<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company has not paid dividends since its establishment. Additionally, as retained earnings are negative at the end of the current fiscal year, no dividend of surplus will be paid.<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;">The Company's regenerative medicine pipeline development will require several more years before contributing materially to earnings. Meanwhile, the Company plans to continue substantial and ongoing research and development activities involving significant upfront investments. Accordingly, the Company intends to prioritize internal reserves in the near term, with retained funds allocated to research and development activities.However, the Company recognizes that returning profits to shareholders is one of its most important management priorities. The Company will continue to examine ways to implement dividends as early as possible, taking into account operating results and financial condition.When the Company pays dividends, its basic policy is to pay year-end dividends once annually. The Company's articles of incorporation provide for the ability to pay interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act. Additionally, the Company's articles of incorporation stipulate that the shareholders' meeting is the decision-making body for dividend payments.

For the time being, we are focusing on building internal reserves and allocating these retained earnings toward research and development. When we do pay dividends, our basic policy is to implement a year-end dividend once per year. We are considering how to realize dividend payments as early as possible while taking into account our operating results and financial condition.

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(2024/02/14)	0	0	0	-
FY2023	Actual(2024/02/14)	0	0	0	-
	Forecast(2023/02/14)	0	0	0	-
FY2022	Actual(2023/02/14)	0	0	0	-
FY2021	Actual(2023/02/14)	0	0	0	-

【JP:4892】Dividends

Dividend Policy

Dividend per Share

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Dividend History (Forecasts, Revisions, Actuals)