M 
17
0.00%
Close of 9 Nov 2026, in JPY
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in JPY, from our data supplier.
Revenue
¥810.3m
FY2016FY2025
Net income
−¥1.36bn
FY2016FY2025
Free cash flow
−¥1.44bn
FY2016FY2025
Shareholders' equity
¥3.78bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥810.3m | ¥768.5m | ¥661.5m | ¥633.7m | ¥683.0m | ¥783.0m | ¥1.06bn | ¥998.3m | ¥1.70bn | ¥1.91bn |
| Gross profit | ¥83.4m | ¥82.7m | ¥65.2m | ¥90.4m | ¥135.5m | ¥229.7m | ¥296.1m | ¥330.0m | ¥769.1m | ¥860.7m |
| Research and development | ¥452.5m | ¥452.8m | ¥496.7m | ¥565.2m | ¥325.7m | ¥250.0m | ¥276.6m | ¥1.50bn | ¥612.5m | ¥603.4m |
| Operating income | −¥1.45bn | −¥1.35bn | −¥1.43bn | −¥1.33bn | −¥833.4m | −¥926.1m | −¥1.01bn | −¥3.03bn | −¥1.80bn | −¥1.68bn |
| Net income | −¥1.36bn | −¥1.28bn | −¥1.44bn | −¥1.25bn | −¥843.4m | −¥842.0m | −¥795.3m | −¥3.05bn | −¥2.60bn | −¥1.64bn |
| Diluted earnings per share | -5.15 | -4.83 | -5.90 | -5.92 | -4.64 | -5.12 | -6.44 | -25.76 | -23.90 | -17.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥4.25bn | ¥5.70bn | ¥5.63bn | ¥6.08bn | ¥5.38bn | ¥5.25bn | ¥3.08bn | ¥3.94bn | ¥6.27bn | ¥7.65bn |
| Cash and short-term investments | ¥3.17bn | ¥4.65bn | ¥4.40bn | ¥4.50bn | ¥4.10bn | ¥3.64bn | ¥1.40bn | ¥2.20bn | ¥3.44bn | ¥3.59bn |
| Total liabilities | ¥477.1m | ¥510.0m | ¥590.6m | ¥566.6m | ¥475.4m | ¥443.5m | ¥494.2m | ¥624.1m | ¥785.6m | ¥1.72bn |
| Debt | — | ¥781,000 | ¥2.3m | ¥4.3m | ¥7.7m | ¥16.5m | ¥33.0m | ¥73.4m | ¥127.7m | ¥1.04bn |
| Shareholders' equity | ¥3.78bn | ¥5.19bn | ¥5.04bn | ¥5.51bn | ¥4.90bn | ¥4.81bn | ¥2.59bn | ¥3.31bn | ¥5.48bn | ¥5.93bn |
| Shares outstanding | 265m | 265m | 244m | 212m | 182m | 164m | 124m | 118m | 109m | 93m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.41bn | −¥1.19bn | −¥1.26bn | −¥1.13bn | −¥612.1m | −¥547.5m | −¥917.1m | −¥2.50bn | −¥1.33bn | −¥1.09bn |
| Capital spending | −¥22.9m | −¥53.6m | −¥20.5m | −¥13.8m | −¥21.4m | −¥17.7m | −¥105.7m | −¥215.4m | −¥2.5m | −¥16.8m |
| Free cash flow | −¥1.44bn | −¥1.25bn | −¥1.28bn | −¥1.14bn | −¥633.5m | −¥565.2m | −¥1.02bn | −¥2.71bn | −¥1.34bn | −¥1.10bn |
| Dividends paid | — | — | −¥2.0m | −¥3.4m | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥195.8m | ¥232.9m | ¥181.2m | ¥237.5m | ¥168.0m | ¥200.4m | ¥204.4m | ¥179.0m |
| Gross profit | ¥59.5m | ¥93.7m | ¥22.8m | ¥44.6m | ¥6.1m | ¥33.3m | ¥25.7m | ¥5.9m |
| Operating income | −¥299.7m | −¥258.7m | −¥371.1m | −¥300.1m | −¥389.5m | −¥372.1m | −¥380.6m | −¥355.8m |
| Net income | −¥294.0m | −¥212.1m | −¥339.3m | −¥250.3m | −¥406.2m | −¥360.0m | −¥345.6m | −¥325.6m |
| Diluted earnings per share | -1.05 | -0.76 | -1.28 | -0.95 | -1.53 | -1.36 | -1.31 | -1.23 |
| Total assets | ¥3.79bn | ¥3.99bn | ¥3.95bn | ¥4.25bn | ¥4.50bn | ¥5.44bn | ¥5.30bn | ¥5.70bn |
| Cash and short-term investments | ¥2.71bn | ¥2.93bn | ¥2.85bn | ¥3.17bn | ¥3.56bn | ¥3.85bn | ¥4.16bn | ¥4.65bn |
| Debt | — | — | — | — | — | — | — | ¥781,000 |
| Shareholders' equity | ¥3.39bn | ¥3.57bn | ¥3.43bn | ¥3.78bn | ¥4.02bn | ¥4.43bn | ¥4.82bn | ¥5.19bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 10.3% | 10.8% | 9.9% | 14.3% | 19.8% | 29.3% | — |
| Operating margin | -167.6% | -165.7% | -215.9% | -197.1% | -122.0% | -118.3% | — |
| Net margin | -168.1% | -166.2% | -217.4% | -197.9% | -123.5% | -107.5% | — |
| Return on equity | -36.1% | -24.6% | -28.5% | -22.8% | -17.2% | -17.5% | — |
| Return on assets | -32.0% | -22.4% | -25.5% | -20.6% | -15.7% | -16.0% | — |
| Free cash flow yield | -21.9% | -18.0% | -21.2% | -22.0% | -13.5% | -13.4% | — |
| Revenue growth | 5.4% | 16.2% | 4.4% | -7.2% | -12.8% | -26.1% | — |
| Earnings growth | 6.7% | -11.2% | 14.7% | 48.7% | 0.2% | 5.9% | — |
| Current ratio | 15.49x | 18.64x | 13.75x | 17.21x | 16.02x | 14.40x | — |
| Debt to equity | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x |
| Equity ratio | 88.8% | 91.1% | 89.5% | 90.7% | 91.2% | 91.6% | — |
| Interest coverage | -193988.71x | -47153.85x | -248.23x | -12741.76x | -180.00x | -105.48x | — |
| R&D as a share of sales | 55.8% | 58.9% | 75.1% | 89.2% | 47.7% | 31.9% | — |
| Buybacks as a share of market value | -0.1% | -8.5% | -15.1% | -16.4% | -10.6% | -33.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.5% | 0.7% | -7.0% |
| Operating income | 2.7% | 9.3% | -1.8% |
| Net income | 2.8% | 10.1% | -2.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.5% | 11.2% | 15.8% | 30.9% |
| Operating margin | -176.9% | -193.2% | -168.5% | -141.9% |
| Net margin | -167.2% | -185.5% | -161.7% | -143.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.6 | -7.5 | -7.3 | -12.0 | -10.8 | -11.5 | -9.6 | -2.5 | -5.4 | -7.8 |
| Price to sales | 9.5 | 12.4 | 15.8 | 23.7 | 13.3 | 12.4 | 7.2 | 7.5 | 8.3 | 6.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 100-for-1 split · 27 Mar 2014
- 10-for-1 split · 25 Nov 2003
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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