# Nxera Pharma Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2023, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/01/01－2025/12/31) (S100XTYN)
> Page: https://vizora.meequs.com/en/company/nxera-pharma
> Retrieved: 2026-09-30T21:03:13.926Z

## Company

Nxera Pharma, founded in 1990, is a company in Biotech & Regenerative Medicine listed on TSE Prime. It has 350 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nxera Pharma Co., Ltd. |
| Ticker | 4565 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4565.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂九丁目7番2号 |
| Representative (per filing) | 代表執行役社長CEO クリストファー・カーギル |
| Founded | Jun 1990 |
| Employees (consolidated) | 350 |
| Fiscal year end | December |
| Website | www.nxera.life (https://www.nxera.life/) |
| Corporate number | 4010001021288 |
| EDINET | E00981 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XTYN, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Biotech & Regenerative Medicine (2023-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Efficiency | 7.1 | 7 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Nxera Pharma brought in ¥12.8B in revenue.
- Revenue changed -18.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.8B |  |
| Operating income | — | Margin — |
| Net income | -¥7.19B | Margin -56.3% |
| Free cash flow | — |  |
| Employees (consolidated) | 350 |  |
| Cash ratio | 31.2% | Cash ÷ revenue 384.3% |
| ROA | -5.6% | Derived from disclosed figures |

## Notable figures

- FY2023, cash is 31% of total assets

## What changed in 6 years

| Metric | FY ending Mar 2017 | FY ending Dec 2023 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18901000000 | ¥12766000000 | -32.5% |
| Employees | 145 people | 350 people | +141.4% |
| Cash and equivalents | ¥13899000000 | ¥49065000000 | +253.0% |

### Change in segment revenue mix

Span: FY ending Mar 2017 → FY ending Dec 2023. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,766 | 100.0% | S100XTYN |
| Pretax income | -10,680 | -83.7% | S100XTYN |
| Net income attributable to owners | -7,193 | -56.3% | S100XTYN |

A machine-readable operating income value exists, but it is not in the validated published data, so the chart is omitted.

## Year over year（FY ending Dec 2022 → FY ending Dec 2023、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,569 | 12,766 | -2,803 | -18.0% |
| Net income attributable to owners | 382 | -7,193 | -7,575 | -1983.0% |
| Operating cash flow | 9,952 | -5,273 | -15,225 | -153.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 18,901 | — | — | 9,311 | 12,856 | — | S100L0R4 |
| FY ending Mar 2018 | 6,955 | — | — | -2,654 | -2,167 | — | S100NQA2 |
| FY ending Dec 2018 | 2,872 | — | — | -5,977 | -3,995 | — | S100QFQ7 |
| FY ending Dec 2021 | 17,712 | — | — | 1,017 | 7,095 | — | S100XTYN |
| FY ending Dec 2022 | 15,569 | — | — | 382 | 9,952 | — | S100XTYN |
| FY ending Dec 2023 | 12,766 | — | — | -7,193 | -5,273 | — | S100XTYN |

## People and productivity（FY ending Dec 2023, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.5M |
| Net income per employee (consolidated) | -¥20.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2018 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 152 | 169 | 198 | 202 | 350 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +73.3% · Revenue (consolidated) -18.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -5,273 | -41.3% | S100XTYN |
| Investing cash flow | -63,791 | -499.7% | S100XTYN |
| Financing cash flow | 48,329 | 378.6% | S100XTYN |
| Change in cash | -20,735 | -162.4% | 算出 |
| Cash and equivalents | 49,065 | 384.3% | S100XTYN |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2018 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 28,281 | 18,760 | 60,087 | 66,557 | 49,065 | S100NQA2, S100L0R4, S100XTYN |
| Total assets | 69,486 | 58,987 | 96,985 | 99,417 | 157,198 | S100NQA2, S100QFQ7, S100XTYN |
| Net assets | — | 41,580 | — | — | 66,810 | S100L0R4, S100XTYN |

### Balance sheet history

| Metric | FY ending Mar 2018 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 69,486 | 58,987 | 96,985 | 99,417 | 157,198 |
| Equity | — | 41,580 | — | — | 66,810 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 28,281 | 18,760 | 60,087 | 66,557 | 49,065 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 31.2% |
| Cash ÷ revenue | 384.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,920 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2018 | — | —× | -3.8% | —× | — | S100NQA2 |
| 2018 | — | —× | -10.1% | —× | — | S100QFQ7, S100L0R4 |
| 2021 | — | —× | 1.0% | —× | — | S100XTYN |
| 2022 | — | —× | 0.4% | —× | — | S100XTYN |
| 2023 | — | —× | -5.6% | —× | — | S100XTYN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.4% | 2025-12-31 |
| 五味 大輔 | Major shareholder | 8.0% | 2025-12-31 |
| JICVGIオポチュニティファンド１号投資事業有限責任組合 | Major shareholder | 6.2% | 2025-12-31 |
| CLEARSTREAM BANKING S. A.（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.4% | 2025-12-31 |
| BROWN BROTHERS HARRIMAN(LUXEMBOURG) SCA CUSTODIANFOR ARCUS FUND SICAV - ARCUS JAPAN FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.8% | 2025-12-31 |
| ファイザー株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.7% | 2025-12-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.5% | 2025-12-31 |
| BOFAS INC OMNIBUS ACCOUNT（常任代理人 BofA証券株式会社） | Major shareholder | 1.3% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/01/01－2025/12/31) | S100XTYN | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTYN,, |
| 有価証券報告書－第33期(2022/01/01－2022/12/31) | S100QFQ7 | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFQ7,, |
| 有価証券報告書－第32期(令和3年1月1日－令和3年12月31日) | S100NQA2 | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQA2,, |
| 有価証券報告書－第31期(令和2年1月1日－令和2年12月31日) | S100L0R4 | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0R4,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Novartis International Pharmaceutical Ltd. | Co-development | NVA237・QVA149の全世界での開発・商業化の独占的権利を許諾 | S100XTYN |
| Vectura Group Plc. | Co-development | Novartisへのライセンスの共同ライセンサー | S100XTYN |
| Pfizer Inc. | Co-development | GPCRターゲットの研究提携・独占的開発販売権の許諾 | S100XTYN |
| Genentech, Inc. | Co-development | GPCRターゲットの共同開発・独占的権利の許諾 | S100XTYN |
| AbbVie Ireland Unlimited Company | Co-development | 新規医薬品候補の共同開発・ライセンスオプション許諾 | S100XTYN |
| Tempero Bio, Inc. | Co-development | mGlu5 NAMポートフォリオの独占的権利を許諾（対価に株式も受領） | S100XTYN |
| Orexia Limited and Inexia Limited | Co-development | オレキシン受容体作動薬の共同研究開発提携（Centessaグループ） | S100XTYN |
| Neurocrine Biosciences, Inc. | Co-development | ムスカリン受容体作動薬の独占的開発・製造販売権を許諾 | S100XTYN |
| AbbVie Global Enterprises Ltd. | Co-development | 神経疾患ターゲットの共同開発・ライセンスオプション許諾 | S100XTYN |
| Eli Lilly and Company | Co-development | 糖尿病・代謝性疾患の複数ターゲットの共同開発 | S100XTYN |
| Boehringer Ingelheim International GmbH | Co-development | GPR52受容体作動薬の共同開発・ライセンスオプション許諾 | S100XTYN |
| 塩野義製薬 | Supply/OEM | 日本でのクービビックの独占販売権付与と製剤供給（ネクセラ側が供給） | S100XTYN |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).