Financial Results for the Fiscal Year ended March 31, 2021
[Japanese GAAP] (non-consolidated)
May 13, 2021
BrightPath Biotherapeutics Co., Ltd.
Listed Market Mothers, TSE
TSE Code4594
URL
https://www.brightpathbio.com/english/index.html
Representative (Title)
President & CEO(Name) Kenichi Nagai
Contact(Title)Director(Name) Seiji Nagano(TEL) +81-3-5840-7697
Scheduled date of annual meeting of stockholders: June 24, 2021
Scheduled date of dividend payment commencement:－
Scheduled date of submission of securities report: June 25, 2021
Supplementary materials for financial statements: Yes
Briefing of financial results: Yes (for analysts and institutional investors)(Millions of yen, rounded down to the nearest million)

1. Financial results for fiscal year 2021 (April 1, 2020 – March 31, 2021)(Percentages represent changes from the same period of previous year)(1) Results of Operation
Net sales

Operating income% Million yen

Million yen

Fiscal year ended March 31, 2021
Fiscal year ended March 31, 2020

2
11

-77.8
-92.7

Net income pershare-1,732-1,827

Net income

Ordinary income%

Million yen%

Million yen%－－-1,738-1,823－－-1,719-1,857－－

Fully diluted net
Return on
Ratio ofincome pershareholders’ ordinary income
shareequityto total assets

Yen

Yen

%

Operatingmargin%%Fiscal year ended March 31, 2021
-36.14-51.4-48.1-69,188.5－
Fiscal year ended March 31, 2020
-44.20-45.3-41.6-16,170.4－(Note)
Fully diluted net income per share is not stated as net loss was recorded for this period although there areresidual shares.

(2) Financial Position
Total assets

Net assets
Million yen

%

Yen

3,749
3,537
3,474
3,235
As of March 31, 2021 3,511 million yen
As of March 31, 2020 3,178 million yen

93.7
91.5

69.10
75.49

Million yen

As of March 31, 2021
As of March 31, 2020
(Reference) Shareholders’ equity

Net assets per
share

Equity ratio(3) Cash Flows
Cash flows
from operating
activities
Fiscal year ended March 31, 2021
Fiscal year ended March 31, 2020

Cash flows
from investing
activities

Cash flows
from financing
activities

Cash and cash
equivalents at endof period

Million yen

Million yen

Million yen

Million yen-1,769-1,784

-36
-106

2,053
8

3,265
3,018

2. Dividends
Annual dividends per share
1Q
Fiscal year ended March 31, 2020
Fiscal year ended March 31, 2021
Fiscal year ending March 31, 2022
(Forecast)

2Q

3Q

4Q

AnnualTotal
Ratio ofdividends
Payout ratio dividends topaid
net assets(annual)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

―
―

0.00
0.00

―
―

0.00
0.00

0.00
0.00

―
―

―
―

―
―

―

0.00

―

0.00

0.00

―

3. Projected financial results for fiscal year 2022 (April 1, 2021 – March 31, 2022)
Net sales
Million yen(Percentages represent changes from the same period of previous year)
Net income
Operating income Ordinary income
Net income
per share% Million yen% Million yen% Million yen

Yen%

Full year2-20.1 -1,852-36.49－ -1,852－ -1,854－(Note)The Company manages business results on an annual basis, and therefore only the full-year financial forecasts
are disclosed.

[Notes](1) Changes in significant accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to revisions of accounting standards, etc.
: None2) Changes in accounting policies due to other reasons than above 1): None3) Changes in accounting estimates: None4) Restatements: None(2) Number of shares outstanding (common stock)1) Number of shares outstanding at theend of the period (including treasury
stock)
2) Number of shares of treasury stock at
the end of the period
3) Average number of shares during theperiodAs of March 31,
2021
As of March 31,
2021
Year ended
March 31, 2021

50,817,500 shares― shares47,581,918 shares

As of March 31,
2020
As of March 31,
2020
Year ended
March 31, 2020

42,101,000 shares― shares42,031,977 shares* These financial results are outside the scope of audits by a certified public accountant or an audit
corporation.
* Explanations regarding appropriate use of forecasts and projections of financial results, and other specificnotes- All forecasts and projections contained in this document are based on the information available andcertain assumptions deemed reasonable by the Company at this time. They are not intended torepresent our promise to attain them as a goal. Actual results may differ substantially due to various
reasons. For details on the assumptions and conditions for forecasts and projections as well as noteson their use, please refer to “1. Overview of Operating Results, etc., (4) Future Outlook” on page 3 ofthe attachment.

Contents of the Attachment

1. Overview of Operating Results, etc. ............................................................................................................. 2(1) Overview of Operating Results for the Fiscal Year under Review ............................................................ 2(2) Overview of Financial Position for the Fiscal Year under Review ............................................................ 2(3) Overview of Cash Flows for the Fiscal Year under Review ...................................................................... 3(4) Future Outlook ........................................................................................................................................... 3
2. Basic Stance on Choice of Accounting Standards ......................................................................................... 4

3. Financial Statements and Primary Notes ....................................................................................................... 5(1) Balance Sheets ......................................................................................................................................... 5(2) Statements of Operations ......................................................................................................................... 7(3) Statement of Changes in Net Assets .......................................................................................................... 9(4) Statements of Cash Flows ...................................................................................................................... 10(5) Notes to Financial Statements ................................................................................................................ 11(Notes on going concern assumption) ..................................................................................................... 11(Statement of cash flows) ......................................................................................................................... 11(Segment information, etc.) ..................................................................................................................... 11(Per share information) ............................................................................................................................ 11(Significant subsequent events) .............................................................................................................. 11―1―

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
During the fiscal year ended March 31, 2021, the Japanese economy as well as the global economies wereheavily impacted by the global outbreak of the coronavirus disease (COVID-19) pandemic, and many nations
went into lockdowns while Japan was subjected to repeated declarations of the state of emergency. Despite
these setbacks, economic activities have gradually resumed in conjunction with the commencement of thevaccinations.
BrightPath Biotherapeutics Co., Ltd. (the “Company”) has been engaged in the new development of cancer
immunotherapy drugs (drugs that treat cancer by utilizing the immune system which expels cancer).*1 Cancer
immunotherapy drugs have brought about an innovation in cancer treatment which used to occur only aroundonce in half a century and have become a major driver for the recent growth of the pharmaceutical market, as
a whole. Work is continuing to expand the types of cancer indications of immune check point inhibitor
antibodies,*2 which brought about this breakthrough and to apply them to diverse pharmaceuticals other thanantibodies. However, there is still a long way to go in radically curing cancer and unmet medical needs remain
largely untapped, with much room for further ongoing innovation in cancer immunotherapy by cancer
immunotherapy drugs, which use a scientifically proven mechanism for cancer treatment. In this development
field, the Company has been simultaneously developing pipelines of drug types such as cancer vaccines, celltherapy agents, and antibody drugs in various stages ranging from basic research to clinical trials.
A pipeline currently under clinical trial is the cancer peptide vaccine (GRN-1201). A phase II clinical trial ofthe vaccine in combination with immune check point inhibitor antibody Pembrolizumab is currently underway in
the US for non-small cell lung cancer (NSCLC).
In June 2020, an investigator-initiated clinical trial began for induced pluripotent stem cells (iPSC) derived
regenerating natural killer T-cell (NKT cell) therapy (iPS-NKT) targeting head and neck cancer. This clinical trial
is led by RIKEN and National University Corporation Chiba University. In the cell therapy agent pipeline, theHER2 chimeric antigen receptor (CAR) T cell (CAR-T cell) therapy (BP2301) licensed from National University
Corporation Shinshu University is in preparation for beginning clinical trials.
In the antibodies pipeline, following the success of PD-1/PD-L1, the Company is working to develop
antibodies that inhibit target molecules serving as immune check point proteins regarding the exhaustion andsuppression of T cells, the efficacy of which are in the process of being proven scientifically.
Additionally, the Company is conducting joint studies with the National Research and Development Agency
National Cancer Center Japan to utilize antigen prediction algorithms used in the design of neoantigen vaccines
to identify COVID-19 viral antigens.
As a result, for the fiscal year ended March 31, 2021, we recorded 1,732,802 thousand yen as operating loss
(operating loss of 1,827,349 thousand yen in the previous fiscal year), 1,738,636 thousand yen as ordinary loss
(ordinary loss of 1,823,996 thousand yen in the previous fiscal year), and net loss of 1,719,634 thousand yen(net loss of 1,857,774 thousand yen in the previous fiscal year).

(2) Overview of Financial Position for the Fiscal Year under Review
At the end of the fiscal year under review, assets were 3,749,428 thousand yen, an increase of 274,789
thousand yen from the end of the previous fiscal year. The main factors for this include an increase of 247,031
thousand yen in cash and deposits, primarily due to financings for the exercise of share acquisition rights
exceeding expenditures related to research and development, etc.
Liabilities were 211,785 thousand yen, a decrease of 27,615 thousand yen from the end of the previous fiscal
year. The main factors for this include a decrease of 15,847 thousand yen in accounts payable – other due to adecrease in expenditures related to research and development, etc.
Net assets were 3,537,642 thousand yen, an increase of 302,405 thousand yen from the end of the previous
fiscal year. The main factors for this are the increase of 1,026,500 thousand yen in capital stock and capitalsurplus, respectively, and the recording of a net loss of 1,719,634 thousand yen.
As a result of the above, equity ratio was 93.7% compared to 91.5% at the end of the previous fiscal year.
―2―(3) Overview of Cash Flows for the Fiscal Year under Review
At the end of the fiscal year under review, cash and cash equivalents (hereinafter “net cash”) amounted to3,265,388 thousand yen, an increase of 247,031 thousand yen from the end of the previous fiscal year. The
situation of each cash flow for the fiscal year under review and the underlying factors are as follows:(Cash flows from operating activities)
Net cash used in operating activities amounted to 1,769,848 thousand yen (1,784,461 thousand yen used in
the previous fiscal year). This was mainly due to recording loss before income taxes of 1,717,214 thousand yen.
(Cash flows from investing activities)
Net cash used in investing activities amounted to 36,211 thousand yen (106,879 thousand yen used in theprevious fiscal year). This was mainly due to 34,920 thousand yen spent for purchase of property, plant andequipment associated with research and development equipment, etc.
(Cash flows from financing activities)
Net cash provided from financing activities amounted to 2,053,090 thousand yen (8,521 thousand yen provided
in the previous fiscal year). This was mainly due to 2,052,505 thousand yen in proceeds from issuance of shares
resulting from exercise of share acquisition rights.
(4) Future Outlook
The Company specializes in the field of cancer immunotherapy drugs, and has developed cancer vaccines
since its foundation. With the new addition of cell therapy agents and antibody drugs, the Company will work on
drug candidates in these three modalities (drug types), under a business model that covers the process frombasic research to clinical trials, followed by licensing out.
The cancer peptide vaccine (GRN-1201) targeting NSCLC for use in combination with immune check point
inhibitors is currently under phase II clinical trial in the US. Upon accumulating a certain number of cases, aninterim assessment will be made, and if the target response rates are attained, more cases will be accumulated.
Despite the status of the COVID-19 pandemic in the US, clinical trials are continuing without suspensions orcancellations. However, case registrations seem to be taking a long time.
iPS-NKT, whose phase I clinical trial (investigator-initiated) has commenced, is an allogeneic cell therapy
agent using regenerated NKT cells derived from iPS cells to treat solid tumors. This development project, which
was initially led by RIKEN and National University Corporation Chiba University, has become a joint study withthe participation by the Company from 2018, and the Company retains the option to license in the right toexclusive development, manufacturing, and marketing of iPS-NKT cell therapy. The Company is supporting thisinvestigator-initiated clinical trial while improving the manufacturing process with an eye to the sponsor-initiatedtrials following this investigator-initiated trial.
BP2301 is a chimeric antigen receptor T cell (HER2 CAR-T cell) therapy that recognizes HER2 antigens thatare highly expressed in various solid tumors. The Company, together with Professor Yozo Nakazawa of Shinshu
University and Assistant Professor Shigeki Yagyu of Kyoto Prefectural University of Medicine, jointly developed
a new CAR-T cell culture method and by combining this method with Professor Nakazawa’s non-viral genetransfer method, succeeded in producing young memory T cells, long-lived in vivo, that may achieve long-term
persistence of anti-tumor effects. Preparations are underway for clinical trials that target osteosarcoma, a typeof pediatric cancer, as the first type of cancer to be targeted by this therapy.
BP1101, which is in pre-clinical trials, is a fully-personalized neoantigen vaccine*3 inducing cancer immunity
against antigens derived from cancer-specific genetic mutations (neoantigens). As tumor mutation burden(number of neoantigens) and response to the immune check point antibody therapy correlate, the antibody isdeemed to enhance the antitumor effect of T cells, which identify neoantigens as cancer markers through thisantibody. Since these neoantigens are completely unique to every individual patient, this neoantigen-based
approach involves individualized therapy. In other words, patients receive personalized neoantigen vaccines
tailored to each of them. Such personalized vaccination requires a development approach totally different fromconventional mass-produced drugs intended for multiple patients in a predefined group. BP1209, a nextgeneration version of BP1101, is a dendritic cell marker-antibody conjugate vaccine that has enhanced the―3―

delivery of neoantigen vaccines to the lymph nodes where dendritic cells and T cells are associated so that theadministered neoantigen vaccines efficiently stimulate the T cells in vivo. The Company is continuing its basic
research.
BP1401, which is also in the pre-clinical trial phase, is a TLR9 Agonist which stimulates the TLR9 receptorsof dendritic cells to facilitate the active functioning of T cells with antitumor response in a strongly
immunosuppressive tumor microenvironment. It attempts to turn a “cold tumor,” characterized by the absenceof T cells that attack cancer cells at the tumor site, into a “hot tumor,” in which many T cells exist.
Antibody drug pipelines are at the basic research phase and multiple antibodies including BP1200 (antiCD73 antibody) and BP1210 (anti-TIM-3 antibody) that aim to achieve cancer immunity are being developed.
The Company is continuing its efforts with the aim of licensing out these antibodies.
As a result of the above, for the fiscal year ending March 31, 2022, we are planning research anddevelopment costs of 1,515 million yen to further promote research and development, and expecting an
operating loss of 1,852 million yen, ordinary loss of 1,852 million yen, and net loss of 1,854 million yen.
<Glossary>*1 cancer immunotherapy
Cancer immunotherapy evokes and increases the immune reaction against cancer cells (cancer immunity)
to kill cancer cells, reduce tumors, suppress progression/metastasis and prevent a recurrence.
*2 immune check point inhibitor antibodies
Cancer cells have a mechanism to suppress the immune system and evade the anticancer response of
immune cells through molecules called immune check points. Antibody drugs inhibit immune check points toblock this suppression and enhance immune reactions to cancer cells.
*3 fully personalized neoantigen cancer vaccine
Cancer vaccines tailored to match the neoantigens found on cancer cells of individual patients. Clinical trials
are performed overseas by academia and preceding development companies.

2. Basic Stance on Choice of Accounting Standards
The Company applies accounting principles generally accepted in Japan (Japanese GAAP), and willappropriately consider the adoption of International Financial Reporting Standards (IFRS) in line with various
conditions in Japan and overseas in the future.

―4―

3. Financial Statements and Primary Notes(1) Balance Sheets(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

3,018,356
659

3,265,388
283

309,169

385,321

3,328,186

3,650,992

Buildings, net
Machinery and equipment, net

0
0

0
0

Tools, furniture and fixtures, net

97,15648,201

Total property, plant and equipment

97,15648,201

Software00

Total intangible assets

0

0

Other
Total current assets
Non-current assets
Property, plant and equipment

Intangible assets

Investments and other assets
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Total assets

―5―

0

0

49,29650,23449,29650,234146,452

98,4353,474,639

3,749,428

(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Accounts payable - trade
Accounts payable - other814
128,261

468
112,413

Accrued expenses
Income taxes payable

1,661
34,158

6,662
31,998Advances received
Deposits received

976
6,989

8
4,853

Total current liabilities

172,862

156,405

Deferred tax liabilities
Provision for retirement benefits

044,254033,005

Asset retirement obligations

22,28522,374Non-current liabilities

Total non-current liabilities

66,53955,379239,401

211,785

5,433,211

6,459,712

Legal capital surplus

5,416,796

6,443,296

Total capital surpluses

5,416,796

6,443,296

Other retained earnings
Retained earnings brought forward-7,671,989-9,391,623

Total retained earnings-7,671,989-9,391,623

Total shareholders' equity

3,178,018

3,511,385

57,21926,2573,235,237

3,537,642

3,474,639

3,749,428

Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus

Retained earnings

Share acquisition rights
Total net assets
Total liabilities and net assets―6―

(2) Statements of Operations(Thousands of yen)
Fiscal year ended
March 31, 2020
Net sales
Revenue from research and development

Fiscal year ended
March 31, 2021

3,800

2,504

Net sales of goods

7,500

-

Total net sales

11,3002,504

Cost of sales
Research and development costs

1,467

1,145

Cost of goods soldCost of purchased goods

3,000

－

Total

3,000

－

Cost of goods sold

3,000

－

4,467

1,145

6,832

1,358

Total cost of sales
Gross profit
Selling, general and administrative expenses

1,834,182

1,734,161

Operating income-1,827,349-1,732,802

42
3,009

35
3,131

Non-operating income
Interest income
Foreign exchange gains
Other
Total non-operating income

357

98

3,409

3,265

Non-operating expenses
Miscellaneous loss

56

0

Share issuance cost

－

9,099

Total non-operating expenses
Ordinary income
Extraordinary profit
Gain on reversal of share acquisition rights
Gain on sales of non-current assets
Total extraordinary profit

56

9,099

-1,823,996-1,738,636

12,45431,051

95－

12,55031,051

255
48,159－9,629

Extraordinary losses
Loss on sales of non-current assets
Impairment loss
Other

－

0

Total extraordinary losses

48,415

9,629

Income before income taxes-1,859,861-1,717,214

Income taxes - current
Income taxes - deferred

2,732-4,8192,420

Total income taxes-2,0872,420-1,857,774-1,719,634

Net income―7―－Manufacturing Statement
1. Manufacturing statement for research and development costs
Fiscal year ended
March 31, 2020
Category

Notes

Amount(Thousand yen)

Fiscal year ended
March 31, 2021

Composition(%)

Amount(Thousand yen)

Composition(%)

I. Material cost

－

－

－

－

II Labor cost

－

－

－

－

1,467

100.0

1,145

100.0

1,467

100.0

1,145

100.0

III Expenses*1

Research and development
expenses for the current period
Work in progress at the
beginning of the period
Total

－

－

1,467

1,145

－

－

1,467

1,145

Transfer to other accountResearch and development
costs for the current period(Note) *1 Main breakdown is as follows:(Thousand yen)
Item

Fiscal year ended
March 31, 2020

Outsourcing expenses

Fiscal year ended
March 31, 2021
720

(Cost accounting method)
The Company adopts the job-order cost system.

―8―

720

(3) Statement of Changes in Net Assets
Fiscal year ended March 31, 2020 (From April 1, 2019 to March 31, 2020)(Thousands of yen)
Shareholders’ equity
Capital assets
surplusCapital stock

Balance at beginning ofcurrent period
Changes of items
during period
Issuance of newsharesLegal capital Total capitalsurplussurplus5,427,836

5,411,421

5,411,421

5,375

5,375

5,375

Net loss
Net changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

Retainedearnings
Other
Share
retained
Total
acquisition
earnings
shareholders'
rightsTotal retained
equityRetainedearnings
earnings
brought
forward-5,814,215-1,857,774-5,814,215-1,857,774

5,025,042

71,029Total net
assets

5,096,072

10,75010,750-1,857,774-1,857,774-13,810-13,810

5,375

5,375

5,375

-1,857,774-1,857,774-1,847,024-13,810-1,860,834

5,433,211

5,416,796

5,416,796-7,671,989-7,671,989

3,178,018

57,2193,235,237

Fiscal year ended March 31, 2021 (From April 1, 2020 to March 31, 2021)(Thousands of yen)
Shareholders’ equity
Capital assets
surplusCapital stock

Balance at beginning ofcurrent period
Changes of items
during period
Issuance of newsharesLegal capital Total capitalsurplussurplus5,433,211

5,416,796

5,416,796

1,026,500

1,026,500

1,026,500

Net loss
Net changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

Retainedearnings
Share
Other
acquisition
retainedTotal
rightsearnings
shareholders'
Total retained
equityRetainedearnings
earnings
brought
forward-7,671,989-1,719,634-7,671,989-1,719,634

3,178,018

57,219Total net
assets3,235,237

2,053,001

2,053,001-1,719,634-1,719,634-30,961-30,961

1,026,500

1,026,500

1,026,500-1,719,634-1,719,634

333,366-30,961

302,405

6,459,712

6,443,296

6,443,296-9,391,623-9,391,623

3,511,385

26,2573,537,642―9―

(4) Statements of Cash Flows(Thousands of yen)
Fiscal year ended
March 31, 2020
Cash flows from operating activities
Loss before income taxes

Fiscal year ended
March 31, 2021

-1,859,861-1,717,214

Depreciation
Share-based compensation expenses

62,471
872

66,688

Impairment loss
Gain on reversal of share acquisition rights

48,159-12,454－9,629-31,051

Increase (decrease) in retirement benefit liability
Interest and dividend income

11,112-42-11,249-35

Decrease (increase) in notes and accounts receivable - trade
Increase (decrease) in notes and accounts payable - trade181-27,519

376-346

Increase (decrease) in advances received
Other, net-967-4,329-967-82,980-1,782,376-1,767,150

4235

SubtotalInterest and dividend income received
Income taxes paid
Net cash provided by (used in) operating activities-2,127-2,732-1,784,461-1,769,848-107,282-2,850-34,920
-354

495

－
-937

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sales of property, plant and equipment
Payments for guarantee deposits
Proceeds from collection of guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from issuance of shares resulting from exercise of shareacquisition rights
Repurchase of share acquisition rights
Proceeds from issuance of share acquisition rights

－
2,758

－

-106,879-36,211

10,7502,052,505-2,228－－585

Net cash provided by (used in) financing activities

8,521

2,053,090

Net increase (decrease) in cash and cash equivalents-1,882,820

247,031

Cash and cash equivalents at beginning of period

4,901,177

3,018,356

Cash and cash equivalents at end of period

3,018,356

3,265,388―10―

(5) Notes to Financial Statements(Notes on going concern assumption)
Not applicable.
(Statement of cash flows)
Details of significant no-cash transactions
Asset retirement obligations
Fiscal year ended
March 31, 2020
Significant asset retirement obligations recorded

583(Thousands of yen)
Fiscal year ended
March 31, 2021－

(Segment information, etc.)
Segment information is omitted as the Company operates in the single business segment of the pharmaceuticaldevelopment business and there is no other significant segment information.
(Per share information)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021
Yen

Yen

Net assets per share

75.49

69.10

Net loss per share-44.20-36.14(Notes) 1. Fully diluted net income per share is not stated as net loss was recorded although there are residual shares.
2. The basis for calculating net loss per share is as follows:
Fiscal year ended
March 31, 2020
Net loss (Thousands of yen)Amount not attributable to common shareholders(Thousand yen)
Net loss for common stock (Thousand yen)

Fiscal year ended
March 31, 2021

-1,857,774-1,719,634――-1,857,774-1,719,634

Average number of shares of common stock during the42,031,977
period (Shares)
Overview of residual shares not included in calculationof fully diluted net income per share due to lack of―dilutive effect
3. The basis for calculating net assets per share is as follows:
Fiscal year ended
March 31, 2020
Total net assets (Thousand yen)

47,581,918―

Fiscal year ended
March 31, 2021

3,235,237

3,537,642

Amount deducted from total net assets (Thousand yen)

57,21926,257(of which, share acquisition rights) (Thousand yen)

-57,219-26,257

Net assets at the end of the period for common stock(Thousand yen)

3,178,018

3,511,385

Number of shares of common stock at the end of theperiod to calculate net assets per share (Shares)

42,101,000

50,817,500(Significant subsequent events)
Not applicable.

―11―