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We would like to express our sincere gratitude to your continued support.
At the 24th Ordinary General Meeting of Shareholders held on March 25, 2025, a new management structure was approved. Setsuko Hashimoto, Toshihiro Maeda, and Keiichiro Nakaoka were appointed as directors (excluding directors who are Audit and Supervisory Committee members), and Kenji Oeda, Yukiko Endo, and Tetsuomi Mano were appointed as directors who are Audit and Supervisory Committee members.
With this strengthened full-time board structure, we are committed to further developing our business.

In our cell cultureware business, proactive sales promotion activities aimed at expanding product distribution have resulted in a significant year-on-year increase in sales, especially in overseas markets. This has enabled us to surpass last year’s performance and achieve record-high sales in this segment. Over the past eight years, sales in this division have increased 3.5 times. Moving forward, we will continue to drive further growth by expanding the market for existing products through the collection and analysis of sales data from key distributors, while also investing in research and development to create new products that meet customer needs and market trends, thereby attracting new customers.
In our contract development and manufacturing services, we received orders for several projects, including the manufacture of autologous chondrocyte sheets for use in advanced medical treatment, in fiscal year 2024. In addition, we continue to focus on acquiring contract projects from other medical institutions and companies.

Regarding allogeneic chondrocyte sheets, we submitted a clinical trial notification for a Phase 3 trial of allogeneic chondrocyte sheets (CLS2901C) to the PMDA on September 20, 2023, and the PMDA's 30-day review of the clinical trial notification was completed. After going through the Institutional Review Board (IRB), we have entered contracts with each clinical trial facility and established the necessary framework to perform surgeries at those locations. As the commencement of the trial requires the cooperation of Tokai University, we have been in ongoing discussions regarding the milestone payment amounts with the university; as announced on March 24, 2025, an agreement has been reached. We are working diligently to begin the Phase III trial as soon as possible.

The 4th Cell Sheet Engineering Innovation Forum is scheduled to be held on November 28, 2025. We hope to make this a forum to discuss applications of "cell sheet engineering" and related technologies to regenerative medicine and new fields, so that more researchers can become aware of this world-first cell sheet engineering that originated in Japan.

We remain committed to the rapid realization and commercialization of regenerative medicine, and we kindly ask for your continued and unwavering support.