Medicinova Inc 10-K for FY2025

Medicinova Inc 10-K for FY2025

MEDICINOVA, INC.

MEDICINOVA, INC.

EXHIBIT A

MEDICINOVA, INC.

EXHIBIT B

MEDICINOVA, INC.

EXHIBIT C

MEDICINOVA, INC.

MEDICINOVA, INC.

MEDICINOVA, INC.

Exhibit 31.2

Exhibit 32.2

About this 10-K

About this 10-K

Headline figures

Headline figures

Medicinova Inc (MNOV)

10-K 2026-03-10 For: 2025-12-31

Added on April 06, 2026

Medicinova Inc filed this 10-K on March 10, 2026, covering the fiscal year ended December 31, 2025 (FY2025).

Fiscal year ended December 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $409.66K
Net loss: $12M; compared with a net loss of $11.05M a year earlier
Diluted EPS: -$0.24; compared with -$0.23 a year earlier

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Delaware		33-0927979
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

4275 Executive Square, Suite 300, La Jolla, CA		92037
(Address of Principal Executive Offices)		(Zip Code)


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	MNOV	The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐


		Page
PART I
Item 1	Business	5
Item 1A	Risk Factors	27
Item 1B	Unresolved Staff Comments	57
Item 1C	Cybersecurity	57
Item 2	Properties	58
Item 3	Legal Proceedings	58
Item 4	Mine Safety Disclosures	58

PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	59
Item 6	[Reserved]	59
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	60
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	65
Item 8	Financial Statements and Supplementary Data	65
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	88
Item 9A	Controls and Procedures	88
Item 9B	Other Information	89
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	89

PART III
Item 10	Directors, Executive Officers and Corporate Governance	90
Item 11	Executive Compensation	90
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	90
Item 13	Certain Relationships and Related Transactions, and Director Independence	91
Item 14	Principal Accountant Fees and Services	91

PART IV
Item 15	Exhibits and Financial Statement Schedules	92

Signatures		95

Indication

Clinical Study

Institution and Funding Agency(s)

Prevention of ARDS in severe COVID-19

Primary Progressive and Secondary

A Randomized, Double-Blind, Placebo-Controlled, Parallel Group Study to Evaluate the Efficacy, Safety, Tolerability, Biomarkers and PK of MN-166 (Ibudilast) in COVID-19 Subjects at Risk for Developing ARDS

A Randomized, Double-Blind, Placebo-Controlled Study to Evaluate the Safety, Tolerability and Activity of Ibudilast

Multicenter
MediciNova, Inc.

Cleveland Clinic / Multicenter
National Institute on Neurological Diseases and Stroke

Completed

Completed


☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Progressive Multiple Sclerosis	(MN-166) in Subjects with Progressive Multiple Sclerosis	MediciNova, Inc.

Amyotrophic Lateral Sclerosis (ALS)	A Single-Center, Randomized, Double-Blind, Placebo-Controlled, Six Month Clinical Trial Followed by an Open-Label Extension to Evaluate the Safety, Tolerability, and Clinical Endpoint Responsiveness of Ibudilast (MN-166) in Subjects with Amyotrophic Lateral Sclerosis (ALS)	Carolinas HealthCare System Neurosciences Institute MediciNova, Inc.	Completed

ALS / Biomarker	A Biomarker Study to Evaluate MN-166 (ibudilast) in Subjects with Amyotrophic Literal Sclerosis (ALS)	Massachusetts General Hospital MediciNova, Inc.	Completed

Amyotrophic Lateral Sclerosis (ALS)	A Phase 2b/3, Multi-Center, Randomized, Double-Blind, Placebo-Controlled, 12 Month Clinical Trial to Evaluate the Efficacy and Safety of MN-166 (ibudilast) Followed by an Open-Label Extension in Subjects with Amyotrophic Lateral Sclerosis	Multicenter MediciNova, Inc.	Enrollment Completed

Degenerative Cervical Myelopathy	A multi-centre, double-blind, randomized, placebo-controlled trial assessing the efficacy of Ibudilast as an adjuvant treatment to decompressive surgery for degenerative cervical myelopathy	University of Cambridge / Multicenter National Institute for Health Research (NIHR) in the U.K.	Ongoing


	Year Ended December 31,
	2025		2024
External development expense:
MN-166	$	4,622	$	4,485
MN-001		703		455
Other		12		12
Total external development expense		5,337		4,952
R&D personnel expense		1,149		1,608
R&D facility and depreciation expense		64		62
Patent expense		412		413
Other R&D expense		193		160
Total research, development and patent expense	$	7,155	$	7,195


	2025			2024
Net cash (used in) provided by:
Operating activities	$	(9,810	)	$	(10,643	)
Investing activities		(3	)		(1	)
Financing activities		244			—


		Page
Report of Independent Registered Public Accounting Firm (BDO USA, P.C.; San Diego, California; PCAOB ID#243)		67
Financial Statements:
Consolidated Balance Sheets		69
Consolidated Statements of Operations and Comprehensive Loss		70
Consolidated Statements of Stockholders’ Equity		71
Consolidated Statements of Cash Flows		72
Notes to Consolidated Financial Statements		73


	December 31,
	2025			2024
Assets:
Current assets:
Cash and cash equivalents	$	30,806,477		$	40,359,738
Prepaid expenses and other current assets		184,827			714,541
Total current assets		30,991,304			41,074,279
Goodwill		9,600,240			9,600,240
In-process research and development		4,800,000			4,800,000
Property and equipment, net		8,340			25,507
Right-of-use asset		184,229			356,904
Other non-current assets		18,996			18,996
Total assets	$	45,603,109		$	55,875,926

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	624,995		$	1,102,494
Accrued liabilities and other current liabilities		2,608,021			1,662,860
Deferred revenue		370,160			—
Operating lease liability		194,331			193,769
Total current liabilities		3,797,507			2,959,123
Deferred tax liability		201,792			201,792
Other non-current liabilities		17,129			211,460
Total liabilities		4,016,428			3,372,375
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2025 and December 31, 2024; 49,221,246 and 49,046,246 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively		49,221			49,046
Additional paid-in capital		480,413,839			479,340,901
Accumulated other comprehensive loss		(127,180	)		(135,154	)
Accumulated deficit		(438,749,199	)		(426,751,242	)
Total stockholders’ equity		41,586,681			52,503,551
Total liabilities and stockholders’ equity	$	45,603,109		$	55,875,926


	Years ended December 31,
	2025			2024
Revenues	$	409,657		$	—
Operating expenses:
Cost of services		378,606			—
Research, development and patents		7,154,848			7,194,731
General and administrative		6,159,205			5,480,600
Total operating expenses		13,692,659			12,675,331
Operating loss		(13,283,002	)		(12,675,331	)
Interest income		1,303,792			1,670,804
Other expense, net		(12,753	)		(39,485	)
Loss before income taxes		(11,991,963	)		(11,044,012	)
Income tax expense		(5,994	)		(5,537	)
Net loss	$	(11,997,957	)	$	(11,049,549	)
Basic and diluted net loss per common share	$	(0.24	)	$	(0.23	)
Shares used to compute basic and diluted net loss per common share		49,063,438			49,046,246
Net loss	$	(11,997,957	)	$	(11,049,549	)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		7,974			(17,064	)
Comprehensive loss	$	(11,989,983	)	$	(11,066,613	)


	Common stock				Additional paid-in		Accumulated other comprehensive			Accumulated			Total stockholders’
	Shares		Amount		capital		loss			deficit			equity
Balance at December 31, 2023		49,046,246	$	49,046	$	478,149,161	$	(118,090	)	$	(415,701,693	)	$	62,378,424
Stock-based compensation		—		—		1,191,740		—			—			1,191,740
Net loss		—		—		—		—			(11,049,549	)		(11,049,549	)
Foreign currency translation adjustments		—		—		—		(17,064	)		—			(17,064	)
Balance at December 31, 2024		49,046,246		49,046		479,340,901		(135,154	)		(426,751,242	)		52,503,551
Stock-based compensation		—		—		829,095		—			—			829,095
Issuance of common stock under standby equity purchase agreement (SEPA)		175,000		175		243,843		—			—			244,018
Net loss		—		—		—		—			(11,997,957	)		(11,997,957	)
Foreign currency translation adjustments		—		—		—		7,974			—			7,974
Balance at December 31, 2025		49,221,246	$	49,221	$	480,413,839	$	(127,180	)	$	(438,749,199	)	$	41,586,681


Level 1:		Observable inputs such as quoted prices in active markets;

Level 2:		Inputs are quoted prices for similar items in active markets or inputs are quoted prices for identical or similar items in markets that are not active near the measurement date; and

Level 3:		Unobservable inputs due to little or no market data, which require the reporting entity to develop its own assumptions.


	December 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Valuation Inputs
Cash equivalents:
Mutual funds	$	30,308,988	$	30,308,988	$	21,501,081	$	21,501,081	Level 1


	December 31,
	2025			2024
Furniture and equipment	$	88,521		$	85,613
Software		342,628			342,628
		431,149			428,241
Less accumulated depreciation and amortization		(422,809	)		(402,734	)
Property and equipment, net	$	8,340		$	25,507


Maturities of operating lease liabilities as of December 31, 2025 were as follows:
2026	$	206,483
2027		17,269
2028		—
2029		—
2030		—
Thereafter		—
Total minimum payments		223,752
Less imputed interest		(12,292	)
Total lease liabilities	$	211,460


	Number of Option Shares			Weighted Average Exercise Price
Outstanding at December 31, 2023		7,781,749		$	5.52
Granted		1,100,000		$	1.51
Exercised		—		$	—
Forfeited		(430,105	)	$	1.98
Expired		(1,410,750	)	$	5.45
Outstanding at December 31, 2024		7,040,894		$	5.12
Granted		1,480,500		$	2.01
Exercised		—		$	—
Forfeited		(103,000	)	$	1.86
Expired		(416,000	)	$	3.08
Outstanding at December 31, 2025		8,002,394		$	4.69
Exercisable at December 31, 2025		6,844,679		$	5.14


	Year Ended December 31,
	2025			2024

Cash paid for operating lease liabilities	$	223,999		$	261,069
Operating lease costs		204,236			258,647
Right-of-use assets obtained in exchange for new operating lease obligations		—			42,281

Current operating lease liabilities	$	194,331		$	193,769
Non-current operating lease liabilities		17,129			211,460
Total operating lease liabilities	$	211,460		$	405,229

Weighted-average remaining lease term		1.08			1.98
Weighted-average discount rate		9.8	%		9.6	%


	Number of Option Shares			Weighted Average Grant-Date Fair Value
Non-vested at December 31, 2024		860,000		$	1.00
Granted		1,480,500		$	1.34
Vested		(1,079,785	)	$	1.04
Forfeited		(103,000	)	$	1.23
Non-vested at December 31, 2025		1,157,715		$	1.37


Common stock reserved for issuance upon exercise of options outstanding (under the 2004 Plan, 2013 Plan and 2023 Plan)			8,002,394
Common stock reserved for future equity awards (under the 2023 Plan)			1,932,173
			9,934,567


	Year Ended December 31,
Current:	2025			2024
Federal	$	—		$	—
State		—			—
Foreign		(5,994	)		(5,537	)
Total current income tax expense		(5,994	)		(5,537	)
Deferred:
Federal		—			—
State		—			—
Foreign		—			—
Total deferred income tax expense		—			—
Total income tax expense	$	(5,994	)	$	(5,537	)


	Year Ended December 31,
Deferred tax assets:	2025			2024
Net operating loss carryforwards	$	67,509,750		$	71,161,394
Research tax credits		8,564,654			9,173,787
Stock options		842,014			938,846
Other, net		264,626			269,439
Right-of-use liability		59,174			106,148
Research and experimentation capitalization		4,975,660			3,985,733
Total deferred tax assets		82,215,878			85,635,347
Deferred tax liabilities:
Right-of-use asset		(51,554	)		(94,000	)
In-process research and development		(1,343,213	)		(1,343,213	)
Total deferred tax liabilities		(1,394,767	)		(1,437,213	)
Net deferred tax assets		80,821,111			84,198,134
Valuation allowance		(81,022,903	)		(84,399,926	)
Net deferred tax liability	$	(201,792	)	$	(201,792	)


Plan Category	Number of Securities to be Issued Upon Exercise of Outstanding Options and Rights		Weighted Average Exercise Price of Outstanding Options and Rights		Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans
Equity Compensation Plans Approved by Stockholders (1)		8,002,394	$	4.69		1,932,173
Equity Compensation Plans not approved by security holders		—		—		—
Total		8,002,394	$	4.69		1,932,173


Exhibit Number		Description

3.1		Restated Certificate of Incorporation of the Registrant, as amended (incorporated by reference to Exhibit 3.1 of the Registrant’s Quarterly Report on Form 10-Q (File No. 001-33185) filed August 9, 2012).

3.2		Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.4 of the Registrant’s Registration Statement on Form S-1 (File No. 333-119433) filed October 1, 2004).

4.1		Specimen of Common Stock Certificate (incorporated by reference to Exhibit 4.1 of the Registrant’s Annual Report on Form 10-K (File No. 001-33185) filed February 15, 2007).

4.2		Amended and Restated Registration Rights Agreement, dated September 2, 2004, among the Registrant, its founders and the investors named therein (incorporated by reference to Exhibit 4.2 of the Registrant’s Registration Statement on Form S-1 (File No. 333-119433) filed October 1, 2004).

4.3		Description of Capital Stock (incorporated by reference to Exhibit 4.3 of the Registrant’s Annual Report on Form 10-K (File No. 001-33185) filed February 19, 2021).

10.1*		Form of Indemnity Agreement between the Registrant and its officers and directors (incorporated by reference to Exhibit 10.3 of the Registrant’s Annual Report on Form 10-K (File No. 001-33185) filed March 28, 2013).

10.2*		2007 Employee Stock Purchase Plan of the Registrant (incorporated by reference to Appendix A of the Registrant’s Definitive Proxy Statement on Schedule 14A (File No. 001-33185) filed March 13, 2007).

10.3*		2013 Equity Incentive Plan of the Registrant (incorporated by reference to Exhibit 10.23 of the Registrant’s Annual Report on Form 10-K (File No. 001-33185) filed March 27, 2014).

10.4*		Amended and Restated 2013 Equity Incentive Plan of the Registrant. (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q (File No. 001-33185) filed July 26, 2017).

10.5*		Form of Notice of Stock Option Grant and Stock Option Agreement for awards pursuant to the 2013 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 of the Registrant’s Quarterly Report on Form 10-Q (File No. 001-33185) filed November 7, 2013).

10.6*		2023 Equity Incentive Plan and forms of award agreements thereunder of the Registrant (incorporated by reference to Exhibit 99.1 of the Registrant’s Post-Effective Amendment No. 1 to Registration Statements on Form S-8 (File Nos. 333-264938, 333-232239, 333-219491, 333-190490) filed January 19, 2024).


Exhibit Number		Description
10.7*		Executive Employment Agreement, dated April 1, 2007, between the Registrant and Yuichi Iwaki, M.D., Ph.D. (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K (File No. 001-33185) filed April 4, 2007).

10.8*		Form of First Amendment to Employment Agreement, dated December 31, 2010, between the Registrant and Yuichi Iwaki, M.D., Ph.D. (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K (File No. 001-33185) filed January 4, 2011).

10.9*		Severance Protection Agreement, dated July 14, 2014, between the Registrant and Dr. Yuichi Iwaki (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q (File No. 001-33185) filed August 13, 2014).

10.10*		Severance Protection Agreement, dated July 14, 2014, between the Registrant and Dr. Kazuko Matsuda (incorporated by reference to Exhibit 10.4 of the Registrant’s Quarterly Report on Form 10-Q (File No. 001-33185) filed August 13, 2014).

10.11*		Severance Protection Agreement, dated July 14, 2014, between the Registrant and Geoffrey O’Brien (incorporated by reference to Exhibit 10.5 of the Registrant’s Quarterly Report on Form 10-Q (File No. 001-33185) filed August 13, 2014).

10.12*		Consulting Agreement, dated April 2, 2024, between the Registrant and Geoffrey O’Brien (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q (File No. 001-33185) filed August 8, 2024).

10.13		Lease, dated July 20, 2021, between MediciNova, Inc. and the Irvine Company LLC (incorporated by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K (File No. 001-33185) filed July 23, 2021).

10.14†		Assignment Agreement, dated December 19, 2005, between Genzyme Corporation and Avigen, Inc. (incorporated by reference to Exhibit 10.58 of Avigen, Inc.’s Annual Report on Form 10-K (File No. 000-28272) filed March 16, 2006).

10.15		Securities Purchase Agreement, dated January 11, 2021, between the Company and 3D Opportunity Master Fund (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K (File No. 001-33185) filed January 12, 2021).
10.16		Shareholder Rights Agreement, dated January 11, 2021, between the Company and 3D Opportunity Master Fund (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K (File No. 001-33185) filed January 12, 2021).
10.17		Services Agreement, dated August 1, 2021, between MediciNova, Inc. and Signature Analytics LLC (acquired by Citrin Cooperman Advisors LLC) (incorporated by reference to Exhibit 99.1 of the Registrant’s Current Report on Form 8-K (File No. 001-33185) filed August 2, 2021).
10.18		Standby Equity Purchase Agreement dated as of July 30, 2025 by and between the Company and YA II PN Ltd. (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-33185) filed August 1, 2025).
10.19		Equity Distribution Agreement by and between the Company and Lucid Capital Markets, LLC, dated December 29, 2025 (incorporated by reference to Exhibit 1.1 to the Registrant's Current Report on Form 8-K (File No. 001-33185) filed December 30, 2025).
19.1		MediciNova, Inc. Statement of Company Policy, Trades in the Company’s Securities by Insiders and Confidential Information.
21		Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 of the Registrant’s Annual Report on Form 10-K/A (File No. 001-33185) filed March 28, 2023).

23.1		Consent of Independent Registered Public Accounting Firm.

24.1		Powers of Attorney (see signature page).

31.1		Certification of the Principal Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Act of 1933.

31.2		Certification of the Principal Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated under the Securities Act of 1933.


Exhibit Number		Description

32.1		Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

97.1		MediciNova, Inc. Recovery of Erroneously Awarded Compensation Policy (incorporated by reference to Exhibit 97.1 of the Registrant’s Annual Report on 10-K (File No. 001-33185) filed February 15, 2024).
101		The following financial statements from MediciNova, Inc. on Form 10-K as of and for the year ended December 31, 2025 formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations and Comprehensive Loss; (iii) Consolidated Statements of Stockholders’ Equity; (iv) Consolidated Statements of Cash Flows; and (v) the notes to the consolidated financial statements.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


	MEDICINOVA, INC.
	A Delaware Corporation

Date: March 10, 2026	By:	/s/ Yuichi Iwaki
		Yuichi Iwaki, M.D., Ph.D.
		President & Chief Executive Officer


Signature	Title	Date

/s/ Yuichi Iwaki Yuichi Iwaki, M.D., Ph.D.	Chairman of the Board of Directors, President and Chief Executive Officer (Principal executive officer)	March 10, 2026

/s/ Jason Kruger Jason Kruger	Chief Financial Officer (Principal financial and accounting officer)	March 10, 2026

/s/ Carolyn Beaver Carolyn Beaver	Director	March 10, 2026

/s/ Nicole Lemerond Nicole Lemerond	Director	March 10, 2026
/s/ Kazuko Matsuda Kazuko Matsuda	Director	March 10, 2026
/s/ Hideki Nagao Hideki Nagao	Director	March 10, 2026


Listed Companies	Subsidiaries of Listed Companies
1. Issuance of shares (including preferred shares), equity warrants and stock options
2. Reduction of capital
3. Reduction of capital reserve or profit reserve
4. Purchase of treasury stock
5. Disposal of treasury stock
6. Stock split
7. Increase or decrease in dividends (including interim dividends)
8. Exchange of stocks	1. Exchange of stocks
9. Transfer of stocks	2. Transfer of stocks
10. Merger	3. Merger
11. Corporate split	4. Corporate split
12. Transfer of the whole or any part of operations or business	5. Transfer of the whole or any part of operations or business
13. Dissolution (excluding dissolution by merger)	6. Dissolution (excluding dissolution by merger)
14. Corporatization of new products or new technologies	7. Corporatization of new products or new technologies
15. Formation or cancellation of a business alliance	8. Formation or cancellation of a business alliance
16. Assignment or acquisition of stocks or interests or operations which involves change in subsidiary	9. Assignment or acquisition of shares or interests which involves change in sub- subsidiary
17. Assignment or purchase of fixed assets	10. Assignment or acquisition of fixed assets


18. Suspension or abolition of the whole or any part of operations or business	11. Suspension or abolition of operation or business
19. Application for delisting of stocks from a stock exchange
20. Application for cancellation of registration of stocks with the Japan Securities Dealers Association
21. Petition for bankruptcy, institution of company rehabilitation procedures, or institution of company reorganization procedures	12. Petition for bankruptcy, institution of company rehabilitation procedures, or institution of company reorganization procedures
22. Launch of a new business (including corporatization of sales of new products or provision of new services)	13. Launch of a new business
23. Request for defensive purchase in order to counter takeover bids or any act similar thereto
24. Offer pursuant to the provision of Article 74, Paragraph 5 of the Deposit Insurance Laws	14. Offer pursuant to the provision of Article 74, Paragraph 5 of the Deposit Insurance Laws


Listed Companies	Subsidiaries of Listed Companies
1. Damage caused by disasters or damage arising in the course of performance of business	1. Damage caused by disasters or damages arising in the course of performance of business
2. Change in principal shareholders
3. Delisting of specified securities or options on specified securities, or any event of cancellation of registration
4. Lawsuit concerning a claim regarding property rights or completion of such lawsuit	2. Lawsuit concerning a claim regarding property rights or completion of such lawsuit
5. Petition for provisional injunction or determination of such provisional injunction	3. Petition for provisional injunction or determination of such provisional injunction
6. Disposition by administrative agencies under laws and ordinances such as suspension of operation of business	4. Disposition by administrative agencies under laws and ordinances such as suspension of operation or business
7. Change in parent company
8. Petition for bankruptcy by creditors or any party other than the relevant listed company	5. Petition for bankruptcy by creditors or any party other than the relevant subsidiary


9. Dishonor of drafts or checks or suspension of business by a clearing house	6. Dishonor of drafts or checks or suspension of business by a clearing house
10. Petition for bankruptcy of parent company	7. Petition for bankruptcy of sub-subsidiary
11. Potential for default due to occurrence of dishonor concerning debtors or principal debtors of guaranteed obligations	8. Potential for default due to occurrence of dishonor concerning debtors or principal debtors of guaranteed obligations
12. Suspension of transactions with major customers	9. Suspension of transactions with major customers
13. Discharge of debt or assumption or payment of a debt by a third party	10. Discharge of debt or assumption or payment of a debt by a third party
14. Discovery of resources	11. Discovery of resources


Listed Companies	Subsidiaries of Listed Companies
1. Turnover, ordinary profit or net profit
2. Dividends or interim dividends
3. Turnover, ordinary profit or net profit of corporate group	1. Turnover, ordinary profit or net profit * limited to the case where the subsidiary is a public company


Listed Companies	Subsidiaries of Listed Companies
Any material fact concerning the operation, business or assets of the company that affects the investment judgment of investors	Any material fact concerning the operation, business or assets of the company that affects the investment judgment of investors


Date: March 10, 2026		/s/ Jason Kruger
		Jason Kruger
		Chief Financial Officer
		(Principal financial officer)