4587.T

• PeptiDream was founded to create a revolutionary peptide library generation and hit finding platform. Now it's evolving from a global discovery company to a discovery and development company. • In 2025, 6 programs entered clinical development, totaling 13 in clinical development. • PDRadiopharma has late-stage programs like LinqMed's Copper-64-ATSM in Phase III, PSMA programs with Curium. • In-house and partnered discovery assets moved into clinic, like RayzeBio's Glypican 3 programs and Novartis' FAP program. • Plan to have 6 - 12 programs enter clinical development in 2026, aiming to have 19 - 25 clinical programs by end of 2026. • Created new organizational structure with executive, research, and development leadership teams. • Investing in building headquarters and R&D center and Kazusa manufacturing site.

• Expect 6 - 12 programs to enter clinical development in 2026, aiming to have 19 - 25 clinical programs by end of 2026. • FY 2026 revenue forecast is JPY 32 billion plus outsourcing upfront payment. • Mid - to long - term goal is to reach JPY 100 billion revenue level by leveraging core therapeutic areas. • Intend to return to black in 2026 and reinvest profits into clinical pipeline. • Budget for increase in R&D costs in 2026, potentially increasing every year depending on number of programs entering clinic.

The Radiopharmaceutical business is growing into the growth stage, especially the PET business. The Drug and Discovery Development business had the oral myostatin inhibitor out-licensing not conclude a deal as expected, but the Radiopharmaceutical side drove growth. In 2025, 6 programs entered clinical development, totaling 13 in clinical development. PDRadiopharma has late-stage development pipeline programs on track for market entry between 2027 - 2029. The non-Radiopharmaceutical business has various core areas with progress in oral injectable peptide therapeutics, peptide oligo conjugate efforts, peptide-cytotoxic conjugates, and multifunctional peptide conjugate programs.

Q: For 2026 forecast, understanding of upfront payment and myostatin program delay.

A: Kiyofumi Kaneshiro confirmed upfront payment understanding. Patrick Crawford Reid discussed myostatin program delay due to need to find right partner combining with oral weight loss drug.

Q: Clarification on discovery business forecast breakdown and R&D programs.

A: Kiyofumi Kaneshiro explained breakdown of JPY 15 billion revenue including milestone payment, R&D funding, new deal or existing programs expansion.

Q: Questions on business forecast, revenue mid - to long - term goal, and management structure change.

A: Kiyofumi Kaneshiro discussed revenue mid - to long - term goal and Patrick Crawford Reid explained management structure change for strategic planning and portfolio management.

Q: Questions on myostatin program inquiries, and cost - related headcount increase.

A: Kiyofumi Kaneshiro and Patrick Crawford Reid discussed myostatin program inquiries and headcount increase for PDRadiopharma's preparation.

Q: Questions on myostatin inhibitor and deal threshold.

A: Patrick Crawford Reid and Kiyofumi Kaneshiro discussed myostatin inhibitor and deal threshold based on data availability and maximizing value.

Q: Question on clinical pipeline programs in 2026.

A: Patrick Crawford Reid said 2026 will have a balanced mix of RI and non-RI programs entering clinical development