Stock

Heartseed

219A.T

Biotechnology · Healthcare

Price

$2641.00

-9.00 (-0.34%)

Market Cap

$60.41B

Exchange

JPX

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

1/30

Growth

Weak

3/20

Cash Flow

Data not available

0/10

Stability

Good

5/10

Valuation

Data not available

0/10

Ownership

Good

10/15

Dividends

Not counted

n/a

19 of 95 counted points = Winston Score 20. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+4.8% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 22.0M (2022) → 23.1M (2025)

§Winston Score History

The full picture

Heartseed is a Japanese biotechnology company developing treatments for serious heart conditions. Its main focus is creating heart muscle cells from induced pluripotent stem (iPS) cells that can be transplanted into patients with heart failure. The company is one of a small number of firms worldwide working on iPS cell-based cardiac regeneration therapies.

Heartseed generates limited revenue today, as its lead product candidates are still in clinical trials. The company is based in Tokyo and operates primarily in Japan, with plans to expand internationally. Its competitive position rests on proprietary technology for producing pure heart muscle cells from iPS cells, supported by academic research partnerships. The key growth driver is successful clinical trial results for its lead program, but the main risk is that cell therapy development is expensive, uncertain, and subject to lengthy regulatory review before any commercial product reaches patients.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

-6.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

¥2.3B/ year

↑ Rising (+58% vs prior year)

75.3% of revenue

4.2x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

45.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

¥6.3B cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Heartseed is putting 75% of revenue into R&D and that number is rising. That's 4.2x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-698.9%

Thin — -698.9% gross margin

Profit after running costs

Operating Margin

-36426.9%

Losing money on operations — -36426.9%

Return on the money invested

ROCE

-19.3%

Weak — -19.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-40.4%

Shrinking sales (-40.4% YoY)

Profit growth

EPS YoY

-209.9%

Earnings shrinking (-209.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/6 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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