O 
16
0.00%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥808.5m
FY2017FY2026
Net income
−¥910.6m
FY2017FY2026
Free cash flow
−¥985.0m
FY2017FY2026
Shareholders' equity
¥2.14bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥808.5m | ¥750.0m | ¥610.1m | ¥1.13bn | ¥1.15bn | ¥332.5m | ¥316.2m | ¥280.6m | ¥211.3m | ¥286.7m |
| Research and development | ¥534.9m | ¥491.1m | ¥678.1m | ¥716.5m | ¥1.73bn | ¥1.38bn | ¥1.74bn | ¥2.83bn | ¥2.93bn | ¥2.94bn |
| Operating income | −¥810.4m | −¥1.61bn | −¥1.28bn | −¥1.11bn | −¥2.05bn | −¥1.64bn | −¥2.23bn | −¥2.95bn | −¥2.99bn | −¥3.00bn |
| Net income | −¥910.6m | −¥815.3m | −¥1.29bn | −¥1.12bn | −¥2.57bn | −¥1.56bn | −¥2.24bn | −¥2.93bn | −¥2.85bn | −¥3.00bn |
| Diluted earnings per share | -2.28 | -2.26 | -4.74 | -5.14 | -13.35 | -8.11 | -12.56 | -16.64 | -18.45 | -20.42 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.36bn | ¥1.16bn | ¥867.3m | ¥1.51bn | ¥2.69bn | ¥3.37bn | ¥5.09bn | ¥5.37bn | ¥8.02bn | ¥10.59bn |
| Cash and short-term investments | ¥2.09bn | ¥833.9m | ¥527.7m | ¥1.12bn | ¥1.84bn | ¥2.90bn | ¥4.71bn | ¥4.86bn | ¥6.74bn | ¥10.07bn |
| Total liabilities | ¥217.4m | ¥426.1m | ¥513.6m | ¥656.3m | ¥705.0m | ¥291.3m | ¥359.6m | ¥496.9m | ¥441.7m | ¥488.5m |
| Debt | — | ¥51.1m | ¥106.8m | — | — | — | — | — | — | — |
| Shareholders' equity | ¥2.14bn | ¥729.1m | ¥353.7m | ¥855.2m | ¥1.98bn | ¥3.08bn | ¥4.73bn | ¥4.87bn | ¥7.32bn | ¥10.10bn |
| Shares outstanding | 399m | 361m | 272m | 218m | 193m | 193m | 178m | 176m | 154m | 147m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥922.8m | −¥815.0m | −¥1.23bn | −¥794.9m | −¥2.07bn | −¥1.76bn | −¥2.28bn | −¥2.37bn | −¥3.04bn | −¥2.99bn |
| Capital spending | −¥62.2m | −¥279,000 | −¥2.6m | −¥5.4m | −¥456.9m | −¥43.9m | −¥131.4m | −¥71.3m | −¥408.9m | −¥12.0m |
| Free cash flow | −¥985.0m | −¥815.3m | −¥1.23bn | −¥800.3m | −¥2.53bn | −¥1.81bn | −¥2.41bn | −¥2.44bn | −¥3.44bn | −¥3.00bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥170.8m | ¥211.0m | ¥165.6m | ¥230.4m | ¥201.5m | ¥186.8m | ¥338.0m | ¥125.0m |
| Operating income | −¥285.1m | −¥151.3m | −¥218.8m | −¥172.0m | −¥303.9m | −¥117.8m | −¥167.0m | −¥241.0m |
| Net income | −¥288.9m | −¥127.0m | −¥228.5m | −¥240.8m | −¥314.4m | −¥98.1m | −¥172.0m | −¥243.0m |
| Diluted earnings per share | -0.72 | -0.32 | -0.63 | -0.67 | -0.87 | -0.27 | -0.63 | -0.89 |
| Total assets | ¥2.61bn | ¥2.36bn | ¥2.48bn | ¥1.94bn | ¥1.53bn | ¥1.16bn | ¥1.23bn | ¥1.55bn |
| Cash and short-term investments | ¥2.33bn | ¥2.09bn | ¥2.19bn | ¥1.68bn | ¥1.23bn | ¥833.9m | ¥945.6m | ¥1.10bn |
| Shareholders' equity | ¥2.35bn | ¥2.14bn | ¥2.14bn | ¥1.65bn | ¥1.08bn | ¥729.1m | ¥828.8m | ¥1.00bn |
Financial ratios
Data as of 9 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -112.2% | -214.5% | -210.7% | -97.5% | -178.0% | -492.7% | — | — | — |
| Net margin | -112.6% | -108.7% | -211.1% | -98.6% | -222.9% | -469.7% | — | — | — |
| Return on equity | -42.5% | -111.8% | -364.2% | -130.8% | -129.9% | -50.8% | — | — | — |
| Return on assets | -38.6% | -70.6% | -148.5% | -74.0% | -95.8% | -46.4% | — | — | — |
| Free cash flow yield | -10.8% | -11.3% | -22.5% | -18.1% | -41.9% | -44.6% | — | — | — |
| Revenue growth | 7.8% | 22.9% | -46.2% | -1.6% | 247.0% | 5.1% | — | — | — |
| Earnings growth | 11.7% | -36.7% | 15.2% | -56.5% | 64.7% | -30.2% | — | — | — |
| Current ratio | 13.59x | 3.37x | 2.27x | 2.33x | 4.30x | 16.39x | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Equity ratio | 90.8% | 63.1% | 40.8% | 56.6% | 73.7% | 91.4% | — | — | — |
| Interest coverage | -691.97x | -1339.65x | -5896.77x | -110.63x | -382.27x | -10.42x | — | — | — |
| R&D as a share of sales | 66.2% | 65.5% | 111.1% | 63.1% | 150.0% | 413.8% | — | — | — |
| Buybacks as a share of market value | -10.6% | -32.8% | -24.8% | -13.0% | 0.0% | -8.1% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.7% | 19.5% | 11.7% |
| Operating income | -10.1% | -13.1% | -12.2% |
| Net income | -6.6% | -10.2% | -10.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -155.2% | -145.6% | -177.5% | -368.3% |
| Net margin | -110.7% | -125.1% | -172.6% | -359.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.5 | -8.8 | -5.3 | -4.5 | -3.9 | -8.9 | -9.2 | -5.1 | -6.3 | -11.2 |
| Price to sales | 8.4 | 9.6 | 11.1 | 4.4 | 8.7 | 41.7 | 64.8 | 53.4 | 85.6 | 117.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 500-for-1 split · 26 Sept 2013
- 3-for-1 split · 27 Sept 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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