Overview
Pharmaceutical

HEALIOS K.K.

Healios is a Japanese regenerative medicine company focused on developing cell therapy products for intractable diseases with high unmet medical needs. The company operates in two business segments: somatic stem cell regenerative medicines (led by MultiStem®/HLCM051 for ARDS and acute ischemic stroke) and iPSC-derived regenerative medicines (including eNK® cells for oncology and RPE cell therapies for ophthalmic conditions). Its competitive strength lies in proprietary stem cell platform technologies, FDA Fast Track and RMAT designations for key pipeline assets, and ownership of the global MultiStem® asset portfolio acquired from Athersys, Inc.

Market Cap
¥36.2B
US$231M
EV
¥29.7B
US$189M
Stock¥268▼-0.37%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
174.8
x
LTM PBR
4.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-66.4%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 13, 26Q2 FY2026/12 earnings announced
MC → EV Bridge
36.2BUS$231MMarket Cap2.57BUS$16.4M+ Debt9.07BUS$57.9M− Cash0.00BUS$0.00M− Inv. Sec.0.03BUS$0.18M+ NCI29.7BUS$189MEV
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Performance & Balance
Revenue 5Y (¥B)
0.04US$0.26M'21/120.09US$0.57M'22/120.12US$0.77M'23/120.56US$3.57M'24/120.10US$0.66M'25/12
EBITDA 5Y (¥B)
-5.12-US$32.7M'21/12-4.79-US$30.6M'22/12-3.16-US$20.1M'23/12-2.55-US$16.2M'24/12-3.07-US$19.5M'25/12
Net Income 5Y (¥B)
-4.91-US$31.3M'21/12-5.17-US$33.0M'22/12-3.82-US$24.4M'23/12-4.24-US$27.0M'24/12-2.22-US$14.1M'25/12
Capital Structure
77%
23%
EquityD/E 0.29xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
15.1US$96.5M12.0US$76.3M'21/127.25US$46.2M7.15US$45.6M'22/126.72US$42.9M4.53US$28.9M'23/123.67US$23.4M2.66US$17.0M'24/125.68US$36.2M2.61US$16.7M'25/12
Shareholders
Top 10 hold 47.6%
1
Tadahisa KAGIMOTO
20.61%
2
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
5.12%
3
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
4.76%
4
GOLDMAN,SACHS & CO.REG (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
3.77%
5
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
3.67%
6
BBH (LUX) FOR FIDELITY FUNDS - PACIFIC POOL (Standing Proxy: MUFG Bank, Ltd.)
2.64%
7
MORGAN STANLEY & CO. LLC (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
2.33%
8
MSCO CUSTOMER SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
2.10%
9
JPMorgan Securities Japan Co., Ltd.
1.48%
10
BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE (Standing Proxy: MUFG Bank, Ltd.)
1.11%
Management
5 officers
Tadahisa KAGIMOTO
Director
May 2003 Joined Kyushu University Hospital May 2004 Joined Hamanomachi Hospital, Federation of National Public Service Personnel Mutual Aid Associations Jan 2005 Joined Kyushu University Hospital Apr 2005 Established Accumen Pharma Inc. (currently Accumen Inc.); Representative Director, President (current) Feb 2011 Established the Company Feb 2012 Representative Director, President, the Company Feb 2014 Representative Director, President, Saisei Inc. (current) Mar 2018 Director and Representative Executive Officer, President and CEO, the Company (current) Jun 2021 Director and Chairman, Power X Inc. (current) Jul 2023 Director, ProCell Cure Inc. (current) Apr 2025 Representative Director, Chairman, Japan Medical LLM Research Institute Inc. (current)
1976-12-01
Masatake KASHII
Director
Apr 1978 Joined Fujisawa Pharmaceutical Co., Ltd. (currently Astellas Pharma Inc.) Apr 2006 General Manager, Legal Division, Astellas Pharma Inc. Jun 2007 Executive Officer, General Manager, Legal Division, Astellas Pharma Inc. Apr 2009 Executive Officer, President & CEO, Astellas US, Inc. and Astellas Pharma Inc., Astellas Pharma Inc. Jun 2011 Full-time Audit & Supervisory Board Member, Astellas Pharma Inc. Jul 2014 Executive Officer, General Manager, Integrity & Compliance Division, Novartis Pharma K.K. Oct 2014 Country Head, Integrity & Compliance, Novartis K.K.; Executive Officer, General Manager, Integrity & Compliance Division, Novartis Pharma K.K. Mar 2017 Full-time Outside Audit & Supervisory Board Member, the Company Jun 2017 Audit & Supervisory Board Member, Saisei Inc. (current) Mar 2018 Outside Director, the Company (current) Oct 2021 Advisor, Lakewood Advisors LLC (current) Jul 2023 Audit & Supervisory Board Member, ProCell Cure Inc. (current)
1953-08-12
Richard KINCAID
Director
Jun 2000 Joined Goldman Sachs Securities Co., Ltd. Jan 2003 CFO, Speedwell Advisors, Ltd. Aug 2004 President and COO, Nezu Asia Capital Management Limited Jan 2011 CEO and COO, Nezu Asia Capital Management (Singapore) Pte. Ltd. Aug 2017 President and COO, Nezu Asia Capital Limited Mar 2018 Outside Director, the Company Jul 2019 Director and Executive Officer, CFO, the Company (current) Oct 2019 Director, Healios NA, Inc. Aug 2020 President, Healios NA, Inc. (current) Jan 2021 Board of Managers, Saisei Ventures LLC (current) Mar 2025 Outside Director, Metaplanet Inc. (current)
1976-11-19
Yuko YOGO
Director
Apr 1982 Joined Morgan Bank (currently JP Morgan), Tokyo Branch Jan 1996 Country Manager, Japan Office, Investment Promotion Department, Scottish Development Agency Jun 2002 Vice President, Head of Administration and Head of Internal Control, Toronto Dominion Securities, Tokyo Branch Nov 2005 Head of Human Resources, ABN AMRO Securities, Tokyo Branch Sep 2008 Head of Human Resources, Fidelity Investment Trust Management Co., Ltd. Sep 2008 Representative Executive Officer, Fidelity Holding Company Jun 2016 Executive Officer, Head of Human Resources, Fidelity Investment Trust Management Co., Ltd. Jun 2019 Outside Audit & Supervisory Board Member, AEON Financial Service Co., Ltd. Mar 2022 Outside Director, the Company (current)
1957-04-23
Glenn GORMLEY
Director
Jun 1988 Joined Merck & Co. Sep 1997 Vice President, Clinical Development, Merck & Co. May 2000 Chief Medical Officer, AstraZeneca May 2006 Senior Vice President and Head, Global Clinical Development and Medical Affairs, Novartis Pharmaceuticals Jun 2008 President and CEO, Gemin X Biotechnologies Inc. Apr 2009 Chief Science Officer, Global Head, Development and President, Daiichi Sankyo, Inc. (US) Apr 2012 Global Head, Research and Development and Senior Executive Officer, Daiichi Sankyo Company, Limited Aug 2013 Chairman and President, Daiichi Sankyo, Inc. (US) Apr 2019 Executive Chairman, Daiichi Sankyo, Inc. (US) Mar 2022 Outside Director, the Company (current) Dec 2022 Director, Healios NA, Inc.
1954-01-16
Large Shareholding Reports
Morgan Stanley & Co. International plc
2026-10-21
5.40%→5.39%
Morgan Stanley & Co. International plc
2026-10-06
7.15%→5.40%
Morgan Stanley & Co. International plc
2026-09-04
7.14%→7.15%
Morgan Stanley & Co. International plc
2026-08-06
6.90%
Morgan Stanley & Co. International plc
2026-07-06
6.70%→3.36%
Morgan Stanley & Co. International plc
2026-06-19
6.70%
Athos Capital Limited
2026-02-20
20.75%→30.52%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Athos Capital Limited
2026-02-19
20.75%→30.52%
Tadahisa KAGIMOTO
2025-10-09
28.20%→28.19%
Annual report (as of 2026-06-30): 20.61%
Tadahisa KAGIMOTO
2025-10-09
39.01%→36.46%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 20.61%
Tadahisa KAGIMOTO
2025-10-09
36.46%→28.20%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 20.61%
Tadahisa KAGIMOTO
2025-08-22
39.01%→36.46%
Annual report (as of 2026-06-30): 20.61%
Tadahisa KAGIMOTO
2025-08-22
36.46%→28.20%
Annual report (as of 2026-06-30): 20.61%
Athos Capital Limited
2025-08-14
20.75%→20.84%
Athos Capital Limited
2025-08-14
20.75%→20.84%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Fidelity Investment Trust Company, Limited
2025-08-07
5.29%→3.25%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-21
Large Shareholding Report
EDINET
2026-10-06
Large Shareholding Report
EDINET
2026-09-04
Large Shareholding Report
EDINET
2026-08-12
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-12
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-06
Large Shareholding Report
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-06-19
Large Shareholding Report
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-24
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINETAmended
2026-02-20
Change Report
EDINET
2026-02-19
Large Shareholding Report
TDnet
2025-11-13
Q3 Earnings Flash
FY ending Dec 2025
EDINETAmended
2025-10-09
Change Report
EDINET
2025-10-09
Large Shareholding Report
EDINETAmended
2025-10-09
Change Report
EDINET
2025-08-22
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
EDINETAmended
2025-08-15
Change Report
EDINET
2025-08-14
Large Shareholding Report
EDINET
2025-08-13
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-08-07
Large Shareholding Report
TDnet
2025-05-13
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-27
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2025-01-27
Securities Registration Statement
EDINET
2024-08-13
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
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