May 13, 2021 BrightPath Biotherapeutics Co., Ltd. TSE Code 4594 URL President & CEO Representative (Title) Contact (Title) Director Scheduled date of annual meeting of stockholders Scheduled date of dividend payment commencement Scheduled date of submission of securities report Supplementary materials for financial statements Briefing of financial results Listed Market Mothers, TSE https://www.brightpathbio.com/english/index.html (Name)   Kenichi Nagai Seiji Nagano (TEL) +81-3-5840-7697 (Name) : June 24, 2021 : June 25, 2021 : Yes : 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) (1) Results of Operation (Percentages represent changes from the same period of previous year)
residual shares.
3. Projected financial results for fiscal year 2022 (April 1, 2021 – March 31, 2022)

[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. : None 2) Changes in accounting policies due to other reasons than above 1) : None 3) Changes in accounting estimates 4) Restatements : None : None (2) Number of shares outstanding (common stock) 1) Number of shares outstanding at the end 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 the period
* 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 specific notes - All forecasts and projections contained in this document are based on the information available and certain assumptions deemed reasonable by the Company at this time. They are not intended to represent 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 notes on their use, please refer to “1. Overview of Operating Results, etc., (4) Future Outlook” on page 3 of the attachment. Contents of the Attachment

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 were heavily 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 the vaccinations. 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 around once 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 than antibodies. 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, cell therapy 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 of the 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, the HER2 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 and suppression 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 a decrease 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 capital surplus, 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 to 3,265,388 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 the previous fiscal year). This was mainly due to 34,920 thousand yen spent for purchase of property, plant and equipment 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 from basic 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, an interim 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 or cancellations. 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 with the participation by the Company from 2018, and the Company retains the option to license in the right to exclusive development, manufacturing, and marketing of iPS-NKT cell therapy. The Company is supporting this investigator-initiated clinical trial while improving the manufacturing process with an eye to the sponsor-initiated trials following this investigator-initiated trial. BP2301 is a chimeric antigen receptor T cell (HER2 CAR-T cell) therapy that recognizes HER2 antigens that are 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 gene transfer 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 type of 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 is deemed to enhance the antitumor effect of T cells, which identify neoantigens as cancer markers through this antibody. 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 from conventional mass-produced drugs intended for multiple patients in a predefined group. BP1209, a next- generation version of BP1101, is a dendritic cell marker-antibody conjugate vaccine that has enhanced the — delivery of neoantigen vaccines to the lymph nodes where dendritic cells and T cells are associated so that the administered 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 receptors of 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 absence of 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 (anti- CD73 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 and development 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 to block 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 will appropriately consider the adoption of International Financial Reporting Standards (IFRS) in line with various conditions in Japan and overseas in the future.

3. Financial Statements and Primary Notes
(1) Balance Sheets

Manufacturing Statement

(Note) *1 Main breakdown is as follows:
(Cost accounting method) The Company adopts the job-order cost system.
Fiscal year ended March 31, 2021 (From April 1, 2020 to March 31, 2021)
(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
(Segment information, etc.) Segment information is omitted as the Company operates in the single business segment of the pharmaceutical development business and there is no other significant segment information.
(Significant subsequent events) Not applicable.