<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text2" style="orphans:0;widows:0;">The Company plans to implement research and development activities that require substantial upfront investments on an ongoing basis. For the time being, the Company will not pay dividends and will prioritize securing funds by retaining earnings for clinical trial research expenses, basic research expenses for scientific discovery and intellectual property development, and related purposes. However, the Company recognizes that returning profits to shareholders is an important management priority. In the future, if the Company is able to achieve stable earnings and secure sufficient profits to cover research and development expenses, it will consider dividend payments after comprehensively taking into account the need to build up internal reserves for future research and development activities and other factors.</p><p class="smt_text2" style="orphans:0;widows:0;">When the Company distributes surplus earnings, it intends to conduct dividend distributions twice per year: a year-end dividend and an interim dividend. The Articles of Incorporation provide for the ability to pay interim dividends. The interim dividend is decided by the Board of Directors, and the year-end dividend is decided by the shareholders' meeting.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>Currently, the company prioritizes upfront investment in research and development activities and does not plan to pay dividends. However, once the company achieves stable earnings and secures sufficient profits in the future, it will consider paying dividends after evaluating the need for retained earnings. When dividends are implemented, they are planned to be paid twice annually—at the interim and fiscal year-end periods.</p>

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

(4890) Dividends

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