<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text2" style="orphans:0;widows:0;">Pharmaceutical research and development requires substantial initial investment with long-term recovery periods. Since our founding, the Company has consistently recorded operating losses and net losses attributable to parent company shareholders. As of the end of the current fiscal year, the Company is not in a financial position to pay dividends under the provisions of the Companies Act. Given our current stage of advanced research and development investment, we believe that maximizing shareholder value is best achieved by actively promoting development to enhance corporate value. Our policy is to prioritize securing research and development funds through retained earnings for the time being.</p><p class="smt_text2" style="orphans:0;widows:0;">We recognize that returning profits to shareholders is an important management issue. In the future, when new drugs currently under development are launched and generate net profit attributable to parent company shareholders from their sales, we intend to consider implementing profit returns through dividends while taking into account our business performance and financial condition.</p><p class="smt_text2" style="orphans:0;widows:0;">When distributing surplus, we plan to pay dividends once annually at the fiscal year-end. The decision-making body for dividends is the shareholders' meeting. Additionally, to enable flexible dividend responses, our articles of incorporation provide that interim dividends may be implemented by board of directors resolution pursuant to Article 454, Paragraph 5 of the Companies Act.</p><p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:0pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:15pt;"> </p>

<p>Given our current stage of significant research and development investment, our policy prioritizes securing funds for research and development by retaining earnings internally. In the future, when our drugs under development are launched and generate profits, we will consider returning profits to shareholders through dividends, taking into account our business performance and financial condition at that time. When dividends are paid, we plan to make them once annually at the fiscal year-end as our standard practice, while also maintaining the capability to pay interim dividends if needed.</p>

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2026/02/13)	0	0	0	-
FY2025	Actual(2026/02/13)	0	0	0	-
	Forecast(2025/02/14)	0	0	0	-
FY2024	Actual(2025/02/14)	0	0	0	-
	Forecast(2024/02/09)	0	0	0	-
FY2023	Actual(2024/02/09)	0	0	0	-
	Forecast(2023/02/10)	0	0	0	-
FY2022	Actual(2023/02/10)	0	0	0	-
	Forecast(2022/02/10)	0	0	0	-
FY2021	Actual(2022/02/10)	0	0	0	-
	Forecast(2021/02/10)	0	0	0	-
FY2020	Actual(2021/02/10)	0	0	0	-
FY2019	Actual(2021/02/10)	0	0	0	-

(4586) Dividends

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Dividend History (Forecasts, Revisions, Actuals)