Financial Results for the Fiscal Year ended March 31, 2019
[Japanese GAAP] (non-consolidated)
May 10, 2019
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) Katsuhiro Kobayashi (TEL) +81-3-5840-7697
Scheduled date of annual meeting of stockholders: June 19, 2019
Scheduled date of dividend payment commencement:－Scheduled date of submission of securities report: June 20, 2019
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. Projected financial results for fiscal year 2019 (April 1, 2018 – March 31, 2019)(Percentages represent changes from the same period of previous year)(1) Results of Operation
Net sales

Operating income

Million yen

Fiscal year ended March 31, 2019
Fiscal year ended March 31, 2018

155
354

% Million yen-56.0-33.1

Net income pershare-1,665-1,452

Ordinary income

Net income%Million yen%

Million yen%－－

-1,678-1,569－－-1,884-1,577－－

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

YenYen%Operatingmargin%%

Fiscal year ended March 31, 2019-44.95-31.6-26.8-1,069.0－
Fiscal year ended March 31, 2018-41.25－－－－(Notes) 1. Return on shareholders’ equity, Ratio of ordinary income to total assets and Operating margin for the fiscal
year ending March 31, 2018 are not stated, because the company began preparing non-consolidated
financial statements from the fiscal year ended March 31, 2019.
2. Fully diluted net income per share is not stated as net loss was recorded for this period although there areresidual shares.

(2) Financial Positions
Total assets

Net assets

Million yen

As of March 31, 2019
As of March 31, 2018
(Reference) Shareholders’ equity

Net assets pershareEquity ratio

Million yen%

Yen

5,304
5,096
7,237
6,950
As of March 31, 2019 5,025 Million yen
As of March 31, 2018 6,893 Million yen

94.7
95.2

119.66164.78(3) Cash Flows
Cash flows
from operatingactivities

Cash flows
from investing
activities

Million yen

Cash flows
from financing
activities

Million yen

Cash and cash
equivalents at endof period

Million yen

Million yen

Fiscal year ended March 31, 2019
-1,457-185
154,901
Fiscal year ended March 31, 2018－－－－(Note)
Cash flows for the fiscal year ending March 31, 2018 are not stated, because the company began preparing
non-consolidated financial statements from the fiscal year ended March 31, 2019.

2. Dividends
Annual Dividends per share
1Q
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2019
Fiscal year ending March 31, 2020
(Forecast)

2Q

3Q

4Q

AnnualTotaldividends
paid(annual)

Ratio ofPayout ratio dividends tonet assets

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

―1――

3. Projected financial results for fiscal year ending March 31, 2020 (April 1, 2019 – March 31, 2020)
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 year
4-58.03－ -2,417－ -2,417－ -2,437－(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 fiscal term (including treasurystocks)2) Number of treasury stocks at the endof fiscal term3) Average number of shares during thefiscal term (cumulative from beginningof quarter)

As of March 31,
2019
As of March 31,
2019Year ended
March 31, 2019

41,993,500 shares― shares41,916,428 shares

As of March 31,
2018
As of March 31,
2018Year ended
March 31, 201841,835,400 shares― shares38,234,840 shares* These financial results are outside the scope of review procedures by a certified public accountant or anaudit corporation.
* Explanations regarding appropriate use of forecasts and projections of financial results, and other specificnotes.
- All forecasts and projections contained in this presentation are based on the information currently
available to the management and they are not intended to represent our promise to attain them as agoal. Furthermore, due to various reasons, actual results may differ substantially.
- As the result of waiver of claims for a subsidiary (Advanced Immunotherapy Co., Ltd.), the company
shift to non-consolidated settlement of accounts from the fiscal year ending March 2019.

―2―Financial statements(1) Balance sheets(Thousands of yen)
As of March 31, 2018

As of March 31, 2019

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

6,528,053
77,012

4,901,177
841

990
3,006

－－

Raw materials and supplies
Short-term loans receivable

23,573
180,000

Other
Allowance for doubtful accounts

252,465-152,245－－
259,629

Total current assets

6,912,856

5,161,647

Buildings, net
Machinery and equipment, net

53,161191

00Tools, furniture and fixtures, net

201,798

90,760Total property, plant and equipment

255,152

90,760Software13,5140Total intangible assets

13,5140

Shares of subsidiaries and associates
Long-term prepaid expenses

07,380－0

Other48,53152,055

Total investments and other assets

55,91152,055Merchandise and finished goods
Work in process－Non-current assets
Property, plant and equipment

Intangible assets

Investments and other assets

Total non-current assets
Total assets―3―

324,578

142,815

7,237,434

5,304,463

(Thousands of yen)
As of March 31, 2018

As of March 31, 2019

Liabilities
Current liabilities
Accounts payable - trade
Accounts payable - other

8,769
165,479

28,33374,001

Accrued expenses
Income taxes payable

6,431
34,996

6,234
31,920

Advances received
Deposits received

8,931
6,030

1,943
6,383

Total current liabilities

230,638

148,816

Non-current liabilities
Deferred tax liabilities
Provision for retirement benefits
Asset retirement obligations
Total non-current liabilities

4,700

4,819

31,46520,05933,142
21,61256,22559,574

286,863

208,3905,419,931

5,427,836

5,403,516

5,411,421

5,403,516

5,411,421-3,929,896-5,814,215

Total retained earnings-3,929,896-5,814,215

Total shareholders' equity

6,893,551

5,025,042

Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Legal capital surplus
Total capital surpluses
Retained earnings
Other retained earnings
Retained earnings brought forward

Share acquisition rights
Total net assets
Total liabilities and net assets―4―57,01971,0296,950,570

5,096,072

7,237,434

5,304,463

(2) Statements of operations(Thousands of yen)
Fiscal year ended
March 31, 2018
Net sales
Revenue from research and development

Fiscal year ended
March 31, 2019

325,495

124,920

Net sales of goods
Other sales

4,055
24,8607,348
23,540Total net sales

354,410

155,808

313,01466,712

Cost of sales
Research and development costs
Cost of goods soldBeginning goods

180990

Cost of purchased goods

2,970

3,000

Total

3,150

3,990

990

－

Ending goods
Cost of goods soldTotal cost of sales
Gross profit

2,160

3,990

315,174

70,702

39,235

85,106

Selling, general and administrative expenses

1,491,591

1,750,655

Operating loss

-1,452,355-1,665,548

Interest income
Subsidy income

1,085
300

1,762
14,084

Technical advisory fee
Other43,123
2,625

3,600
665

Total non-operating income

47,134

20,111－
11,772

4,033

152,245

28,614Non-operating income

Non-operating expenses
Foreign exchange losses
Share issuance cost
Provision of allowance for doubtful accounts for
subsidiaries and affiliates
Other
Total non-operating expenses
Ordinary loss

―5―－409－

164,426

32,647-1,569,648-1,678,084

(Thousands of yen)
Fiscal year ended
March 31, 2018
Extraordinary losses
Loss on valuation of shares of subsidiaries andassociates
Impairment loss
Other
Total extraordinary losses
Loss before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Loss―6―

Fiscal year ended
March 31, 2019

2,549

7,200

－

194,829

－

415

2,549

202,445-1,572,198
4,354-1,880,529
3,670

590

118

4,944

3,788

-1,577,142-1,884,318

(3) Statement of Changes in Net Assets
Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018)(Thousands of yen)
Shareholders’ equity
Capital assets
surplusCapital stock

Balance at beginning ofcurrent period
Changes of items
during period
Issuance of newshares

Legal capital Total capitalsurplussurplus3,774,413

3,757,998

3,757,998

1,645,517

1,645,517

1,645,517

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

Retainedearnings
Other
Share
retained
Totalacquisition
earnings
shareholders'rightsTotal retained
equityRetainedearnings
earnings
brought
forward-2,352,753-1,577,142-2,352,753-1,577,142

5,179,658

20,216

Total net
assets5,199,874

3,291,035

3,291,035-1,577,142-1,577,142
36,80336,803

1,645,517

1,645,517

1,645,517-1,577,142-1,577,142

1,713,892

36,803

1,750,696

5,419,931

5,403,516

5,403,516-3,929,896-3,929,896

6,893,551

57,0196,950,570

Fiscal year ended March 31, 2019 (From April 1, 2018 to March 31, 2019)(Thousands of yen)
Shareholders’ equity
Capital assets
surplusCapital stock

Balance at beginning ofcurrent period
Changes of items
during period
Issuance of newshares

Legal capital Total capitalsurplussurplus5,419,931

5,403,516

5,403,516

7,905

7,905

7,905

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

Retainedearnings
Otherretainedearnings
Capital stock
Total retained
Retainedearnings
earnings
brought
forward-3,929,896-1,884,318-3,929,896-1,884,318

6,893,551

ShareacquisitionrightsCapitalassetssurplus

Total net
assetsRetainedearnings

57,0196,950,570

15,81015,810-1,884,318-1,884,318
14,01014,010

7,905

7,905

7,905

-1,884,318-1,884,318-1,868,508

14,010-1,854,498

5,427,836

5,411,421

5,411,421-5,814,215-5,814,215

5,025,042

71,0295,096,072―7―

(4) Statements of cash flows(Thousands of yen)
Fiscal year ended
March 31, 2019
Cash flows from operating activities
Loss before income taxes-1,880,529

Depreciation
Share-based compensation expenses

82,77014,010

Impairment loss
Loss on valuation of shares of subsidiaries and associates

194,829
7,200

Provision of allowance for doubtful accounts for subsidiaries and affiliates
Increase (decrease) in retirement benefit liability

28,614
1,677Interest and dividend income
Subsidy income-1,762-14,084

Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories

76,171
27,569

Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in advances received

19,564-6,988Other, net-17,092Subtotal-1,468,048

Interest and dividend income received

63

Proceeds from subsidy income
Income taxes paid

14,084-3,670Net cash provided by (used in) operating activities-1,457,571

Cash flows from investing activities
Purchase of property, plant and equipment-173,164

Purchase of intangible assets
Purchase of shares of subsidiaries-2,093-7,200

Payments of loans receivableCollection of loans receivable-8,20010,000

Payments for guarantee deposits
Proceeds from collection of guarantee deposits-4,323
800

Payments for asset retirement obligations-934

Net cash provided by (used in) investing activities-185,115

Cash flows from financing activities
Proceeds from issuance of shares resulting from exercise of shareacquisition rights
Net cash provided by (used in) financing activities

15,81015,810Net increase (decrease) in cash and cash equivalents-1,626,876

Cash and cash equivalents at beginning of period

6,528,053

Cash and cash equivalents at end of period

4,901,177―8―