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Carna Biosciences, Net Income Forecast for the Fiscal Year Loss Widened in Downward Revision, 90% Deficit Against Net Assets

Thu Dec 18, 2025 5:00 pm JST Revision

4572 Carna Biosciences, Inc. 【J-GAAP】

Guidance Update Report

Carna Biosciences, Inc. <4572> [TSE Growth] announced a performance revision after the market closed on December 18th (17:00). The consolidated net income/loss forecast for the fiscal year ending December 2025 has been revised downward from an expected loss of 2.14 billion yen to a loss of 2.22 billion yen (compared to a loss of 2.17 billion yen in the previous period), indicating an expansion in the loss margin The deficit amounted to an 89.8% impairment of net assets at the end of the previous fiscal year..

Based on the downwardly revised full-year plan announced by the company, our calculation indicates that the July to December period (second half) consolidated net income/loss has been revised downward from an expected loss of 1.09 billion yen to a loss of 1.16 billion yen (compared to a loss of 1.08 billion yen in the same period of the previous year), indicating an expansion in the loss margin.

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Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2025 Prev 471 -1,081 -1,082 -1,091 -57.0 0 Aug 6, 2025 J-GAAP
Jul - Dec, 2025 New 309 -1,081 -1,141 -1,167 -61.0 0 Dec 18, 2025 J-GAAP
Revision Rate -34.4% 0.0% -5.5% -7.0% -7.0%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2025 Prev 722 -2,133 -2,137 -2,147 -112.2 0 Feb 10, 2025 J-GAAP
Dec, 2025 New 560 -2,133 -2,196 -2,223 -116.2 0 Dec 18, 2025 J-GAAP
Revision Rate -22.4% 0.0% -2.8% -3.5% -3.5%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2024 321 -981 -993 -1,084 -60.5 0 Feb 10, 2025 J-GAAP
Jul - Dec, 2025 Guidance 309 -1,081 -1,141 -1,167 -61.0 0 Dec 18, 2025 J-GAAP
YoY -3.7% -10.2% -14.9% -7.7% -0.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2023 1,625 -1,116 -1,126 -1,152 -68.6 0 Feb 9, 2024 J-GAAP
Dec, 2024 636 -2,076 -2,080 -2,178 -121.6 0 Feb 10, 2025 J-GAAP
Dec, 2025 Guidance 560 -2,133 -2,196 -2,223 -116.2 0 Dec 18, 2025 J-GAAP
YoY -11.9% -2.7% -5.6% -2.1% +4.5%

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