Overview
Pharmaceutical

STELLA PHARMA CORPORATION

Stella Pharma is a Japanese pharmaceutical company focused on the development and commercialization of Boron Neutron Capture Therapy (BNCT), a targeted radiation treatment that selectively destroys cancer cells. The company's flagship product, Steboronine® (SPM-011), received world-first regulatory approval in Japan in March 2020 as a boron drug for BNCT, indicated for unresectable locally advanced or locally recurrent head and neck cancer. The company is pursuing pipeline expansion into additional oncology indications, including recurrent malignant glioma, in partnership with accelerator manufacturers under a combination product model.

Market Cap
¥14.3B
US$91.0M
EV
¥11.4B
US$72.5M
Stock¥396▼-2.70%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
4.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+0.5%pt
1001234
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jan 6, 26Hisamitsu pharma MBO announcement sector rally
2Feb 18, 26Continued pharma M&A expectations
3Mar 24, 26Taisho Pharma ¥710bn MBO announcement impact
4Oct 8, 26Stebolonine for recurrent meningioma to be reviewed by Pharmaceutical Affairs Council
MC → EV Bridge
14.3BUS$91.0MMarket Cap0.90BUS$5.74M+ Debt3.80BUS$24.2M− Cash0.00BUS$0.00M− Inv. Sec.11.4BUS$72.5MEV
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Performance & Balance
Revenue 5Y (¥B)
0.10US$0.64M'22/30.23US$1.46M'23/30.27US$1.72M'24/30.96US$6.13M'25/30.32US$2.06M'26/3
EBITDA 5Y (¥B)
-0.71-US$4.51M'22/3-0.77-US$4.92M'23/3-0.72-US$4.62M'24/3-0.06-US$0.35M'25/3-0.72-US$4.59M'26/3
Net Income 5Y (¥B)
-0.77-US$4.89M'22/3-0.78-US$4.96M'23/3-0.76-US$4.87M'24/3-0.14-US$0.89M'25/3-0.78-US$4.97M'26/3
Capital Structure
78%
22%
EquityD/E 0.28xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
3.58US$22.8M1.25US$7.99M'22/33.01US$19.2M1.09US$6.97M'23/32.05US$13.1M0.93US$5.95M'24/33.21US$20.4M0.77US$4.89M'25/32.82US$18.0M0.75US$4.76M'26/3
Shareholders
Top 10 hold 46.1%
1
STELLA CHEMIFA CORPORATION
33.66%
2
Takuji NAKAMURA
3.48%
3
Morgan Stanley MUFG Securities Co., Ltd.
1.51%
4
International Club Foundation (General Incorporated Foundation)
1.47%
5
Yoshiki MURAKAMI
1.38%
6
JPMorgan Securities Japan Co., Ltd.
1.09%
7
BNY Mellon SA/NV (BNY Mellon Group Client Account) (Standing Proxy: MUFG Bank, Ltd.)
1.09%
8
Hideyo AOYAMA
0.93%
9
Kaoru AOYAMA
0.89%
10
Nomura Securities Co., Ltd.
0.64%
Management
7 officers
Koki UEHARA
Representative Director, President
Apr 2003 Joined Stella Chemifa Corporation Aug 2007 Joined the Company; Head of R&D Department Apr 2012 Director, Head of R&D Department Nov 2012 Director, Head of Development Division; concurrently Head of Safety Management Department Feb 2015 Managing Director, Head of Development Division; concurrently Head of Safety Management Department Jun 2019 Managing Director, Head of Development Division Jun 2020 Representative Director, President (current)
1977-06-11
Kazumitsu YABU
Director
Apr 1981 Joined Hashimoto Chemical Industries Co., Ltd. (now Stella Chemifa Corporation) Jun 2003 Director, Head of Sales Department, at the same company Sep 2007 Director, Managing Executive Officer, Head of Sales Department, at the same company May 2008 Director, Managing Executive Officer, Head of Sales Division, at the same company Apr 2010 Director, Managing Executive Officer, General Manager of Sales, at the same company Oct 2013 Director, Senior Managing Executive Officer, General Manager of Sales, at the same company Apr 2015 Representative Director, Chairman of the Company Jun 2020 Director (current)
1959-01-20
Toshimitsu HAYASHI
Director
Apr 2006 Joined Shinnihon Kagaku Co., Ltd. Mar 2011 Joined the Company Jun 2014 Head of Clinical Development Department Jun 2017 Head of Clinical Promotion Department Feb 2018 Head of Regulatory Affairs Department Jun 2020 Executive Officer, Head of Regulatory Affairs Department Jun 2022 Director, Head of Regulatory Affairs Department Sep 2022 Director, Head of Regulatory Affairs Department and Head of Clinical Development Department (current)
1981-01-20
Takahiro KIDO
Director
Apr 1997 Joined Mitsui & Co., Ltd. Apr 2016 Deputy General Manager, Overseas Business Promotion Office, Business Development Division, Mitsui & Co., Ltd. Jul 2017 Chief Manager, Strategic Planning Department, Mitsui & Co. (China) Ltd. Oct 2018 Joined the Company; Executive Officer, Head of Corporate Planning Department Jun 2022 Director, Head of Corporate Planning Department (current)
1973-04-12
Masaya ONISHI
Director (Audit and Supervisory Committee Member)
Oct 1997 Joined Deloitte Touche Tohmatsu Aug 2006 Opened Masaya Onishi Certified Public Accountant and Tax Accountant Office Mar 2016 Auditor of the Company Jun 2018 Director (Audit and Supervisory Committee Member) (current) Nov 2019 Outside Director (Audit and Supervisory Committee Member), Axas Holdings Co., Ltd. (current) Apr 2022 Established Onishi Nakano Tax Accountant Corporation; Head of Office (current)
1974-05-14
Kohei TSUJII
Director (Audit and Supervisory Committee Member)
Oct 2005 Joined Midosuji Law Office, Attorney Corporation Jan 2014 Partner, Midosuji Law Office, Attorney Corporation (current) Jun 2018 Director (Audit and Supervisory Committee Member) (current)
1978-08-03
Yoshiyuki FUKUCHI
Director (Audit and Supervisory Committee Member)
Oct 2003 Joined Tokyo Hokuto Audit Corporation (now Gyosei Audit Corporation) Apr 2006 Joined Deloitte Touche Tohmatsu Sep 2018 Established Fukuchi Accounting and Tax Office; Head of Office (current) Jun 2024 Director (Audit and Supervisory Committee Member) (current)
1975-06-04
Large Shareholding Reports
Heights Capital Management, Inc.
2026-09-09
10.33%→7.84%
Heights Capital Management, Inc.
2026-07-01
8.13%→5.51%
Heights Capital Management, Inc.
2026-07-01
8.13%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Heights Capital Management, Inc.
2026-06-29
8.13%
Heights Capital Management, Inc.
2026-04-27
5.68%→2.91%
Heights Capital Management, Inc.
2026-04-23
5.68%
Amova Asset Management Co., Ltd.
2025-11-20
5.74%→0.19%
Amova Asset Management Co., Ltd.
2025-09-19
5.60%→5.74%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-09
Large Shareholding Report
TDnet
2026-08-13
Q1 Earnings Flash
FY ending Mar 2027
EDINETAmended
2026-07-01
Change Report
EDINET
2026-07-01
Large Shareholding Report
EDINET
2026-06-29
Large Shareholding Report
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-04-27
Large Shareholding Report
EDINET
2026-04-23
Large Shareholding Report
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-20
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-30
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-30
Annual Securities Report
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