Heartseed
Cite as: Japan IR Index, Heartseed (219A), methodology GNT-BDS v1.1.1, reviewed 2026-10-23.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G3 Board skills matrix published in English 0/5 Quick fix
Publish the skills matrix from the Japanese AGM notice in English.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
S1 Medium-term management plan in English with numerical targets 0/5 Translation
Publish the medium-term plan, with its numerical targets, in English.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 10 answers corrected after re-checks (research errors) between 21 Oct 2026 and 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Pharmaceutical) | 75.4 | 12 of 12 |
| Same size band (Under ¥100bn) | 51.4 | 11 of 25 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 21 scored 3 or more and 11 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
An English tanshin for every quarter, on the Japanese day since FY12/2025: Q2 FY12/2026 14 Aug 2026 and Q1 15 May (both sides), FY12/2025 13 Feb 2026 and each quarter of the 14-month FY12/2025. Two FY10/2024 tanshin came a day after the Japanese, marked '[Delayed]' (13 Sep and 13 Dec 2024). Complete (see F2). So 5. Source document →
F2English results summary is a full translation, not an excerpt5/5
The English Q2 FY12/2026 tanshin (14 Aug 2026) is 10 pages against 9 in Japanese: summary, qualitative information (results, financial position, cash flows, forecast), statements and notes, including the segment note. So 5. Source document →
F3Financial statements including notes available in English5/5
Statements and notes for the latest period in the English Q2 FY12/2026 tanshin (balance sheet, income statement, cash flows; going-concern, equity and segment notes). So 5. Source document →
F4Annual securities report available in English in any form0/5
heartseed.jp/en/ir/library/securities/index.html reads 'No data available' on 21 Sep 2026 -- no annual securities report has been posted in English.
F5Segment revenue and profit disclosed in English, consistent definitions4/5
A single-segment company that says so in English in every tanshin ('As the Company has only one segment, the pharmaceutical business, the description ... by segment is omitted'). Revenue is milestone income from the former Novo Nordisk agreement, explained in the decks; there is no further breakdown by business line. Stated every period, so 4. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
The interim financial results PDF (heartseed.jp, filed 14 Aug 2026) is a standard tanshin with in-document tables only; no downloadable multi-year Excel/CSV file exists anywhere in the four-section IR library. Checked via browser 21 Sep 2026.
F7Guidance disclosed in English with the basis explained4/5
The English tanshin carries the FY12/2026 forecast with a qualitative basis (milestone income recognised, upfront spending on the HS-001 launch and HS-005 trials), and revisions are announced in English (11 Dec 2025, 14 Aug 2025). No numeric assumptions behind it. So 4. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results cover Q2 FY12/2026 (six months to 30 Jun 2026), the latest Japanese period. So 5. Source document →
S1Medium-term management plan in English with numerical targets0/5
No medium-term plan with numerical targets in English. The Japanese side publishes the Growth-market 'business plan and growth potential' document (事業計画及び成長可能性に関する事項, latest 27 Mar 2026) in Japanese only; the English IR Materials page reads 'No data available'. The English decks give pipeline milestones (S4) but no plan targets. Re-checked 23 Oct 2026.
S2IR presentations published in English5/5
An English deck for every results briefing, on the same day as the Japanese: FY10/2024 (18 Dec 2024), H1 FY12/2025 (13 Jun 2025), Q4 FY12/2025 (12 Dec 2025), FY12/2025 (16 Feb 2026) and H1 FY12/2026 (17 Aug 2026), each with an English Q&A as on the Japanese side. The H1 FY12/2026 deck is listed in English IR News but missing from the English Presentation Materials page. So 5. Source document →
S3English equity-story or investment-highlights page3/5
The English Technology page sets out what differentiates the company: a purification method patented in major countries that removes undifferentiated cells, cardiomyocyte spheroids engrafting long-term, and original technologies at each step from iPSC production to injection. The CEO message (/en/aboutus.html) sizes the need: 1.3 million heart-failure patients in Japan and 5 million in the United States. No investor-framed page or deck section: the English IR menu has results, one briefing Q&A, stock information and financial highlights, and no English growth-potential document was found on the English or Japanese IR pages. Re-checked 21 Oct 2026; the September note looked only for a dedicated equity-story page. A company-overview page doing the job, so 3. Source document →
S4Growth drivers identified and quantified in English4/5
The English decks name the drivers and date them: HS-001 (with CABG) filing in 2026 and launch in 2027, HS-005 catheter administration in the EMERALD trial, HS-040 autologous, with a milestone chart (H1 FY12/2026 deck p.10) and FY2026 goals. The English CEO message sizes the market: 1.3 million heart-failure patients in Japan, 5 million in the United States. Named, some quantified, so 4. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
An English Q&A for every results briefing, mostly the same day (H1 FY12/2026 18 Aug, FY12/2025 17 Feb, H1 FY12/2025 16 Jun on both sides; Q4 FY12/2025 15 Dec in Japanese, 16 Dec in English). The Q&A of the management briefing held with the AGM (30 Mar 2026; 27 Jan 2025) is Japanese only. Every results briefing, but not every Japanese Q&A, so 4. Source document →
S6Integrated or annual report available in English0/5
Same IR Materials section ('No data available') is the only place an integrated/annual report could plausibly sit; none found. Checked via browser 21 Sep 2026.
S7Progress against the previous plan, including misses, explained in English0/5
No English review of progress against a plan: the Japanese business-plan document (27 Mar 2026) has no English version, and the English decks report pipeline progress against milestones, not plan targets against results. Re-checked 23 Oct 2026.
G1Corporate governance report available in English0/5
heartseed.jp's IR nav has only four sections (Financial Results, Presentation Materials, Securities Report, IR Materials); no corporate governance page exists in any of them. Checked via browser 21 Sep 2026.
G2Director biographies in English with tenure, expertise and independence4/5
The English Senior Management page profiles every director: Keiichi Fukuda, Kikuo Yasui and Tatsuyoshi Hirano (executive), Takehiko Kaneko and Yutaro Kasai (non-executive) and Kyoko Deguchi (independent), with careers and the year each joined or was appointed, plus the two Audit & Supervisory Board members. Tenure is thin (year joined, not years on the board), and the page still lists Ms Deguchi after the 17 Sep 2026 notice of her resignation. All three elements, one thin, so 4. Source document →
G3Board skills matrix published in English0/5
No director skills matrix found anywhere in heartseed.jp/en/ir/'s four library sections. Checked via browser 21 Sep 2026.
G4Executive remuneration structure and its performance linkage explained in English0/5
Same absence of a governance section rules out any remuneration-structure disclosure. Checked via browser 21 Sep 2026.
G5AGM notice in English with sufficient lead time to vote0/5
No English AGM notice. The notice of the 10th AGM (27 Mar 2026; posted 5 Mar) and its resolutions are on the Japanese IR news only; the English IR news has no shareholders'-meeting items. Re-checked 23 Oct 2026.
G6Shareholder vote results disclosed in English0/5
Same absence of a shareholders'-meeting section rules out vote-results disclosure. Checked via browser 21 Sep 2026.
G7Cross-shareholdings in English with reduction schedule and rationale0/5
Same absence of a governance section rules out cross-shareholding disclosure. Checked via browser 21 Sep 2026.
O1English IR section reachable within two clicks of the English homepage5/5
IR is in the main menu of the English homepage, one click away. So 5. Source document →
O2English document links resolve to English documents5/5
Sampled ten English links from IR News: the Q2, Q1 and FY12/2025 tanshin, the H1 FY12/2026 and FY12/2025 decks, the H1 FY12/2026 and FY12/2025 Q&As, and the director-resignation, RSU and marketing-licence notices. All open English documents. So 5. Source document →
O3English IR archive free of dead links5/5
The same ten links all open. So 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
The English IR pages render, including the year selectors on IR News and the library pages. So 5. Source document →
O5Single page listing all English IR documents by date and type4/5
English IR News lists every English document type (results, decks, Q&As, notices) on one dated page with a year selector, but untyped; the library pages split by type and miss items (the H1 FY12/2026 deck). One dated page, not typed, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell4/5
English documents of several types from the July 2024 listing to October 2026: every results period, decks, Q&As and notices. At least a year, short of several, so 4. Source document →
O7Named English IR contact published4/5
'CONTACT IR' in the English IR menu leads to the Strategic Finance and IR Dept. (ir@heartseed.jp, +81-3-6665-8068); the decks end with the same contact. Dedicated and obvious, so 4. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Latest two results: Q2 FY12/2026 tanshin 14 Aug and deck 17 Aug in both languages; FY12/2025 tanshin 13 Feb and deck 16 Feb 2026 in both. Same day, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication1/5
Japanese / English: Q2 tanshin 14 Aug / 14 Aug = 0; Q1 tanshin 15 May / 15 May = 0; 10th AGM notice 5 Mar 2026, no English (>90); Annual Securities Report 26 Mar 2026, no English (the English Securities Report page reads 'No data available') (>90); Corporate Governance Report, Japanese only (>90). Median over 90 days, so 1. Source document →
R3Timely disclosures published in English4/5
Twelve months of the Japanese timely-disclosure list (22 Oct 2025 to 21 Oct 2026) against the English: the trial, licence, forecast, overdraft, income, RSU, officer and index notices all have English versions the same day. Missing in English: the business-plan document of 27 Mar 2026 and the 25 Feb correction notice. One or two missing, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation notice on the rendered English IR pages or in the English tanshin, Q&A or releases; their 'translated from a part of the Japanese original ... shall prevail' line is R5's. So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
'Translated from a part of the Japanese original for reference purposes only ... the original shall prevail' on the English tanshin and the timely-disclosure notices; the decks and the Q&As carry no such line. On some documents, so 2. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-23. Compare this question across companies →
Capital-policy review
No capital action has been reviewed for this company yet. The monitor covers a selection of companies and, within them, a selection of actions. See the companies covered →
Balance sheet and capital-policy indicators
No balance-sheet reading has been published for this company. See the companies covered →
Changes to this record
- Research error 23 October 2026 · F5: 0 → 4. The English tanshin states every quarter that Heartseed has a single segment; revenue is milestone income with no further breakdown.
- Research error 23 October 2026 · S2: 4 → 5. An English deck and Q&A for every results briefing, on the same day as the Japanese.
- Research error 23 October 2026 · S4: 0 → 4. The English decks name the pipeline drivers with dated milestones (HS-001 filing in 2026, launch in 2027), and the CEO message gives patient numbers.
- Research error 23 October 2026 · S5: 5 → 4. Every results-briefing Q&A is in English, but the Q&A of the management briefing held with the AGM is Japanese only.
- Research error 23 October 2026 · G2: 0 → 4. The English Senior Management page profiles every director with career, year joined and independence; tenure is thin and one resigned director is still listed.
- Research error 23 October 2026 · O5: 3 → 4. English IR News lists every document type on one dated page, though without type labels.
- Research error 23 October 2026 · R1: 4 → 5. For the latest two results, the English tanshin and deck came out the same day as the Japanese.
- Research error 23 October 2026 · R3: 3 → 4. Over twelve months nearly every timely disclosure has an English version the same day; the business-plan document and one correction are missing.
- Research error 23 October 2026 · R5: 1 → 2. The "Japanese prevails" line is on the tanshin and notices but not on the decks or Q&As.
- Research error 21 October 2026 · S3: 0 → 3. The English Technology page and CEO message describe the company's strengths (a patented purification method, its own technology at each step, the number of heart-failure patients). They are not framed for investors, so 3. The September note looked only for a dedicated equity-story page.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.