540:1" rel="noopener">SanBio Co Ltd (4592 JP)</a> incurred ¥1.3B R&amp;D expenses (+31% YoY) in H1FY26 related to receiving approval of partial changes to the items approved for manufacture and marketing for Akuugo.</li>
<li>Operating loss went up to ¥1.9B in H1FY26 from ¥1.6B in H1FY25. SanBio revised FY26 guidance of operating loss to ¥3.9B (vs ¥3.5B) and net loss to ¥4.0B (vs ¥3.6B).</li>
<li>Partial change application already filed and the approval is expected in H2FY26. Plans to negotiate with regulatory authorities in Japan and US toward new clinical trials for chronic ischemic stroke.</li>
</ul>



SanBio Co Ltd (4592 JP) incurred ¥1.3B R&amp;D expenses (+31% YoY) in H1FY26 related to receiving approval of partial changes to the items approved for manufacture and marketing for Akuugo.
Operating loss went up to ¥1.9B in H1FY26 from ¥1.6B in H1FY25. SanBio revised FY26 guidance of operating loss to ¥3.9B (vs ¥3.5B) and net loss to ¥4.0B (vs ¥3.6B).
Partial change application already filed and the approval is expected in H2FY26. Plans to negotiate with regulatory authorities in Japan and US toward new clinical trials for chronic ischemic stroke.


SanBio Co Ltd (4592 JP): Akuugo Approval Awaited; Plans Negotiation for Ischemic Stroke Trials

Research Coverage of Japanese Listed Companies, Shared Research Inc

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<ul><li>In 1H FY01/26, the company reported no operating revenue, with an operating loss of JPY1.9bn and R&D expenses increasing by 31.5% YoY.</li><li>Non-operating expenses totaled JPY596mn, primarily due to foreign exchange losses and financing fees, leading to a recurring loss of JPY2.5bn.</li><li>The company forecasts a FY01/26 operating loss of JPY3.9bn and a net loss of JPY4.0bn, influenced by manufacturing costs and foreign exchange losses.</li></ul>

In 1H FY01/26, the company reported no operating revenue, with an operating loss of JPY1.9bn and R&D expenses increasing by 31.5% YoY.Non-operating expenses totaled JPY596mn, primarily due to foreign exchange losses and financing fees, leading to a recurring loss of JPY2.5bn.The company forecasts a FY01/26 operating loss of JPY3.9bn and a net loss of JPY4.0bn, influenced by manufacturing costs and foreign exchange losses.

SanBio Co Ltd (4592 JP): 1H FY01/26 flash update

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<li>
<a href="https://www.smartkarma.com/entities/sanbio-co-ltd" target="_blank" data-smartkarma-citation="entities:24540:1" rel="noopener">SanBio Co Ltd (4592 JP)</a> successfully completed three commercial production runs to accumulate inventories in preparation for launch. The earliest possible timing for shipment is expected to be 2QFY26.</li>
<li>During FY25, SanBio did not generate any revenue. The successful launch and shipments are likely to have only a minimal impact on the financial performance of the company in FY26.</li>
<li>SanBio has a cash runway through FY26. Further, in, company entered into a new committed credit line agreement (¥1B) with Mizuho Bank.</li>
</ul>



SanBio Co Ltd (4592 JP) successfully completed three commercial production runs to accumulate inventories in preparation for launch. The earliest possible timing for shipment is expected to be 2QFY26.
During FY25, SanBio did not generate any revenue. The successful launch and shipments are likely to have only a minimal impact on the financial performance of the company in FY26.
SanBio has a cash runway through FY26. Further, in, company entered into a new committed credit line agreement (¥1B) with Mizuho Bank.


SanBio Co Ltd (4592 JP): Akuugo Shipments Expected To Commence In 2QFY26, New Credit Line In Place

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<li>During FY25, <a href="https://www.smartkarma.com/entities/sanbio-co-ltd" target="_blank" data-smartkarma-citation="entities:24540:1" rel="noopener">SanBio Co Ltd (4592 JP)</a> did not generate any revenue and incurred an operating expense of ¥3.5B, down 23% YoY.</li>
<li>The company successfully completed two commercial production runs to accumulate inventories in preparation for launch of Akuugo. The earliest possible timing for shipment is assumed to be Q2FY26.</li>
<li>SanBio has a cash runway through FY26. Further, in March, the company has raised funds of ¥2.1B through third party placement.</li>
</ul>


During FY25, SanBio Co Ltd (4592 JP) did not generate any revenue and incurred an operating expense of ¥3.5B, down 23% YoY.
The company successfully completed two commercial production runs to accumulate inventories in preparation for launch of Akuugo. The earliest possible timing for shipment is assumed to be Q2FY26.
SanBio has a cash runway through FY26. Further, in March, the company has raised funds of ¥2.1B through third party placement.


SanBio Co Ltd (4592 JP): Losses Narrow; AKUUGO Upbeat on Successful Commercial Runs; FY26 Key

Japan

Sanbio Co Ltd researches, develops, manufactures, and sells regenerative cell re lated pharmaceutical products.

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SanBio Co Ltd (4592 JP)