Key Takeaways from Capricor Earnings Briefing

研报英文原文证据摘录

Key Takeaways from Capricor Earnings Briefing

Japan | Pharmaceuticals

Nippon Shinyaku EquityMayResearch12, 2026

FLASH NOTEKey Takeaways from Capricor Earnings

RATING HOLDBriefing

PRICE ¥4,112^

Capricor held an earnings briefing at 4:30 PM ET on May 12. On the

commercialization of deramiocel, the company said it has been preparing PRICE TARGET | % TO PT ¥5,200 | +26%

for self-distribution. Capricor has sought a court injunction against Nippon 52W HIGH-LOW ¥6,529 - ¥2,967

Shinyaku, its distribution partner, to protect the commercial launch. It FLOAT (%) | ADV MM (USD) 73.0% | 6.19

believes the court would prefer Capricor, as the manufacturer, to distribute MARKET CAP ¥277.1B | $1.8B

deramiocel rather than have the drug remain commercially unavailable due TICKER 4516 JP ^Prior trading day's closing price unless otherwise

to pricing constraints. noted.

Building own commercial team. During the earnings briefing, Capricor stated that it is

internally building a fully functional commercial team for deramiocel. The company has already

hired a senior vice president with experience in rare diseases and is moving forward with

marketing preparations. In addition, a Chief Commercial Officer is scheduled to join the

company next week. If the distribution agreement is rescinded, Capricor would be required to

repay the $50m in upfront and milestone payments to Nippon Shinyaku; however, Capricor

appeared to have no hesitation about this.

Waiting for injunction. As the next step, the court will decide whether to grant a preliminary

injunction that would allow Capricor to distribute deramiocel to patients. Capricor stated that

in cases like this, where the drug is potentially life-saving, it is unlikely that the court would

choose to block distribution.