Summary of Non-Consolidated Financial Results for the Six Months Ended September 30 2021(Based on Japanese GAAP)

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Non-Consolidated Financial Results for the Six Months Ended September 30, 2021 (Based on Japanese GAAP)

					November 9, 2021
Company name:	RIBOMIC Inc.
Stock exchange listing:	Tokyo
Stock code:	4591	URL https://www.ribomic.com/
Representative:	President and CEO	Yoshikazu Nakamura
Inquiries:	Board Director of Business Administration	Hisato Oiwa	TEL [phone]
Division
Scheduled date to file Quarterly Securities Report:	November 10, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	Yes	(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Non-consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)

(1) Non-consolidated operating results (cumulative)							Percentages indicate year-on-year changes
	Operating revenues		Operating income		Ordinary income		Profit
	Millions of yen	%		Millions of yen		%	Millions of yen		%	Millions of yen	%
Six months ended September 30, 2021	5	24.7		(778)		-	(767)		-	(767)	-
Six months ended September 30, 2020	4	4.7		(563)		-	(587)		-	(588)	-
	Earnings per share			Diluted earnings per share
			Yen			Yen
Six months ended September 30, 2021		(27.51)				-
Six months ended September 30, 2020		(25.01)				-

Note：1.RIBOMIC Inc.（hereinafter "the Company"）has applied the "Accounting Standard for Revenue Recognition " (ASBJ Statement No. 29, March 31, 2020), etc. effective from the beginning of the first quarter ended June 30 2021.

2.Diluted earnings per share is not shown because a loss per share was incurred even though dilutive common shares exist.

(2) Non-consolidated financial position

			Total assets		Net assets	Equity ratio
			Millions of yen		Millions of yen	%
As of September 30, 2021		5,526		5,235	94.7
As of March 31, 2021			6,119		6,002	98.1
Reference: Equity	As of September 30, 2021	¥5,233	million
	As of March 31, 2021	¥6,001	million

Note：The Company has applied the "Accounting Standard for Revenue Recognition"(ASBJ Statement No. 29, March 31, 2020), etc. effective from the beginning of the first quarter ended June 30, 2021.

2. Cash dividends

		Annual dividends per share
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
	Yen	Yen	Yen	Yen	Yen
Year ended March 31, 2021	-	0.00	-	0.00	0.00
Year ending March 31, 2022	-	0.00
Year ending March 31, 2022 (Forecast)			-	0.00	0.00

Note: Revisions to the cash dividends forecast most recently announced: No

1

3. Forecast of non-consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

	Operating revenues	Operating income		Ordinary income		Profit		Earnings per share
	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen	%	Yen
Full year	80	(11.9)	(2,495)		-	(2,391)		-	(2,393)	-	(85.75)

Notes: 1. Revisions to the non-consolidated financial results forecast most recently announced: No

1. The company only provides full-year forecasts as it manages its performance on an annual basis.
2. The "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29,March 31,2020),etc. was applied from the beginning
   of the first quarter ended June 30,2021 and the above forecast of non-consolidated financial results represent after the application of the said accounting standard, etc.

4. Notes

1. Application of special accounting methods for preparing quarterly non-consolidated financial statements: No
2. Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of September 30, 2021	27,908,784	shares	As of March 31, 2021	27,908,784	shares
Number of treasury shares at the end of the period
	As of September 30, 2021	- shares	As of March 31, 2021	- shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended September 30, 2021	27,908,784	shares	Six months ended September 30, 2020	23,528,997	shares

• This quarterly financial results summary is not subject to quarterly review procedures by certified public accountants or auditing firms.
• Explanation on appropriate use of business forecasts, and other special notes

Business forecasts and other forward-looking statements contained in this report are based on information currently available to the company and on certain assumptions that the company considers to be reasonable, and do not constitute guarantees of future performance. Actual results may differ significantly from these forecasts due to various factors.

2

Quarterly non-consolidated financial statements

Non-consolidated balance sheets

			(Thousands of yen)
		As of March 31, 2021	As of September 30, 2021
Assets
Current assets
Cash and deposits	3,338,038	3,207,546
Securities	2,500,000	2,000,012
Supplies	3,038	3,524
Advance payments - trade	153,984	192,924
Prepaid expenses	18,358	38,617
Consumption taxes receivable	35,894	16,680
Other	1,025	1,966
Total current assets	6,050,339	5,461,272
Non-current assets
Property, plant and equipment	30,731	26,863
Intangible assets	151	75
Investments and other assets	38,438	37,889
Total non-current assets	69,320	64,828
Total assets	6,119,660	5,526,100
Liabilities
Current liabilities
Accounts payable - other	43,357	132,810
Accrued expenses	11,137	10,691
Income taxes payable	39,537	605
Advances received	3,666	81,666
Other	19,262	65,296
Total current liabilities	116,960	291,070
Total liabilities	116,960	291,070
Net assets
Shareholders' equity
Capital stock	6,542,185	50,000
Capital surplus	6,515,185	5,951,438
Retained earnings	(7,055,932)	(767,669)
Total shareholders' equity	6,001,438	5,233,768
Share acquisition rights	1,261	1,261
Total net assets	6,002,699	5,235,030
Total liabilities and net assets		6,119,660	5,526,100

3

Non-consolidated statements of income (cumulative)

			(Thousands of yen)
		Six months ended	Six months ended
		September 30, 2020	September 30, 2021
Operating revenues	4,011	5,000
Operating expenses
Research and development expenses	378,002	628,552
Selling, general and administrative expenses	189,599	155,265
Total operating expenses	567,602	783,818
Operating loss	(563,591)	(778,818)
Non-operating income
Subsidy income	-	11,818
Other	501	1,056
Total non-operating income	501	12,874
Non-operating expenses
Share issuance cost	20,414	650
Foreign exchange losses	4,377	470
Total non-operating expenses	24,792	1,120
Ordinary loss	(587,882)	(767,064)
Loss before income taxes	(587,882)	(767,064)
Income taxes	605	605
Loss		(588,487)	(767,669)

4

Non-consolidated statements of cash flows

			(Thousands of yen)
		Six months ended	Six months ended
		September 30, 2020	September 30, 2021
Cash flows from operating activities
Loss before income taxes	(587,882)	(767,064)
Depreciation	13,371	6,714
Interest income	(137)	(64)
Foreign exchange losses (gains)	2,936	(1,744)
Share issuance cost	20,414	650
Decrease (increase) in trade receivables	108,830	－
Decrease (increase) in inventories	2,548	(486)
Decrease (increase) in advance payments - trade	(66,746)	(38,939)
Increase (decrease) in advances received	86,875	78,000
Increase (decrease) in accounts payable - other	118,422	88,343
Other, net	46,472	4,849
Subtotal	(254,895)	(629,741)
Interest income received	381	989
Income taxes paid	(1,079)	(1,159)
Net cash provided by (used in) operating activities	(255,593)	(629,911)
Cash flows from investing activities
Purchase of property, plant and equipment	(1,027)	(2,311)
Net decrease (increase) in short-term investment	(2,300,022)	499,987
securities
Proceeds from withdrawal of time deposits	401,790	－
Other, net	150	－
Net cash provided by (used in) investing activities	(1,899,109)	497,676
Cash flows from financing activities
Proceeds from issuance of shares	4,988,530	－
Net cash provided by (used in) financing activities	4,988,530	－
Effect of exchange rate change on cash and cash	(2,936)	1,744
equivalents
Net increase (decrease) in cash and cash equivalents	2,830,891	(130,491)
Cash and cash equivalents at beginning of period	1,199,938	3,338,038
Cash and cash equivalents at end of period		4,030,829	3,207,546

5