C 
689
+3.45%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
—
FY2017FY2026
Net income
−¥1.31bn
FY2017FY2026
Free cash flow
−¥1.42bn
FY2017FY2026
Shareholders' equity
¥1.64bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | ¥53.5m | ¥108.9m | ¥110.0m | ¥115.5m | ¥110.0m | ¥109.9m |
| Gross profit | — | −¥820.0m | −¥984.0m | −¥671.0m | −¥608.0m | −¥322.0m | −¥332.0m | −¥329.0m | −¥314.0m | −¥186.0m |
| Research and development | ¥1.06bn | ¥820.0m | ¥983.0m | ¥671.0m | ¥607.8m | ¥430.2m | ¥442.2m | ¥444.1m | ¥423.5m | ¥294.9m |
| Operating income | −¥1.36bn | −¥1.11bn | −¥1.26bn | −¥966.0m | −¥846.4m | −¥547.0m | −¥566.4m | −¥533.1m | −¥539.5m | −¥406.8m |
| Net income | −¥1.31bn | −¥1.16bn | −¥1.21bn | −¥1.24bn | −¥855.6m | −¥531.0m | −¥572.8m | −¥456.2m | −¥532.1m | −¥419.5m |
| Diluted earnings per share | -66.43 | -58.72 | -63.29 | -69.87 | -56.35 | -57.96 | -78.37 | -66.69 | -93.25 | -76.29 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.78bn | ¥3.05bn | ¥2.43bn | ¥2.09bn | ¥790.7m | ¥1.30bn | ¥1.26bn | ¥875.4m | ¥578.3m | ¥993.3m |
| Cash and short-term investments | ¥1.45bn | ¥2.83bn | ¥1.89bn | ¥1.62bn | ¥737.8m | ¥1.15bn | ¥1.11bn | ¥763.7m | ¥466.3m | ¥889.4m |
| Total liabilities | ¥134.7m | ¥107.0m | ¥92.0m | ¥153.8m | ¥540.0m | ¥857.6m | ¥1.03bn | ¥219.1m | ¥156.4m | ¥66.2m |
| Debt | — | — | — | — | ¥367.3m | ¥750.0m | ¥750.0m | — | — | — |
| Shareholders' equity | ¥1.64bn | ¥2.94bn | ¥2.34bn | ¥1.93bn | ¥250.7m | ¥438.0m | ¥236.9m | ¥656.3m | ¥421.9m | ¥927.1m |
| Shares outstanding | 20m | 20m | 19m | 18m | 15m | 9m | 7m | 7m | 6m | 5m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.42bn | −¥771.5m | −¥1.28bn | −¥1.40bn | −¥719.8m | −¥688.6m | −¥552.9m | −¥383.0m | −¥429.0m | −¥313.0m |
| Capital spending | — | — | — | — | — | — | — | — | — | −¥300,000 |
| Free cash flow | −¥1.42bn | −¥771.5m | −¥1.28bn | −¥1.40bn | −¥719.8m | −¥688.6m | −¥552.9m | −¥383.0m | −¥429.0m | −¥313.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | — | — | — | — | −¥239.0m | −¥258.0m | −¥147.0m | −¥176.0m |
| Operating income | −¥442.1m | −¥316.0m | −¥239.9m | −¥360.5m | −¥311.0m | −¥330.0m | −¥218.3m | −¥250.0m |
| Net income | −¥434.9m | −¥305.0m | −¥220.2m | −¥348.7m | −¥326.0m | −¥351.7m | −¥184.0m | −¥296.0m |
| Diluted earnings per share | -22.07 | -15.48 | -11.18 | -17.70 | -16.55 | -17.85 | -9.63 | -15.49 |
| Total assets | ¥1.78bn | ¥2.21bn | ¥2.47bn | ¥2.67bn | ¥3.05bn | ¥2.83bn | ¥3.13bn | ¥3.78bn |
| Cash and short-term investments | ¥1.45bn | ¥1.77bn | ¥2.20bn | ¥2.47bn | ¥2.83bn | ¥2.60bn | ¥2.86bn | ¥3.51bn |
| Shareholders' equity | ¥1.64bn | ¥2.07bn | ¥2.38bn | ¥2.60bn | ¥2.94bn | ¥2.67bn | ¥3.02bn | ¥3.20bn |
Financial ratios
Data as of 30 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | -1136.9% | -295.6% | -301.8% | -284.7% | -285.5% | -169.3% | — | — | — |
| Operating margin | — | — | — | — | -1582.7% | -502.1% | -514.9% | -461.3% | -490.4% | -370.3% | — | — | — |
| Net margin | — | — | — | — | -1599.8% | -487.4% | -520.7% | -394.8% | -483.7% | -381.9% | — | — | — |
| Return on equity | -79.7% | -39.3% | -51.6% | -64.4% | -341.3% | -121.2% | — | — | — | — | — | — | — |
| Return on assets | -73.7% | -37.9% | -49.7% | -59.6% | -108.2% | -41.0% | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — | -7.2% | -10.1% | -7.9% | -7.2% |
| Revenue growth | — | — | — | — | -50.9% | -1.0% | -4.8% | 5.0% | 0.1% | 4.4% | — | — | — |
| Earnings growth | 13.1% | -4.3% | -2.8% | 45.4% | 61.1% | -7.3% | — | — | — | — | — | — | — |
| Current ratio | 12.46x | 27.89x | 25.10x | 13.44x | 4.39x | 11.74x | — | — | — | — | — | — | — |
| Debt to equity | — | — | — | 0.00x | 1.47x | 1.71x | 3.17x | 0.00x | 0.00x | — | — | — | — |
| Equity ratio | 92.4% | 96.5% | 96.2% | 92.6% | 31.7% | 33.8% | — | — | — | — | — | — | — |
| Interest coverage | — | — | — | -826.32x | -149.02x | -72.90x | -113.31x | -627.15x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | 1136.4% | 394.9% | 402.0% | 384.3% | 385.0% | 268.5% | — | — | — |
| Buybacks as a share of market value | 0.0% | -3.1% | -7.3% | -17.3% | -65.7% | -25.4% | — | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 12.0% | 20.0% | 13.0% |
| Net income | 1.7% | 19.8% | 12.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -10.6 | -13.7 | -14.2 | -13.7 | -20.7 | -3.1 | -5.8 | -13.6 | -4.5 | -10.1 |
| Price to sales | — | — | — | — | 331.6 | 15.1 | 30.4 | 53.6 | 21.9 | 38.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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