Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<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

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<ul><li>SanBio reported no operating revenue for FY01/25, with an operating loss of JPY3.5bn, narrowing from JPY4.5bn.</li><li>Non-operating income was JPY628mn, primarily from foreign-exchange gains, while non-operating expenses totaled JPY134mn.</li><li>The company expects no operating revenue for FY01/26, forecasting operating expenses of JPY3.5bn, focusing on AKUUGO® approval.</li></ul>

SanBio reported no operating revenue for FY01/25, with an operating loss of JPY3.5bn, narrowing from JPY4.5bn.Non-operating income was JPY628mn, primarily from foreign-exchange gains, while non-operating expenses totaled JPY134mn.The company expects no operating revenue for FY01/26, forecasting operating expenses of JPY3.5bn, focusing on AKUUGO® approval.

SanBio Co Ltd (4592 JP): Full-year FY01/25 flash update

<ul><li>In cumulative Q3 FY01/25, SanBio reported no operating revenue, with an operating loss of JPY2.5bn, narrowing YoY.</li><li>Non-operating income was JPY504mn, primarily from foreign-exchange gains; recurring loss was JPY2.0bn, increasing YoY.</li><li>Net loss attributable to owners was JPY2.2bn; deferred tax liabilities and extraordinary gains impacted financial results.</li></ul>

In cumulative Q3 FY01/25, SanBio reported no operating revenue, with an operating loss of JPY2.5bn, narrowing YoY.Non-operating income was JPY504mn, primarily from foreign-exchange gains; recurring loss was JPY2.0bn, increasing YoY.Net loss attributable to owners was JPY2.2bn; deferred tax liabilities and extraordinary gains impacted financial results.

SanBio Co Ltd (4592 JP): Q3 FY01/25 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> received conditional and time-limited marketing approval for Akuugo suspension for intracranial implantation in Japan, for improving chronic motor paralysis resulting from traumatic brain injury.</li>
<li>The company will run two or so rounds of commercial production to accumulate inventories in preparation for launch. The earliest possible timing for shipment is assumed to be Q1FY26.</li>
<li>SanBio has a cash runway through H1FY26. However, operating expenses will decrease and Akuugo will start generating revenue by H1FY26, thereby providing some more cushion to cash runway.</li>
</ul>



SanBio Co Ltd (4592 JP) received conditional and time-limited marketing approval for Akuugo suspension for intracranial implantation in Japan, for improving chronic motor paralysis resulting from traumatic brain injury.
The company will run two or so rounds of commercial production to accumulate inventories in preparation for launch. The earliest possible timing for shipment is assumed to be Q1FY26.
SanBio has a cash runway through H1FY26. However, operating expenses will decrease and Akuugo will start generating revenue by H1FY26, thereby providing some more cushion to cash runway.


SanBio Co Ltd (4592 JP): Conditional Approval for First Drug; Still a Long Way to Go

<ul><li>In 1H FY01/25, the company reported no operating revenue, an operating loss of JPY1.6bn, and R&D expenses of JPY1.0bn.</li><li>Non-operating income was JPY401mn, primarily from foreign-exchange gains, while non-operating expenses totaled JPY16mn, resulting in a recurring loss of JPY1.2bn.</li><li>The company received conditional marketing approval for SB623 in July 2024, with expected sales to begin in Q1 FY01/26.</li></ul>

In 1H FY01/25, the company reported no operating revenue, an operating loss of JPY1.6bn, and R&D expenses of JPY1.0bn.Non-operating income was JPY401mn, primarily from foreign-exchange gains, while non-operating expenses totaled JPY16mn, resulting in a recurring loss of JPY1.2bn.The company received conditional marketing approval for SB623 in July 2024, with expected sales to begin in Q1 FY01/26.

SanBio Co Ltd (4592 JP): 1H FY01/25 flash update

Japan

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

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SanBio Co Ltd (4592 JP)