Modalis Therapeutics Corporation revised consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2020. For the full year the company forecast operating revenue of JPY 342 million compared previous guidance of to JPY 1,100 million or over. Operating income of JPY 420 compared to previous guidance JPY 350 million or more. Profit attributable to owners of parent of JPY 471 compared to previous guidance of JPY 250 or more. Basic earnings per share of JPY 17.89 compared to previous guidance of JPY 9.63 or over. The downward revision is mainly due to the absence of the upfront payment for license of MDL-101, which was projected in the previous financial results forecast. Company have been under discussion with domestic and overseas pharmaceutical companies, including major pharmaceutical companies, but judging from the current progress, the Company has concluded that it will take more time than previously anticipated before gaining the valuable partnership. The Company believes that further negotiations regarding licensing will lead to better conditions and consequently increase corporate value over the mid to long term. The Company aims to secure licensing within 2021. Data from non-human primate studies, which are currently undergoing analysis and expected to be finalized in early 2021, will support negotiations. Consolidated operating income, consolidated ordinary income, and profit attributable to shareholders of the parent have been revised downward due to the decrease in consolidated operating revenue. The Company Group will continue to make concerted efforts to increase corporate value over the medium to long term.