New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 21% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 21% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (JP¥1.5b net loss in 3 years). Market cap is less than US$100m (JP¥6.32b market cap, or US$39.8m). New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (JP¥1.0b net loss in 3 years). Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (JP¥6.14b market cap, or US$39.1m). Announcement • Feb 13
TMS Co., Ltd., Annual General Meeting, Mar 27, 2026 TMS Co., Ltd., Annual General Meeting, Mar 27, 2026. New Risk • Jan 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (JP¥1.0b net loss in 3 years). Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (JP¥6.82b market cap, or US$43.1m). Announcement • Dec 24
TMS Co., Ltd. to Report Fiscal Year 2025 Results on Feb 13, 2026 TMS Co., Ltd. announced that they will report fiscal year 2025 results on Feb 13, 2026 Price Target Changed • Oct 16
Price target decreased by 18% to JP¥620 Down from JP¥760, the current price target is provided by 1 analyst. New target price is 300% above last closing price of JP¥155. Stock is down 15% over the past year. The company is forecast to post a net loss per share of JP¥27.97 next year compared to a net loss per share of JP¥16.37 last year. Announcement • Aug 26
TMS Co., Ltd. to Report Q2, 2026 Results on Oct 15, 2025 TMS Co., Ltd. announced that they will report Q2, 2026 results on Oct 15, 2025 New Risk • Jul 22
New major risk - Revenue and earnings growth Earnings have declined by 25% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (JP¥7.49b market cap, or US$50.8m). Announcement • May 24
TMS Co., Ltd. to Report Q1, 2026 Results on Jul 15, 2025 TMS Co., Ltd. announced that they will report Q1, 2026 results on Jul 15, 2025 Announcement • Apr 25
TMS Co., Ltd. Submits CTN for Phase II/III Orion Study Japan Cohort of JX10 to PMDA TMS Co., Ltd. announced that the Company has submitted a Clinical Trial Plan Notification (CTN) to the Pharmaceuticals and Medical Devices Agency ("PMDA") for ORION (Optimizing Reperfusion to Improve Outcomes and Neurologic Function), the global registrational study conducted by Corxel Pharmaceuticals Limited (CORXEL) including Japan cohort, that will investigate the effects of JX10 (also known as TMS-007) on functional recovery in acute ischemic stroke (AIS) patients, who present within 4.5 to 24 hours from "last known well". The impact of this matter on the Company's financial results of this fiscal year is minor. Breakeven Date Change • Apr 14
No longer forecast to breakeven The analyst covering TMS no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of JP¥369.0m in 2026. New forecast suggests the company will make a loss of JP¥961.0m in 2028. Breakeven Date Change • Apr 12
No longer forecast to breakeven The analyst covering TMS no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of JP¥369.0m in 2026. New forecast suggests the company will make a loss of JP¥961.0m in 2028. Announcement • Apr 11
TMS Co., Ltd., Annual General Meeting, May 29, 2025 TMS Co., Ltd., Annual General Meeting, May 29, 2025. New Risk • Mar 17
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 8.3% 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 Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (JP¥1.1b net loss in 3 years). Market cap is less than US$100m (JP¥7.14b market cap, or US$48.1m). Announcement • Feb 26
TMS Co., Ltd. to Report Fiscal Year 2025 Results on Apr 11, 2025 TMS Co., Ltd. announced that they will report fiscal year 2025 results on Apr 11, 2025 Announcement • Feb 21
TMS Co., Ltd. Provided Notice on the Status of JX10 (TMS-007) Clinical Trial Application in China TMS Co., Ltd. announced that Corxel Pharmaceuticals announced that the Center for Drug Evaluation (CDE) of the National Medical Products Administration of the PRC (NMPA) has approved the Clinical Trial Application (CTA)
for ORION (Optimizing Reperfusion to Improve Outcomes and Neurologic Function), the global registrational study including China cohort, that will investigate the effects of JX10 (TMS-007) on functional recovery in acute ischemic
stroke (AIS) patients, who present within 4.5 to 24 hours from "last known well". The Company plans to participate in the global study as partner in Japan. About TMS-007(JX10) TMS-007 (JX10) is an investigational drug candidate for the treatment of acute cerebral infarction (AIS), and its mechanism of action is both thrombolytic and anti-inflammatory. The important thing in the treatment strategy for acute cerebral infarction is to restore blood flow as soon as possible after the onset of symptoms. TMS-007 (JX10) extends the short treatment period of administration within 4.5 hours after the onset of symptoms, which is the current standard of treatment, and may provide treatment opportunities to many patients. In a Phase II clinical trial conducted by our company in Japan, subjects administered TMS-007 (JX10) showed significantly improved clinical outcomes (no symptoms at all or symptoms but able to work without obvious impairment) after 90 days compared to placebo. This result was also confirmed by angiographic findings. TMS-007 (JX10) is currently undergoing a global study to further evaluate its efficacy and safety for the treatment of acute cerebral infarction by CORXEL. Announcement • Nov 27
TMS Co., Ltd. to Report Q3, 2025 Results on Jan 14, 2025 TMS Co., Ltd. announced that they will report Q3, 2025 results on Jan 14, 2025 New Risk • Oct 11
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 35% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (JP¥7.38b market cap, or US$49.6m). Announcement • Aug 23
TMS Co., Ltd. to Report Q2, 2025 Results on Oct 15, 2024 TMS Co., Ltd. announced that they will report Q2, 2025 results on Oct 15, 2024 New Risk • Jul 11
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 7.4% 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 (7.4% average weekly change). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (JP¥1.5b net loss in 3 years). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (JP¥10.2b market cap, or US$63.4m). Announcement • Jun 19
TMS Co., Ltd. Announces Dosing to the First Subject in TMS-008 Phase I Clinical Trial TMS Co., Ltd. announced that the first subject was dosed on June 19 in the Phase I clinical trial (Phase I single-dose, dose escalation study of TMS-008 in healthy adult male subjects; the Study) of TMS-008, which is being developed as a potential treatment for acute kidney injury. The results of previous non-clinical studies have confirmed the efficacy and safety of TMS-008 in the non-clinical phase of the study. In this Study, TMS-008 will be administered to healthy adult male subjects in escalating doses to confirm safety, tolerability, and pharmacokinetics in humans. The study will be conducted at the University of Tokyo Hospital. All subjects will be administered and observed by the end of this fiscal year, and the first readout is scheduled in the first quarter of fiscal year 2025. TMS-008 is a compound of SMTP (Stachybotrys microspora triprenyl phenol) family compounds derived from a type of black mold. The compound has strong anti-inflammatory and antioxidant activity by inhibiting soluble epoxide hydrolase (sEH) and is expected to have potential as a treatment for acute kidney injury. Announcement • May 27
TMS Co., Ltd. to Report Q1, 2025 Results on Jul 12, 2024 TMS Co., Ltd. announced that they will report Q1, 2025 results on Jul 12, 2024 Announcement • Apr 14
TMS Co., Ltd., Annual General Meeting, May 28, 2024 TMS Co., Ltd., Annual General Meeting, May 28, 2024. Announcement • Mar 01
TMS Co., Ltd. Submits Clinical Trial Plan Notification for TMS-008 Phase I Clinical Trial in Japan TMS Co., Ltd. announced that the Company has submitted a Clinical Trial Plan Notification to the Pharmaceuticals and Medical Devices Agency ("PMDA") to start Phase I clinical trial (the "Trial") for TMS-008, which is under development for acute kidney injury and other indications. This is the First-In-Human study of TMS-008, in which TMS-008 will be administered incrementally to healthy adult male subjects to evaluate the pharmacokinetics, pharmacodynamics, and safety of TMS-008. The Trial is scheduled to begin after a 30-day investigation period by the PMDA. TMS-008 is a small molecule compound belonging to the SMTP (stachybotrys microspora triprenyl phenol) compound family derived from black mold, as TMS-007/JX10, expected to have potential as a therapeutic agent for acute kidney injury (AKI) with its anti-inflammatory activity based on soluble epoxide hydrolase (sEH) inhibition as well as antioxidant activity. AKI is an indication in which renal function rapidly declines over a period of hours to days, and no drug has been approved for treatment of AKI to date. AKI can be caused by a variety of reasons, including cardiac surgery and drug side effects. In a study of patients who underwent coronary artery bypass surgery or heart valve surgery, 43% of patients developed acute kidney injury after surgery, and the mortality rate within 30 days was reported to be as high as 20%. Due to these, it is expected there is a significant unmet medical need for effective therapeutic agents for AKI. This matter will have no impact on the Company's financial results. Announcement • Feb 23
TMS Co., Ltd. to Report Fiscal Year 2024 Results on Apr 12, 2024 TMS Co., Ltd. announced that they will report fiscal year 2024 results on Apr 12, 2024 New Risk • Feb 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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 Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (JP¥1.5b net loss in 3 years). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (JP¥11.3b market cap, or US$77.3m). Announcement • Feb 01
TMS Co., Ltd. announced that it has received ¥684.324069 million in funding On January 31, 2024, TMS Co., Ltd. closed the transaction. New Risk • Jan 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (JP¥1.5b net loss in 3 years). Market cap is less than US$100m (JP¥10.3b market cap, or US$69.7m). Announcement • Jan 13
TMS Co., Ltd. announced that it expects to receive ¥684.324069 million in funding TMS Co., Ltd. announced a private placement to issue 3,659,487 shares at a issue price 187 yen per share for a gross proceeds JPY 684,324,069 on January 11, 2024. The transaction included participation from RTW Master Fund, Ltd for 2,083,830 shares, RTW Innovation Master Fund, Ltd for 1,524,886 shares and RTW Biotech Opportunities Ltd for 50,771 shares. The transaction is expected to close on January 31, 2024. Announcement • Nov 23
TMS Co., Ltd. to Report Q3, 2024 Results on Jan 15, 2024 TMS Co., Ltd. announced that they will report Q3, 2024 results on Jan 15, 2024 New Risk • Oct 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: JP¥734m Forecast net loss in 3 years: JP¥325m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (JP¥325m net loss in 3 years). Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (JP¥9.04b market cap, or US$60.5m). Announcement • Aug 09
TMS Co., Ltd. to Report Q2, 2024 Results on Oct 13, 2023 TMS Co., Ltd. announced that they will report Q2, 2024 results on Oct 13, 2023 Announcement • May 26
TMS Co., Ltd. to Report Q1, 2024 Results on Jul 14, 2023 TMS Co., Ltd. announced that they will report Q1, 2024 results on Jul 14, 2023 Announcement • Nov 27
TMS Co., Ltd. to Report Q3, 2023 Results on Jan 13, 2023 TMS Co., Ltd. announced that they will report Q3, 2023 results on Jan 13, 2023 Announcement • Nov 23
TMS Co., Ltd. has completed an IPO in the amount of ¥2.499971 billion. TMS Co., Ltd. has completed an IPO in the amount of ¥2.499971 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 2,145,400
Price\Range: ¥670
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,585,900
Price\Range: ¥670
Transaction Features: Rule 144A; Sponsor Backed Offering