[25] Third Harmonic Bio, Inc. SEC Filing

Rhea-AI Filing Summary

Q1 FY25 (Apr–Jun 2025, J-GAAP) snapshot:

• Ordinary income ¥2.13 tn, –10.5 % YoY on softer trading and loan yields.
• Ordinary profit ¥368.6 bn, +4.0 % YoY; net profit attributable to owners ¥290.5 bn, +0.4 % (EPS ¥115.90).
• Total assets fell 1.6 % since Mar-25 to ¥278.7 tn; own-capital ratio edged up to 3.7 %.
• NPL ratio improved to 0.73 % (–23 bp); credit-related costs a modest ¥11.4 bn.

Guidance & shareholder returns: Full-year profit target lifted 8.5 % to ¥1.02 tn (15 % YoY growth), implying FY EPS ¥407.81. Dividend outlook unchanged at ¥145/share (up ¥5 YoY) with ¥72.5 interim.

Segment colour: Retail & Business Banking and CIBC drove net business profit growth; Global Markets cooled as ETF-related gains shrank to ¥3.2 bn (vs ¥31.7 bn). Net interest income rose 30 % YoY while trading income slid 14 %.

Balance-sheet trends: Loans down ¥0.14 tn to ¥94.0 tn; deposits down ¥0.62 tn to ¥154.3 tn. Unrealised gains on securities up ¥162 bn to ¥1.37 tn, aided by equity market strength. Treasury stock grew to 14.4 m shares.

Takeaway: Upgraded guidance, better asset quality and stable dividends offset revenue pressure and a still-thin capital base, signalling cautious but improving fundamentals.

Insights

Banking Equity Analyst

TL;DR: Guidance raised, credit clean-up continues; revenue softness and low capital temper outlook.

MHFG’s 8.5 % hike in FY25 net-profit guidance to ¥1.02 tn is the key positive, reflecting lower funding costs and realised equity gains. Credit metrics are encouraging: NPL ratio at 0.73 % and credit costs <¥12 bn provide headroom for shareholder returns. However, ordinary income fell double-digits and Global Markets profit dropped sharply as ETF gains normalised, highlighting earnings volatility. Own-capital ratio of 3.7 % remains well below global peers, limiting buyback flexibility. Net interest income momentum (-loan spreads wider, deposit beta contained) should partially offset weaker trading, but asset and deposit contraction suggests subdued balance-sheet growth. Overall, moderately positive with valuation support from higher dividend.

Risk Analyst

TL;DR: Asset-quality gains solid; market-risk dependence and thin capital still key risks.

Sharp drop in high-risk claims (–¥254 bn) and lower NPL ratio signal effective credit risk management. Securities unrealised gains improved and hedge losses narrowed, reducing OCI volatility. Yet ordinary income decline stems largely from diminished trading revenues, underscoring exposure to market swings. Capital ratio only nudged to 3.7 %, far from Basel III leverage comfort, and treasury-share increase implies limited buffer. Rising rates could pressure JGB valuations (¥67 bn latent loss). While near-term risk appears contained, structural capital weakness warrants caution; impact classified as neutral to slightly positive.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING

AND/OR REGISTRATION UNDER SECTION 12(b)

OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number: 001-41498

Third Harmonic Bio, Inc.

The Nasdaq Stock Market LLC

(Exact name of Issuer as specified in its charter, and name of Exchange

where security is listed and/or registered)

1700 Montgomery Street, Suite 210

San Francisco, California 94111

(209) 727-2457

(Address, including zip code, and telephone number, including area code, of Issuer’s principal executive offices)

Common Stock, par value $0.00001 per share

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

☐ 17 CFR 240.12d2-2(a)(1)

☐ 17 CFR 240.12d2-2(a)(2)

☐ 17 CFR 240.12d2-2(a)(3)

☐ 17 CFR 240.12d2-2(a)(4)

☐ Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.¹

☒ Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements of the Securities Exchange Act of 1934, Third Harmonic Bio, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

July 31, 2025				By		/s/ Christopher Murphy				Chief Financial and Business Officer
Date						Name				Title

¹  Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.