PeptiDream Inc.
Cite as: Japan IR Index, PeptiDream Inc. (4587), methodology GNT-BDS v1.1.1, reviewed 2026-10-20.
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.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O2 English document links resolve to English documents 3/5 Quick fix
Check every link on the English IR pages; label any that open a Japanese document, or link the English version.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 2 answers corrected after re-checks (research errors) between 20 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 | 8 of 12 |
| Same size band (¥100–500bn) | 77.1 | 40 of 50 |
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, 27 scored 3 or more and 6 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
English 'Consolidated Financial Results' (IFRS, December year-end) every quarter on the English Financial Results / Presentations page and on TDnet at the same minute as the Japanese (H1 FY2026 12 Aug 2026 15:30; Q1 13 May 2026 15:30). Complete: H1 English 38 pp against 33 Japanese, with the qualitative information (results, R&D programmes by partner) and the notes including the segment note. Every period, whole, so 5. Source document →
F2English results summary is a full translation, not an excerpt5/5
H1 FY2026 tanshin against the Japanese 2026年12月期 第２四半期（中間期）決算短信 (33 pp): the English (38 pp) has the summary, '1. Qualitative Information on Quarterly Financial Results', the condensed statements and the notes, segment information included (pp.35-36: reportable segments described, revenues and performance). Whole translation, so 5. Source document →
F3Financial statements including notes available in English5/5
The H1 FY2026 English tanshin carries the full condensed IFRS statements and notes, with the segment note. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form0/5
The English 'Securities Reports' page (IR Materials) is empty; the Japanese page lists the 有価証券報告書 and 半期報告書 (e.g. 第20期, 2025). The English 'Disclosure of 20th Annual Securities Report' is a notice of filing, not the report.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Two reportable segments, Drug Discovery and Development and Radiopharmaceutical. Every English tanshin gives revenue and segment profit or loss per segment (H1 FY2026: drug discovery revenue ¥1,201m, segment loss ¥2,732m; radiopharmaceutical ¥8,025m, profit ¥242m) with the segment descriptions in the note, and the deck repeats them. So 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
No Excel or CSV anywhere on the English IR pages (IR News, IR Materials and its four sub-pages, Stock Information). Data come only in PDFs.
F7Guidance disclosed in English with the basis explained4/5
The English H1 deck (12 Aug 2026) reaffirms FY2026 guidance (revenue ¥32.0bn, OP ¥4.6bn) split by segment (drug discovery ¥15.0bn, radiopharma ¥17.0bn) and says partnering deals are not included ('+α'). Segment forecasts with part of the basis; no FX or market assumptions beyond that. So 4. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the six months to 30 June 2026 filed on TDnet at 15:30 on 12 Aug 2026, the same minute as the Japanese. Same period. Source document →
S1Medium-term management plan in English with numerical targets0/5
Neither language publishes a medium-term plan with numerical targets. PeptiDream gives annual guidance (FY2026 revenue ¥32.0bn, OP ¥4.6bn) and, in the deck, an ambition of 19-25 clinical programmes by the 2030s; the Japanese IR library has no 中期経営計画 either.
S2IR presentations published in English5/5
PeptiDream holds half-year and full-year briefings. For H1 FY2026 the English page has the deck (33 pp, 12 Aug), an English briefing video, the script (18 pp, 25 Aug) and the Q&A (11 pp, 18 Aug), and the Japanese side has the same four, script and Q&A on the same days. FY2025 (Feb 2026): deck, video and Q&A in English. Quarterly shareholder letters/newsletters are in both. So 5. Source document →
S3English equity-story or investment-highlights page3/5
No investment-highlights page in English. The 'Business Model' page and the 'Latest Corporate Overview' (a deck of December 2024) describe the PDPS platform and the business model; nothing framed and quantified for an investor. So 3. Source document →
S4Growth drivers identified and quantified in English4/5
The English H1 deck names the drivers (new partnering deals and milestones, royalties, PET product sales, the Japan radiopharma business, internal programmes such as CA9, CLDN18.2, PSMA) and quantifies some (clinical programmes 5, 7, 13 to 19-25 by the 2030s; segment guidance; R&D spend ¥6.5bn). No market sizes or per-driver contributions. Named, some quantified, so 4. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
For the briefings in the last twelve months, the English Q&A appeared the same day as the Japanese: H1 FY2026 Q&A 18 Aug 2026 (both), script 25 Aug (both); FY2025 Q&A 20 Feb 2026 (both; the meeting was held in English and Japanese). Earlier Q&As (H1 2025 and before) were 'Japanese only', but every briefing in the current year has an English Q&A on the Japanese day. So 5. Source document →
S6Integrated or annual report available in English0/5
PeptiDream publishes no integrated or annual report in either language. The English site has the 'Sustainability Impact Report 2026' (27 pp, 11 Sep 2026, same day as the Japanese, covering FY2025): sustainability, governance, skills matrix and remuneration, but no strategy-and-financials report, so it is not an integrated or annual report. The original review (checked 20 Oct 2026) found neither in the English IR library and sustainability pages nor on the Japanese IR資料 page. Not found, as 6526 (sustainability report only, none in either language). Previously scored 3.
S7Progress against the previous plan, including misses, explained in English0/5
No medium-term plan in either language, so no previous-plan reconciliation; PeptiDream reports against annual guidance only.
G1Corporate governance report available in English5/5
Corporate Governance Report in English, 'Date of last revision: April 2, 2026' (22 pp), the file created at 17:12 on 2 Apr 2026, the day the Japanese was filed on TDnet (17:57); linked from the Sustainability Impact Report. Current, so 5. Source document →
G2Director biographies in English with tenure, expertise and independence4/5
The English Leadership Team page lists the board (CEO Patrick Reid, Director Masato Murakami, the independent outside directors on the Audit and Supervisory Committee, e.g. Chair Kiichiro Kamiya) with career summaries and independence; the AGM notice gives dated careers for the two candidates. Years on the board are given only in passing ('joined in Mar 2025', 'CEO since 2017'). Three elements, tenure thin, so 4. Source document →
G3Board skills matrix published in English5/5
The English Sustainability Impact Report 2026 has the 'Expertise and Experience (Skills Matrix) Possessed by Directors' with committee membership, and the CG Report a matrix. Current, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English Sustainability Impact Report 2026 sets out the structure (fixed pay; performance-linked pay 0-150% of fixed, as a bonus and BBT stock), the KPIs (consolidated revenue growth, revenue and core OP against targets, plus qualitative items) and the total paid for FY2025 (two directors ¥265,362k; four A&SC members ¥27,933k). No weights and no split by pay type. So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 20th Ordinary General Meeting in English (5 pp), filed on TDnet 26 Feb 2026 (dated 3 Mar, electronic provision from 2 Mar) for a meeting on 25 March: 27 days or more. It carries the reference documents for the single proposal (two directors) with full careers and reasons, and explains voting in writing or via the internet with the deadline (18:00, 24 March). Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's shareholder pages name Sumitomo Mitsui Trust Bank as share registrar, whose voting websites (www.web54.net and www.soukai-portal.net) are in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English0/5
The English Shareholders Meeting page has the AGM Q&A script and business-report deck in English but lists the 'Notice of Resolutions Adopted at the 20th Ordinary General Meeting (Japanese only)'; no English voting results anywhere.
G7Cross-shareholdings in English with reduction schedule and rationale5/5
The English CG Report (Principle 1-4) states that 'the Company does not hold shares of other listed companies' and does not plan to except for strategic alliances. A company that states in English it holds none scores 5, as the TOCALO example. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage header has 'Investors', which opens the IR section directly. One click, so 5. Source document →
O2English document links resolve to English documents3/5
Sampled 18 links on the English Financial Results / Presentations and Shareholders pages (tanshin 2014-2026, decks, Q&As, AGM notices, briefing materials, sustainability report). Three are Japanese documents: the Q&As of the FY2023, FY2024 and H1 2025 briefings, each labelled 'Japanese only'. Several Japanese documents, labelled, so 3. Source document →
O3English IR archive free of dead links5/5
All 18 sampled links resolved to live PDFs. So 5. Source document →
O4English IR pages render without blank JavaScript failures4/5
The IR pages render, but the 'Latest IR Materials' block on the IR Materials top shows 'There is nothing to publish right now' under 'FY2026 Q2 Financial Results (August 2026)' and 'FY2026 Q1 Financial Results (May 2026)', although those documents are on the Financial Results page (the Japanese top shows the same). A widget empty, the content elsewhere, so 4. Source document →
O5Single page listing all English IR documents by date and type5/5
IR News is one dated list of every English item, typed (TSE Filings, Securities Reports, Financial Results, Press Releases, Others) with filters: tanshin, decks, Q&As, newsletters, disclosures, the sustainability report. So 5, as the Kanto Denka and JX examples. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
English results from FY2013, decks from 2016, Q&As and briefing videos from 2022, AGM notices from the 15th (2021), sustainability reports 2021-2026. So 5. Source document →
O7Named English IR contact published3/5
'Contact' in the header leads to the company inquiry form, where 'Investor/PR/Others' is one category and the page sets out the IR inquiry rules. The CG Report names 'IR & Public Affairs'. A shared form with an IR category, so 3. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Tanshin in English on TDnet at the same minute as the Japanese (12 Aug 2026 15:30; 13 May 2026 15:30) and the H1 deck the same afternoon in both languages (files 15:27 and 15:28 on 12 Aug). So 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
H1 tanshin 12 Aug / 12 Aug = 0; Q1 tanshin 13 May / 13 May = 0; CG Report 2 Apr / 2 Apr = 0; AGM notice on TDnet 26 Feb 2026 in English; securities report no English, >90. Median 0, so 5. Source document →
R3Timely disclosures published in English5/5
Every timely disclosure on PeptiDream's Japanese IR news feed (適時開示書類) from Oct 2025 to Oct 2026 has an English version at the same minute: the special investigation committee's cause analysis and its correction (23 Oct 2025), Q3 tanshin (12 Nov), forecast revision (2 Dec), FY2025 tanshin and J-ESOP contribution (16 Feb 2026), AGM notice, post-AGM briefing notice, refinancing (16 Mar), Phase 1 start, tanshin, MSD and Novartis milestones. Only the CG Report filing lacks a separate English TDnet entry, and the English CG Report was posted the same day. All, same day, so 5 (window widened to twelve months 20 Oct 2026). Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR pages, Disclaimer and contact form: no machine-translation notice on any English page or document. (The Japanese FY2025 Q&A says it was partly machine-translated from English; that concerns the Japanese.) So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
'The original shall prevail' is on the tanshin, the CG Report and the AGM notice; the decks, the Q&As and the Sustainability Impact Report carry none. 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 2026-10-20. Compare this question across companies →
Capital-policy review
Not scored. 2 actions have been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
Refinancing of radiopharmaceutical-acquisition borrowings (¥16.44bn, 7.5 years)
Strategy or target reset · In progress · Agreement signed 16 March 2026
After its FY2025 operating loss breached syndicated-loan covenants, PeptiDream refinanced the 2022 acquisition borrowings early with a ¥16.44bn, 7.5-year Mizuho Eco Finance loan, drawn on 31 March 2026 by the notice.
Timeline and sources (2 steps)
- 16 February 2026FY2025 loss reported Revenue fell to ¥18.5bn with an operating loss of ¥5.0bn and ROE of -6.9%; cash fell to ¥28.7bn. The FY2026 forecast is ¥32.0bn revenue and ¥4.6bn operating profit. Consolidated Financial Results for the Fiscal Year Ended December 31, 2025
- 16 March 2026Refinancing agreed Syndicated loan of ¥16.44bn for 7.5 years, drawdown 31 March 2026, to repay borrowings due March 2027 and cut interest costs; the notice says the FY2025 loss breached covenants on ¥17.1bn of existing loans and that the refinancing removes going-concern doubt. Notice Concerning Borrowing of Funds (Refinancing)
What management said it would do
PeptiDream refinanced its 2022 acquisition loans with a ¥16.44bn, 7.5-year syndicated loan agreed on 16 March 2026.
From the company’s own disclosure · Notice Concerning Borrowing of Funds (Refinancing)
What it actually did, and when
The FY2025 loss breached covenants on ¥17.1bn of loans; the notice schedules drawdown for 31 March 2026.
Partly disclosed — a gap remains · Consolidated Financial Results for the Fiscal Year Ended December 31, 2025 · Notice Concerning Borrowing of Funds (Refinancing)
What it disclosed about the economics
The rationale (stability, lower interest) is not quantified.
Partly disclosed — a gap remains · Notice Concerning Borrowing of Funds (Refinancing)
What has happened since
No dated outcome is due yet.
Partly disclosed — a gap remains · Notice Concerning Borrowing of Funds (Refinancing)
The question this leaves open
Investor question: what covenants and interest cost does the new loan carry? IR preparation: publish the covenant terms and the FY2026 headroom.
Our analysis, not a company statement
¥1.0bn contribution to the J-ESOP trust for market purchases of up to 800,000 shares (March 2026)
Buyback · In progress · Contribution announced 16 February 2026
PeptiDream contributed ¥1.0bn to its employee share trust on 2 March 2026 for market purchases of up to 800,000 shares between 2 and 13 March, to fund future share distributions to employees. The shares are held by the trust for compensation, not retired. No completion report was found in the reviewed sources.
Timeline and sources (1 step)
- 16 February 2026Contribution announced ¥1.0bn to the Mizuho Trust J-ESOP trust on 2 March 2026; up to 800,000 shares bought on the market from 2 to 13 March (planned); part of the amount kept as a cash reserve for trust expenses. Notice of an Additional Contribution to the Employee Stock Ownership Plan (J-ESOP) (English published the same day as the Japanese; Japanese version 2026-02-16)
What management said it would do
PeptiDream contributed ¥1.0bn to its J-ESOP trust for market purchases of up to 800,000 shares from 2 to 13 March 2026.
From the company’s own disclosure · Notice of an Additional Contribution to the Employee Stock Ownership Plan (J-ESOP) (English published the same day as the Japanese; Japanese version 2026-02-16)
What it actually did, and when
No report of the shares bought was found.
Partly disclosed — a gap remains · Notice of an Additional Contribution to the Employee Stock Ownership Plan (J-ESOP) (English published the same day as the Japanese; Japanese version 2026-02-16)
What it disclosed about the economics
Partly disclosed — a gap remains · Notice of an Additional Contribution to the Employee Stock Ownership Plan (J-ESOP) (English published the same day as the Japanese; Japanese version 2026-02-16)
What has happened since
The result of the purchase window is not reported in the reviewed sources.
Partly disclosed — a gap remains · Notice of an Additional Contribution to the Employee Stock Ownership Plan (J-ESOP) (English published the same day as the Japanese; Japanese version 2026-02-16)
The question this leaves open
Investor question: what did the trust buy, and what do the share plans cost each year? IR preparation: report trust purchases and annual grants.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
FY2025 operating cash flow was -¥13.3bn and cash fell from ¥48.1bn to ¥28.7bn; PeptiDream pays no dividend and guides FY2026 R&D of about ¥6.5bn.
Capital structure
Equity was ¥51.5bn (66.9% of assets) with ¥17.1bn of syndicated loans, refinanced in March 2026 after a covenant breach.
Governance of capital decisions
The CG Report states PeptiDream holds no shares in other listed companies; there is no medium-term plan, only annual guidance.
Preliminary and not scored: a selected-source reading, reviewed 20 October 2026. Surplus cash, leases, maturities, project returns, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Sumitomo Mitsui Trust Bank) is in Japanese only.
- Research error 20 October 2026 · S6: 3 → 0. A sustainability report is not an integrated or annual report, and the company publishes neither in either language. Scored as not found, consistent with other companies in the same position.
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.