C 
78
+5.41%
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
¥593.3m
FY2016FY2025
Net income
−¥982.8m
FY2016FY2025
Free cash flow
−¥976.1m
FY2016FY2025
Shareholders' equity
¥1.12bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥593.3m | ¥780.8m | ¥682.5m | ¥630.8m | ¥712.9m | ¥480.9m | ¥447.6m | ¥212.9m | ¥259.9m | ¥252.2m |
| Research and development | ¥776.5m | ¥935.9m | ¥1.05bn | ¥1.13bn | ¥1.31bn | ¥1.15bn | ¥1.30bn | ¥1.22bn | ¥584.3m | ¥552.3m |
| Operating income | −¥979.8m | −¥1.03bn | −¥1.21bn | −¥1.26bn | −¥1.46bn | −¥1.28bn | −¥1.40bn | −¥1.54bn | −¥887.9m | −¥1.04bn |
| Net income | −¥982.8m | −¥1.02bn | −¥1.22bn | −¥1.24bn | −¥1.48bn | −¥1.29bn | −¥1.40bn | −¥1.53bn | −¥882.6m | −¥1.49bn |
| Diluted earnings per share | -14.43 | -16.00 | -23.59 | -26.55 | -36.65 | -32.93 | -42.18 | -57.26 | -32.95 | -63.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.73bn | ¥2.47bn | ¥1.75bn | ¥2.22bn | ¥2.34bn | ¥3.49bn | ¥2.81bn | ¥2.83bn | ¥4.42bn | ¥4.79bn |
| Cash and short-term investments | ¥1.21bn | ¥2.06bn | ¥1.33bn | ¥1.73bn | ¥1.79bn | ¥2.69bn | ¥2.11bn | ¥2.33bn | ¥4.03bn | ¥4.55bn |
| Total liabilities | ¥605.4m | ¥548.6m | ¥593.7m | ¥424.7m | ¥446.4m | ¥384.6m | ¥186.6m | ¥154.5m | ¥201.9m | ¥224.1m |
| Debt | ¥261.7m | ¥281.5m | ¥291.0m | ¥184.0m | ¥183.0m | ¥180.0m | −¥554,000 | — | ¥4.2m | ¥54.2m |
| Shareholders' equity | ¥1.12bn | ¥1.92bn | ¥1.16bn | ¥1.79bn | ¥1.89bn | ¥3.11bn | ¥2.62bn | ¥2.68bn | ¥4.22bn | ¥4.57bn |
| Shares outstanding | 68m | 64m | 52m | 47m | 40m | 39m | 33m | 27m | 27m | 24m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥936.0m | −¥1.00bn | −¥1.07bn | −¥1.19bn | −¥1.13bn | −¥1.36bn | −¥1.54bn | −¥1.69bn | −¥867.2m | −¥969.9m |
| Capital spending | −¥40.1m | — | −¥1.07bn | — | −¥1.13bn | −¥1.36bn | — | — | −¥5.0m | −¥10.5m |
| Free cash flow | −¥976.1m | −¥1.00bn | −¥2.14bn | −¥1.19bn | −¥2.26bn | −¥2.72bn | −¥1.54bn | −¥1.69bn | −¥872.2m | −¥980.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥126.5m | ¥147.2m | ¥223.5m | ¥118.0m | ¥113.1m | ¥138.7m | ¥358.2m | ¥158.9m |
| Operating income | −¥247.4m | −¥232.3m | −¥174.4m | −¥268.5m | −¥272.3m | −¥264.6m | −¥109.9m | −¥339.8m |
| Net income | −¥250.1m | −¥233.2m | −¥182.5m | −¥260.0m | −¥274.2m | −¥266.1m | −¥105.3m | −¥351.5m |
| Diluted earnings per share | -3.30 | -3.08 | -2.68 | -3.82 | -4.03 | -3.91 | -1.65 | -5.51 |
| Total assets | ¥1.91bn | ¥1.67bn | ¥1.73bn | ¥1.55bn | ¥1.96bn | ¥2.20bn | ¥2.47bn | ¥1.69bn |
| Cash and short-term investments | ¥1.37bn | ¥1.14bn | ¥1.21bn | ¥1.01bn | ¥1.47bn | ¥1.82bn | ¥2.06bn | ¥1.24bn |
| Debt | ¥67.5m | ¥86.7m | ¥261.7m | ¥79.4m | ¥260.5m | ¥281.5m | ¥281.5m | ¥303.0m |
| Shareholders' equity | ¥1.57bn | ¥1.31bn | ¥1.12bn | ¥1.25bn | ¥1.52bn | ¥1.76bn | ¥1.92bn | ¥1.22bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -164.6% | -130.0% | -177.7% | -196.0% | -205.5% | -266.9% | — | — |
| Net margin | -165.6% | -130.7% | -178.8% | -197.0% | -207.6% | -269.1% | — | — |
| Return on equity | -87.6% | -53.2% | -105.4% | -69.4% | -78.2% | -41.6% | — | — |
| Return on assets | -56.9% | -41.3% | -69.7% | -56.1% | -63.3% | -37.0% | — | — |
| Free cash flow yield | -14.0% | — | 0.0% | — | 0.0% | 0.0% | -34.2% | -43.3% |
| Revenue growth | -24.0% | 14.4% | 8.2% | -11.5% | 48.3% | 7.4% | — | — |
| Earnings growth | -3.7% | -16.3% | -1.8% | -16.0% | 14.4% | -7.8% | — | — |
| Current ratio | 4.13x | 4.74x | 3.02x | 5.65x | 5.65x | 9.48x | — | — |
| Debt to equity | 0.23x | 0.15x | 0.25x | 0.10x | 0.10x | 0.06x | — | — |
| Equity ratio | 65.0% | 77.8% | 66.1% | 80.8% | 80.9% | 89.0% | — | — |
| Interest coverage | -309.47x | -354.16x | -586.24x | -934.65x | -1113.29x | -1327.43x | — | — |
| R&D as a share of sales | 130.9% | 119.9% | 154.0% | 179.9% | 183.8% | 240.0% | — | — |
| Buybacks as a share of market value | -6.7% | -23.4% | -10.5% | -15.9% | -2.8% | -18.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.0% | 4.3% | 7.8% |
| Operating income | -8.0% | -5.3% | -2.6% |
| Net income | -7.5% | -5.4% | -2.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -146.3% | -166.5% | -185.9% | -250.4% |
| Net margin | -145.8% | -166.2% | -186.5% | -259.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.4 | -16.8 | -5.7 | -6.7 | -5.3 | -5.7 | -4.8 | -3.3 | -10.6 | -7.3 |
| Price to sales | 12.3 | 22.0 | 10.2 | 13.2 | 11.0 | 15.2 | 15.0 | 23.6 | 36.0 | 43.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 27 Mar 2014
- 2-for-1 split · 26 Jun 2013
- 2-for-1 split · 28 Mar 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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