J-Pharma

ジェイファーマ

TSE Growth ・ Ticker 520A ・ Listed

Result on listing day

-8.1%

Offer price

880 yen

First traded price

809 yen

Selling 100 shares at the first traded price would have produced a loss of 7,100 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2026-03-06 — 2026-03-12
Lottery result: 2026-03-16
Listing date: 2026-03-25
Cash needed to apply for one lot (100 shares): about 88,000 yen
Offering size (at the offer price): 3.3 billion yen ・ 3,726,000 shares
Market capitalisation at listing: 16 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90日間(1.5倍で解除条項あり)
Company website: https://www.j-pharma.com/

Closing prices after listing

Compared with the first traded price of 809 yen.

2026-03-25700 yen-13.5%

2026-03-26688 yen-15.0%

2026-03-27738 yen-8.8%

2026-03-30681 yen-15.8%

2026-03-31729 yen-9.9%

Brokers you can apply through

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

SBI証券マネックス証券松井証券楽天証券大和証券 DMM.com証券 SBIネオトレード証券大和コネクト証券

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

What stands out

Aims to be first in class with a drug against LAT1, a target the company identified itself
Lead candidate nanvuranlat has reached a global Phase 3 trial, the final stage, in biliary tract cancer
Cash and cash equivalents of 4,452 million yen at the end of March 2026

What could go wrong

No product sales yet, and an operating loss of 3,710 million yen in the year to March 2026, so development has to be funded by raising money
Development is concentrated on the single candidate nanvuranlat, so the value of the company can change sharply with trial results
A new drug takes many years to reach approval and sale, and little revenue is earned in the meantime

About the company

A drug discovery company developing medicines that block the doorway cancer cells use to take in amino acids.

How it makes money

Its lead candidate is nanvuranlat (development code JPH203), which blocks a protein called LAT1 that cells use as their doorway for taking in amino acids. It has reached a global Phase 3 trial, the final stage of testing, in patients with advanced biliary tract cancer whose chemotherapy has stopped working. A second candidate, JPH034, is a LAT1 inhibitor that reaches the brain and is in Phase 1 testing in the United States for multiple sclerosis. The company has no product sales yet and reports zero revenue. For Japan and major Asian countries it has a licence and joint development agreement with Ohara Pharmaceutical, disclosed as up to 550 million yen in upfront and milestone payments plus royalties of up to 10% of sales.

Where growth is meant to come from

In June 2026, together with its partner Uniphar, it announced that the first patient had been enrolled and randomised in the global Phase 3 trial of nanvuranlat. Money raised at the listing is earmarked for research and development of its LAT1 inhibitors, and cash and cash equivalents stood at 4,452 million yen at the end of March 2026. The company forecasts a net loss of 2,842 million yen for the year to March 2027, so spending on development will keep running ahead of income for the time being.

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.