Acumen exercises option under agreement with JCR Pharmaceuticals: Quick Note

Research evidence excerpt

Acumen exercises option under agreement with JCR Pharmaceuticals: Quick Note

Global Markets Research

17 June 2026JCR Pharmaceuticals

4552.T 4552 JP / EQUITY: JAPAN PHARMACEUTICALS

Acumen exercises option under agreement with Rating NeutralJCR Pharmaceuticals

Target price JPY 430Quick Note

Closing price

Acumen Pharmaceuticals announced on 16 June (local time) that it will exercise its option 16 June 2026 JPY 448

under its license agreement concluded with JCR Pharmaceuticals. JCR Pharmaceuticals

(Note: Quick Note reports are not amade a similar announcement on the morning of 17 June JST. Based on preclinical data

vehicle for changes to ratings, targetobtained through a joint research agreement with JCR Pharmaceuticals, Acumen

prices, or earnings forecasts)

Pharmaceuticals will combine JCR Pharmaceuticals’ J-Brain Cargo technology with an

amyloid beta oligomer (AβO)-selective bispecific antibody derived from sabirnetug, as well

as with a novel, next generation AβO-selective antibody known as ACU234. We had

expected this option to be exercised by June 2026, so we consider the news to be in line

with our expectations. As for the financial terms of the deal, in line with Acumen Research Analysts

Pharmaceuticals' disclosures and our forecasts to date, we expect JCR Pharmaceuticals Japan pharmaceuticals &

to receive a lump-sum option exercise payment of $9.25mn, R&D milestone payments of healthcare

up to $40mn, sales milestone payments of up to $515mn, and post-sales royalty income Japan small cap - pharmaceuticals

(for details, see our 15 July 2025 Quick Note report JCRPharmaceuticals and our 22 & healthcare

December 2025 report JCRPharmaceuticals). Initially, Acumen Pharmaceuticals had Kota Maeda - NSC