Overview
Pharmaceutical

Tsubota Laboratory Incorporated

Tsubota Laboratory is a Keio University School of Medicine-originated venture company focused on research and development in the fields of myopia, dry eye, presbyopia, and brain diseases. The company commercializes advanced scientific discoveries from Keio University—most notably the role of violet light (360–400nm) in myopia progression suppression—through a B2B model involving licensing, co-development agreements, milestone payments, and royalties with pharmaceutical and medical device partners including Rohto Pharmaceutical, JINS Holdings, Wakamoto Pharmaceutical, and international firms. In parallel, the company develops consumer products and provides consulting services to diversify its revenue base while reinvesting proceeds into new R&D pipelines.

Market Cap
¥6.47B
US$41.3M
EV
¥5.84B
US$37.2M
Stock¥251▼-1.95%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
8.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-47.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
6.47BUS$41.3MMarket Cap0.06BUS$0.41M+ Debt0.70BUS$4.46M− Cash0.00BUS$0.00M− Inv. Sec.5.84BUS$37.2MEV
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Performance & Balance
Revenue 5Y (¥B)
0.69US$4.38M'21/30.95US$6.08M'23/30.67US$4.29M'24/31.36US$8.65M'25/30.20US$1.28M'26/3
EBITDA 5Y (¥B)
0.26US$1.69M'21/30.21US$1.31M'23/3-0.61-US$3.91M'24/30.26US$1.68M'25/3-0.77-US$4.89M'26/3
Net Income 5Y (¥B)
0.09US$0.57M'23/3-0.64-US$4.09M'24/30.21US$1.31M'25/3-0.76-US$4.85M'26/3
Capital Structure
92%
EquityD/E 0.09xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
0.61US$3.90M0.24US$1.55M'21/32.16US$13.8M0.14US$0.89M'23/31.88US$12.0M0.12US$0.75M'24/31.54US$9.81M0.09US$0.58M'25/30.97US$6.19M0.07US$0.44M'26/3
Shareholders
Top 10 hold 73.8%
1
Kazuo TSUBOTA
46.23%
2
Tsubota Co., Ltd.
12.41%
3
Isao OTAKA
7.13%
4
ROHTO PHARMACEUTICAL CO.,LTD.
2.48%
5
Keiji TAKEMURA
1.19%
6
Daiwa Securities Co. Ltd.
1.01%
7
Mars LLC
0.97%
8
JINS HOLDINGS Inc.
0.85%
9
Yutaka HARA
0.85%
10
Morgan Stanley MUFG Securities Co., Ltd.
0.68%
Management
7 officers
Kazuo TSUBOTA
Representative Director, President
Sep 1980 Joined Department of Ophthalmology, Keio University School of Medicine Jul 1983 Chief of Ophthalmology, National Tochigi Hospital (now National Hospital Organization Tochigi Medical Center) Jun 1987 Re-appointed Chief of Ophthalmology, National Tochigi Hospital Apr 1990 Associate Professor, Department of Ophthalmology, Tokyo Dental College; Head of Ophthalmology, Tokyo Dental College Ichikawa General Hospital; Lecturer, Department of Ophthalmology, Keio University Apr 1998 Professor, Department of Ophthalmology, Tokyo Dental College Apr 2004 Professor, Department of Ophthalmology, Keio University School of Medicine Jun 2004 Outside Director, Goodwill Group, Inc. Sep 2007 Retired as Outside Director, Goodwill Group, Inc. May 2012 Established Dry Eye KT Inc. (now the Company) Feb 2019 Representative Director, President, the Company (current) Apr 2021 Professor Emeritus, Keio University (title conferred)
1955-05-15
Eri KUBOTA
Director, Head of Business Development Division
Mar 1993 Joined All-Nippon Asahi Broadcasting Inc., Information Bureau Apr 1997 Affiliated with Documentary Japan Inc. Jan 2002 Seconded to Secretariat, Japanese Society of Anti-Aging Medicine Aug 2005 Established MediProduce Co., Ltd.; Representative Director, President Nov 2011 Established MediProduct Co., Ltd.; Representative Director May 2023 Non-Executive Director and Chairman, MediProduce Co., Ltd. (current) Jun 2023 Director, Head of Business Development Division, the Company (current)
1971-02-07
Kenji MORISHIMA
Director, Head of R&D Division
Apr 1984 Joined Santen Pharmaceutical Co., Ltd. Dec 2002 General Manager, Formulation Development Center, R&D Division, Santen Pharmaceutical Co., Ltd. Jul 2005 Executive Officer, Head of Production & Logistics Division, Santen Pharmaceutical Co., Ltd. Oct 2010 Executive Officer, Head of Human Resources, Organization Development & CSR Division, Santen Pharmaceutical Co., Ltd. Apr 2014 Executive Officer, General Manager, Global Formulation Technology, Santen Pharmaceutical Co., Ltd. Oct 2018 Executive Officer, General Manager, Global Product Research, Santen Pharmaceutical Co., Ltd. Apr 2020 Executive Officer, General Manager, China Product Development, Santen Pharmaceutical Co., Ltd. Jan 2025 Joined the Company as Head of R&D Division Jun 2025 Director, Head of R&D Division, the Company (appointed)
1960-11-03
Shinichi KOIZUMI
Outside Director
Jun 1986 Joined National Institutes of Health, USA Jun 1989 Joined Nippon Ciba-Geigy K.K. (now Novartis Pharma K.K.), Cancer Research Department, Swiss Headquarters Jul 2000 General Manager, Drug Discovery Biology Department, Research Division, Tsukuba Research Institute, Nippon Ciba-Geigy K.K. Oct 2004 Joined Pfizer Japan Inc., Central Research, Exploratory Research Division, Biochemistry Research Department; Senior Research Fellow Apr 2006 General Manager, Biochemistry Research Department, Pfizer Japan Inc. Jul 2008 Joined Laquoria Drug Discovery Co., Ltd.; Managing Executive Officer Mar 2011 Director, Managing Executive Officer, Laquoria Drug Discovery Co., Ltd. May 2011 Visiting Professor, Graduate School of Medicine, Chiba University (current) Mar 2012 Director, Senior Managing Executive Officer, Laquoria Drug Discovery Co., Ltd. Feb 2013 Representative Director, AskAt Inc. May 2016 Representative Partner, Medicinal Creation Advisor (current) Feb 2017 Advisor, Beyond Next Ventures Dec 2017 Director, AskAt Inc. (current) Dec 2019 Advisor, MabGenesis K.K. Jun 2020 Outside Director, the Company (current) Apr 2025 Director, MabGenesis K.K. (current)
1956-04-05
Takeshi MASUDA
Outside Audit & Supervisory Board Member (Full-time)
Apr 1975 Joined Tokai Bank, Ltd. (now MUFG Bank, Ltd.) Feb 1994 Deputy General Manager, Capital Markets Sales Department, Tokai Bank, Ltd. Jun 2008 Full-time Audit & Supervisory Board Member, Start Today Co., Ltd. Aug 2012 Full-time Audit & Supervisory Board Member, Choushimaru Co., Ltd. Mar 2015 Full-time Audit & Supervisory Board Member, Symbio Pharmaceuticals Ltd. Jan 2019 Full-time Audit & Supervisory Board Member, Foodison Co., Ltd. Oct 2022 Part-time Audit & Supervisory Board Member, Posiwill Inc. Jun 2025 Full-time Audit & Supervisory Board Member, the Company (appointed)
1951-08-20
Yasuyuki TSUTSUMI
Outside Audit & Supervisory Board Member (Part-time)
Apr 1992 Joined Fuji Xerox Co., Ltd. Oct 1999 Joined ASG Audit Corporation (now Taiyo LLC) Jan 2004 Joined Projest Co., Ltd. May 2006 Opened Tsutsumi Certified Public Accountant Office as Representative (current) Nov 2008 Representative Director, PlusValue Consulting Co., Ltd. (current) Jul 2009 Director, Pentland Japan K.K. Feb 2010 Outside Director, Kojitsu Co., Ltd. Jul 2010 Auditor, Kanagawa Prefectural Center for Eliminating Violence (current) Feb 2013 Audit & Supervisory Board Member, Japan-Taiwan Cultural and Economic Exchange Organization (current) Jun 2014 Audit & Supervisory Board Member, Novitech Co., Ltd. Feb 2019 Outside Audit & Supervisory Board Member, the Company (current)
1968-04-10
Shinichi MURATA
Outside Audit & Supervisory Board Member (Part-time)
Apr 1995 Registered as attorney; joined Kaneko & Iwamatsu Law Office (current) Jun 2012 Outside Audit & Supervisory Board Member, Plaza Create Co., Ltd. (head office) Feb 2014 Outside Audit & Supervisory Board Member, Cross Four Inc. (current) Mar 2015 Outside Audit & Supervisory Board Member, JMC Inc. (current) Jun 2015 Outside Director, Shuppin Co., Ltd. (current) Jun 2017 Outside Audit & Supervisory Board Member, Sun Fresse Co., Ltd. Jun 2018 Outside Director (Audit and Supervisory Committee Member), Plaza Holdings Co., Ltd. (current) Jun 2020 Outside Audit & Supervisory Board Member, the Company (current)
1968-03-07
Large Shareholding Reports
Cantor Fitzgerald Europe
2026-06-19
18.63%
Kazuo TSUBOTA
2025-09-02
48.11%→46.76%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-03-31): 46.23%
Kazuo TSUBOTA
2025-08-29
48.11%→46.98%
Annual report (as of 2026-03-31): 46.23%
Kazuo TSUBOTA
2025-08-28
48.11%→46.76%
Annual report (as of 2026-03-31): 46.23%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-12
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Large Shareholding Report
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-06-04
株主総会招集通知
EDINET
2026-06-01
Securities Registration Statement
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2025-09-02
Change Report
EDINETAmended
2025-08-29
Change Report
EDINET
2025-08-28
Large Shareholding Report
TDnet
2025-08-06
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
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-13
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
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
2022-08-12
Quarterly Securities Report
EDINETAmended
2022-08-10
Amended Annual Securities Report
EDINETAmended
2022-08-05
Amended Annual Securities Report
EDINET
2022-06-29
Annual Securities Report
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