Overview
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PhoenixBio Co.,Ltd.

PhoenixBio develops and provides PXB-mice (human hepatocyte chimeric mice), in which over 70% of the mouse liver is replaced with human hepatocytes, along with contract testing services for pharmaceutical R&D. The company's core offerings include DMPK/toxicology studies, hepatitis efficacy evaluations, and sales of freshly isolated human hepatocytes (PXB-cells) to support preclinical drug development. PXB-mouse is the most widely used human hepatocyte chimeric mouse globally, with the company producing over 4,000 animals annually and supporting clients across major pharmaceutical markets including Japan, the US, and Europe.

Market Cap
¥1.27B
US$8.10M
EV
¥0.61B
US$3.90M
Stock¥312▲+0.32%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
699.4
x
LTM EV/EBIT
NM
LTM PER
84.7
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-58.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
1.27BUS$8.10MMarket Cap0.46BUS$2.91M+ Debt1.10BUS$7.04M− Cash0.01BUS$0.07M− Inv. Sec.0.61BUS$3.90MEV
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Performance & Balance
Revenue 5Y (¥B)
1.32US$8.44M'22/32.12US$13.5M'23/31.72US$10.9M'24/31.54US$9.83M'25/31.57US$9.98M'26/3
EBITDA 5Y (¥B)
-0.08-US$0.52M'22/30.53US$3.39M'23/30.04US$0.23M'24/3-0.11-US$0.73M'25/30.12US$0.74M'26/3
Net Income 5Y (¥B)
-0.39-US$2.47M'22/30.49US$3.14M'23/30.03US$0.17M'24/3-0.45-US$2.86M'25/30.13US$0.80M'26/3
Capital Structure
76%
24%
EquityD/E 0.31xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
1.33US$8.45M1.04US$6.63M'22/31.68US$10.7M1.13US$7.21M'23/31.39US$8.89M0.72US$4.62M'24/31.16US$7.39M0.57US$3.61M'25/31.16US$7.38M0.49US$3.10M'26/3
Shareholders
Top 10 hold 58.2%
1
Sanwa Denpun Kogyo Co., Ltd.
31.33%
2
Shunichi MORIMOTO
12.43%
3
Special Immunity Research Institute Co., Ltd.
3.17%
4
Eiken Co., Ltd.
2.16%
5
Shoji MAWATARI
1.86%
6
Taku SHIMADA
1.68%
7
Sekiyaku Co., Ltd.
1.43%
8
Shinya YASUDA
1.43%
9
Chugai Technos Co., Ltd.
1.40%
10
J.P.Morgan Securities plc (Standing Proxy: JPMorgan Securities Japan Co., Ltd.)
1.28%
Management
6 officers
Masakazu KAKOKU
Representative Director, President
Apr 1996 Joined Kyowa Hakko Kogyo Co., Ltd. (now Kyowa Kirin Co., Ltd.) Jul 2005 Joined the Company Jul 2009 General Manager, Contract Testing Department of the Company Jun 2014 Director, General Manager, Contract Testing Department of the Company Dec 2020 Director of the Company; President, KMT Hepatech, Inc. Jun 2025 Director of the Company Jul 2025 Director, PhoenixBio USA Corporation (current) Jun 2026 Representative Director, President of the Company
1971-12-02
Masatsugu UEDA
Audit & Supervisory Board Member (Part-time)
Jan 1978 Joined Snow Brand Milk Products Co., Ltd. (now Megmilk Snow Brand Co., Ltd.) Jan 1995 Director and Head of Research Institute, YS New Technology Research Institute Co., Ltd. Dec 2002 Representative Director, YS Research Institute Co., Ltd. Jan 2007 Managing Director of the Company Apr 2014 Managing Director, Special Immunity Research Institute Co., Ltd. Jun 2019 Audit & Supervisory Board Member of the Company (current)
1949-04-26
Osamu KAGAWA
Director, General Manager of Administration Division
Apr 1996 Joined Kyoei Sangyo Co., Ltd. May 2007 Joined the Company Jul 2016 General Manager, Management Planning Office of the Company Jun 2026 Director, General Manager of Administration Division of the Company
1973-09-22
Yoshinori FUJII
Director
Oct 1994 Joined Asahi Audit Corporation (now Azusa Audit LLC) Apr 1998 Registered as Certified Public Accountant Jul 2006 Opened Yoshinori Fujii CPA Office (now Bizlink Certified Public Accountants Joint Office) Sep 2006 Registered as Certified Tax Accountant Jul 2008 Representative Director, Bizlink Advisory Co., Ltd. (current) May 2015 Director, Harrows Co., Ltd. (current) Jun 2016 Director of the Company (current)
1970-10-02
Motoyasu UENO
Full-time Audit & Supervisory Board Member
Apr 1985 Joined Chugoku Jozo Co., Ltd. (now Sakurao Brewery & Distillery Co., Ltd.) Feb 1994 General Manager, General Affairs and Accounting Department, Nihon Gokyo Foods Co., Ltd. Dec 2001 Joined Toda Kogyo Corp. Aug 2011 Supervisor, Toda Lianhe Industrial (Zhejiang) Co., Ltd. Apr 2016 Director, Toda Fine Tech Co., Ltd. Jul 2019 General Manager, Finance Department, Toda Kogyo Corp. Jun 2022 Audit & Supervisory Board Member of the Company (current)
1961-02-27
Hiromi OKANO
Audit & Supervisory Board Member (Part-time)
Apr 1999 Registered as Attorney-at-Law; joined Kawamura Osako Law Office (now Hiroshima Sogo Law & Accounting Office, Attorneys at Law Corporation) Jan 2011 Opened Okano Law Office Dec 2012 Representative Attorney, Okano Law Office, Attorneys at Law Corporation (current) Jun 2019 Audit & Supervisory Board Member of the Company (current)
1969-12-25
Large Shareholding Reports
Sanwa Shoji Co., Ltd.
2025-09-29
17.19%
Sanwa Denpun Kogyo Co., Ltd.
2025-09-24
14.15%→31.28%
Annual report (as of 2026-03-31): 31.33%
Sanwa Denpun Kogyo Co., Ltd.
2025-09-01
14.15%→31.28%
Annual report (as of 2026-03-31): 31.33%
Sanwa Shoji Co., Ltd.
2025-08-29
17.45%→0.17%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-02-27
Amended Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2025-09-29
Change Report
EDINETAmended
2025-09-24
Change Report
EDINET
2025-09-01
Large Shareholding Report
EDINET
2025-08-29
Large Shareholding Report
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
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
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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