Heartseed

TSE Growth ・ Ticker 219A ・ Listed

Updated Oct 4, 2026

Result on listing day

+33.4%

Offer price

1,160 yen

First traded price

1,548 yen

Selling 100 shares at the first traded price would have produced a gain of 38,800 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2024-07-12 — 2024-07-19
Lottery result: To be announced
Listing date: 2024-07-30
Cash needed to apply for one lot (100 shares): about 116,000 yen
Offering size (at the offer price): 2.4 billion yen ・ 2,071,900 shares
Market capitalisation at listing: 26 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 主要株主に180日間のロックアップ(一部は公開価格の1.5倍以上で解除可)
Company website: https://heartseed.jp/

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The lead underwriter is SMBC Nikko Securities, which receives the largest allocation.

SMBC日興証券野村證券 SBI証券松井証券楽天証券マネックス証券極東証券

Broker pages are in Japanese. A comparison in English is on the brokers page.

What stands out

A regenerative medicine developer aiming to treat severe heart failure with cardiac spheroids derived from iPS cells
In the HS-001 trial, the company reported that left ventricular ejection fraction (a measure of how strongly the heart pumps blood) improved from 23.8% before treatment to 31.1% at 52 weeks
A net profit of 190 million yen in the year to December 2025 (an irregular 14-month period), thanks to milestone revenue

What could go wrong

It has no product sales yet, so its results depend heavily on whether and when it wins approval
The end of the Novo Nordisk partnership has stopped milestone revenue, and the company forecasts a net loss of 2.158 billion yen for the year to December 2026
Research and development spending comes first, so it may raise more money in future, for example by issuing new shares

About the company

A biotech venture developing regenerative medicine that treats severe heart failure by transplanting clusters of heart muscle cells (cardiac spheroids) made from iPS cells into the heart.

How it makes money

It has no products on sale yet, so its revenue has mainly come from upfront and milestone payments (sums paid at each development stage) under partnerships with drug makers. In 2021 it licensed the rights outside Japan for its lead candidate HS-001 to the Danish drug maker Novo Nordisk, and in the year to December 2025, an irregular 14-month period, those milestone payments produced revenue of 3.03 billion yen and a net profit of 190 million yen. The end of that partnership was announced in September 2025, and the overseas rights have returned to the company.

Where growth is meant to come from

In a 10-patient Phase 1/2 trial in which HS-001 was transplanted together with coronary artery bypass surgery, the company reported that the 52-week results showed no safety concerns affecting its plans to apply for approval, and it aims to file for manufacturing and marketing approval during 2026. It is also developing its next candidate, HS-005, which is delivered to the heart by catheter. With the partnership over, however, milestone revenue has stopped, and for the year to December 2026 the company forecasts revenue of 467 million yen and a net loss of 2.158 billion yen.

Read about this company in Japanese →

Figures are taken from the offering documents and public sources, and are checked against two independent sources before publication. Nothing here is investment advice. Shares can and do open below their offer price.