Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<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> reported higher operating loss (~¥3.79B) in FY26 as R&amp;D expenses rose for partial changes approval of Akuugo. Net loss widened too.</li>
<li>SanBio currently anticipates the NHI price listing in May 2026, and the launch of Akuugo is also planned for the same month.</li>
<li>SanBio remains a risky bet with probability of a high return going up with every milestone, the launch of Akuugo being the next.</li>
</ul>



SanBio Co Ltd (4592 JP) reported higher operating loss (~¥3.79B) in FY26 as R&amp;D expenses rose for partial changes approval of Akuugo. Net loss widened too.
SanBio currently anticipates the NHI price listing in May 2026, and the launch of Akuugo is also planned for the same month.
SanBio remains a risky bet with probability of a high return going up with every milestone, the launch of Akuugo being the next.


SanBio (4592 JP): Akuugo Awaiting NHI Price Listing and Launch, SB623 Trial Progressing Well In US

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul><li>In FY01/26, SanBio reported no operating revenue, an operating loss of JPY3.8bn, and R&D expenses of JPY2.7bn.</li><li>The company anticipates operating expenses of JPY5.6bn in FY01/27, driven by AKUUGO® shipment-related expenses and system preparations.</li><li>SanBio recorded a net loss of JPY5.6bn in FY01/27, with no forecasted operating revenue due to pending NHI price listing.</li></ul>

In FY01/26, SanBio reported no operating revenue, an operating loss of JPY3.8bn, and R&D expenses of JPY2.7bn.The company anticipates operating expenses of JPY5.6bn in FY01/27, driven by AKUUGO® shipment-related expenses and system preparations.SanBio recorded a net loss of JPY5.6bn in FY01/27, with no forecasted operating revenue due to pending NHI price listing.

SanBio Co Ltd (4592 JP): Full-year FY01/26 flash update

<ul>
<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> reported higher operating loss (~¥2.7B) in 9MFY26 as R&amp;D expenses rose for partial changes approval of Akuugo. Net loss widened too.</li>
<li>MHLW approved the partial change to the marketing approval and revised the associated approval conditions. Going forward, after the NHI price listing, the company plans to launch Akuugo.</li>
<li>The approval and international offering augur well. SanBio remains a risky bet with probability of a high return going up with every milestone, the launch of Akuugo being the next.</li>
</ul>



SanBio Co Ltd (4592 JP) reported higher operating loss (~¥2.7B) in 9MFY26 as R&amp;D expenses rose for partial changes approval of Akuugo. Net loss widened too.
MHLW approved the partial change to the marketing approval and revised the associated approval conditions. Going forward, after the NHI price listing, the company plans to launch Akuugo.
The approval and international offering augur well. SanBio remains a risky bet with probability of a high return going up with every milestone, the launch of Akuugo being the next.


SanBio Co (4592 JP): Akuugo Launch Awaited, Groundwork Being Laid for New Indications & Geographies

<ul><li>In cumulative Q3 FY01/26, the company reported no operating revenue and an operating loss of JPY2.7bn.</li><li>The company forecasts a recurring loss of JPY4.5bn and a net loss of JPY4.0bn for FY01/26.</li><li>R&D expenses increased to JPY2.8bn, reflecting sales preparation and manufacturing costs for AKUUGO® approval changes.</li></ul>

In cumulative Q3 FY01/26, the company reported no operating revenue and an operating loss of JPY2.7bn.The company forecasts a recurring loss of JPY4.5bn and a net loss of JPY4.0bn for FY01/26.R&D expenses increased to JPY2.8bn, reflecting sales preparation and manufacturing costs for AKUUGO® approval changes.

SanBio Co Ltd (4592 JP): Q3 FY01/26 flash update

Equity Capital Markets

<ul>
<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

Japan

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

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SanBio Co Ltd (4592 JP)

SanBio (4592 JP): Akuugo Awaiting NHI Price Listing and Launch, SB623 Trial Progressing Well In US

SanBio Co Ltd (4592 JP) reports higher operating loss in FY26 due to increased R&D expenses. Akuugo NHI price listing and launch planned for May...

Tina Banerjee