Reported Earnings • May 09
Full year 2026 earnings released: JP¥2.77 loss per share (vs JP¥3.12 loss in FY 2025) Full year 2026 results: JP¥2.77 loss per share. Revenue: JP¥808.0m (up 7.7% from FY 2025). Net loss: JP¥910.0m (loss widened 12% from FY 2025). Annuncio • May 08
OncoTherapy Science, Inc., Annual General Meeting, Jun 23, 2026 OncoTherapy Science, Inc., Annual General Meeting, Jun 23, 2026. New Risk • Apr 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Minor Risks Revenue is less than US$5m (JP¥784m revenue, or US$4.9m). Market cap is less than US$100m (JP¥11.9b market cap, or US$74.8m). Reported Earnings • Feb 08
Third quarter 2026 earnings released: JP¥0.66 loss per share (vs JP¥0.63 loss in 3Q 2025) Third quarter 2026 results: JP¥0.66 loss per share (further deteriorated from JP¥0.63 loss in 3Q 2025). Revenue: JP¥166.0m (down 51% from 3Q 2025). Net loss: JP¥228.0m (loss widened 33% from 3Q 2025). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Feb 08
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: JP¥784m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risks Revenue is less than US$5m (JP¥784m revenue, or US$5.0m). Market cap is less than US$100m (JP¥7.53b market cap, or US$47.9m). New Risk • Jan 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 39% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risk Market cap is less than US$100m (JP¥7.91b market cap, or US$49.9m). New Risk • Nov 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (JP¥7.11b market cap, or US$45.3m). Reported Earnings • Nov 09
Second quarter 2026 earnings released: JP¥0.78 loss per share (vs JP¥0.91 loss in 2Q 2025) Second quarter 2026 results: JP¥0.78 loss per share (improved from JP¥0.91 loss in 2Q 2025). Revenue: JP¥230.0m (up 84% from 2Q 2025). Net loss: JP¥241.0m (flat on 2Q 2025). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Annuncio • Nov 07
OncoTherapy Science, Inc. to Report Q2, 2026 Results on Nov 07, 2025 OncoTherapy Science, Inc. announced that they will report Q2, 2026 results on Nov 07, 2025 Reported Earnings • Aug 10
First quarter 2026 earnings released: JP¥1.13 loss per share (vs JP¥1.30 loss in 1Q 2025) First quarter 2026 results: JP¥1.13 loss per share. Revenue: JP¥201.0m (up 101% from 1Q 2025). Net loss: JP¥314.0m (loss widened 4.0% from 1Q 2025). Annuncio • Aug 08
OncoTherapy Science, Inc. to Report Q1, 2026 Results on Aug 08, 2025 OncoTherapy Science, Inc. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • Jun 29
Full year 2025 earnings released: JP¥3.12 loss per share (vs JP¥6.05 loss in FY 2024) Full year 2025 results: JP¥3.12 loss per share (improved from JP¥6.05 loss in FY 2024). Revenue: JP¥750.0m (up 23% from FY 2024). Net loss: JP¥815.0m (loss narrowed 37% from FY 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Jun 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (JP¥6.62b market cap, or US$45.6m). New Risk • Jun 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Market cap is less than US$100m (JP¥5.79b market cap, or US$40.3m). Reported Earnings • May 11
Full year 2025 earnings released: JP¥3.12 loss per share (vs JP¥6.05 loss in FY 2024) Full year 2025 results: JP¥3.12 loss per share (improved from JP¥6.05 loss in FY 2024). Revenue: JP¥750.0m (up 23% from FY 2024). Net loss: JP¥815.0m (loss narrowed 37% from FY 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Annuncio • Apr 28
OncoTherapy Science, Inc. announced that it has received ¥84.87 million in funding from Long Corridor Asset Management Limited On April 28, 2025, OncoTherapy Science, Inc., closed the transaction. Annuncio • Apr 10
OncoTherapy Science, Inc. announced that it expects to receive ¥84.87 million in funding from Long Corridor Asset Management Limited OncoTherapy Science, Inc. announced a private placement to issue 4,000,000 common shares at issue price of ¥19.8 per share for gross proceeds of ¥79,200,000 and 630,000 37th series stock acquisition rights at issue price of ¥9 per stock acquisition right for gross proceeds of ¥5,670,000 on April 10, 2025. The minimum exercise price for the stock acquisition rights is ¥11 and initial exercise price is¥22 yen and the number of potential shares is 63,000,000 shares. The exercise period of stock acquisition rights starts from April 30, 2025 to April 28, 2028. The transaction includes investor participation of Long Corridor Alpha Opportunities Master Fund (LCAO for 3,400,000 shares and 535,500 units and MAP246 Segregated Portfolio (MAP246) for 600,000 shares and 94,500 units. The transaction has been approved by the board of directors of the company. The transaction is expected to close on April 28, 2025. Reported Earnings • Feb 08
Third quarter 2025 earnings released: JP¥0.63 loss per share (vs JP¥1.27 loss in 3Q 2024) Third quarter 2025 results: JP¥0.63 loss per share (improved from JP¥1.27 loss in 3Q 2024). Revenue: JP¥338.0m (up 207% from 3Q 2024). Net loss: JP¥172.0m (loss narrowed 38% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Annuncio • Feb 07
OncoTherapy Science, Inc. to Report Q3, 2025 Results on Feb 07, 2025 OncoTherapy Science, Inc. announced that they will report Q3, 2025 results on Feb 07, 2025 Reported Earnings • Nov 10
Second quarter 2025 earnings released: JP¥0.91 loss per share (vs JP¥1.44 loss in 2Q 2024) Second quarter 2025 results: JP¥0.91 loss per share (improved from JP¥1.44 loss in 2Q 2024). Revenue: JP¥125.0m (down 40% from 2Q 2024). Net loss: JP¥243.0m (loss narrowed 22% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Annuncio • Nov 08
OncoTherapy Science, Inc. to Report Q2, 2025 Results on Nov 08, 2024 OncoTherapy Science, Inc. announced that they will report Q2, 2025 results on Nov 08, 2024 New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (22% average weekly change). Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (JP¥9.81b market cap, or US$69.7m). New Risk • Aug 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -JP¥1.2b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥1.2b free cash flow). Share price has been highly volatile over the past 3 months (31% average weekly change). Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Revenue is less than US$5m (JP¥562m revenue, or US$3.8m). Market cap is less than US$100m (JP¥12.9b market cap, or US$87.8m). Reported Earnings • Aug 11
First quarter 2025 earnings released: JP¥1.30 loss per share (vs JP¥1.99 loss in 1Q 2024) First quarter 2025 results: JP¥1.30 loss per share (improved from JP¥1.99 loss in 1Q 2024). Revenue: JP¥100.0m (down 32% from 1Q 2024). Net loss: JP¥302.0m (loss narrowed 25% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Annuncio • Aug 08
OncoTherapy Science, Inc. to Report Q1, 2025 Results on Aug 09, 2024 OncoTherapy Science, Inc. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 13
Full year 2024 earnings released: JP¥6.05 loss per share (vs JP¥5.80 loss in FY 2023) Full year 2024 results: JP¥6.05 loss per share (further deteriorated from JP¥5.80 loss in FY 2023). Revenue: JP¥610.0m (down 46% from FY 2023). Net loss: JP¥1.29b (loss widened 15% from FY 2023). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Annuncio • Apr 05
OncoTherapy Science, Inc. announced that it expects to receive ¥3.78 million in funding from Long Corridor Asset Management Limited and another investor OncoTherapy Science, Inc. announced a private placement of 540,000 36th stock acquisition rights at a price of ¥7 per warrant for the gross proceeds of ¥3,780,000 on April 5, 2024. The transaction will include participation from new investor, Long Corridor Asset Management Limited, Long Corridor Alpha Opportunities Master Fund. The warrants will be convertible into common shares at an exercise of ¥19 per share. The transaction has been approved by the shareholders of the company and is expected to close on April 22, 2024. Reported Earnings • Feb 11
Third quarter 2024 earnings released: JP¥1.27 loss per share (vs JP¥1.56 loss in 3Q 2023) Third quarter 2024 results: JP¥1.27 loss per share (improved from JP¥1.56 loss in 3Q 2023). Revenue: JP¥110.0m (down 41% from 3Q 2023). Net loss: JP¥277.0m (loss narrowed 7.7% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Annuncio • Feb 10
OncoTherapy Science, Inc. to Report Q3, 2024 Results on Feb 09, 2024 OncoTherapy Science, Inc. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 12
Second quarter 2024 earnings released: JP¥1.44 loss per share (vs JP¥1.74 loss in 2Q 2023) Second quarter 2024 results: JP¥1.44 loss per share (improved from JP¥1.74 loss in 2Q 2023). Revenue: JP¥208.0m (up 61% from 2Q 2023). Net loss: JP¥310.0m (loss narrowed 7.7% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Annuncio • Nov 10
OncoTherapy Science, Inc. to Report Q2, 2024 Results on Nov 10, 2023 OncoTherapy Science, Inc. announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: JP¥1.99 loss per share (vs JP¥1.44 loss in 1Q 2023) First quarter 2024 results: JP¥1.99 loss per share (further deteriorated from JP¥1.44 loss in 1Q 2023). Revenue: JP¥148.0m (down 62% from 1Q 2023). Net loss: JP¥400.0m (loss widened 44% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Annuncio • Aug 10
OncoTherapy Science, Inc. to Report Q1, 2024 Results on Aug 10, 2023 OncoTherapy Science, Inc. announced that they will report Q1, 2024 results on Aug 10, 2023 New Risk • Jun 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥798m free cash flow). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risks Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Market cap is less than US$100m (JP¥8.68b market cap, or US$60.6m). Reported Earnings • May 17
Full year 2023 earnings released: JP¥5.80 loss per share (vs JP¥13.71 loss in FY 2022) Full year 2023 results: JP¥5.80 loss per share (improved from JP¥13.71 loss in FY 2022). Revenue: JP¥1.13b (down 1.6% from FY 2022). Net loss: JP¥1.12b (loss narrowed 56% from FY 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Annuncio • May 12
OncoTherapy Science, Inc. to Report Fiscal Year 2023 Results on May 12, 2023 OncoTherapy Science, Inc. announced that they will report fiscal year 2023 results on May 12, 2023 Board Change • May 10
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent External Director Yoshio Miki was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 12
Third quarter 2023 earnings released: JP¥1.56 loss per share (vs JP¥4.73 loss in 3Q 2022) Third quarter 2023 results: JP¥1.56 loss per share (improved from JP¥4.73 loss in 3Q 2022). Revenue: JP¥185.0m (up 95% from 3Q 2022). Net loss: JP¥300.0m (loss narrowed 67% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Annuncio • Feb 09
OncoTherapy Science, Inc. to Report Q3, 2023 Results on Feb 10, 2023 OncoTherapy Science, Inc. announced that they will report Q3, 2023 results on Feb 10, 2023 Reported Earnings • Nov 06
Second quarter 2023 earnings released: JP¥1.74 loss per share (vs JP¥3.72 loss in 2Q 2022) Second quarter 2023 results: JP¥1.74 loss per share (improved from JP¥3.72 loss in 2Q 2022). Revenue: JP¥129.0m (down 12% from 2Q 2022). Net loss: JP¥336.0m (loss narrowed 52% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 07
First quarter 2023 earnings released: JP¥1.44 loss per share (vs JP¥3.00 loss in 1Q 2022) First quarter 2023 results: JP¥1.44 loss per share (up from JP¥3.00 loss in 1Q 2022). Revenue: JP¥385.0m (up 314% from 1Q 2022). Net loss: JP¥277.0m (loss narrowed 48% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 24
Full year 2022 earnings released: JP¥13.71 loss per share (vs JP¥8.85 loss in FY 2021) Full year 2022 results: JP¥13.71 loss per share (down from JP¥8.85 loss in FY 2021). Revenue: JP¥1.15b (up 247% from FY 2021). Net loss: JP¥2.57b (loss widened 65% from FY 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
Full year 2022 earnings released: JP¥13.71 loss per share (vs JP¥8.85 loss in FY 2021) Full year 2022 results: JP¥13.71 loss per share (down from JP¥8.85 loss in FY 2021). Revenue: JP¥1.15b (up 247% from FY 2021). Net loss: JP¥2.57b (loss widened 65% from FY 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 07
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: JP¥4.73 loss per share (down from JP¥2.42 loss in 3Q 2021). Revenue: JP¥95.0m (up 58% from 3Q 2021). Net loss: JP¥910.0m (loss widened 114% from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 07
Second quarter 2022 earnings released: JP¥3.72 loss per share (vs JP¥2.48 loss in 2Q 2021) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2022 results: Revenue: JP¥147.0m (up 149% from 2Q 2021). Net loss: JP¥695.0m (loss widened 59% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
First quarter 2022 earnings released: JP¥3.00 loss per share (vs JP¥1.80 loss in 1Q 2021) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2022 results: Revenue: JP¥93.0m (up 127% from 1Q 2021). Net loss: JP¥534.0m (loss widened 68% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 24
Full year 2021 earnings released: JP¥8.85 loss per share (vs JP¥13.73 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: JP¥332.0m (up 5.1% from FY 2020). Net loss: JP¥1.56b (loss narrowed 30% from FY 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
Full year 2021 earnings released: JP¥8.85 loss per share (vs JP¥13.73 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: JP¥332.0m (up 5.1% from FY 2020). Net loss: JP¥1.56b (loss narrowed 30% from FY 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 08
Third quarter 2021 earnings released: JP¥2.42 loss per share (vs JP¥3.17 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: JP¥60.0m (up 5.3% from 3Q 2020). Net loss: JP¥426.0m (loss narrowed 18% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 07
New 90-day low: JP¥124 The company is down 2.0% from its price of JP¥126 on 08 September 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 10.0% over the same period. 