CEO Message

Dear Shareholders and Investors,

Thank you very much for your continued support of the Kubota Pharmaceutical Holdings Group.

Fiscal year 2025 was a year in which we steadily advanced the groundwork for our next stage of growth. In our core businesses, we made progress on initiatives aimed at commercialization and future monetization. At the same time, we strengthened our financial base--including through a third-party allotment capital increase--so that we are well positioned for the next phase of growth.

Looking ahead to fiscal year 2026, we believe we are entering an important period in which the results of our R&D efforts and business investments to date will begin to translate into tangible business value. Through disciplined management and steady execution, we remain committed to delivering sustainable growth and enhancing corporate value, thereby meeting the expectations of our shareholders.

We appreciate your continued understanding and support for our initiatives over the medium- to long-term.

Sincerely,

Ryo Kubota, MD, PhD
Chairman, President, and Chief Executive Officer (CEO)
Kubota Pharmaceutical Holdings Co., Ltd.
April 2026

2025 Highlights

Emixustat Hydrochloride: Strengthening Our Path Toward Approval

With respect to emixustat hydrochloride, a drug candidate for the treatment of Stargardt disease, a rare inherited retinal disorder that causes damage to the retina, we made significant progress throughout 2025 toward its early commercialization. Detailed data analyses have demonstrated the efficacy of this product candidate, and it is considered one of the most advanced programs globally in the Stargardt disease field, making it a promising candidate approaching regulatory approval. In order to meet these expectations, we further strengthened our engagement with regulatory authorities in 2025, while steadily enhancing the data package and advancing the necessary procedures. At the same time, we also focused on building the post-approval commercial and distribution framework. In Europe, we entered into a Letter of Intent (LOI) for a strategic partnership with a local specialized company aimed at enabling early patient access. In 2026, we will continue to devote our full efforts toward obtaining approval for emixustat and delivering it to patients as soon as possible.

Kubota Glass®: Full-Scale Expansion into the China Market

In 2025, we began full-scale expansion of Kubota Glass®, our device aimed at helping manage the risk of myopia progression, in China. A major focus was on strengthening our sales network. In September, we completed the first shipment of Kubota Glass® through our partnership with a local distributor. We also exhibited at major trade shows in Beijing and Shanghai, helping to steadily raise awareness of the product in the market. During the year, Kubota Glass® also gained broader international recognition. In March, it won the Asia Design Prize, an international design award, in recognition of its advanced technology and design.

To build medical evidence in China, we also started a clinical trial of Kubota Glass® in Shanghai in December 2025. Going forward, we plan to continue evaluating the product's usefulness by accumulating additional clinical data while further strengthening our business foundation in China.

From 2026 onward, we plan to further strengthen our sales and marketing activities in China, while also exploring opportunities in other Asian markets. As myopia continues to affect more people around the world, we believe Kubota Glass® has the potential to improve quality of life and help protect vision over the long term.

eyeMO: Advancing Clinical Studies and Moving Toward Practical Use

eyeMO, our compact mobile OCT (optical coherence tomography) device, remains in the research and development stage. We are continuing to evaluate its usefulness and future potential through collaboration with medical institutions in Japan and overseas. This includes clinical research at the Joslin Diabetes Center, a Harvard-affiliated institution, and the National University Hospital of Singapore, as well as the completion of a clinical trial at Shinshu University Hospital in Japan.

Looking ahead, we will continue to study the path toward practical use of eyeMO, while carefully exploring future commercialization opportunities, including potential partnerships with other companies.