COMPANY PROFILE / CELL CULTURE TECHNOLOGY
ReproCELL
Earning from iPS cell research reagents and services, and betting on approval of a regenerative medicine product
ReproCELL is a biotech company specialising in iPS cells, founded in 2003 on technology from Kyoto University and the University of Tokyo. The company describes itself as the maker of "Primate ES Cell Medium", the culture medium used when Professor Shinya Yamanaka made the world's first human iPS cells. About 87% of its sales come from research reagents, cells and contract services; the rest comes from developing regenerative medicine products and contract manufacturing of clinical-grade iPS cells. On 24 June 2026 it filed for marketing approval in Japan of Stemchymal, a stem cell product it licensed from a Taiwanese company. Using only statutory filings and the company's official announcements, this profile sets out what the company is putting into cell culture, who it works with and what it is aiming for.
- ReproCELL in 30 seconds, and where it stands in cell culture
- The logo and how the name is written
- Where the company sits in the cell culture landscape
- Scale
- Resources committed to cell culture
- What it has done so far
- What comes next
- What the company is aiming for in cell culture
- Map of cell culture partnerships
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. ReproCELL in 30 seconds, and where it stands in cell culture
Kanagawa, Japan3-8-11 Shin-Yokohama
Growth 4978Listed on the Osaka Securities Exchange's JASDAQ market in June 2013
Regenerative medicine (secondary)Also makes clinical-grade iPS cells under contract
FDA Drug Master FileRegistration completed in July 2025, the company says
Companies involved in cell culture can be divided into three types: contract development and manufacturing organisations (CDMOs), suppliers of equipment, consumables and media, and developers of cell and regenerative therapies. ReproCELL's main type is supplier (media, reagents and cells for iPS cell work, plus contract research services), and its secondary type is cell and regenerative therapy development Sourced. The annual securities report says about 87% of sales come from the "Research Support Business". "Cell culture" also has two meanings: (1) culturing animal cells (such as CHO cells) to make biopharmaceuticals such as antibodies, and (2) cell and regenerative therapies in which the cells themselves are the product. ReproCELL is involved in (2) and the research uses that come before it. The annual securities report describes no business related to (1), culture for antibody drug production.
2. The logo and how the name is written
The ReproCELL logo is a trademark of the company. We have not recreated it with generated imagery;
an image taken from the official website is placed here as img/reprocell_logo.png.
A note on names: the legal entity's English name is ReproCELL Incorporated. The logo and overseas subsidiaries use the upper-case REPROCELL (REPROCELL USA Inc., REPROCELL Europe Ltd.). This article uses "ReproCELL" throughout. The regenerative medicine product Stemchymal® is developed and manufactured by Steminent Biotherapeutics of Taiwan; ReproCELL holds exclusive rights to develop and sell it in Japan.
Official site: https://reprocell.co.jp/3. Where the company sits in the cell culture landscape
In the annual securities report, ReproCELL's business is split into the following two segments Sourced.
| Segment | What it covers | Link to cell culture | Type in this article |
|---|---|---|---|
| Research Support Business | Media, antibodies, reprogramming reagents and growth factors for iPS cells; human biospecimens (a bank of about 600,000 samples); contract generation, differentiation and gene editing of iPS cells; contract drug discovery testing using human tissue; sales of cell measurement instruments | Materials and technical services for research cell culture | Supplier (main) |
| Medical Business | R&D of four regenerative medicine products; contract manufacturing of clinical-grade iPS cells and related work; contract clinical testing | Development that turns cells themselves into the product, and contract manufacturing of their starting material | Cell and regenerative therapy (secondary) plus a small CDMO |
4. Scale
ReproCELL has 101 consolidated employees and sales of around ¥2.2 billion. Because almost the whole company is in cell-related businesses, its company-wide figures are a fair approximation of "the size of its cell culture-related business" Sourced.
| Measure (consolidated) | Year to March 2022 | Year to March 2023 | Year to March 2024 | Year to March 2025 | Year to March 2026 |
|---|---|---|---|---|---|
| Revenue (¥ thousand) | 2,234,568 | 2,953,272 | 2,426,817 | 2,978,627 | 2,233,519 |
| Ordinary profit or loss (¥ thousand) | −507,409 | −119,670 | 40,191 | 45,053 | −581,333 |
| Net profit or loss attributable to owners of the parent (¥ thousand) | −575,094 | −305,313 | −31,415 | 103,245 | −591,693 |
| Employees | 98 | 92 | 96 | 99 | 101 |
Segments and regions (year to March 2026)
| Segment | Revenue | Year on year | Segment profit or loss |
|---|---|---|---|
| Research Support Business | ¥1,952,479 thousand | Down 19.1% | Profit of ¥96 million (down 84.5%) |
| Medical Business | ¥281,039 thousand | Down 50.2% | Loss of ¥43 million (profit of ¥158 million a year earlier) |
| Corporate costs (not allocated) | - | - | ¥633 million |
| Region (customer location) | Japan | U.S. | Europe | Other | Total |
|---|---|---|---|---|---|
| Revenue (¥ thousand) | 517,610 | 1,189,341 | 443,232 | 83,334 | 2,233,519 |
| Share | 23.2% | 53.2% | 19.8% | 3.7% | 100% |
Shares calculated by us from the amounts in the annual securities report Our calculation. Sales outside Japan total 76.8%, consistent with the report's statement that "the overseas sales ratio is about 70%".
The operating loss for the year to March 2026 was ¥860 million (against a loss of ¥130 million a year earlier). The company attributes the fall in sales to "stalled orders as U.S. bio-related budgets were cut" Sourced. In the latest quarter, the first quarter of the year to March 2027 (April to June 2026), sales were ¥546 million (up 14.9% year on year) and the operating loss was ¥310 million; for the full year the company forecasts sales of ¥2,629 million and an operating loss of ¥630 million Not yet confirmed.
The "business risks" section of the annual securities report states that, because R&D and clinical trial costs run ahead of revenue and operating losses have continued, "events or conditions exist that may cast significant doubt on the going-concern assumption" Sourced. At the same time, the company writes that with ¥2,603 million in cash and deposits and ¥3,904 million in short-term securities, "the financial base is stable". Under Japanese disclosure rules, saying that such "events or conditions exist" is a lower stage than a formal going-concern note in the financial statements, and this article does not claim the latter.
5. Resources committed to cell culture
Because the company is small, its statutory filings give specific information on all four areas: people, money, investments and academic ties.
| Resource | What primary sources confirm | Confirmed? |
|---|---|---|
| People (organisation, sites, headcount) | 101 consolidated staff (70 in the Research Support Business, 7 in the Medical Business, 24 corporate). 21 people work in R&D. Sites: head office (Shin-Yokohama); Tonomachi ReproCELL Regenerative Medicine Center (Kawasaki; licensed to manufacture specified processed cells, FA3200006); REPROCELL USA (Maryland, U.S.; GMP manufacturing facility); REPROCELL Europe (Glasgow, UK; GLP-compliant facility); Bioserve Biotechnologies India (India) | Confirmed |
| Money (R&D, capital expenditure) | R&D spending of ¥627 million (¥401 million in the Research Support Business, ¥225 million in the Medical Business), about 33% of selling, general and administrative expenses. Capital expenditure of ¥98,389 thousand (Research Support ¥36,530 thousand, Medical ¥55,350 thousand; mainly research equipment). There are "no" plans for major new facilities | Confirmed |
| Fund-raising | On 27 May 2026, resolved a programme to issue shares and share subscription rights to CVI Investments, Inc. It expects up to about ¥5 billion (estimated net proceeds of ¥4,961 million), with ¥1,000 million going to TIL therapy, ¥2,000 million to GPC-1 CAR-T therapy, ¥1,521 million to new pipeline products and ¥440 million to working capital and other uses. New shares totalling ¥1,111 million have been paid in over three rounds, in June, July and September Our calculation | Confirmed |
| Outside investments and acquisitions | Acquisitions: Reinnervate (UK, 3D culture devices, 2014), BioServe (U.S., biospecimen bank, 2014), the iPS cell business of Stemgent (U.S., 2014), Biopta (UK, contract drug discovery research, 2015). Investments: Steminent (Taiwan), Histocell (Spain), GenAhead Bio (described as an "investee"). Joint venture: MAGiQ Therapeutics (set up with Q Therapeutics of the U.S. in 2018; 50% stake) | Confirmed |
| Universities and research institutes | Department of Obstetrics and Gynecology, Keio University School of Medicine (technology transfer and joint research on TIL therapy); Kyoto University Graduate School of Medicine and the International University of Health and Welfare School of Medicine (joint research on GPC-1 CAR-T therapy); two projects selected under calls from AMED (the Japan Agency for Medical Research and Development); cooperation with the California Institute for Regenerative Medicine (CIRM) on supplying clinical-grade iPS cells | Confirmed |
| Investment amounts and stakes | The amounts invested and stakes held in Steminent, Histocell and GenAhead Bio | Not confirmed |
What ReproCELL sells in clinical-grade iPS cells is not the finished therapeutic cell but its starting material (seed clones and master cell banks) Sourced. The company makes iPS cells by RNA reprogramming and says this approach "minimises the risk of genetic mutation and of residual foreign genes or viruses". From a materials standpoint, cell therapy has the property that once a starting material has been chosen and trials have begun, replacing it later is extremely difficult, because changing the starting material means generating new data to show comparability. ReproCELL registered in a U.S. FDA Drug Master File (DMF) so that customers can reference the cells' quality data in their own applications, and it can be read as aiming for a position in which its material, once adopted, stays in use for a long time Not yet confirmed.
The number of customers that have adopted it, and the resulting sales, have not been disclosed. The only confirmation is the company's statement that Gameto of the U.S. received FDA clearance of an IND (investigational new drug application) for a Phase III trial in February 2025 for technology using these cells.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| February 2003 | Founded on technology from Kyoto University (Professor Norio Nakatsuji) and the University of Tokyo (Professor Hiromitsu Nakauchi) | Started as a university stem cell spin-out |
| April 2005 | Began making and selling media, dissociation solutions and cryopreservation solutions for human ES cells | The starting point as a media company |
| June 2012 | Began making and selling cell products such as human iPS cell-derived hepatocytes | From reagents to selling "cells themselves" |
| June 2013 | Listed on the Osaka Securities Exchange's JASDAQ (Growth) market | Now on the Tokyo Stock Exchange Growth market |
| 2014 to 2015 | Acquired Reinnervate (UK), BioServe (U.S.), Stemgent's iPS cell business (U.S.) and Biopta (UK) | Overseas sites and the core of the Research Support Business built through acquisitions |
| November 2016 | Signed an agreement with Steminent of Taiwan to co-develop and sell Stemchymal in Japan | Entry into regenerative medicine product development |
| April 2018 | Set up the joint venture MAGiQ Therapeutics with Q Therapeutics of the U.S. | Development of iPS cell-derived neural glial cells begins |
| December 2018 | Stemchymal designated an orphan regenerative medicine product | Eligible for support such as priority review |
| May 2019 / March 2021 | Opened the Tonomachi ReproCELL Regenerative Medicine Center / obtained a licence to manufacture specified processed cells | A cell processing site in Japan |
| June 2021 | Opened "SiMS", a manufacturing facility for clinical-grade iPS cells, in Maryland, U.S. | Clinical-grade iPS cell manufacturing in the U.S. |
| May 2022 | Domestic Phase II clinical trial of Stemchymal completed | The data underpinning the approval filing |
| October to November 2022 | Basic agreement with CIRM on cooperation in the clinical-grade iPS cell business. Contract manufacturing of iPS cell-derived products started through tie-ups with Histocell (Spain) and BioBridge Global (U.S.) | Start of the CDMO business |
| June 2023 | Joint research agreement with Keio University on TIL therapy | In November 2024 a second patient was treated with TIL made by the company |
| July 2025 | Registration of clinical-grade iPS cells in an FDA DMF completed | U.S. customers can reference it in their applications |
| October 2025 | Histocell obtained GMP certification from the Spanish authorities for manufacturing MCBs and WCBs from the company's clinical-grade iPS cells | Three sites across Japan, the U.S. and Europe (Spain being a partner) |
| January / March 2026 | Launched the clinical gene editing service "StemEdit" / began a GMP master cell bank manufacturing service in the U.S. | One-stop contract service from donor selection to cell banking |
| June 2026 | On the 18th, applied to Kanagawa Prefecture for a licence to market regenerative medicine products. On the 24th, filed for marketing approval of Stemchymal (to slow the progression of ataxia in spinocerebellar ataxia types 3 and 6) | Steps to become the marketing authorisation holder itself |
| July 2026 | Strategic collaboration agreement with WEIPU of China on the clinical-grade iPS cell business. Development of a TIL therapy manufacturing process selected for an AMED programme | Preparing for the Chinese market and commercial TIL manufacturing |
7. What comes next
Sales and release: ReproCELLStated in the approval filing disclosure
company-sponsored trial¥1,000 million of the funds raised to be allocated (June 2026 to March 2028)
a clinical trial¥2,000 million to be allocated (July 2026 to June 2029)
For the year to March 2027 the company expects sales of ¥2,629 million (up 17.7%) and an operating loss of ¥630 million Not yet confirmed. For the medium to long term it has set out a policy to "secure stable earnings from the Research Support Business and contract regenerative medicine manufacturing, and achieve dramatic growth by launching four regenerative medicine products", but it gives no annual numerical targets.
None of the following appears in primary sources Not yet confirmed.
The timing of Stemchymal's approval and the type of approval (standard approval, or Japan's conditional and time-limited approval for regenerative medicine products); its price under Japan's National Health Insurance (NHI) price listing; post-launch sales targets; the start of clinical trials for TIL therapy and GPC-1 CAR-T therapy; the number of contracts and sales for clinical-grade iPS cells; and the start of trials for iPS neural glial cells. The "Business plan and growth potential" document includes an estimate putting Stemchymal's NHI price at "up to ¥14 million", but this is a calculation based on the company's own assumptions, not a listed price, and this article does not use it.
8. What the company is aiming for in cell culture
This section goes beyond what the company says directly. It sets out inferences that can be drawn from primary sources, each with its basis.
| What can be read | Primary evidence behind it | Category |
|---|---|---|
| A structure in which the Research Support Business earns money and regenerative medicine is funded by share issues and public grants | The annual securities report says that "because business revenue is not sufficient to cover these funding needs, the company uses public grants and funds raised through third-party allotments" | Sourced |
| It focuses on rare diseases where it will not compete with big pharma | The growth-potential document states that it will "specialise in regenerative medicine products for rare diseases" and do business "in areas different from those of major pharmaceutical companies" | Sourced |
| In regenerative medicine it is going for a position as a supplier of starting material rather than a maker of finished products | The DMF registration, the MCB manufacturing service, StemEdit and the collaboration with WEIPU of China all point to external sales of clinical-grade iPS cells as a "material". Stemchymal, too, is manufactured by Steminent | Inference |
| The centre of gravity of development is shifting from Stemchymal to TIL and CAR-T | Of the roughly ¥5 billion being raised, ¥3,000 million is earmarked for TIL and GPC-1 CAR-T, and nothing for Stemchymal appears among the uses of funds | Inference |
| If Stemchymal is approved, the company will have its first product under its own name | It has applied for a marketing licence and disclosed that "sales and release are planned to be carried out by the company". It currently has no approved regenerative medicine product | Inference |
In the fund-raising disclosure of 27 May 2026, the uses of funds are listed as (1) TIL therapy ¥1,000 million, (2) GPC-1 CAR-T therapy ¥2,000 million, (3) new pipeline products ¥1,521 million, and (4) working capital and other uses ¥440 million Sourced. The disclosure also sets out "the order of priority if less is raised": (1), then (2), then (4), then (3). Stemchymal, which was then on the verge of an approval filing, has no line in these uses. One likely reason is that Steminent handles manufacturing, so ReproCELL does not need a large capital investment for it. In other words, the allocation looks like "Stemchymal has reached filing, so the next leg of growth is a bet on TIL and CAR-T" Not yet confirmed. TIL and CAR-T both involve growing a patient's own cells outside the body, which is where the company's "cell culture technology" is tested most directly.
9. Map of cell culture partnerships
10. Technologies, products and services
| Category | Product or service | How the company describes it |
|---|---|---|
| Research reagents | Media, antibodies, reprogramming reagents and growth factors for iPS cells (including the Stemgent brand) | Describes "Primate ES Cell Medium" as the medium Professor Yamanaka used to make the world's first human iPS cells |
| Research cells | Differentiated cells derived from iPS cells, the HLA-knockout iPS cell line "StemEdit Human iPSC non-HLA" (launched April 2025), and about 600,000 human biospecimens | For research on "universal donor cells" that avoid immune rejection |
| Contract research | Generation, differentiation and genome editing of iPS cells; pharmacology testing using human tissue (at a GLP-compliant facility in the UK) | Says it is capturing the shift "from animal experiments to experiments with human cells" |
| Research instruments (as distributor) | Electrophysiology instruments from Nanion Technologies (Germany), microbiology testing instruments from Interscience (France), live imaging from innoME (Germany) | Offered in combination with its own cells and reagents |
| Clinical-grade iPS cells | GMP-grade seed clones made by RNA reprogramming (registered in an FDA DMF), master cell bank manufacturing, and the clinical gene editing service "StemEdit" | A one-stop service from donor selection to GMP cell banking |
| Regenerative medicine products (in development) | Stemchymal (adipose-derived mesenchymal stem cells, filed for approval), iPS neural glial cells (ALS, preparing for a trial), TIL therapy (cervical cancer, clinical research under Advanced Medical Care B), GPC-1 CAR-T therapy (oesophageal cancer, preparing for a trial) | All four target rare diseases or hard-to-treat cancers |
| Other | Personal iPS (making and storing an individual's iPS cells), iPS exosomes, clinical testing (HLA typing and the mail-in testing service "Wellmill") | Part of the Medical Business |
TIL therapy takes lymphocytes from a patient's tumour tissue, grows them in large numbers outside the body and returns them Sourced. The finished product cannot be specified by analysis alone, as a small-molecule drug can, so the process itself, which medium, which vessel and how many days of culture, determines quality. ReproCELL discloses that it received a technology transfer of the culture method from Keio University and has been making TIL for use under Advanced Medical Care B, and in July 2026 "building a commercial manufacturing process that complies with pharmaceutical regulations" was selected for an AMED programme (with eligible costs capped at ¥92,300 thousand). Seen from the materials side, the company is now at the stage of rebuilding a clinical-research culture process into one that will stand up to company-sponsored trials and approval. Our explainers on cell culture media, CAR-T cells and GMP show why this transition is so hard.
11. The risks this company carries
| Risk | Substance | Category |
|---|---|---|
| Continuing operating losses | The annual securities report states that "events or conditions exist that may cast significant doubt on the going-concern assumption". The operating loss for the year to March 2026 was ¥860 million | Sourced |
| Dependence on U.S. research budgets | 53.2% of sales come from U.S. customers. The company attributes the fall in sales in the year to March 2026 to "stalled orders as U.S. bio-related budgets were cut" | Sourced |
| Outcome and timing of the approval review | Stemchymal has been filed, but the company itself lists "the risk that approval may not be obtained" and "the risk of delays during the review process" | Not yet confirmed |
| Term of the licence agreement | The term of the agreement with Steminent stated in the annual securities report runs from 11 November 2016 to 10 November 2026. Whether it has been extended or renewed could not be confirmed in primary sources | Not yet confirmed |
| Dilution | The company says that if all four rounds of the CVI issuance programme are carried out, dilution will be 12.3% (cumulative) each for common shares and for share subscription rights | Sourced |
| Exchange rates | About 70% of sales are overseas, so a stronger yen against the U.S. dollar and pound sterling means lower sales and foreign exchange losses | Sourced |
| Entry of large companies | The company writes that "new entrants, including large companies, are increasing", so it may have to compete with much better-funded companies in supplying clinical-grade iPS cells | Inference |
12. Glossary
- iPS cells
- Stem cells made by switching on genes in ordinary body cells, able to become many different cell types. See our explainer on iPS cells for more.
- RNA reprogramming
- A way of making iPS cells that uses RNA, rather than viruses or DNA, to switch on the genes. No foreign genes enter the cell's genome.
- Master cell bank (MCB)
- A quality-checked, frozen batch of cells that serves as a product's starting material. Working cell banks (WCBs) for routine use are made from it.
- Drug Master File (DMF)
- A U.S. FDA system for registering quality information on raw materials. Customers can reference that information in their applications.
- Conditional and time-limited approval
- A Japanese system for regenerative medicine products that allows early approval, with conditions and a time limit, when efficacy is presumed and safety is confirmed. Efficacy must be confirmed within the time limit.
- Orphan regenerative medicine product
- A product designated by Japan's Minister of Health, Labour and Welfare that meets criteria such as having fewer than 50,000 target patients in Japan. It qualifies for support such as priority review.
- Licence to manufacture specified processed cells
- A licence under Japan's Act on the Safety of Regenerative Medicine for facilities that process cells at the request of medical institutions.
- TIL therapy
- A cancer immunotherapy that takes lymphocytes that have infiltrated a tumour (TIL), grows them in large numbers outside the body and returns them to the patient.
- CAR-T therapy
- A treatment that gives a patient's T cells the gene for a receptor that recognises a cancer marker, then returns them. See our explainer on CAR-T cells for more.
- Mesenchymal stem cells
- Stem cells obtained from fat, bone marrow and other tissues. Their release of anti-inflammatory substances and similar actions are used therapeutically. Stemchymal is adipose-derived.
- Advanced Medical Care B
- One category of a Japanese scheme that allows unapproved medical technologies to be used alongside insurance-covered care at government-approved medical institutions.
- GMP
- Standards for manufacturing and quality control of medicines and similar products. See our explainer on GMP for more.
13. References
- ReproCELL Incorporated Annual securities report for the 24th fiscal period (1 April 2025 to 31 March 2026; in Japanese, filed 26 June 2026): company overview, history, business description, segments, sales by region, employees, R&D spending, capital expenditure, material contracts, business risks and significant subsequent events. https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf
- ReproCELL Incorporated "Business plan and growth potential" (in Japanese, 29 June 2026): headcount by site, pipeline status, manufacturing sites in Japan, the U.S. and Europe, the policy of focusing on rare diseases, the medium- to long-term growth picture and an outline of the fund-raising. https://reprocell.co.jp/wp-content/uploads/2026/07/b8a99726c2c83484a132c2e1f56c1849.pdf
- ReproCELL Incorporated Notice of filing for marketing approval in Japan of the stem cell product "Stemchymal®" for spinocerebellar ataxia (types SCA3 and SCA6) (in Japanese, 24 June 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2840077/00.pdf
- ReproCELL Incorporated Notice of application for a licence to market regenerative medicine products (in Japanese, 18 June 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2837414/00.pdf
- ReproCELL Incorporated Notice of shelf registration related to a share and share subscription rights issuance programme agreement, and of the issue of new shares and share subscription rights by third-party allotment (in Japanese, 27 May 2026): uses of funds and order of priority. https://ssl4.eir-parts.net/doc/4978/tdnet/2823657/00.pdf
- ReproCELL Incorporated Notice of completion of payment for the second third-party allotment (in Japanese, 16 July 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2853149/00.pdf
- ReproCELL Incorporated Notice of completion of payment for the third third-party allotment (in Japanese, 3 September 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2881466/00.pdf
- ReproCELL Incorporated Notice of the launch of a GMP master cell bank (MCB) manufacturing service for clinical-grade iPS cells (in Japanese, 2 March 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2770442/00.pdf
- ReproCELL Incorporated Notice of a strategic collaboration agreement to take the clinical-grade iPS cell business into the Chinese market (in Japanese, 27 July 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2856238/00.pdf
- ReproCELL Incorporated Notice of selection of a proposal under an AMED call (manufacturing process development for a TIL regenerative medicine product) (in Japanese, 24 July 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2855971/00.pdf
- ReproCELL Incorporated Notice of selection under an AMED call (development of GPC-1 CAR-T therapy) (in Japanese, 2 April 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2786299/00.pdf
- ReproCELL Incorporated Notice of a grant award to a consolidated subsidiary (REPROCELL USA Inc.) (in Japanese, 22 May 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2820623/00.pdf
- ReproCELL Incorporated Notice of the start of a U.S. Phase 2 clinical trial and global expansion of the stem cell drug "Stemchymal®" by investee Steminent Biotherapeutics Inc. (in Japanese, 11 March 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2774745/00.pdf
- ReproCELL Incorporated Consolidated financial results summary for the first quarter of the fiscal year ending March 2027 [Japanese GAAP] (in Japanese, 13 August 2026). https://ssl4.eir-parts.net/doc/4978/tdnet/2872458/00.pdf
- ReproCELL Incorporated Official website (in Japanese; used to check the company profile and logo). https://reprocell.co.jp/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name, English name, head office address, listing market and founding background | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Five years of revenue, ordinary profit or loss, net profit or loss and headcount | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Revenue and profit or loss by segment, corporate costs, and the Research Support Business's share of about 87% of sales | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Sales by region (amounts) and "the overseas sales ratio is about 70%" | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Regional shares (U.S. 53.2%, overseas total 76.8%) | Our calculation | Our calculation from the amounts in reference 1 |
| The fall in sales was due to stalled orders as U.S. bio-related budgets were cut | Sourced | Reference 2 https://reprocell.co.jp/wp-content/uploads/2026/07/b8a99726c2c83484a132c2e1f56c1849.pdf |
| The statement on events or conditions relating to the going-concern assumption, and the balances of cash and deposits and securities | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Headcount by segment, 21 R&D staff, R&D spending of ¥627 million and its breakdown, capital expenditure of ¥98,389 thousand and its breakdown | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Acquisitions (Reinnervate, BioServe, the Stemgent business, Biopta), the MAGiQ joint venture, investee GenAhead Bio and investee Histocell | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Steminent is an investee of the company, and started a U.S. Phase 2 trial | Sourced | Reference 13 https://ssl4.eir-parts.net/doc/4978/tdnet/2774745/00.pdf |
| Amounts invested and stakes held in Steminent, Histocell and GenAhead Bio | Not yet confirmed | Not in primary sources. This article makes no estimate https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Joint research with Keio University, Kyoto University and the International University of Health and Welfare; cooperation with CIRM; supply to Gameto | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| DMF registration of clinical-grade iPS cells, StemEdit, and the start of the MCB manufacturing service | Sourced | Reference 8 https://ssl4.eir-parts.net/doc/4978/tdnet/2770442/00.pdf |
| Filing for marketing approval of Stemchymal (24 June 2026), its indication, the division of manufacturing and sales, and eligibility for priority review | Sourced | Reference 3 https://ssl4.eir-parts.net/doc/4978/tdnet/2840077/00.pdf |
| Application for a licence to market regenerative medicine products (18 June 2026) | Sourced | Reference 4 https://ssl4.eir-parts.net/doc/4978/tdnet/2837414/00.pdf |
| Timing and type of approval, NHI price and sales targets for Stemchymal | Not yet confirmed | Not in primary sources. The NHI price estimate in company materials is not used https://ssl4.eir-parts.net/doc/4978/tdnet/2840077/00.pdf |
| The fund-raising programme (up to about ¥5 billion), uses of funds and order of priority | Sourced | Reference 5 https://ssl4.eir-parts.net/doc/4978/tdnet/2823657/00.pdf |
| Amounts paid in for new shares (first round ¥372,364,000, second ¥328,384,000, third ¥410,480,000) | Sourced | References 1, 6 and 7 https://ssl4.eir-parts.net/doc/4978/tdnet/2881466/00.pdf |
| Total of ¥1,111 million paid in over three rounds | Our calculation | Our total of the amounts in references 1, 6 and 7 |
| Dilution rates (12.3% each for common shares and share subscription rights) | Sourced | Reference 2 https://reprocell.co.jp/wp-content/uploads/2026/07/b8a99726c2c83484a132c2e1f56c1849.pdf |
| Strategic collaboration agreement with WEIPU | Sourced | Reference 9 https://ssl4.eir-parts.net/doc/4978/tdnet/2856238/00.pdf |
| AMED selection for TIL manufacturing process development (cap of ¥92,300 thousand) | Sourced | Reference 10 https://ssl4.eir-parts.net/doc/4978/tdnet/2855971/00.pdf |
| AMED selection for GPC-1 CAR-T therapy (FY2026) | Sourced | Reference 11 https://ssl4.eir-parts.net/doc/4978/tdnet/2786299/00.pdf |
| MSCRF grant to REPROCELL USA | Sourced | Reference 12 https://ssl4.eir-parts.net/doc/4978/tdnet/2820623/00.pdf |
| First-quarter results for the year to March 2027 and the full-year forecast | Sourced | Reference 14 https://ssl4.eir-parts.net/doc/4978/tdnet/2872458/00.pdf |
| The policy of specialising in rare diseases and working in areas different from big pharma | Sourced | Reference 2 https://reprocell.co.jp/wp-content/uploads/2026/07/b8a99726c2c83484a132c2e1f56c1849.pdf |
| The agreement with Steminent runs until 10 November 2026 | Sourced | Reference 1 https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| Whether the agreement with Steminent has been extended or renewed | Not yet confirmed | Could not be confirmed in primary sources https://reprocell.co.jp/wp-content/uploads/2026/07/25308932_E27585_yuho_260626122114.pdf |
| The three types of cell culture company, and ReproCELL's main and secondary types | Our calculation | Our own classification. Companies shown are examples from the 20 in this series |
| The reading that the company is going for a position as a supplier of starting material | Inference | This article's interpretation of the disclosures on DMF registration, MCB manufacturing and the China collaboration |
| The reading that development is shifting towards TIL and CAR-T | Inference | This article's interpretation of the allocation of funds |
| The reading that approval would give the company its first product under its own name | Inference | This article's interpretation of the marketing licence application and approval filing disclosures |
| The risk that large entrants will compete in supplying clinical-grade iPS cells | Inference | This article's interpretation of the competition risk described in the annual securities report |
Last updated 23 September 2026 / Troy Technical
Every figure in this article comes from ReproCELL Incorporated's annual securities report, financial results summary, "Business plan and growth potential" document and timely disclosures to the Tokyo Stock Exchange. No research-firm estimates or press-based figures have been used. Nor have we used the market-size figures in company materials (future estimates sourced from government reports) or the company's own estimates of prices and sales. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company.