■Performance Trends

2. financial status

The total assets of Synbio Pharmaceuticals＜4582＞ at the end of the 2023/12 fiscal year decreased by 2,263 million yen from the end of the previous fiscal year to 8,170 million yen. Looking at the main factors of change, cash and deposits increased by 234 million yen in current assets, while accounts receivable decreased by 1,171 million yen. As for fixed assets, tangible fixed assets decreased by 69 million yen and software by 222 million yen, respectively, due to the recording of impairment losses, and deferred tax assets decreased by 744 million yen.

Total liabilities decreased by 966 million yen from the end of the previous fiscal year to 960 million yen. Looking at the main factors of change, unpaid amounts decreased by 309 million yen, unpaid corporate taxes, etc. decreased by 382 million yen, respectively, and other current liabilities declined. Also, net assets decreased by 1,296 million yen to 7,209 million yen. While capital and capital surpluses increased by 404 million yen, respectively, due to the issuance of new shares, the recorded net loss of 1,962 million yen attributable to parent company shareholders was a factor in the decline.

Note that cash and deposits at the end of the fiscal year were 6,517 million yen, and the company would like to continue securing cash on hand using 5.5 to 6.5 billion yen as a guide. For the time being, it will be necessary to raise funds for the purpose of BCV development investment, but the company is considering procurement from institutional investors as appropriate in addition to temporary income from BCV partnering. Since a clear POC was established with BCV in 2023, it seems that interest not only from pharmaceutical companies but also from institutional investors is growing, and although there are concerns about stock dilution, the risk of falling into a shortage of funds is extremely low.

(Author: FISCO Visiting Analyst Joe Sato)