<h3>3. Dividend Policy</h3>
The Company considers shareholder returns through capital gains from increased corporate value and dividend distributions of retained earnings to be important management strategies. However, pharmaceutical research and development requires a long-term commitment and substantial upfront investment.
Currently, the Company is prioritizing the expansion of Steboronin® as its business foundation by expanding its approved indications domestically and advancing global operations centered on the United States, Europe, and Asia. The Company is making upfront investments toward these goals and is not in a financial position to pay dividends under the Companies Act.
Once the pharmaceutical business achieves stable profitability and reaches an appropriate financial position, the Company's basic policy is to make appropriate decisions regarding dividend implementation after considering the balance among new research and development investments, retained earnings, and shareholder returns. Retained funds will be allocated to research and development for business expansion, capital expenditures, and human resource development.
The Company's dividend distributions are based on a basic policy of two payments per year: an interim dividend with a record date of September 30 and a year-end dividend with a record date of March 31.
The Articles of Incorporation also provide that dividend distributions may be made on other record dates as determined by the Company.
Matters specified in Article 459, Paragraph 1 of the Companies Act are determined by Board of Directors resolution, except where otherwise provided by law, as stipulated in the Articles of Incorporation.

We will implement dividends based on our basic policy of balancing research and development investment, retained earnings, and shareholder returns once our pharmaceutical business achieves stable profitability and a sound financial position. Retained earnings will be allocated to research and development for business expansion, capital expenditures, and human resource development. We plan to pay dividends twice per year as our basic policy.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2025/05/09)	0	0	0	-
FY2025	Actual(2025/05/09)	0	0	0	-
	Forecast(2024/05/10)	0	0	0	-
FY2024	Actual(2024/05/10)	0	0	0	-
	Forecast(2023/05/09)	0	0	0	-
FY2023	Actual(2023/05/09)	0	0	0	-
	Forecast(2022/05/10)	0	0	0	-
FY2022	Actual(2022/05/10)	0	0	0	-
	Forecast(2021/05/10)	0	0	0	-
FY2021	Actual(2021/05/10)	0	0	0	-
FY2020	Actual(2021/05/10)	0	0	0	-

(4888) Dividends

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Dividend History (Forecasts, Revisions, Actuals)