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Overview

Pharmaceutical

RaQualia Pharma Inc.

RaQualia Pharma is a research-and-development-stage drug discovery venture company focused on creating innovative pharmaceuticals for high-unmet-need disease areas using advanced science and technology. The company's primary business model centers on independently generating drug candidate compounds—principally small molecules with expanding modality scope—and licensing out (out-licensing) the intellectual property rights to domestic and international pharmaceutical companies. Revenue is generated through upfront payments, milestones, and royalties, with in-house development typically conducted through early Phase II clinical trials before partnering.

Market Cap

¥16.2B

US$103M

¥13.5B

US$86.2M

Stock¥623▼-1.42%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

25.7

LTM EV/EBIT

40.4

LTM PER

100.7

LTM PBR

2.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-6.5%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 28, 25Progress in preparation for Temric merger

2Dec 3, 25Announced absorption merger of subsidiary Temric

3Dec 5, 25Correction after sharp rise

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

74%

26%

EquityD/E 0.35xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 34.4%

as of 2026-06-30 · Source: Annual Securities Report

KOREA SECURITIES DEPOSITORY-SAMSUNG (Standing Proxy: Citibank, N.A., Tokyo Branch)

9.97%

Yuichi KAKINUMA

9.16%

KOREA SECURITIES DEPOSITORY-SHINHAN SECURITIES (Standing Proxy: Citibank, N.A., Tokyo Branch)

6.02%

Pfizer Japan Inc.

2.85%

JPMorgan Securities Japan Co., Ltd.

2.05%

Kazunari ONO

1.10%

S.B.C. Co., Ltd.

0.97%

Advanced Media,Inc.

0.86%

Ikuyoshi KAMOTO

0.77%

BNYMSANV RE GCLB RE JP RD LMGC (Standing Proxy: Citibank, N.A., Tokyo Branch)

0.65%

Management

8 officers

Masaki SUDO

Representative Director

Apr 1996 Joined Teijin Limited Sep 1999 Joined Pfizer Pharmaceuticals K.K. (currently Pfizer Japan Inc.) Jul 2008 Joined the Company, Principal Scientist, Research Division Oct 2012 General Manager, Chemistry Research Department, Drug Discovery Research Division, the Company Apr 2016 Specially Appointed Associate Professor, Institute of Transformative Bio-Molecules, Nagoya University Jul 2018 Visiting Professor, Nagoya University Jul 2018 General Manager, Business Planning Office, Stem Cell & Device Laboratory Inc. Jan 2020 General Manager, Business Development Department, Stem Cell & Device Laboratory Inc. Jun 2021 General Manager, Business Strategy Department, the Company Oct 2021 Executive Officer (in charge of administration and corporate planning), the Company Mar 2022 Director, the Company Mar 2023 Director, Temrick Co., Ltd. Apr 2023 Director and Executive Officer (in charge of management), the Company Jan 2025 Representative Director, the Company (current) Mar 2025 Representative Director, Temrick Co., Ltd. Mar 2026 Director, Phymex Co., Ltd. (current)

1971-07-29

Katsuhiro UTO

Director

May 2005 Joined Boehringer Ingelheim Japan, Ltd. Jan 2013 Principal Researcher, Asahi Kasei Pharma Corporation Jul 2013 Unit Leader, Second Pharmacology Research Department, Asahi Kasei Pharma Corporation May 2017 Joined Maruho Co., Ltd. Oct 2018 Project Manager, Project Management Unit, Maruho Co., Ltd. Jun 2020 Project Manager, Research Planning and Strategy Office, Drug Discovery Research Department, Maruho Co., Ltd. Jan 2021 General Manager, Research Planning Department, the Company Mar 2021 Executive Officer (in charge of research planning), the Company Mar 2022 Executive Officer (in charge of drug discovery research), the Company; Director, the Company (current) Mar 2023 Director, Temrick Co., Ltd. Apr 2023 Executive Officer (in charge of R&D), the Company Mar 2024 Outside Director, Phymex Co., Ltd. Mar 2025 Representative Director, Phymex Co., Ltd. Mar 2026 Director, Phymex Co., Ltd. Mar 2026 General Manager, Business Strategy Division, the Company (current)

1974-03-31

Yuichi KAKINUMA

Director (Audit and Supervisory Committee Member)

Apr 2005 Joined the Legal Training and Research Institute of the Supreme Court of Japan Jan 2007 Registered with the Saitama Bar Association Jan 2007 Joined Takashino Law Office (currently Takashino & Kakinuma Law Office) Oct 2010 Partner, Takashino & Kakinuma Law Office (current) Jun 2014 Substitute Audit & Supervisory Board Member, Tsutsumi Co., Ltd. Jun 2015 Outside Director, Tsutsumi Co., Ltd. Jun 2017 Outside Director (Audit and Supervisory Committee Member), Tsutsumi Co., Ltd. (current) Mar 2021 Outside Director (Audit and Supervisory Committee Member), the Company (current) Mar 2025 Outside Director (Audit and Supervisory Committee Member), Showcase Inc. (current) Jan 2026 Outside Director, Lovable Marketing Group Co., Ltd. (current)

1977-11-16

Geunseok SONG

Director

Jan 1995 Joined Yuhan Corporation, Researcher, Central Research Institute (clinical and non-clinical research) Apr 2000 Team Leader (clinical research), Medical Affairs Office, Yuhan Corporation Oct 2006 Team Leader (clinical and regulatory), CJ CheilJedang Pharmaceuticals Sep 2009 Clinical Development, CJ CheilJedang Pharmaceuticals May 2013 Pharmaceutical Research Planning and Evaluation, CJ CheilJedang Pharmaceuticals Aug 2013 Head of Pharmaceutical Research Institute and Clinical Development, CJ CheilJedang Pharmaceuticals Aug 2014 Head of Clinical Development Office, CJ Healthcare Corporation (currently HK inno.N Corporation) Dec 2019 Head of R&D and Global Business Division, HK inno.N Corporation (current) Mar 2022 Director, HK inno.N Corporation (current) Mar 2026 Outside Director, the Company (current)

1967-07-12

Atsushi TANASE

Director

Apr 1983 Joined Fujisawa Pharmaceutical Co., Ltd. (currently Astellas Pharma Inc.) Apr 2004 Global Product Development Leader, Inflammation Area (Department Manager), Astellas Pharma Inc. Jan 2005 General Manager, Product Leader Department, AstraZeneca K.K. Jun 2010 Corporate Vice President and General Manager, Clinical Operations, Quintiles Transnational Japan K.K. (currently IQVIA Services Japan G.K.) Dec 2012 Executive Officer and General Manager, Strategic Regulatory Consulting, CMIC Co., Ltd. Mar 2014 Executive Officer (in charge of global development projects), Maruho Co., Ltd. Jun 2018 Representative Director, President and CEO, Rena Science Co., Ltd. Apr 2021 General Manager, New Business Division, Q's Consulting Co., Ltd. May 2021 Research Advisor, Center for New Medical Technology Development, Okayama University Hospital (current) Jan 2022 Director and COO, xCARE Inc. (current) Apr 2023 Audit & Supervisory Board Member, Luca Science Inc. Mar 2026 Outside Director, the Company (current)

1957-06-12

Kyoji TANI

Director

Apr 2000 Joined Suntory Holdings Limited Jan 2006 Joined Takeda Pharmaceutical Company Limited Apr 2013 Director, With Partners Inc. Jul 2014 General Manager, Business Development, Regimmune Corporation Oct 2014 Executive Officer and General Manager, Business Development, GeneTechno Science Co., Ltd. (currently Kidswell Bio Inc.) Dec 2014 Outside Director, ORTHOREBIRTH Co., Ltd. May 2015 Executive Officer and CFO, General Manager, Business Development, GeneTechno Science Co., Ltd. Jun 2015 Director, CFO and Executive Officer, General Manager, Business Development, GeneTechno Science Co., Ltd. Jul 2016 Director, CFO and Executive Officer, supervising Corporate Planning Office and Administration Department; General Manager, Business Development Department, GeneTechno Science Co., Ltd. Apr 2017 Representative Director, President, GeneTechno Science Co., Ltd. Mar 2019 Representative Director, Cell Technology Inc. Feb 2020 Director, Japan Regenerative Medicine Co., Ltd. Nov 2023 Director, reverSASP Therapeutics Inc. (current) Sep 2024 COO and CBO, Ciconia Bio Ventures Inc. (current) Mar 2026 Outside Director, the Company (current)

1974-05-22

Kosuke ISHII

Director (Audit and Supervisory Committee Member)

Jan 2005 Joined Archadia Group Inc. Nov 2005 Joined ShinNihon LLC (currently EY ShinNihon LLC) Jun 2008 Registered as Certified Public Accountant Sep 2013 Seconded to MegaCarion Inc., General Manager, Administration Department Mar 2015 Joined MegaCarion Inc. Mar 2018 Executive Officer and General Manager, Administration Department, MegaCarion Inc. Jul 2019 Representative, Kosuke Ishii CPA Office (current) May 2020 Outside Audit & Supervisory Board Member, Metagen Therapeutics Inc. (current) Sep 2020 Representative Director, BioAid Inc. (current) Mar 2021 Outside Audit & Supervisory Board Member, Mirax Therapeutics Inc. (current) Mar 2021 Outside Director (Audit and Supervisory Committee Member), the Company (current) Sep 2021 Audit & Supervisory Board Member, Chordia Therapeutics Inc. Nov 2022 Outside Director (Audit and Supervisory Committee Member), Chordia Therapeutics Inc. (current) Mar 2024 Outside Audit & Supervisory Board Member, Phymex Co., Ltd. (current) Sep 2024 Outside Audit & Supervisory Board Member, Ciconia Bio Ventures Inc. (current)

1982-08-31

Takayuki NAKANO

Director (Audit and Supervisory Committee Member)

Apr 2000 Joined Takeda Pharmaceutical Company Limited Apr 2007 Seconded to Takeda Global R&D Center, Inc. (based in the United States) Apr 2009 Principal Associate, Development Strategy Department, Pharmaceutical Development Division, Takeda Pharmaceutical Company Limited Apr 2011 Director, seconded to Takeda Pharmaceutical International Inc. (based in the United States) May 2014 Global Business Planning Head and Japan Business Coordinator, seconded to Takeda Vaccines, Inc. (based in the United States) Jan 2021 Joined Teijin Limited, Assistant to Corporate Planning Executive Apr 2021 Assistant to Corporate Planning Executive and General Manager, Regenerative Medicine New Business Department, Teijin Limited Jun 2021 Director, Japan Tissue Engineering Co., Ltd. (current) Apr 2022 Executive Officer, Assistant Head of Corporate Business Incubation Division and General Manager, Regenerative Medicine New Business Department, Teijin Limited; Director, Teijin Nakashima Medical Co., Ltd. Apr 2023 Mission Executive, Head of Regenerative Medicine and Implantable Medical Devices Division, Teijin Limited (current); Director, Teijin Medical Technologies Co., Ltd. (current) Jun 2023 Director, Regenerative Medicine Innovation Forum (current) Aug 2023 Director, Teijin Regenet Co., Ltd. Mar 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1971-07-09

Large Shareholding Reports

H.K. Inoen Corporation

2026-01-29

10.60%→15.94%

H.K. Inoen Corporation

2026-01-29

10.60%→15.94%

H.K. Inoen Corporation

2025-12-12

10.61%→10.60%

H.K. Inoen Corporation

2025-12-12

10.61%→10.60%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-14

Q2 Earnings Flash

FY ending Dec 2026

RaQualia Pharma Inc.

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RaQualia Pharma Inc.

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