R 
59
+5.36%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥3.0m
FY2017FY2026
Net income
−¥1.15bn
FY2017FY2026
Free cash flow
−¥1.12bn
FY2017FY2026
Shareholders' equity
¥2.84bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥3.0m | ¥2.1m | — | ¥66.0m | ¥80.9m | ¥92.0m | ¥121.4m | ¥7.9m | ¥64.7m | ¥93.8m |
| Research and development | ¥804.0m | ¥667.0m | ¥753.9m | ¥1.49bn | ¥1.47bn | ¥932.1m | ¥657.5m | ¥587.7m | ¥662.1m | ¥576.1m |
| Operating income | −¥1.21bn | −¥1.05bn | −¥1.12bn | −¥1.79bn | −¥1.75bn | −¥1.24bn | −¥914.6m | −¥928.6m | −¥899.9m | −¥785.9m |
| Net income | −¥1.15bn | −¥1.02bn | −¥1.02bn | −¥1.65bn | −¥1.68bn | −¥1.19bn | −¥855.0m | −¥836.6m | −¥753.0m | −¥646.6m |
| Diluted earnings per share | -20.60 | -19.12 | -24.56 | -46.33 | -53.16 | -42.13 | -30.64 | -51.97 | -52.33 | -48.07 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.98bn | ¥3.19bn | ¥3.55bn | ¥4.58bn | ¥4.95bn | ¥6.12bn | ¥2.27bn | ¥2.57bn | ¥2.33bn | ¥2.50bn |
| Cash and short-term investments | ¥2.83bn | ¥3.04bn | ¥3.40bn | ¥4.33bn | ¥4.70bn | ¥5.84bn | ¥2.00bn | ¥2.41bn | ¥2.18bn | ¥2.38bn |
| Total liabilities | ¥135.1m | ¥142.2m | ¥155.8m | ¥199.3m | ¥260.5m | ¥117.0m | ¥88.0m | ¥1.09bn | ¥99.7m | ¥57.1m |
| Debt | — | — | — | — | — | — | — | ¥1.00bn | — | — |
| Shareholders' equity | ¥2.84bn | ¥3.04bn | ¥3.39bn | ¥4.38bn | ¥4.69bn | ¥6.00bn | ¥2.18bn | ¥1.48bn | ¥2.23bn | ¥2.44bn |
| Shares outstanding | 56m | 53m | 42m | 36m | 32m | 28m | 28m | 16m | 14m | 13m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.11bn | −¥997.0m | −¥932.8m | −¥1.71bn | −¥1.50bn | −¥1.15bn | −¥902.3m | −¥830.5m | −¥694.8m | −¥706.9m |
| Capital spending | −¥10.2m | −¥32.8m | −¥22.7m | −¥23.9m | −¥10.4m | −¥1.6m | −¥46.8m | −¥15.8m | −¥14.3m | −¥29.9m |
| Free cash flow | −¥1.12bn | −¥1.03bn | −¥955.5m | −¥1.73bn | −¥1.51bn | −¥1.15bn | −¥949.1m | −¥846.3m | −¥709.1m | −¥736.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥4.5m | ¥2.3m | ¥750,000 | — | — | −¥107,000 | ¥107,000 | ¥607,000 |
| Operating income | −¥274.0m | −¥418.9m | −¥250.0m | −¥298.3m | −¥239.9m | −¥274.7m | −¥263.9m | −¥255.0m |
| Net income | −¥271.0m | −¥382.1m | −¥249.1m | −¥286.7m | −¥227.4m | −¥278.9m | −¥261.1m | −¥225.1m |
| Diluted earnings per share | -4.87 | -6.87 | -4.68 | -5.38 | -4.27 | -5.23 | -6.26 | -5.40 |
| Cash from operations | — | — | — | −¥250.0m | — | — | — | — |
| Capital spending | — | — | — | −¥4.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥254.0m | — | — | — | — |
| Total assets | ¥2.89bn | ¥2.98bn | ¥3.38bn | ¥3.37bn | ¥2.93bn | ¥3.19bn | ¥3.24bn | ¥3.39bn |
| Cash and short-term investments | ¥2.78bn | ¥2.83bn | ¥3.20bn | ¥3.22bn | ¥2.81bn | ¥3.04bn | ¥3.10bn | ¥3.26bn |
| Shareholders' equity | ¥2.74bn | ¥2.84bn | ¥3.22bn | ¥3.24bn | ¥2.82bn | ¥3.04bn | ¥3.10bn | ¥3.29bn |
Financial ratios
Data as of 18 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -40237.7% | -49861.8% | — | -2707.4% | -2160.6% | -1348.0% | -753.5% | — | — |
| Net margin | -38178.7% | -48359.7% | — | -2505.7% | -2082.3% | -1290.9% | -704.4% | — | — |
| Return on equity | -40.3% | -33.5% | -30.2% | -37.7% | -35.9% | -19.8% | — | — | — |
| Return on assets | -38.5% | -32.0% | -28.9% | -36.1% | -34.0% | -19.4% | — | — | — |
| Free cash flow yield | -29.1% | -26.6% | -32.1% | -69.4% | -69.1% | -59.9% | — | — | — |
| Revenue growth | 42.4% | — | — | -18.5% | -12.0% | -24.2% | 1427.0% | -87.7% | — |
| Earnings growth | 12.4% | -0.5% | -38.0% | -1.9% | 41.9% | 38.8% | — | — | — |
| Current ratio | 21.68x | 22.13x | 22.51x | 22.79x | 18.84x | 51.73x | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.67x | 0.00x |
| Equity ratio | 95.5% | 95.5% | 95.6% | 95.7% | 94.7% | 98.1% | — | — | — |
| Interest coverage | — | — | — | -173.25x | -669.01x | -60.73x | -68.70x | — | — |
| R&D as a share of sales | 26799.6% | 31655.9% | — | 2259.9% | 1813.7% | 1013.5% | 541.7% | — | — |
| Buybacks as a share of market value | -4.3% | -27.8% | -16.9% | -12.6% | -12.5% | -1.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -64.3% | -49.6% | -31.0% |
| Operating income | -12.2% | -0.5% | 8.5% |
| Net income | -11.5% | -0.7% | 13.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -44208.4% | — | — | — |
| Net margin | -42379.1% | — | — | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.0 | -4.1 | -3.4 | -2.3 | -3.4 | -9.8 | -11.8 | -9.4 | -7.7 | -12.2 |
| Price to sales | — | — | — | 58.4 | 71.7 | 126.0 | 83.2 | — | 89.2 | 84.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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