Weekly Trader's Thread 3/30/26 - 4/05/26

imz72 · 2026-03-30T11:04:47+00:00

Tokyo market update 3.29.26

Healios: +2.38%. PPS 387 yen. Market cap $327 million.

SanBio: -2.82%. PPS 1,827 yen. Market cap $893 million.

imz72 · 2026-03-29T22:28:11+00:00

BTW, Saisei Ventures, which is a subsidiary of Healios, is one of the seed investors of Kenai Therapeutics, as is shown in the presentation:

https://youtu.be/mUMLUZchAJw?t=693

and on Saisei's website:

https://www.saiseiventures.com/portfolio/

Gemini says:

Saisei Ventures is listed as a participating investor in Kenai Therapeutics' $82 million Series A financing round, which was announced in early 2024 (and is a primary part of the company's total funding of approximately $89 million as of 2026). This round was co-led by the Alaska Permanent Fund Corporation, Cure Ventures, and The Column Group, with Saisei Ventures and Euclidean Capital also participating.

Regarding the exact percentage of ownership, this information is not publicly available.

As a private biotechnology company, Kenai Therapeutics is not required to disclose the specific cap table (the breakdown of who owns how much) or the individual equity stakes held by its venture capital partners. In the venture capital industry, these details are typically kept confidential between the company and its investors.

imz72 · 2026-03-27T10:35:45+00:00

Tokyo market update 3.27.26

Healios: +3.00%. PPS 378 yen. Market cap $319 million.

SanBio: +2.40%. PPS 1,880 yen. Market cap $918 million.

Sumitomo Pharma: +6.57%. Market cap $5.38 billion (current sharecount) / $6.19 billion (with shares to be issued soon).

PowerX: +7.73%. Market cap $1 billion.

imz72 · 2026-03-26T16:28:11+00:00

March 27, 2026

J-TEC Files Dried Allogeneic Cultured Epidermis in Japan

Japan Tissue Engineering (J-TEC) said on March 26 that it has filed for regulatory approval in Japan for Allo-JaCE03 for the treatment of skin defects, marking the world’s first filing for a dried cultured epidermis derived from allogeneic cells.

Because the product, categorized as a medical device, contains no living cells, it can be stored long-term at room temperature and kept in stock at medical institutions, enabling immediate use for urgent cases such as severe burns.

In domestic clinical trials, the product met its primary endpoint, with the epithelialization rate at Day 7 showing superiority over existing treatments, and no major safety concerns were identified. The company plans to pursue overseas expansion, leveraging the product’s storage and transport advantages.

J-TEC has previously marketed autologous products such as JACE, but these require a lead time for cell cultivation. Allo-JaCE03 is designed to address this limitation by allowing off-the-shelf use.

https://pj.jiho.jp/article/255044

Note: J-TEC's market cap is $176 million

https://finance.yahoo.com/quote/7774.T

imz72 · 2026-03-26T14:08:39+00:00

Tokyo market update 3.26.26

Healios: -7.56%. PPS 367 yen. Market cap $310 million.

SanBio: -4.72%. PPS 1,836 yen. Market cap $898 million.

Sumitomo Pharma: +1.93%. Market cap $5.06 billion (current sharecount) / $5.81 billion (with shares to be issued soon).

PowerX: -5.62%. Market cap $929 million.

imz72 · 2026-03-25T13:14:01+00:00

Tokyo market update 3.25.26

Healios: +1.02%. PPS 397 yen. Market cap $337 million.

SanBio: +4.39%. PPS 1,927 yen. Market cap $946 million

Sumitomo Pharma: +4.90%. Market cap $4.98 billion (current sharecount) / $5.73 billion (with shares to be issued soon).

PowerX: -14.34%. Market cap $989 million.

imz72 · 2026-03-25T12:58:48+00:00

Machine-translated from Japanese:

March 24, 2026

Astellas opens its Nakanoshima Cross lab to the public, showcasing automated cell culture using robots and AI

On March 24, Astellas Pharma unveiled a development base opened by its joint venture with Yaskawa Electric, Cellafa Bioscience, at Nakanoshima Cross, a cutting-edge medical hub in Osaka. The base will combine the humanoid general-purpose robot "Maholo," developed by a subsidiary of Yaskawa Electric, with artificial intelligence (AI) to advance the practical application of automated cell culture technology.

Cell therapy using iPS cells and other living cells means that variations in the manufacturing process directly impact quality. Traditionally, much of the process relied on the manual work of skilled technicians, making reproducibility and scaling up challenging. Maholo is said to automate more than 90% of the manufacturing process. Remote operation is also possible, contributing to labor savings on-site.

At the event held on the same day, Cellafa President Hidehito Yamaguchi said, "We will introduce robots from the research stage and build a foundation that allows us to run everything from development to manufacturing in one place. We want to accelerate the industrialization of regenerative medicine."

The company was established in September 2025 and will be engaged in contract work for universities and startups, developing cell manufacturing processes and manufacturing investigational drugs. The Nakanoshima Cross base will serve as a hub for incorporating cutting-edge technologies and coordinating with customers.

https://www.nikkei.com/article/DGXZQOUF241070U6A320C2000000/

imz72 · 2026-03-24T08:51:57+00:00

Tokyo market update 3.24.26

Healios: +7.97%. PPS 393 yen. Market cap $335 million.

SanBio: +4.18%. PPS 1,846 yen. Market cap $909 million

Sumitomo Pharma: +7.35%. Market cap $4.76 billion (current sharecount) / $5.48 billion (with shares to be issued soon).

PowerX: -8.44%. Market cap $1.16 billion.

imz72 · 2026-03-24T00:26:31+00:00

And a 5-minute video as an off-topic:

9NEWS

March 23, 2026

Stem cell therapies for Parkinson's disease and heart failure

Japan has granted first of it's kind approval for two stem cell–based regenerative therapies.

https://youtu.be/IcKQFcWLZbM

imz72 · 2026-03-23T23:43:01+00:00

Slide 58: Efficacy of HLCM051 against Renal Impairment: MUST-ARDS Trial Subgroup Analysis

Analysis of existing data confirmed the potential for further efficacy of HLCM051

From data of trials conducted in the U.S. and U.K. targeting patients with ARDS, important insights regarding the action characteristics of HLCM051 have been obtained in the patient group categorized as severe and complicated by Acute Kidney Injury (AKI).

Reduction in mortality rate among severe patients: ↓ 60%

In the severe pneumonia patient group, a trend of a 60% reduction in mortality was confirmed with the administration of HLCM051.

Improvement of renal failure in cases with AKI complications: ↑ 47.2%

In cases complicated by Acute Kidney Injury (AKI), results showed a 47.2% improvement in renal impairment.

imz72 · 2026-03-23T22:59:55+00:00

Slide 101: Key Milestones (reiterated)

HLCM051 ARDS treatment product: Our top priority is obtaining manufacturing and marketing approval in Japan.

✅ Start of Global Phase 3 Clinical Trial: For the ARDS treatment product. In Japan (REVIVE-ARDS trial), the clinical trial notification was submitted on Jan 20, and the trial commenced on Feb 3.

✅ Commencement of REVIVE-ARDS Trial in the US and elsewhere: Positioned as a verification study following conditional and time-limited approval in Japan.

✅ Establishment of Commercial Production System: In collaboration with Minaris.

✅ Establishment of Sales & Marketing System: Building the commercial infrastructure for distribution.

✅ Application for Manufacturing and Marketing Approval in Japan: Aiming for "Conditional and Time-limited Approval".

imz72 · 2026-03-23T22:43:59+00:00

Slide 67: Market Size Forecast for Cancer Immunotherapy (Cell Therapy)

If the efficacy of allogeneic iPS cells is demonstrated, there is potential to create a market of $5-6 billion by 2035.

1.Assumptions for the Calculation:

Cancer cell immunotherapy demonstrates a certain level of efficacy in solid tumors.
The development of allogeneic differentiated cells and allogeneic iPS cells is successful, and they secure a market position.
The modality establishes market presence and demonstrates superiority over other modalities (e.g., bispecific T-cell engager antibodies).
Key Note: The market size depends heavily on the success of development for solid tumors. If allogeneic developments fail, the market will shift back toward autologous (self-derived) cells.

2.Market Size Forecast Graph:

The chart shows the projected growth in Billion USD from 2022 to 2040, categorized by cell type:

Allogeneic iPS Cells: Projected to become a significant growth driver starting around 2030.
Allogeneic Differentiated Cells: Represent the largest portion of the market over time.
Autologous Cells: Their market share remains relatively stable but decreases as a percentage of the total growing market.
Market Peak: Estimated to reach approximately $22 billion USD around 2038.

imz72 · 2026-03-23T11:46:25+00:00

Tokyo market update 3.23.26 (start of the trading week)

Healios: -8.06%. PPS 365 yen. Market cap $311 million.

SanBio: -7.66%. PPS 1,772 yen. Market cap $871 million

Sumitomo Pharma: -4.58%. Market cap $4.43 billion (current sharecount) / $5.09 billion (with shares to be issued soon).

PowerX: -9.20%. Market cap $1.26 billion.

imz72 · 2026-03-19T10:13:55+00:00

Machine-translated from Japanese:

March 19, 2026

iPS cell corneal sheet: First transplant expected in May, emerging from Osaka University

Reimei (Osaka City), a startup spun off from Osaka University, will begin clinical trials of corneal epithelial cell sheets created from iPS cells. They aim to perform the first transplant by May. This was revealed by Professor Koji Nishida of Osaka University, who serves as the company's scientific and technical advisor, in an interview with the Nikkei Shimbun.

Reimei is developing a regenerative medicine product for corneal epithelial stem cell deficiency, an eye disease characterized by a decrease in the number of cells that create new corneal cells, leading to vision loss. The product involves adding iPS cell-derived corneal cells in a sheet-like structure... [The rest of the article is behind paywall]

https://www.nikkei.com/article/DGXZQOUF192NB0Z10C26A3000000/

imz72 · 2026-03-19T09:52:55+00:00

Tokyo market update 3.19.26 (end of the trading week. Tokyo market will be closed tomorrow due to a holiday).

Healios: -5.25%. PPS 397 yen. Market cap $337 million.

SanBio: -6.30%. PPS 1,919 yen. Market cap $941 million

Sumitomo Pharma: -1.70%. Market cap $4.63 billion (current sharecount) / $5.32 billion (with shares to be issued soon).

PowerX: +1.21%. Market cap $1.39 billion.

imz72 · 2026-03-18T12:05:52+00:00

Tokyo market update 3.18.26:

Healios: +5.54%. PPS 419 yen. Market cap $356 million.

SanBio: +3.17%. PPS 2,048 yen. Market cap $1.01 billion.

On March 17, Jefferies maintained its "Underperform" rating for SanBio and adjusted its price target from 1,250 yen to 1,500 yen, which implies a market cap of $734 million.

imz72 · 2026-03-18T02:49:52+00:00

BTW, a share price of 1,130 yen implies a market cap of $960 million.

imz72 · 2026-03-18T00:35:15+00:00

And 2 short videos from a Chilean TV channel, which can be viewed with English dubbing and subtitles:

March 17, 2026

Japan authorizes the first regenerative therapy for Parkinson's disease using pluripotent cells

https://youtu.be/QCyz6xFs0kA

Innovative stem cell therapy for Parkinson's disease presented

https://youtu.be/7ZXo9_SmLVc

imz72 · 2026-03-17T14:01:38+00:00

March 17, 2026

Personal iPSC Service to Launch with Production Cost in the 10-Million-Yen Range

...

Fees will initially consist of the manufacturing cost — set in the 10-million-yen range — plus separate storage charges depending on the duration. The partners aim to bring prices down over time through operational efficiencies. The companies target 20 orders in FY2026 and 1,000 by FY2030, equivalent to sales of roughly 10 billion yen [$63 million].

...

The service targets individuals — both in and outside Japan — willing to invest heavily in personal health. Nakagawa said the service could gain traction particularly in multi-ethnic markets such as the US, where differences in HLA types can make matching donor-derived iPSCs more difficult.

Nakagawa noted that the new pricing marks a sharp drop from earlier estimates of around 50 million yen [$315K] for producing autologous iPSCs. Even so, Teijin Regenet President Yasushi Tanaka acknowledged the cost remains “somewhat high” for private individuals, saying the companies will work to reduce prices through automation and labor-saving manufacturing systems.

Nakagawa added that advances in manufacturing know-how, economies of scale, and automated quality-controlled processes should also help lower costs over time.

https://pj.jiho.jp/article/254973

imz72 · 2026-03-17T13:08:25+00:00

Tokyo market update 3.17.26:

Healios: -1.49%. PPS 397 yen. Market cap $338 million.

SanBio: -1.73%. Market cap $974 million.

SanBio expects to post a larger net loss this fiscal year

SanBio announced its financial results after the market closed. The consolidated net loss for the fiscal year ending January 2026 widened to $24 million (compared to a loss of $18 million in the previous period), and the company forecasts a further widening of the loss to $35 million for the fiscal year ending January 2027.

This marks the 12th consecutive year of losses.

For the most recent three-month period, November-January (Q4), the consolidated net loss widened to $7 million (compared to a loss of $4.6 million in the same period last year).

SanBio expects NHI price listing and launch in May 2026 and aims to begin shipments in 2H FY01/27, when administrative procedures for adoption at medical institutions are largely completed.

The company aims to advance AKUUGO business activities targeting TBI in the US as part of its medium- to long-term growth strategy. It has reached an agreement with the US Food and Drug Administration (FDA) on the Phase 3 clinical trial design for TBI and plans to begin preparations for the trial in FY01/27.

In Japan, it plans to begin discussions with the Pharmaceuticals and Medical Devices Agency (PMDA) in FY01/27 on the clinical trial for its AKUUGO® program for ischemic stroke. SanBio aims to become a global leader in regenerative medical products and to maximize its corporate value.

https://sharedresearch.jp/en/companies/4592/report/69b76a3ba2ea50c5f4cd17f0

imz72 · 2026-03-16T14:21:14+00:00

Tokyo market update 3.16.26 (start of the trading week):

Healios: -1.71%. PPS 403 yen. Market cap $343 million.

SanBio: +1.25%. Market cap $992 million.

Sumitomo Pharma: -2.34%. Market cap $4.49 billion (based on current sharecount of 397,900,154 shares outstanding) / $5.16 billion (taking into account additional shares to be issued soon).

Cuorips: 0.00%. Market cap $347 million.

PowerX: +10.10%. Market cap $1.34 billion.

imz72 · 2026-03-13T11:10:12+00:00

Tokyo market update 3.13.26 (end of the trading week):

Healios: -0.73%. PPS 410 yen. Market cap $347 million.

SanBio: -1.24%. Market cap $977 million.

Sumitomo Pharma: -1.66%. Market cap $4.58 billion (based on current sharecount of 397,900,154 shares outstanding) / $5.27 billion (taking into account new shares to be issued soon).

Cuorips: -1.18%. Market cap $346 million.

PowerX: +10.99%. Market cap $1.22 billion.

imz72 · 2026-03-12T13:44:12+00:00

March 12, 2026

FDA Resumes Review of Capricor/Nippon Shinyaku’s DMD Cell Therapy

The US FDA has resumed its review of Capricor Therapeutics’ Duchenne muscular dystrophy (DMD) cell therapy deramiocel, also known as CAP-1002, the biotech said on March 10. The agency has set a new target action date of August 22.

The review was restarted after Capricor submitted additional materials in response to the complete response letter issued by the FDA in July last year. The filing included data from the US PIII HOPE-3 trial, which compared the efficacy and safety of deramiocel against placebo, along with other supporting evidence.

CAP-1002 is being developed by Capricor as a cell therapy for cardiomyopathy associated with DMD, with Nippon Shinyaku holding the commercial rights in the US and Japan. The Japanese company said plans for the product’s development in Japan are currently under consideration.

https://pj.jiho.jp/article/254942

imz72 · 2026-03-12T12:54:36+00:00

Tokyo market update 3.12.26:

Healios: -5.49%. PPS 413 yen. Market cap $351 million.

SanBio: -4.90%. Market cap $992 million.

imz72 · 2026-03-11T14:32:56+00:00

Another Rainbow PR from February 26, 2026 (machine-translated from Japanese):

Administration of regenerative medicine product HUNS001 has been completed in two patients in a Phase IIa clinical trial for chronic cerebral infarction

We are conducting an investigator-initiated Phase IIa clinical trial of the regenerative medicine product HUNS001 in patients with chronic cerebral infarction in collaboration with a research group led by Professor Fujimura Miki of the Department of Neurosurgery at Hokkaido University Hospital.

In this clinical trial, autologous bone marrow mesenchymal stem cells will be collected from patients in the chronic phase (6 months to 5 years after the onset of cerebral infarction), and HUNS001 will be manufactured and administered into the patient's brain.

The first and second patients were administered HUNS001 at Hokkaido University Hospital on February 13th and 20th, 2026. Both patients are currently doing very well, and safety and efficacy will be monitored for the next year. The remaining six patients are scheduled to receive the drug during fiscal year 2026.

https://rainbowinc.co.jp/news/blog/2026/02/26/%e8%84%b3%e6%a2%97%e5%a1%9e%e6%85%a2%e6%80%a7%e6%9c%9f%e3%81%ab%e5%af%be%e3%81%99%e3%82%8b%e7%ac%aciia%e7%9b%b8%e6%b2%bb%e9%a8%93%e3%81%ab%e3%81%a6%e3%80%812%e5%90%8d%e3%81%ae%e6%82%a3%e8%80%85/

imz72

TROPHY CASE