A 
27
+8.00%
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
¥874.1m
FY2016FY2025
Net income
−¥5.12bn
FY2016FY2025
Free cash flow
−¥5.76bn
FY2016FY2025
Shareholders' equity
¥3.08bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥874.1m | ¥643.0m | ¥153.0m | ¥67.1m | ¥64.1m | ¥40.0m | ¥326.8m | ¥610.0m | ¥365.2m | ¥514.3m |
| Research and development | ¥3.55bn | ¥3.78bn | ¥6.17bn | ¥10.99bn | ¥10.78bn | ¥3.80bn | ¥2.22bn | ¥2.54bn | ¥2.60bn | ¥4.19bn |
| Operating income | −¥5.21bn | −¥9.11bn | −¥11.97bn | −¥16.32bn | −¥15.63bn | −¥5.60bn | −¥3.27bn | −¥3.07bn | −¥3.29bn | −¥4.76bn |
| Net income | −¥5.12bn | −¥28.13bn | −¥7.44bn | −¥14.71bn | −¥13.68bn | −¥4.21bn | −¥3.75bn | −¥3.00bn | −¥3.76bn | −¥4.78bn |
| Diluted earnings per share | -9.53 | -101.67 | -37.47 | -89.23 | -127.08 | -31.52 | -34.89 | -30.17 | -46.71 | -66.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥5.41bn | ¥4.67bn | ¥28.89bn | ¥38.82bn | ¥45.46bn | ¥38.35bn | ¥12.52bn | ¥8.05bn | ¥3.96bn | ¥4.54bn |
| Cash and short-term investments | ¥1.88bn | ¥1.71bn | ¥4.16bn | ¥11.04bn | ¥17.90bn | ¥11.54bn | ¥10.04bn | ¥5.78bn | ¥1.15bn | ¥995.6m |
| Total liabilities | ¥2.33bn | ¥2.51bn | ¥2.79bn | ¥8.40bn | ¥6.82bn | ¥5.67bn | ¥469.2m | ¥316.2m | ¥341.7m | ¥669.8m |
| Debt | ¥54.4m | ¥272.4m | ¥362.7m | ¥1.16bn | — | — | — | — | — | — |
| Shareholders' equity | ¥3.08bn | ¥2.16bn | ¥26.10bn | ¥30.43bn | ¥38.63bn | ¥32.68bn | ¥12.06bn | ¥7.73bn | ¥3.62bn | ¥3.87bn |
| Shares outstanding | 538m | 277m | 198m | 165m | 108m | 134m | 107m | 99m | 81m | 72m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥5.75bn | −¥6.61bn | −¥8.74bn | −¥11.21bn | −¥11.38bn | −¥2.96bn | −¥2.18bn | −¥2.52bn | −¥2.99bn | −¥4.98bn |
| Capital spending | −¥14.3m | −¥77.5m | −¥89.3m | −¥19.6m | −¥80.2m | −¥80.9m | −¥6.4m | −¥50.4m | −¥9.3m | −¥71.2m |
| Free cash flow | −¥5.76bn | −¥6.69bn | −¥8.83bn | −¥11.23bn | −¥11.46bn | −¥3.04bn | −¥2.19bn | −¥2.57bn | −¥3.00bn | −¥5.05bn |
| Dividends paid | — | — | — | — | — | −¥11.15bn | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥299.0m | ¥203.8m | ¥228.0m | ¥231.2m | ¥245.7m | ¥169.2m | ¥172.0m | ¥124.0m |
| Operating income | −¥1.74bn | −¥1.50bn | −¥1.60bn | −¥1.14bn | −¥1.15bn | −¥1.26bn | −¥2.07bn | −¥1.94bn |
| Net income | −¥1.63bn | −¥1.08bn | −¥434.4m | −¥722.8m | −¥2.72bn | −¥1.25bn | −¥20.97bn | −¥3.66bn |
| Diluted earnings per share | -4.11 | -2.72 | -0.81 | -1.34 | -5.05 | -2.32 | -75.80 | -13.21 |
| Cash from operations | −¥1.38bn | — | — | — | — | — | — | — |
| Total assets | ¥3.66bn | ¥4.47bn | ¥5.41bn | ¥6.61bn | ¥5.79bn | ¥5.68bn | ¥4.67bn | ¥25.13bn |
| Cash and short-term investments | ¥296.7m | ¥835.9m | ¥1.88bn | ¥3.55bn | ¥2.91bn | ¥2.68bn | ¥1.71bn | ¥2.92bn |
| Debt | ¥701.1m | ¥38.2m | ¥54.4m | ¥170.1m | ¥162.3m | ¥151.0m | ¥163.0m | ¥145.0m |
| Shareholders' equity | ¥205.7m | ¥2.02bn | ¥3.08bn | ¥4.17bn | ¥3.40bn | ¥3.22bn | ¥2.16bn | ¥22.21bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -595.9% | -1416.7% | -7823.7% | -24331.3% | -24369.2% | -13999.2% | — | — |
| Net margin | -586.1% | -4374.6% | -4861.7% | -21942.4% | -21319.1% | -10524.3% | — | — |
| Return on equity | -166.6% | -1304.3% | -28.5% | -48.4% | -35.4% | -12.9% | — | — |
| Return on assets | -94.8% | -602.5% | -25.7% | -37.9% | -30.1% | -11.0% | — | — |
| Free cash flow yield | -29.6% | -65.6% | -121.1% | -188.6% | -291.7% | -59.9% | — | — |
| Revenue growth | 35.9% | 320.3% | 128.1% | 4.5% | 60.4% | -87.8% | — | — |
| Earnings growth | -81.8% | 278.2% | -49.5% | 7.6% | 224.9% | 12.2% | — | — |
| Current ratio | 1.96x | 1.53x | 2.38x | 1.76x | 3.18x | 2.53x | — | — |
| Debt to equity | 0.02x | 0.08x | 0.01x | 0.01x | 0.00x | 0.00x | — | — |
| Equity ratio | 56.9% | 46.2% | 90.3% | 78.4% | 85.0% | 85.2% | — | — |
| Interest coverage | — | — | -592.03x | -654.01x | -162.60x | -453.61x | -78.46x | -72.43x |
| R&D as a share of sales | 406.5% | 588.4% | 4035.0% | 16391.4% | 16811.1% | 9490.8% | — | — |
| Buybacks as a share of market value | -94.4% | -39.4% | -20.4% | -53.2% | 19.4% | -24.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 135.3% | 85.3% | 7.3% |
| Operating income | -31.7% | -1.4% | 2.2% |
| Net income | -29.6% | 4.0% | 2.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -943.8% | -2452.5% | -3466.9% | -2015.7% |
| Net margin | -2191.8% | -3189.4% | -3980.3% | -2268.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.4 | -0.5 | -1.9 | -1.4 | -3.0 | -39.5 | -18.3 | -12.0 | -13.3 | -3.8 |
| Price to sales | 37.5 | 22.8 | 93.4 | 300.0 | — | — | 210.2 | 59.1 | 136.6 | 35.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 100-for-1 split · 26 Dec 2013
- 2-for-1 split · 26 Jun 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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