Overview
Pharmaceutical

D.Western Therapeutics Institute, Inc.

de Western Therapeutics Institute is a Japanese biopharmaceutical venture company focused on the research and development of protein kinase inhibitors, primarily Rho kinase inhibitors, with the mission of delivering innovative drugs from Japan to the world. The company develops drug candidates and generates revenue through licensing agreements with pharmaceutical companies, including upfront payments, milestone payments, and royalties. Its pipeline spans ophthalmology and pain therapeutics, with multiple products already commercialized globally, including Glaalpha (ripasudil/brimonidine combination eye drops for glaucoma in Japan/Asia) and ILM-Blue/TissueBlue (ophthalmic surgical aids in the US and Europe).

Market Cap
¥3.68B
US$23.5M
EV
¥2.54B
US$16.2M
Stock¥64▼-1.54%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
2.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-60.3%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
3.68BUS$23.5MMarket Cap0.58BUS$3.72M+ Debt1.58BUS$10.1M− Cash0.14BUS$0.91M− Inv. Sec.2.54BUS$16.2MEV
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Performance & Balance
Revenue 5Y (¥B)
0.41US$2.64M'21/120.45US$2.86M'22/120.43US$2.73M'23/120.47US$3.00M'24/120.39US$2.47M'25/12
EBITDA 5Y (¥B)
-0.13-US$0.80M'21/12-0.26-US$1.65M'22/12-0.75-US$4.78M'23/12-1.16-US$7.40M'24/12-0.57-US$3.64M'25/12
Net Income 5Y (¥B)
-0.15-US$0.94M'21/12-0.43-US$2.74M'22/12-0.81-US$5.18M'23/12-1.29-US$8.23M'24/12-0.63-US$4.03M'25/12
Capital Structure
71%
29%
EquityD/E 0.41xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
2.06US$13.1M0.34US$2.17M'21/122.49US$15.9M0.97US$6.17M'22/122.01US$12.8M0.89US$5.64M'23/121.27US$8.09M0.80US$5.09M'24/121.85US$11.8M0.61US$3.86M'25/12
Shareholders
Top 10 hold 22.7%
1
Yuichi HIDAKA
9.22%
2
SENJU PHARMACEUTICAL CO.,LTD.
3.74%
3
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
2.51%
4
Meat Planning Co., Ltd.
1.47%
5
Rakuten Securities, Inc. (Joint Account)
1.27%
6
Mayuko HIDAKA
1.27%
7
SMBC Nikko Securities Inc.
0.84%
8
Morgan Stanley MUFG Securities Co., Ltd.
0.84%
9
JPMorgan Securities Japan Co., Ltd.
0.81%
10
SBI SECURITIES Co., Ltd.
0.77%
Management
6 officers
Yuichi HIDAKA
Representative Director, President
Apr 1996 Joined Sanwa Bank, Ltd. (currently MUFG Bank, Ltd.) Jul 2006 Joined the Company; General Manager, General Affairs Department Jul 2006 Director, General Manager, General Affairs Department Apr 2007 Managing Director, General Manager, General Affairs Department Dec 2008 Representative Director, President (current) Dec 2015 Director, Nihon Kakushin Iyaku Co., Ltd. Jul 2022 Outside Director, Actualize Co., Ltd. (current)
1973-08-24
Sayako MATSUBARA
Director
Apr 2002 Joined Asahi Arthur Andersen Co., Ltd. (currently PwC Consulting LLC) Oct 2005 Joined Advanced Business Directions Co., Ltd. Feb 2008 Joined Keiei Kyodo Kiban Co., Ltd. Oct 2012 Seconded to Ministry of Economy, Trade and Industry Jan 2014 Joined Overseas Demand Development Support Organization Co., Ltd. Jul 2019 Director, Investment Strategy Group, Overseas Demand Development Support Organization Co., Ltd. Sep 2019 Director, Corporate Strategy Department, Medium-Term Management Strategy Division, Kao Corporation Sep 2022 Joined the Company Mar 2023 Director of the Company (current) Aug 2024 Director, Nihon Kakushin Iyaku Co., Ltd. (current)
1979-03-19
Eisaku NAKAMURA
Director, Audit and Supervisory Committee Member
Apr 1987 Joined Marubeni Corporation Apr 2001 Representative Director, President, Berebuno Co., Ltd. Sep 2002 Outside Director, Canvas Co., Ltd. Sep 2006 Director, Tokyo Branch Manager, Bio Site Capital Co., Ltd. May 2015 Outside Director, Acucela Inc. (currently Kubota Vision Inc.) Mar 2016 Outside Director, Kubota Pharmaceutical Holdings Co., Ltd. Mar 2018 Outside Director, the Company Mar 2023 Outside Director, Audit and Supervisory Committee Member, the Company (current) Mar 2025 Outside Audit & Supervisory Board Member, Soleil Pharma Co., Ltd. (current)
1961-07-01
Fujio YAMADA
Director, Audit and Supervisory Committee Member
Mar 1982 Joined Eiden Sha Co., Ltd. (currently EDION Corporation) Apr 2010 General Manager, Finance Department, EDION Corporation Apr 2013 Executive Officer; General Manager, Finance & Accounting Division and Finance Department, EDION Corporation Apr 2017 Executive Officer; General Manager, Finance & Accounting Division, EDION Corporation Jun 2017 Full-time Audit & Supervisory Board Member, EDION Corporation Jul 2024 Full-time Audit & Supervisory Board Member, EDION Cross Ventures Co., Ltd. Mar 2025 Outside Director, Audit and Supervisory Committee Member, the Company (current) Audit & Supervisory Board Member, Nihon Kakushin Iyaku Co., Ltd. (current)
1959-08-29
Kazufumi NAKAMURA
Director, Audit and Supervisory Committee Member
Apr 2004 Joined CMIC Co., Ltd. Apr 2006 Joined Janssen Pharmaceutical K.K. Feb 2011 Joined Santen Pharmaceutical Co., Ltd. Oct 2015 Business Development Director, Nihon Kakushin Iyaku Co., Ltd. Jun 2017 Venture Partner, Mitsui & Co. Global Investment, Inc. (100% subsidiary of Mitsui & Co., Ltd.) Jun 2022 Investment Director, Mitsui & Co. Global Investment, Inc. (current) Mar 2025 Director, Audit and Supervisory Committee Member, the Company (current)
1980-03-31
Shinya TSUZUKI
Outside Director, Audit and Supervisory Committee Member
Apr 2018 Joined Mizuho Securities Co., Ltd. Jul 2021 Senior Analyst, Equity Research Department, Mizuho Securities Co., Ltd. May 2025 General Manager, Investor Relations Department, Nexera Pharma Co., Ltd. (current) Mar 2026 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1993-04-30
Large Shareholding Reports
Growth Capital Co., Ltd.
2026-10-08
42.96%
Yuichi HIDAKA
2026-09-15
9.00%→9.73%
Annual report (as of 2026-06-30): 9.22%
Yuichi HIDAKA
2026-05-13
12.11%→11.07%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 9.22%
Yuichi HIDAKA
2026-05-13
11.07%→9.00%
Annual report (as of 2026-06-30): 9.22%
Yuichi HIDAKA
2026-01-27
12.11%→11.07%
Annual report (as of 2026-06-30): 9.22%
SBI Securities Co., Ltd.
2025-12-04
5.49%→4.45%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-10-21
7.28%→5.49%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-10-02
11.38%→7.28%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-09-25
12.40%→11.38%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-09-11
13.27%→12.40%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-09-02
15.79%→13.27%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-09-01
16.82%→15.79%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-08-22
18.34%→16.82%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-08-18
20.11%→18.34%
Annual report (as of 2026-06-30): 0.77%
SBI Securities Co., Ltd.
2025-08-07
20.11%
Annual report (as of 2026-06-30): 0.77%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-08
Large Shareholding Report
EDINET
2026-09-15
Large Shareholding Report
EDINET
2026-09-14
Securities Registration Statement
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-13
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-05-13
Large Shareholding Report
EDINETAmended
2026-05-13
Change Report
EDINETAmended
2026-03-27
Amended Securities Registration Statement
EDINET
2026-03-25
Securities Registration Statement
EDINET
2026-03-23
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-01-27
Large Shareholding Report
EDINET
2025-12-04
Large Shareholding Report
TDnet
2025-11-13
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-10-21
Large Shareholding Report
EDINET
2025-10-02
Large Shareholding Report
EDINET
2025-09-25
Large Shareholding Report
EDINET
2025-09-11
Large Shareholding Report
EDINET
2025-09-02
Large Shareholding Report
EDINET
2025-09-01
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
EDINET
2025-08-18
Large Shareholding Report
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-08-07
Large Shareholding Report
EDINET
2025-07-15
Securities Registration Statement
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-25
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-17
Securities Registration Statement
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
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