Innovacell

イノバセル

TSE Growth ・ Ticker 504A ・ Listed

Result on listing day

-7.6%

Offer price

1,350 yen

First traded price

1,248 yen

Selling 100 shares at the first traded price would have produced a loss of 10,200 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2026-02-05 — 2026-02-10
Lottery result: 2026-02-13
Listing date: 2026-02-24
Cash needed to apply for one lot (100 shares): about 135,000 yen
Offering size (at the offer price): 14 billion yen ・ 10,494,000 shares
Market capitalisation at listing: 56 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 既存株主の多くに180日間
Company website: https://www.innovacell.co.jp/

Closing prices after listing

Compared with the first traded price of 1,248 yen.

2026-02-241,050 yen-15.9%

2026-02-251,000 yen-19.9%

2026-02-26935 yen-25.1%

2026-02-27954 yen-23.6%

2026-03-021,070 yen-14.3%

Brokers you can apply through

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

SBI証券野村證券

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

What stands out

ICEF15 has reached a final-stage trial in Japan and 11 European countries, with patient enrolment due to finish during 2026
In the US it signed an agreement to use the sales infrastructure of EVERSANA while keeping the product rights itself
Trials and manufacturing are handled by Innovacell GmbH in Austria, wholly owned since 2021

What could go wrong

Nothing is on sale yet and there is no continuing revenue. The net loss for the year to December 2025 was 2.855 billion yen
The 1 billion yen of revenue budgeted for the year to December 2026 is mainly an upfront payment from an agreement with a Japanese pharmaceutical company planned for the fourth quarter, so it depends on that deal being signed
Spending comes first. Operating costs are planned to rise 94.4% in the year to December 2026, and trial results could change the development plan

About the company

A clinical-stage biotech developing cell therapies made from a patient's own cells, aimed at treating faecal and urinary incontinence.

How it makes money

The Japanese holding company handles fundraising and business development, while Innovacell GmbH in Austria, made a wholly owned subsidiary in 2021, runs the clinical trials and the manufacturing. Nothing is on sale yet, and there was no continuing revenue through the year to December 2025. The 1 billion yen of revenue budgeted for the year to December 2026 is mainly an upfront payment from a co-promotion agreement it expects to sign with a Japanese pharmaceutical company for its lead candidate ICEF15. After approval it plans to keep the product rights itself and co-promote, rather than licensing them out.

Where growth is meant to come from

ICEF15, its lead candidate for urge faecal incontinence, is in a final-stage Phase 3 international trial in Japan and 11 European countries, and the company plans to finish enrolling patients during 2026. At the end of June 2026, muscle tissue had been taken from 250 patients against a target of 290, and 212 had completed transplantation (271 and 223 as of 29 July). In July 2026 it signed an agreement with EVERSANA, a commercialisation services firm, to build a US sales set-up while keeping the product rights in its own hands.

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.