M 
38
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
¥128.1m
FY2016FY2025
Net income
−¥937.4m
FY2016FY2025
Free cash flow
−¥970.9m
FY2016FY2025
Shareholders' equity
¥2.05bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥128.1m | ¥257.9m | ¥29.5m | ¥59.5m | ¥8.3m | ¥115.1m | ¥169.9m | ¥8.4m | ¥198.2m | ¥22.3m |
| Gross profit | ¥113.0m | ¥219.2m | −¥18.4m | ¥10.4m | −¥54.2m | ¥55.3m | ¥124.4m | −¥34.0m | ¥132.0m | −¥42.8m |
| Research and development | ¥838.8m | ¥809.8m | ¥694.1m | ¥877.7m | ¥737.1m | ¥914.7m | ¥1.47bn | ¥943.6m | ¥832.0m | ¥1.02bn |
| Operating income | −¥942.0m | −¥800.5m | −¥933.6m | −¥1.11bn | −¥1.06bn | −¥1.13bn | −¥1.63bn | −¥1.27bn | −¥1.02bn | −¥1.34bn |
| Net income | −¥937.4m | −¥806.8m | −¥932.9m | −¥1.11bn | −¥1.06bn | −¥1.11bn | −¥1.62bn | −¥1.27bn | −¥884.4m | −¥1.26bn |
| Diluted earnings per share | -14.52 | -16.99 | -24.32 | -39.37 | -44.74 | -60.98 | -125.39 | -124.14 | -101.09 | -147.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.16bn | ¥2.27bn | ¥2.05bn | ¥1.40bn | ¥2.11bn | ¥2.30bn | ¥2.05bn | ¥2.31bn | ¥2.13bn | ¥3.08bn |
| Cash and short-term investments | ¥1.75bn | ¥1.98bn | ¥1.72bn | ¥994.0m | ¥1.70bn | ¥1.81bn | ¥1.41bn | ¥1.80bn | ¥1.74bn | ¥2.64bn |
| Total liabilities | ¥108.5m | ¥107.0m | ¥127.5m | ¥185.6m | ¥153.1m | ¥149.9m | ¥126.8m | ¥180.9m | ¥99.1m | ¥572.6m |
| Debt | — | — | — | — | — | ¥50.0m | — | — | — | ¥394.9m |
| Shareholders' equity | ¥2.05bn | ¥2.17bn | ¥1.92bn | ¥1.21bn | ¥1.96bn | ¥2.15bn | ¥1.92bn | ¥2.13bn | ¥2.03bn | ¥2.51bn |
| Shares outstanding | 65m | 47m | 38m | 28m | 24m | 18m | 13m | 10m | 9m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥888.1m | −¥803.0m | −¥913.0m | −¥1.07bn | −¥923.7m | −¥985.4m | −¥1.55bn | −¥1.26bn | −¥854.3m | −¥1.22bn |
| Capital spending | −¥82.8m | −¥265,000 | −¥759,000 | −¥2.0m | −¥2.5m | −¥39.4m | −¥252.6m | −¥42.5m | −¥50.5m | −¥6.9m |
| Free cash flow | −¥970.9m | −¥803.3m | −¥913.8m | −¥1.08bn | −¥926.2m | −¥1.02bn | −¥1.80bn | −¥1.30bn | −¥904.8m | −¥1.22bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥6.0m | ¥5.7m | ¥9.3m | ¥100.0m | ¥16.6m | ¥2.2m | ¥2.7m | ¥23.7m |
| Gross profit | ¥234,000 | ¥3.9m | ¥7.1m | ¥98.5m | ¥15.0m | −¥7.6m | −¥6.7m | ¥16.5m |
| Operating income | −¥297.9m | −¥246.2m | −¥199.7m | −¥133.0m | −¥190.3m | −¥419.0m | −¥413.4m | −¥244.0m |
| Net income | −¥312.7m | −¥238.4m | −¥167.9m | −¥139.8m | −¥200.4m | −¥429.1m | −¥486.6m | −¥259.2m |
| Diluted earnings per share | -5.25 | -4.00 | -2.60 | -2.17 | -3.10 | -6.65 | -10.24 | -5.46 |
| Total assets | ¥1.74bn | ¥2.00bn | ¥2.16bn | ¥2.21bn | ¥1.93bn | ¥1.83bn | ¥2.27bn | ¥2.71bn |
| Cash and short-term investments | ¥1.14bn | ¥1.46bn | ¥1.75bn | ¥1.75bn | ¥1.67bn | ¥1.55bn | ¥1.98bn | ¥2.33bn |
| Shareholders' equity | ¥1.59bn | ¥1.83bn | ¥2.05bn | ¥2.15bn | ¥1.87bn | ¥1.73bn | ¥2.17bn | ¥2.62bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 88.2% | 85.0% | -62.4% | 17.6% | -649.7% | 48.1% | — | — | — | — | — |
| Operating margin | -735.5% | -307.5% | -3161.0% | -1851.2% | -12709.3% | -982.2% | — | — | — | — | — |
| Net margin | -731.8% | -312.8% | -3158.7% | -1868.0% | -12692.6% | -968.5% | — | — | — | — | — |
| Return on equity | -45.7% | -37.2% | -48.5% | -91.6% | -54.2% | -51.9% | — | — | — | — | — |
| Return on assets | -43.4% | -35.5% | -45.5% | -79.5% | -50.3% | -48.5% | — | — | — | — | — |
| Free cash flow yield | -21.9% | -29.7% | -41.7% | -66.6% | -68.2% | -90.8% | — | — | — | — | — |
| Revenue growth | -50.3% | 773.3% | -50.3% | 612.4% | -92.7% | -32.2% | — | — | — | — | — |
| Earnings growth | 16.2% | -13.5% | -16.0% | 4.8% | -4.9% | -31.0% | — | — | — | — | — |
| Current ratio | 23.62x | 19.73x | 17.85x | 6.87x | 13.95x | 15.38x | — | — | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.02x | 0.00x | 0.00x | 0.00x | — | — |
| Equity ratio | 95.0% | 95.3% | 93.7% | 86.7% | 92.7% | 93.5% | — | — | — | — | — |
| Interest coverage | — | — | — | -584.76x | -720.45x | -3080.16x | -331.36x | — | — | -77.35x | -129.03x |
| R&D as a share of sales | 654.9% | 314.0% | 2350.2% | 1475.7% | 8827.9% | 794.8% | — | — | — | — | — |
| Buybacks as a share of market value | -35.9% | -23.8% | -35.9% | -19.1% | -29.6% | -41.8% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 29.1% | 2.2% | 13.0% |
| Operating income | -5.3% | -3.6% | -0.6% |
| Net income | -5.5% | -3.4% | 0.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 86.1% | 68.3% | 54.4% | 43.9% |
| Operating margin | -451.4% | -796.5% | -998.4% | -1182.5% |
| Net margin | -451.8% | -797.5% | -996.3% | -1146.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.4 | -4.8 | -6.2 | -2.4 | -2.9 | -3.5 | -2.4 | -4.5 | -11.8 | -3.2 |
| Price to sales | 54.4 | 15.1 | 196.2 | 45.1 | 363.1 | 33.5 | 23.1 | — | 52.5 | 181.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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