Overview
Pharmaceutical

Cuorips Inc.

Cuorips Inc. is a Japanese regenerative medicine company focused on the research, development, and commercialization of human iPS cell-derived regenerative medicine products, most notably a cardiomyocyte sheet targeting severe heart failure patients for whom current medical treatments are insufficient. The company also operates a Contract Development and Manufacturing Organization (CDMO) business, leveraging its proprietary cell culture and processing technologies at its integrated commercial facility 'CLiC-1' in Minoh, Osaka. Key competitive strengths include exclusive licensing agreements with Osaka University, co-development alliances with major pharmaceutical and medical device companies such as Daiichi Sankyo, and proprietary high-purity cardiomyocyte differentiation and purification technologies.

Market Cap
¥57.3B
US$366M
EV
¥54.0B
US$345M
Stock¥6,460▲+1.41%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
13.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-22.4%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Sep 14, 26Announced third-party allotment of new shares and issuance of 1st unsecured bonds (disclosed 9/11)
2Oct 21, 26Positive recovery of ReHeart transplant patient, 10 more cases under consideration per Dr. Sawa's 10/21 press conference
MC → EV Bridge
57.3BUS$366MMarket Cap0.00BUS$0.00M+ Debt3.04BUS$19.4M− Cash0.29BUS$1.83M− Inv. Sec.0.02BUS$0.10M+ NCI54.0BUS$345MEV
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Performance & Balance
Revenue 5Y (¥B)
0.02US$0.15M'24/30.18US$1.12M'25/30.21US$1.35M'26/3
EBITDA 5Y (¥B)
-0.52-US$3.30M'24/3-0.51-US$3.27M'25/3-1.00-US$6.36M'26/3
Net Income 5Y (¥B)
-0.63-US$4.03M'24/3-0.64-US$4.11M'25/3-1.02-US$6.52M'26/3
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
5.56US$35.5M'24/34.59US$29.3M'25/33.65US$23.3M'26/3
Shareholders
Top 10 hold 28.0%
1
DAIICHI SANKYO COMPANY,LIMITED
12.11%
2
TERUMO CORPORATION
6.42%
3
Yoshiki SAWA
1.49%
4
MATSUI SECURITIES CO.,LTD.
1.35%
5
DEFTA LIMITED (Standing Proxy: DEFTA Capital Co., Ltd.)
1.34%
6
ASAHI INTECC CO.,LTD.
1.21%
7
DAI-DAN CO.,LTD.
1.21%
8
Rakuten Securities, Inc.
1.09%
9
JPMorgan Securities Japan Co., Ltd.
1.07%
10
Takayuki KUSANAGI
0.74%
Management
9 officers
Takayuki KUSANAGI
Representative Director, President and CEO
Apr 1981 Joined The Industrial Bank of Japan, Ltd. (now Mizuho Bank, Ltd.) Nov 1999 Deputy General Manager, Equity Research Department, Kogin Securities Co., Ltd. (now Mizuho Securities Co., Ltd.) Jul 2000 Senior Fund Manager, Japanese Equities, Kogin Dai-ichi Life Asset Management Co., Ltd. Sep 2005 General Manager, IBPG Group Sales Department, Mizuho Securities Co., Ltd. Jul 2008 CIO, YMR Asset Management Jan 2013 General Manager, Corporate Planning Department, Entrust Inc. Jun 2020 Director of the Company Aug 2020 Representative Director, President and CEO of the Company (current)
1958-12-17
Tadayuki TANIMURA
Vice President and Director
Apr 2007 Joined Asahi Chuo Hospital Apr 2009 Medical Affairs Division and Organ Transplant Policy Office, Health Policy Bureau, Ministry of Health, Labour and Welfare (MHLW) Apr 2012 HIV/AIDS, Tuberculosis, Malaria and Neglected Tropical Diseases Department, World Health Organization (WHO) Headquarters Apr 2014 International Medical Development Promotion Office, Medical Affairs Bureau, MHLW Jan 2018 Health Systems and UHC Department, WHO Headquarters Aug 2020 Health Technology Coordinator, Medical Affairs Bureau, MHLW Apr 2021 General Manager, Healthcare Excellence Division, Roche Diagnostics K.K. Apr 2024 Executive Officer (in charge of regulatory approval affairs, etc.) of the Company Jun 2024 Vice President and Director of the Company (current)
1981-09-29
Yoshiki SAWA
Director, Chief Technology Officer
Apr 1980 Joined the First Department of Surgery, Osaka University School of Medicine Oct 1989 Research abroad at Max Planck Institute, Germany (Department of Cardiac Physiology and Cardiac Surgery; Humboldt Foundation Fellow) Jan 2006 Chair Professor, First Department of Surgery (Cardiovascular, Respiratory and Thoracic Surgery), Graduate School of Medicine, Osaka University Mar 2015 President, Japanese Society for Regenerative Medicine Apr 2015 Dean, Graduate School of Medicine and School of Medicine, Osaka University Nov 2019 President, Japanese Association for Thoracic Surgery Oct 2020 Member, Science Council of Japan Apr 2021 Endowed Chair Professor, Future Medicine Endowed Course, Department of Health Sciences, Graduate School of Medicine, Osaka University Aug 2021 Specially Appointed Professor, same course (current) Aug 2021 Director, Chief Technology Officer of the Company (current) Sep 2021 Director, Osaka Police Hospital (now Osaka Keisatsu Hospital, Medical Corporation Osaka International Medical & Science Center) Apr 2023 Chairman, Medical Corporation Osaka International Medical & Science Center (current) Apr 2026 Chancellor, Osaka Keisatsu Hospital (current)
1955-07-03
Kazuyoshi HIRAO
Director, Chief Business Officer
Apr 1984 Joined Fuji Photo Film Co., Ltd. (now FUJIFILM Corporation) May 2013 Manager, Pharmaceutical Business Division, FUJIFILM Corporation Jun 2015 Chairman & CEO, Cellular Dynamics International, Inc. (now FUJIFILM Cellular Dynamics, Inc.) Sep 2015 Director, Cellular Dynamics International Japan K.K. May 2017 President & CEO, Opsis Therapeutics, LLC Feb 2018 President & COO, FUJIFILM Cellular Dynamics, Inc. Jun 2019 Deputy General Manager, Regenerative Medicine Business Division, FUJIFILM Corporation Jun 2019 Director, Celltrust Animal Therapeutics Co., Ltd. Jun 2019 Director, Japan Tissue Engineering Co., Ltd. Jun 2020 Managing Director and General Manager, Sales Promotion Division, Japan Tissue Engineering Co., Ltd. Jun 2021 Full-time Audit & Supervisory Board Member, FUJIFILM Business Innovation Corp. (current) Jun 2025 Director, Chief Business Officer of the Company (current)
1962-02-11
Kenichiro YOSHIDA
Director
Apr 1985 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Aug 1996 Joined Salomon Brothers Asia Securities Co., Ltd. (now Citigroup Global Markets Japan Inc.) Mar 2006 Managing Director, Investment Research, Goldman Sachs Japan Co., Ltd. Aug 2010 General Manager, Equity Research Department, Nikko Cordial Securities Inc. (now SMBC Nikko Securities Inc.) Jan 2014 Vice President, Ichigo Asset Management, Ltd. May 2014 Outside Director, Ichigo Group Holdings Co., Ltd. (now Ichigo Inc.) Apr 2021 Director and CFO, uhuru Inc. Oct 2022 Advisor, Engagement Investment Department, Aozora Bank, Ltd. Apr 2023 Advisor, the Company Jun 2024 Outside Director of the Company (current) Jun 2025 Outside Director, IHI Corporation (current) Apr 2026 Chairman and Partner, Ichigo Asset Management, Ltd. (current)
1963-03-09
Yukihiro KATO
Director
Apr 1984 Joined Nippon Denso Co., Ltd. (now DENSO Corporation) Jan 2005 General Manager, IC Technology Department 2, DENSO Corporation Jun 2010 Managing Officer (General Manager, Device Business Division), DENSO Corporation Jan 2015 Managing Officer (General Manager, Information & Communication Business Division), DENSO Corporation Apr 2017 Senior Managing Officer (Group Manager, Mobility Systems Business Group), DENSO Corporation Jun 2019 Representative Director and President, DENSO TEN Limited Jul 2023 Representative Director and President, Yukiya ConCon Co., Ltd. (current) Aug 2023 Outside Director, Nihon Process Co., Ltd. (current) Feb 2024 Outside Director, Nihon Keori Co., Ltd. (current)
Norihiro ASHIDA
Full-time Statutory Auditor
Apr 1977 Joined The Industrial Bank of Japan, Ltd. (now Mizuho Bank, Ltd.) Apr 2003 Executive Officer, Otsuka Pharmaceutical Co., Ltd. Jun 2003 Managing Executive Officer, Otsuka Pharmaceutical Co., Ltd. Mar 2004 Outside Director, MicroPort Scientific Corporation Jun 2007 Senior Managing Executive Officer, Otsuka Pharmaceutical Co., Ltd. Jun 2008 Senior Managing Executive Officer, Otsuka Holdings Co., Ltd. Feb 2011 Director, Otsuka Medical Devices Co., Ltd. Jun 2019 CEO, KiSCO International Jun 2021 CFO, J-Pharma Co., Ltd. Jun 2021 Adviser, Otsuka Medical Devices Co., Ltd. Aug 2023 CFO, Hecabio Inc. Jun 2024 Outside Statutory Auditor of the Company (current) Jul 2025 Non-executive Director, Shanghai MicroPort MedBot (Group) Co., Ltd. (current)
1954-12-22
Kotaro YAMAMOTO
Statutory Auditor
Apr 1985 Registered as an attorney (Daiichi Tokyo Bar Association) Apr 1985 Joined Yamashita Oshima Law Office Sep 1989 Joined Shearman & Sterling LLP Sep 1991 Registered as an attorney in New York State Jan 1994 Representative Attorney, Yamamoto Sogo Law Office (now Yamamoto Shibasaki Law Office) Apr 2002 Lecturer, Graduate School of International Corporate Strategy, Hitotsubashi University (Organizational Management I) Apr 2003 Civil Litigation Instructor, Legal Training and Research Institute of the Supreme Court of Japan Apr 2009 Examiner, Second Stage of the Former National Bar Examination (Civil Procedure Law) Apr 2012 Vice President, Daiichi Tokyo Bar Association Apr 2014 Chairman, Committee on Legal Training, Japan Federation of Bar Associations Apr 2014 Chairman, Operating Committee, Japan Intellectual Property Arbitration Center Apr 2015 Director General, Japan Intellectual Property Arbitration Center Apr 2015 Managing Director, Kanto Federation of Bar Associations Apr 2016 Chairman, International Exchange Committee, Daiichi Tokyo Bar Association Apr 2018 Secretary, Committee on Legal Training, Supreme Court of Japan Jun 2018 Outside Director, Keihin Co., Ltd. Mar 2020 Outside Director (Audit and Supervisory Committee Member), Sapporo Holdings Ltd. Dec 2020 Outside Statutory Auditor of the Company (current)
1955-10-19
Shinji ABE
Statutory Auditor
Oct 2003 Passed the Second Stage of the Certified Public Accountant Examination Oct 2003 Joined Shin Nihon & Co. (now EY Shinnihon LLC) Oct 2006 Joined Cast Itoga Law Office (now Uryu & Itoga Law Office) May 2007 Registered as a Certified Public Accountant May 2007 Representative, Shinji Abe CPA Office (current) Jul 2007 Registered as a Certified Tax Accountant Jul 2007 Representative, Shinji Abe Tax Accountant Office (now Breakthrough Partners Tax Corporation) (current) Apr 2012 Auditor, Aodamo Resource Development Association (NPO) Apr 2014 Auditor, Japan Women's Baseball Federation (General Incorporated Association) Mar 2018 Outside Director (Audit and Supervisory Committee Member), Edot Inc. (now Birdman Inc.) Dec 2020 Outside Statutory Auditor of the Company (current) Jan 2021 Statutory Auditor, Japan M&A Solutions Co., Ltd. Jan 2025 Outside Director (Audit and Supervisory Committee Member), Japan M&A Solutions Co., Ltd. (current)
1979-05-21
Large Shareholding Reports
JIC Venture Growth Investments Co., Ltd.
2026-10-02
6.97%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-02
Large Shareholding Report
EDINET
2026-09-11
Securities Registration Statement
TDnet
2026-08-13
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-06-03
株主総会招集通知
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-13
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-20
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
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
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-30
Annual Securities Report
Period: Apr 2022 – Mar 2023
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