Overview
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Heartseed Inc.

Heartseed is a Keio University-originated bioventure developing cardiac regenerative medicine using iPS cell-derived cardiomyocyte microspheres (cardiac muscle balls) for the treatment of severe heart failure. Its lead pipeline, HS-001, involves intramyocardial transplantation of allogeneic iPS cell-derived cardiomyospheres and is currently in Phase I/II clinical trials (LAPiS trial) in Japan, targeting ischemic heart disease patients. The company holds global rights to both HS-001 and HS-005 (catheter-based delivery), and is advancing toward conditional regulatory approval under Japan's regenerative medicine products framework.

Market Cap
¥61.3B
US$391M
EV
¥54.9B
US$350M
Stock¥2,678▲+4.41%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
9.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+31.4%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
61.3BUS$391MMarket Cap0.00BUS$0.00M+ Debt6.34BUS$40.4M− Cash0.00BUS$0.00M− Inv. Sec.54.9BUS$350MEV
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Performance & Balance
Revenue 5Y (¥B)
0.50US$3.18M'22/100.35US$2.20M'23/100.87US$5.57M'24/103.03US$19.3M'25/12
EBITDA 5Y (¥B)
-1.00-US$6.35M'24/100.33US$2.07M'25/12
Net Income 5Y (¥B)
-1.41-US$9.01M'22/10-1.47-US$9.40M'23/10-0.81-US$5.18M'24/100.19US$1.21M'25/12
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
'22/10'23/105.30US$33.8M0.01US$0.03M'24/106.84US$43.6M0.00US$0.00M'25/12
Shareholders
Top 10 hold 41.2%
1
Keiichi FUKUDA
13.74%
2
SBI Ventures Two Co., Ltd.
9.77%
3
Toshiharu FURUKAWA
3.80%
4
Kenzo NIIMURA
3.51%
5
Innovation Kikaku 21 Co., Ltd.
2.73%
6
JMDC Inc.
2.02%
7
Takumi AKIYAMA
1.83%
8
Daisuke GOMI
1.57%
9
SBI AI & Blockchain Investment Limited Partnership
1.16%
10
MEDIPAL HOLDINGS CORPORATION
1.09%
Management
10 officers
Keiichi FUKUDA
Representative Director, President and Executive Officer, CEO
Apr 1987 Assistant, Keio University Jun 1991 Visiting researcher, National Cancer Center Research Institute Aug 1992 Study abroad, Department of Molecular Medicine, Beth Israel Hospital, Harvard Medical School, USA Aug 1994 Study abroad, Cardiovascular Research Center, University of Michigan, USA Jan 1995 Assistant, Department of Cardiology, School of Medicine, Keio University Apr 1999 Lecturer, School of Medicine, Keio University Apr 2005 Professor, Department of Regenerative Medicine, School of Medicine, Keio University Mar 2010 Professor, Department of Cardiology, School of Medicine, Keio University Sep 2016 Director, the Company Jan 2017 Representative Director, President, the Company Apr 2023 Professor Emeritus, Department of Cardiology, School of Medicine, Keio University (current) May 2023 Part-time Physician, Shonan Keiiku Hospital, Medical Corporation Kenikukai (current) Mar 2026 Representative Director, President and Executive Officer, CEO, the Company (current)
1957-05-23
Kikuo YASUI
Director and Executive Officer, COO
Apr 2005 Joined Bain & Company, Inc. May 2009 Joined Janssen Pharma K.K. Jun 2010 Joined Abbott Japan LLC (currently AbbVie LLC) Jan 2019 Director, the Company Sep 2020 Director, COO and General Manager, Corporate Planning Office, the Company Mar 2026 Director and Executive Officer, COO, the Company (current)
1981-01-31
Tatsuyoshi HIRANO
Director and Executive Officer, CFO
Apr 1984 Shin-Etsu Chemical Co., Ltd.; seconded to Shin-Etsu Handotai Co., Ltd. Dec 1995 Joined Toys "R" Us Japan, Ltd. Apr 2004 Director, CFO, and General Manager, Finance Division and Corporate Planning Office, Toys "R" Us Japan, Ltd. Apr 2006 Representative Director, Executive Vice President and CFO, Toys "R" Us Japan, Ltd. Jan 2009 Joined UMN Pharma, Inc. Mar 2009 Director and General Manager, Finance Department, UMN Pharma, Inc. May 2010 Representative Director, President, UNIGEN, Inc. Mar 2012 Representative Director, President, UMN Pharma, Inc. Aug 2013 Representative Director, Chairman and President, UMN Pharma, Inc. Mar 2020 Director and Chairman, UMN Pharma, Inc. Jun 2021 Director, CAO, the Company Mar 2026 Director and Executive Officer, CFO, the Company (current)
1959-04-06
Toshiharu FURUKAWA
Outside Director
Apr 1999 Registered as attorney-at-law Apr 1999 Joined TMI Associates (current) Oct 1999 Assistant, Department of Surgery, School of Medicine, Keio University May 2004 Director, Jiseikai Medical Corporation (current) Apr 2007 Professor, Keio University Law School (current) Apr 2007 Professor, Department of Surgery, School of Medicine, Keio University (current) Jul 2007 Member of the House of Councillors (current) Jun 2016 Director, Kahoku Medical Foundation (current) Jan 2017 Outside Director, the Company (current) Feb 2017 Director, Karuizawa Seibu General Hospital Medical Corporation (current) Jan 2020 Representative Director, iXgene Co., Ltd. (current) Mar 2022 Director, TMI Healthcare Consulting Co., Ltd. (current)
1963-01-14
Kyoko DEGUCHI
Outside Director
Apr 1989 Joined Bain & Company Japan, Inc. Feb 1998 Joined Disney Store Japan Co., Ltd. Mar 2001 Director and CFO, GE Plastics Japan Ltd. Apr 2004 Joined Janssen Pharmaceutica (currently Ortho Neurologics), USA Sep 2005 Joined Janssen-Cilag Pty Ltd. Jan 2007 Joined Janssen Pharma K.K. Aug 2009 Director and Vice President, Global Marketing, Stryker Japan K.K. Jan 2012 Representative Director, President, Stryker Japan K.K. Mar 2013 Senior Managing Executive Officer, President of Corporate Office and General Manager, Finance and Accounting Division, Bell System 24 Holdings, Inc. Mar 2014 President, AbbVie LLC Jan 2020 Outside Director, the Company (current) Jun 2021 Outside Director, PHC Holdings Corporation Apr 2024 Representative Director, President and CEO, PHC Holdings Corporation (current)
1965-12-12
Tomoyuki KIKUKAWA
Audit & Supervisory Board Member
Apr 1979 Joined Anritsu Corporation Sep 2005 Representative Director, President, Anritsu Device Co., Ltd. Jun 2013 Full-time Audit & Supervisory Board Member, Anritsu Corporation Jun 2015 Director and Full-time Audit and Supervisory Committee Member, Anritsu Corporation Nov 2015 Director, Japan Audit & Supervisory Board Members Association Sep 2018 Full-time Audit & Supervisory Board Member, the Company (current)
1954-01-06
Akira FUJIYOSHI
Audit & Supervisory Board Member
Apr 1976 Joined Eisai Co., Ltd. Jun 2009 Director (Audit Committee Member), Eisai Co., Ltd. Apr 2011 Director, Japan Audit & Supervisory Board Members Association Oct 2019 Part-time Audit & Supervisory Board Member, the Company (current) Jun 2020 Outside Director, Eiken Chemical Co., Ltd. (current)
1954-03-19
Yasumichi EDOGAWA
Audit & Supervisory Board Member
Apr 1997 Joined Ohta Showa Audit Corporation (currently EY ShinNihon LLC) Jul 2010 Partner, the same firm Jul 2019 Representative Partner, Edogawa Certified Public Accountant Office (current) Dec 2019 Audit & Supervisory Board Member, INCJ, Ltd. (current) Feb 2020 Representative Director, EDiX Co., Ltd. (current) Apr 2020 Audit & Supervisory Board Member, Enigmo Inc. Jan 2021 Part-time Audit & Supervisory Board Member, the Company (current) Apr 2022 Outside Director, Enigmo Inc. (current) Sep 2025 Part-time Director, Axis Consulting Co., Ltd. (current)
1974-11-30
Takehiko KANEKO
Director
Apr 2002 Worked at Keio University and affiliated medical facilities Apr 2007 Joined Bristol-Myers K.K. Sep 2009 Joined Pfizer Japan Inc. Mar 2013 Joined Novartis Pharma K.K. Oct 2015 Joined SanBio Co., Ltd. Apr 2020 Specially Appointed Professor, Tohoku University (current) Jun 2020 Director, CMO, the Company Jul 2020 Director, CMO and General Manager, R&D Division, the Company Mar 2026 Director, the Company (current)
1977-04-06
Yutaro KASAI
Director
Apr 2005 Joined Goldman Sachs Securities Co., Ltd. Jun 2006 Joined Bain Capital Private Equity Japan LLC Sep 2011 Joined Unizon Capital Co., Ltd. Oct 2015 Founded Angel Bridge Co., Ltd.; Representative Director (current) Oct 2015 Representative Director, Innovation Technology Promotion Organization Co., Ltd. (current) Nov 2015 Founded the Company; Representative Director Jan 2017 Director, the Company (current) Mar 2021 Representative Director, Angel Bridge Deal-by-Deal Fund No. 5 Co., Ltd.
1980-05-07
Large Shareholding Reports
SBI Ventures Two
2025-12-17
—
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-12-17
9.82%→9.82%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-12-17
9.91%→9.91%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-12-17
9.91%→9.91%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-12-17
—
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-12-15
9.82%→9.82%
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-09-26
9.82%→9.82%
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-09-17
9.91%→9.82%
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-08-29
9.91%→9.91%
Annual report (as of 2026-06-30): 9.77%
SBI Ventures Two Co., Ltd.
2025-08-22
9.91%→9.91%
Annual report (as of 2026-06-30): 9.77%
Takumi AKIYAMA
2025-08-21
5.09%→4.87%
Annual report (as of 2026-06-30): 1.83%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-26
Annual Securities Report
Period: Nov 2024 – Dec 2025
EDINETAmended
2025-12-17
Change Report
EDINETAmended
2025-12-17
Change Report
EDINETAmended
2025-12-17
Change Report
EDINETAmended
2025-12-17
Change Report
EDINETAmended
2025-12-17
Change Report
EDINET
2025-12-15
Large Shareholding Report
EDINET
2025-09-26
Large Shareholding Report
EDINET
2025-09-17
Large Shareholding Report
TDnet
2025-09-11
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-29
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
EDINET
2025-08-21
Large Shareholding Report
EDINET
2025-06-12
Semi-Annual Securities Report
Period: Nov 2024 – Dec 2025
TDnet
2025-03-13
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-01-27
Annual Securities Report
Period: Nov 2023 – Oct 2024
EDINETAmended
2024-07-22
Amended Securities Registration Statement
EDINETAmended
2024-07-11
Amended Securities Registration Statement
EDINET
2024-06-26
Securities Registration Statement
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