<h3>3. Dividend Policy</h3>
<p style="margin-left: 24px; text-align: justify; text-justify: inter-ideograph; text-indent: 12px">Our Group views shareholder returns through capital gains from increased corporate value and dividends from retained earnings as important management priorities. Pharmaceutical development requires substantial investment over extended periods. Currently, our Group prioritizes upfront investment in its business operations and therefore does not have the financial position under the Companies Act to pay dividends at this time. Once our pipeline pharmaceutical products are commercialized and we achieve a sound financial position, we intend to consider dividends while emphasizing the balance between further development investment and shareholder returns.</p>
<p style="margin-left: 24px; text-align: justify; text-justify: inter-ideograph; text-indent: 12px">Additionally, our Articles of Incorporation provide that dividend decisions may be determined by Board of Directors resolution rather than shareholder meeting resolution, except where otherwise required by law. The record date for year-end dividends is December 31 each year, and the record date for interim dividends is June 30 each year.</p>
<p style="text-align: left"> </p>

<p>Our basic policy treats shareholder returns through capital gains via increased corporate value and dividend payments as important management initiatives. Currently, we prioritize advance investments and do not pay dividends. When our medicines under development are commercialized, we will consider implementing dividends while emphasizing a balance between development investments and shareholder returns. The record date for year-end dividends is December 31, and for interim dividends is June 30. Dividends are determined by Board of Directors resolution.</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(2025/02/12)	0	0	0	-
FY2024	Actual(2025/02/12)	0	0	0	-
	Forecast(2024/05/15)	0	0	0	-
FY2023	Actual(2024/05/15)	0	0	0	-
	Forecast(2023/05/15)	0	0	0	-
FY2022	Actual(2023/05/15)	0	0	0	-
	Forecast(2022/02/09)	0	0	0	-
FY2021	Actual(2022/02/09)	0	0	0	-
	Forecast(2021/02/10)	0	0	0	0.0%
FY2020	Actual(2021/02/10)	0	0	0	0.0%
	Forecast(2020/11/13)	0	0	-	-
FY2019	Actual(2020/11/13)	0	0	-	-

【JP:4597】Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)