Modalis Therapeutics Corporation

<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">The Company has not paid dividends since its establishment. Going forward, we plan to implement research and development activities requiring substantial upfront investment. Therefore, our current policy is to prioritize securing funds for continued research and development activities rather than paying dividends. However, we recognize that returning profits to shareholders is an important management priority. Should the Company achieve stable earnings in the future and secure sufficient profits to cover research and development expenses, we will consider dividend payments after comprehensively evaluating the need to build internal reserves for future research and development activities and other factors.</p><p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;"><span style="font-family:'ＭＳ 明朝';font-size:9pt;">When surplus dividends are paid, we plan to distribute them twice annually: an interim dividend and a year-end dividend. The Board of Directors will decide on both the year-end dividend and interim dividend.</span></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>For the time being, the company will not pay dividends. Instead, it prioritizes securing funds to support ongoing research and development activities that require substantial upfront investment. In the future, if the company achieves stable earnings and secures sufficient profits to cover research and development costs, it will consider paying dividends after comprehensively evaluating the need to strengthen retained earnings and other factors. If dividends are implemented, they will be paid twice per year.</p>

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2026/02/12)	0	0	0	-
FY2025	Actual(2026/02/12)	0	0	0	-
	Forecast(2025/02/13)	0	0	0	-
FY2024	Actual(2025/02/13)	0	0	0	-
	Forecast(2024/02/14)	0	0	0	-
FY2023	Actual(2024/02/14)	0	0	0	-
	Forecast(2023/02/13)	0	0	0	-
FY2022	Actual(2023/02/13)	0	0	0	-
	Forecast(2022/02/14)	0	0	0	-
FY2021	Actual(2022/02/14)	0	0	0	-
	Forecast(2021/08/05)	0	0	0	-
FY2020	Actual(2021/08/05)	0	0	0	-

Modalis Therapeutics Corporation (4883) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)