4576
D.Western Therapeutics Institute, Inc.
株式会社デ・ウエスタン・セラピテクス研究所
Healthcare · Biotechnology
D. Western Therapeutics Institute, Inc., a biotechnology company, focuses on discovery and development of various drugs. It offers GLANATEC and GLA-ALPHA, an ophthalmic solution for the treatment of glaucoma/ocular hypertension; H-1337, a multi-kinase inhibitor that has started Phase IIb clinical trials for the treatment of glaucoma/ocular hypertension; DW-1001, an ophthalmic drug; and DW-1002, an ophthalmic surgical adjuvant for cataract surgeries, and ILM, ALC, ERM, and PVR membrane staining. The company is also developing DW-5LBT, a lidocaine patch for neuropathic pain after shingles; and DWR-2206, a regenerative medicine cell-product for bullous keratopathy. D. Western Therapeutics Institute, Inc. was founded in 1999 and is headquartered in Nagoya, Japan.
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Overview
Filings & Signals
Ownership
Financials
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Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥388M
¥472M
¥428M
¥448M
¥414M
Cost of Sales
¥39M
¥47M
¥37M
¥28M
¥20M
Gross Profit
¥349M
¥425M
¥392M
¥421M
¥394M
SG&A
¥969M
¥1.6B
¥1.2B
¥726M
¥566M
Operating Income
¥-620M
¥-1.2B
¥-799M
¥-306M
¥-172M
Non-Operating Income
¥10M
¥2M
¥7M
¥38M
¥18M
Interest Income
¥2M
¥0M
¥0M
¥0M
¥0M
Non-Operating Expenses
¥21M
¥21M
¥5M
¥28M
¥6M
Interest Expense
¥9M
¥5M
¥2M
¥3M
¥4M
Ordinary Income
¥-630M
¥-1.2B
¥-796M
¥-296M
¥-160M
Pre-tax Income
¥-630M
¥-1.3B
¥-827M
¥-440M
¥-160M
Income Taxes
¥2M
¥2M
¥2M
¥2M
¥2M
Current Tax
¥2M
¥2M
¥2M
¥2M
¥2M
Net Income (owners)
¥-632M
¥-1.3B
¥-812M
¥-430M
¥-149M
Minority Interest
—
—
¥-16M
¥-12M
¥-12M
Comprehensive Income
¥-632M
¥-1.3B
¥-828M
¥-442M
¥-161M
EBITDA
¥-572M
¥-1.2B
¥-750M
¥-260M
¥-126M
EPS
¥-13.19
¥-36.74
¥-25.56
¥-14.50
¥-5.08
Shares Outstanding
54.3M
41.6M
32.1M
30.9M
29.4M
Shares Issued (total)
54.3M
41.6M
32.1M
30.9M
29.4M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
0.0M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥2.2B
¥1.7B
¥2.4B
¥3.0B
¥2.5B
Current Assets
¥2.0B
¥1.5B
¥2.1B
¥2.7B
¥2.2B
Cash & Deposits
¥1.7B
¥1.1B
¥1.9B
¥2.3B
¥1.9B
Trade Receivables
¥95M
¥125M
¥117M
¥171M
¥102M
Non-Current Assets
¥149M
¥194M
¥235M
¥297M
¥301M
PP&E
¥9M
¥11M
¥10M
¥10M
¥5M
Intangible Assets
¥2M
¥44M
¥87M
¥125M
¥167M
Investment Securities
¥143M
¥143M
¥142M
¥154M
¥123M
Total Liabilities
¥734M
¥936M
¥1.1B
¥1.1B
¥428M
Current Liabilities
¥204M
¥133M
¥194M
¥211M
¥193M
ST Debt
¥99M
¥19M
¥10M
¥120M
¥130M
Taxes Payable
¥1M
¥15M
¥12M
¥11M
¥10M
Non-Current Liabilities
¥530M
¥803M
¥900M
¥872M
¥234M
Total LT Borrowings
¥506M
¥779M
¥270M
¥113M
¥210M
Total Equity
¥1.4B
¥734M
¥1.3B
¥1.9B
¥2.0B
Capital Stock
¥697M
¥1.2B
¥832M
¥714M
¥573M
Capital Surplus
¥1.3B
¥3.3B
¥2.9B
¥2.8B
¥2.6B
Retained Earnings
¥-544M
¥-3.7B
¥-2.4B
¥-1.6B
¥-1.2B
Treasury Stock
¥0M
¥0M
¥0M
—
—
AOCI
¥-0M
¥-0M
¥-0M
¥-0M
—
Equity (owners)
¥1.4B
¥732M
¥1.3B
¥1.9B
¥2.0B
Minority Interests
—
—
—
¥16M
¥28M
Total Interest-Bearing Debt ⓘ
¥605M
¥798M
¥279M
¥233M
¥340M
Net Cash ⓘ
¥1.1B
¥328M
¥1.6B
¥2.1B
¥1.6B
NCAV ⓘ
¥1.3B
¥540M
¥1.0B
¥1.6B
¥1.7B
NCAV/Share
¥24
¥13
¥33
¥51
¥59
BV/Share
¥26
¥18
¥40
¥60
¥68
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥-494M
¥-1.3B
¥-587M
¥-355M
¥-176M
Interest Paid
¥-9M
¥-5M
¥-2M
¥-3M
¥-4M
Interest Received
¥2M
¥0M
¥0M
¥0M
¥0M
D&A
¥48M
¥49M
¥49M
¥46M
¥45M
Investing CF
¥-2M
¥-10M
¥-15M
¥-140M
¥-111M
CapEx
¥3M
¥9M
¥12M
¥10M
¥2M
Purchase Investments
—
—
—
¥-130M
¥-109M
Financing CF
¥1.1B
¥568M
¥134M
¥867M
¥-104M
Share Buybacks
—
—
¥0M
—
—
LT Debt Repaid
¥-25M
¥-10M
¥-120M
¥-120M
¥-120M
Free Cash Flow
¥-497M
¥-1.3B
¥-599M
¥-364M
¥-179M
Net Change in Cash
¥584M
¥-741M
¥-467M
¥401M
¥-374M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
-58.3%
-128.2%
-51.5%
-22.0%
-7.3%
ROA
-32.9%
-63.8%
-30.5%
-15.9%
-6.0%
EPS
¥-13.19
¥-36.74
¥-25.56
¥-14.50
¥-5.08
BPS
¥26.44
¥17.59
¥39.81
¥60.14
¥68.27
FCF/Share
¥-9
¥-31
¥-19
¥-12
¥-6
NCAV/Share
¥24
¥13
¥33
¥51
¥59
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 33
Date Activist Stake Event Flag Demands Source
2026-05-13
HIDAKA YUUICHI
11.07%
correction
Passive
—
2026-05-13
HIDAKA YUUICHI
9.0%
-2.07%
change
Passive
—
2026-01-27
HIDAKA YUUICHI
11.07%
-1.04%
change
Passive
—
2025-12-04
SBI SECURITIES Co.,Ltd.
4.45%
-1.04%
change
Passive
—
2025-10-21
SBI SECURITIES Co.,Ltd.
5.49%
-1.79%
change
Passive
—
2025-10-02
SBI SECURITIES Co.,Ltd.
7.28%
-4.1%
change
Passive
—
2025-09-25
SBI SECURITIES Co.,Ltd.
11.38%
-1.02%
change
Passive
—
2025-09-11
SBI SECURITIES Co.,Ltd.
12.4%
-0.87%
change
Passive
—
2025-09-02
SBI SECURITIES Co.,Ltd.
13.27%
-2.52%
change
Passive
—
2025-09-01
SBI SECURITIES Co.,Ltd.
15.79%
-1.03%
change
Passive
—
2025-08-22
SBI SECURITIES Co.,Ltd.
16.82%
-1.52%
change
Passive
—
2025-08-18
SBI SECURITIES Co.,Ltd.
18.34%
-1.77%
change
Passive
—
2025-08-07
SBI SECURITIES Co.,Ltd.
20.11%
initial_5pct
Passive
—
2025-02-06
Cantor Fitzgerald Europe
3.4%
-1.6%
change
Passive
—
2025-02-05
Cantor Fitzgerald Europe
5.0%
-1.11%
change
Passive
—
2025-01-29
Cantor Fitzgerald Europe
6.11%
-1.95%
change
Passive
—
2025-01-17
HIDAKA HIROYOSHI
1.75%
correction
Passive
—
2025-01-08
HIDAKA YUUICHI
12.11%
change
Passive
—
2025-01-08
HIDAKA HIROYOSHI
1.75%
change
Passive
—
2024-12-04
Cantor Fitzgerald Europe
8.06%
-1.99%
change
Passive
—
2024-11-28
Cantor Fitzgerald Europe
10.05%
correction
Passive
—
2024-11-26
Cantor Fitzgerald Europe
10.05%
-2.21%
change
Passive
—
2024-11-21
Cantor Fitzgerald Europe
12.26%
-3.86%
change
Passive
—
2024-09-26
Cantor Fitzgerald Europe
16.12%
-2.21%
change
Passive
—
2024-08-29
Cantor Fitzgerald Europe
18.33%
-1.11%
change
Passive
—
2024-08-19
Cantor Fitzgerald Europe
19.44%
-1.76%
change
Passive
—
2024-07-23
Cantor Fitzgerald Europe
21.2%
-1.11%
change
Passive
—
2024-07-04
Cantor Fitzgerald Europe
22.31%
-5.08%
change
Passive
—
2024-06-19
Cantor Fitzgerald Europe
27.39%
-1.32%
change
Passive
—
2024-06-11
Whiz Partners Inc.
4.15%
-9.05%
change
Passive
—
2024-06-07
Cantor Fitzgerald Europe
28.71%
initial_5pct
Passive
—
2023-07-03
Whiz Partners Inc.
13.2%
-1.16%
change
Passive
—
2023-06-07
Whiz Partners Inc.
14.36%
change
Passive
—
Top 10 Shareholders
Ownership DNA
#
Shareholder
Shares (thou.)
% of Total
1
日高 有一
5,150,600
9.49%
2
楽天証券株式会社共有口
2,311,900
4.26%
3
MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社)
1,130,200
2.08%
4
株式会社SBI証券
885,918
1.63%
5
株式会社ミートプランニング
850,000
1.56%
6
日高 万由子
730,000
1.34%
7
SMBC日興証券株式会社
592,300
1.09%
8
日高 弘義
428,800
0.79%
9
日本証券金融株式会社
360,500
0.66%
10
モルガン・スタンレーMUFG証券株式会社
306,113
0.56%
Domestic Nominees
0.0%
+0.0% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
23.5%
-0.8% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
日高 有一
9.09%
7.30%
9.49%
+2.19%
楽天証券株式会社共有口
NEW ENTRY
—
—
—
4.26%
NEW
MSIP CLIENT SECURITIES
↑
—
1.22%
2.08%
+0.86%
式会社SBI証券
NEW ENTRY
—
—
—
1.63%
NEW
式会社ミートプランニング
1.05%
1.42%
1.56%
+0.14%
日高 万由子
NEW ENTRY
—
—
—
1.34%
NEW
SMBC日興証券
—
0.98%
1.09%
+0.11%
日高 弘義
9.73%
7.51%
0.79%
-6.72%
日本証券金融
NEW ENTRY
—
—
—
0.66%
NEW
Morgan Stanley
NEW ENTRY
—
—
—
0.56%
NEW
楽天証券
last seen 2024
Exited Top 10
—
2.10%
—
UBS
last seen 2024
Exited Top 10
—
1.78%
—
日高 邦江
last seen 2024
Exited Top 10
0.93%
0.72%
—
NOMURA INTERNATIONAL PLC A/C JAPAN FLOW
last seen 2024
Exited Top 10
—
0.65%
—
五十畑 輝夫
last seen 2024
Exited Top 10
0.80%
0.62%
—
式会社SBI証券
last seen 2023
Exited Top 10
2.33%
—
—
auカブコム証券
last seen 2023
Exited Top 10
0.74%
—
—
江平 文茂
last seen 2023
Exited Top 10
0.77%
—
—
上田八木短資
last seen 2023
Exited Top 10
2.54%
—
—
松井証券
last seen 2023
Exited Top 10
1.01%
—
—
Concentration (HHI)
ⓘ
194
123
122
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved