Cellseed Inc. · TSE:7776
Cellseed — FY2025 Earnings Presentation
39 slides from Cellseed's earnings presentation, Mar 13, 2026
Slide 1: CellSeed Inc. Fiscal 2025 Earnings Results
CellSeed Inc. Fiscal 2025 Earnings Results Tokyo Stock Exchange Growth Code:7776
Slide 2: Table of Contents
Table of Contents Corporate profile Financial Summary of Fiscal Year Ending Year December 31, 2025 Progress of each business Cell sheet regenerative medicine business Regenerative medicine support business Regenerative medicine contract service business Cell cultureware business The 4 th Cel
Slide 3: Business Sites
Business Sites Established May, 2001 Telecom Center Core Cell Sheet Engineering based competence on Temperature Responsive Polymers Listed Tokyo Stock Exchange Growth（7776) Head Office 15F (East Wing) Telecom Center Building 2-5-10, Aomi, Koto-ku, Tokyo Cell Processing Center Telecom Center Building
Slide 4: Business Model
Business Model Medical Hospitals Patients Seeds Products Treatment University Base of Innovation Collaborative Fee Medical Research Expenses Business Alliance Partner Companies Delivering the technology born at a university and grown in a startup to patients as quickly as possible. 3 © 2026 CellSeed
Slide 5: Mission & Vision
MISSION & VISION We are committed to global development of regenerative medicine MISSION VISION Delivering smiles We create a new era of and hope to the regenerative medicine world through the based on cell sheet power of cells engineering 4 © 2026 CellSeed Inc.
Slide 6: Our Business
Our Business Regenerative Medicine Product Development Cell Sheet Regenerative Medicine Business MHLW Regenerative Medicine Business Supporting Business Cell CDMO Cultureware Business Business Cell Cultureware Contract Development and Development/Manufacture/Sales Manufacturing Organization (CDMO）Se
Slide 7: Development of Therapies based on Cell Sheet Engineering
Development of Therapies based on Cell Sheet Engineering 6 © 2026 CellSeed Inc.
Slide 8: New Board
New Board Setsuko Hashimoto, Ph.D. Toshihiro Maeda, Ph.D. Keiichiro Nakaoka Representative Board Board Director, Development Board Director, Corporate Director and President/CEO Strategy Division Director Management Division Director Kenji Oeda, Ph.D. Yukiko Endo, JD/CPA Tetsuomi Mano, CPA Outside D
Slide 9: Table of Contents
Table of Contents Corporate profile Financial Summary of Fiscal Year Ending Year December 31, 2025 Progress of each business Cell sheet regenerative medicine business Regenerative medicine support business Regenerative medicine contract service business Cell cultureware business The 4 th Cel
Slide 10: Profit and Loss Summary - Fiscal Year 2025
Profit and Loss Summary - Fiscal Year 2025 Period Period (January - December 2025) (January - December 2024) [million yen] Change vs Period-on-Period Amount Amount Previous Period Change (%) Sales 83 △109 △56.7 193 Operating income △1,046 △199 － △846 Ordinary income △1,051 △204 － △847 Net income △1,
Slide 11: Financial overview – Fiscal Year 2025
Financial overview – Fiscal Year 2025 Initial forecast Year on Year change Earnings forecast (A) Full-year results (B) [million yen] (for reference) (B－A) *disclosed on Nov. 13, 2025 Sales 195 80 83 3 Operating income △1,010 △1,040 △1,046 △6 Ordinary income △1,010 △1,040 △1,051 △11 Net income △1,060
Slide 12: Recent Business and Development Highlights
Recent Business and Development Highlights Cell sheet regenerative medicine business The first patient in the Phase III clinical trial of allogeneic chondrocyte cell sheets was enrolled in October 2025. Currently, clinical trials are progressing as planned at all clinical trial sites. Regenerati
Slide 13: Issuance of the 25th Stock Warrants with exercise price adjustment clause
Issuance of the 25 th Stock Warrants with an exercise price adjustment clause through a third-party allotment Allotment day December 8, 2025 Number of Stock – 86,000 warrants issued Allottee Barclays Bank Amount of Funds 3,256,440,000 yen (Estimated Net Proceeds) Raised Exercise Period 2 years (from
Slide 14: Financial Sustainability
Financial Sustainability Short-term outlook As R&D activities progress, R&D expense are expected to increase ahead of revenues, and operating losses are, therefore, expected to expand in the near term. R&D expenses for Capital New collaborative allogeneic cartilage Expenditure cell sheets program Re
Slide 15: Table of Contents
Table of Contents Corporate profile Financial Summary of Fiscal Year Ending Year December 31, 2025 Progress of each business Cell sheet regenerative medicine business Regenerative medicine support business Regenerative medicine contract service business Cell cultureware business The 4 th Cel
Slide 16: Cell Sources for Regenerative Medicine
Cell Sources for Regenerative Medicine Autologous Allogeneic Cell Harvesting Patient-Derived Cell Harvesting Donor-Derived Cells Cells ・Somatic cells ・Somatic cells ・Mesenchymal stem ・Mesenchymal stem cells cells ・iPS cells ・iPS cells Donor Administration / Administration / Transplantation Transplan
Slide 17: Administration Methods for regenerative medical products
Administration Methods for regenerative medical products Direct administration Systemic administration via (transplantation) to the injection or infusion through target site using surgery the bloodstream or endoscopy The cell sheet is transplant ed into the defective cartilage area Allogeneic Chondr
Slide 18: Regenerative Medicines Approved in Japan
Regenerative Medicines Approved in Japan 2007 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ※ JACE JACC HeartSheet ※ Nepic Sakracy ReHeart Tissue-transplanted Approval Ocural Jacemine Allostem Sheet products Revoked ※ TEMCELL HS Stemirac ※ Alofisel Vyznova Amchepry Cell
Slide 19: Knee osteoarthritis (OA)
Knee osteoarthritis (OA) Slowly progressive, Intractable Articular Cartilage Degeneration No curative treatment available Causes of requiring support or long- term care Joint disease Other 19% 33% Potential patients Frailty due to aging Symptomatic patients population: 30 million population (in Japa
Slide 20: Allogeneic cartilage cell sheets
Allogeneic cartilage cell sheets Technological Raw material supply system seeds Favorable results observed in all 10 cases in a clinical study Since 2020, the National Center for Child Health and Development has begun providing cartilage tissue derived from patients with polydactyly (including Techn
Slide 21: Manufacturing process of allogeneic chondrocyte sheets (CLS2901C)
Manufacturing process of allogeneic chondrocyte sheets (CLS2901C) Cell Bank Resected digits from Polydactyly patients Isolated cartilage Seeding Cryopreservation Subculture P0 P1 Cell Stock (Master Cell Bank) Px Working Cell Bank Safety Safety Safety Cell Sheets Transplantation Preculture Cell Sheet
Slide 22: Quality test items for cell banks and cell sheets
Quality test items for cell banks and cell sheets Tests for cell count, cell viability, sterility test, endotoxin test, Cell Bank mycoplasma test, and viruses test, etc. Resected digits from Polydactyly patients Isolated cartilage Seeding Cryopreservation Subculture P0 P1 Cell Stock (Master Cell Ban
Slide 23: Allogeneic Chondrocyte Sheets - Phase III Clinical Trial
Allogeneic Chondrocyte Sheets - Phase III Clinical Trial Target: Patients with knee osteoarthritis who are indicated for high tibial osteotomy (HTO) Treatment Flow One month after surgery One year after surgery Discharge Removal Enroll Screening Surgery from of ment hospital hardware HTO (48 cases)
Slide 24: Table of Contents
Table of Contents Corporate profile Financial Summary of Fiscal Year Ending Year December 31, 2025 Progress of each business Cell sheet regenerative medicine business Regenerative medicine support business Regenerative medicine contract service business Cell cultureware business The 4 th Cel
Slide 25: Regenerative Medicine Contract Manufacturing Service
Regenerative Medicine Contract Manufacturing Service 24 © 2026 CellSeed Inc.
Slide 26: Regenerative Medicine Contract Manufacturing Service
Regenerative Medicine Contract Manufacturing Service Bridging the gaps and challenges in academia to deliver regenerative medicine to patients Obtaining manufacturing and marketing approval under the Pharmaceuticals and Medical R&D in academia Devices Act (PMD Act) Fundamental Non-clinical Clinical
Slide 27: Cell Processing Center (CPC)
Cell Processing Center (CPC) Cell Processing Center Obtained a license for the manufacturing specified cell processed products (March 2017; facility No. FA3160008) Obtained a manufacturing license for regenerative medical products (October 2018) Capable of manufacturing specified cell processed
Slide 28: Regenerative Medicine Contract Manufacturing Service
Regenerative Medicine Contract Manufacturing Service 1 Process Development and Contract Manufacturing for Cell Sheet Products Process Development of cell sheet products Contract Manufacturing of cell sheet products Quality Testing of cell sheet products, etc. 2 Facility Management and Regulato
Slide 29: Contract Projects for Regenerative Medicine Services
Contract Projects for Regenerative Medicine Services Major projects Autologous Chondrocyte sheets Contract manufacturing of autologous chondrocyte sheets for advanced medical care B conducted by Tokai University Regulatory application support for private medical treatment at Ikegami General Ho
Slide 30: Table of Contents
Table of Contents Corporate profile Financial Summary of Fiscal Year Ending Year December 31, 2025 Progress of each business Cell sheet regenerative medicine business Regenerative medicine support business Regenerative medicine contract service business Cell cultureware business The 4 th Cel
Slide 31: Cell Cultureware Business
Cell Cultureware Business UpCell® RepCell® By immobilizing a In addition to features temperature-responsive similar to those of polymer on the surface of UpCell®, the surface cultureware, intact cell grid-wall structure sheets can be harvested enables the recovery of without the use of cells in smal
Slide 32: Global demands for cell cultureware
Global demands for cell cultureware Nearly 80% of Sales from Regenerative medicine Overseas Overseas markets Growing Cell Therapies in Oncology, Allergy and Immunology Domestic Large-Scale Cell Overseas Culturing and Harvesting ＞＞＞ Cell sheets UpCell Flasks – suitable for large-scale cell culture
Slide 33: Sales Performance of Cell Cultureware Business
Sales Performance of Cell Cultureware Business Although overseas sales have grown significantly since 2016, … CAGR 17.1% FY 2025 Significant shift in the U.S. research environment Persistent geopolitical disruptions in Europe, and the Middle East, etc. Declining Sales in International Markets 32
Slide 34: New market development for cell cultureware
New market development for cell cultureware Glowing demands for large-scale cell culture Manufacturing of bio pharmaceuticals Potential of Manufacturing of cells for immunotherapy Development of cellular foods, such as cultured meat market expansion Required number of cells Development of new
Slide 35: Table of Contents
Table of Contents Corporate profile Financial Summary of Fiscal Year Ending Year December 31, 2025 Progress of each business Cell sheet regenerative medicine business Regenerative medicine support business Regenerative medicine contract service business Cell cultureware business The 4 th Cel
Slide 36: The 4th Cell Sheet Engineering Innovation Forum
The 4th Cell Sheet Engineering Innovation Forum Date and time: Friday, November 28, 2025 Venue: Miraikan National Museum of Emerging Science and Innovation Invited speakers: Professor Tatsuya Shimizu (Professor and Head of Institute of Advanced Biomedical Engineering and Science, Tokyo Women’s Medic
Slide 37: Lecture Scenes
Lecture Scenes 36 © 2026 CellSeed Inc.
Slide 38: Scenes from Poster session and Networking
Scenes from Poster session and Networking 37 © 2026 CellSeed Inc.
Slide 39: We look forward to your continued support.
We look forward to your continued support. • This material contains forward-looking statements that involve risks and uncertainties, and actual results may differ materially. • This material is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell s