H 
224
+0.45%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥104.0m
FY2016FY2025
Net income
−¥2.22bn
FY2016FY2025
Free cash flow
−¥3.33bn
FY2016FY2025
Shareholders' equity
¥4.89bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥104.0m | ¥560.0m | ¥121.0m | ¥90.0m | ¥41.0m | ¥27.0m | ¥89.0m | — | ¥27.7m | ¥77.6m |
| Research and development | ¥2.02bn | ¥1.96bn | ¥2.30bn | ¥3.81bn | ¥3.70bn | ¥2.99bn | ¥3.22bn | ¥4.27bn | ¥1.73bn | ¥2.96bn |
| Operating income | −¥3.40bn | −¥2.85bn | −¥3.38bn | −¥5.18bn | −¥5.38bn | −¥4.20bn | −¥4.31bn | −¥5.08bn | −¥2.35bn | −¥3.51bn |
| Net income | −¥2.22bn | −¥4.24bn | −¥3.82bn | −¥5.17bn | −¥4.91bn | −¥5.51bn | −¥4.41bn | −¥5.10bn | −¥1.78bn | −¥3.43bn |
| Diluted earnings per share | -21.71 | -46.96 | -51.29 | -84.60 | -85.60 | -107.23 | -86.95 | -103.44 | -36.11 | -83.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥17.05bn | ¥14.19bn | ¥15.15bn | ¥15.03bn | ¥23.97bn | ¥23.17bn | ¥25.59bn | ¥14.98bn | ¥19.70bn | ¥9.17bn |
| Cash and short-term investments | ¥5.68bn | ¥3.67bn | ¥6.72bn | ¥7.32bn | ¥15.13bn | ¥13.92bn | ¥18.30bn | ¥11.63bn | ¥19.04bn | ¥7.83bn |
| Total liabilities | ¥12.15bn | ¥12.11bn | ¥11.29bn | ¥10.65bn | ¥15.33bn | ¥15.32bn | ¥13.25bn | ¥4.20bn | ¥3.53bn | ¥3.18bn |
| Debt | ¥2.61bn | ¥2.66bn | ¥4.53bn | ¥7.98bn | ¥12.22bn | ¥11.40bn | ¥10.24bn | ¥2.70bn | ¥2.37bn | ¥2.50bn |
| Shareholders' equity | ¥4.89bn | ¥2.06bn | ¥3.86bn | ¥4.38bn | ¥8.64bn | ¥7.84bn | ¥12.34bn | ¥10.78bn | ¥16.16bn | ¥5.99bn |
| Shares outstanding | 102m | 90m | 75m | 61m | 57m | 51m | 51m | 49m | 49m | 41m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥3.17bn | −¥1.82bn | −¥2.82bn | −¥4.60bn | −¥5.09bn | −¥3.94bn | −¥4.97bn | −¥5.15bn | −¥1.76bn | −¥3.78bn |
| Capital spending | −¥168.0m | −¥15.0m | −¥28.0m | −¥262.0m | −¥300.0m | −¥313.0m | −¥103.0m | −¥97.0m | −¥72.1m | −¥92.5m |
| Free cash flow | −¥3.33bn | −¥1.83bn | −¥2.85bn | −¥4.86bn | −¥5.39bn | −¥4.26bn | −¥5.07bn | −¥5.25bn | −¥1.83bn | −¥3.88bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥7.0m | ¥8.0m | ¥25.0m | ¥19.0m | ¥22.0m | ¥38.0m | ¥18.0m | ¥34.0m |
| Operating income | −¥1.28bn | −¥1.14bn | −¥1.01bn | −¥764.0m | −¥865.0m | −¥763.0m | −¥870.0m | −¥664.0m |
| Net income | ¥1.19bn | −¥3.48bn | ¥1.93bn | ¥563.0m | −¥2.15bn | −¥2.56bn | ¥256.0m | −¥1.53bn |
| Diluted earnings per share | 8.83 | -25.76 | 18.89 | 5.51 | -21.04 | -25.08 | 2.84 | -17.00 |
| Cash from operations | −¥1.24bn | −¥1.27bn | −¥838.0m | −¥750.0m | −¥815.0m | −¥762.0m | −¥578.0m | −¥141.0m |
| Capital spending | −¥96.0m | −¥36.0m | −¥93.0m | −¥58.0m | −¥5.0m | −¥12.0m | −¥2.0m | −¥4.0m |
| Free cash flow | −¥1.34bn | −¥1.31bn | −¥931.0m | −¥808.0m | −¥820.0m | −¥774.0m | −¥580.0m | −¥145.0m |
| Total assets | ¥23.12bn | ¥23.48bn | ¥17.05bn | ¥17.33bn | ¥16.84bn | ¥15.69bn | ¥14.19bn | ¥12.74bn |
| Cash and short-term investments | ¥9.07bn | ¥10.87bn | ¥5.68bn | ¥6.50bn | ¥6.25bn | ¥5.46bn | ¥3.67bn | ¥4.53bn |
| Debt | ¥2.99bn | ¥590.0m | ¥2.32bn | ¥132.0m | ¥2.17bn | ¥118.0m | ¥117.0m | ¥22.0m |
| Shareholders' equity | ¥8.77bn | ¥7.55bn | ¥4.89bn | ¥2.94bn | ¥1.25bn | ¥1.96bn | ¥2.06bn | ¥1.71bn |
Financial ratios
Data as of 15 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -3272.1% | -508.0% | -2792.6% | -5751.1% | -13131.7% | -15544.4% |
| Net margin | -2131.7% | -756.3% | -3159.5% | -5744.4% | -11980.5% | -20418.5% |
| Return on equity | -45.3% | -205.3% | -99.1% | -118.0% | -56.9% | -70.3% |
| Return on assets | -13.0% | -29.8% | -25.2% | -34.4% | -20.5% | -23.8% |
| Free cash flow yield | -10.1% | -6.9% | -12.9% | -24.5% | -28.8% | -24.4% |
| Revenue growth | -81.4% | 362.8% | 34.4% | 119.5% | 51.9% | -69.7% |
| Earnings growth | -47.7% | 10.8% | -26.1% | 5.3% | -10.9% | 25.0% |
| Current ratio | 2.00x | 1.28x | 1.49x | 2.22x | 2.72x | 5.59x |
| Debt to equity | 0.45x | 1.05x | 1.18x | 1.60x | 1.35x | 1.42x |
| Equity ratio | 28.7% | 14.5% | 25.4% | 29.1% | 36.0% | 33.9% |
| Interest coverage | -17.02x | -1.79x | -4.80x | -10.35x | -6.71x | -3.55x |
| R&D as a share of sales | 1946.2% | 350.0% | 1904.1% | 4231.1% | 9024.4% | 11059.3% |
| Buybacks as a share of market value | -13.2% | -21.0% | -22.0% | -6.5% | -11.6% | -1.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.9% | 31.0% | 0.6% |
| Operating income | -13.0% | -4.1% | 12.4% |
| Net income | -24.6% | -16.7% | 8.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -941.0% | -1691.8% | -2585.8% | — |
| Net margin | -971.7% | -1765.1% | -2743.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -12.6 | -3.8 | -3.2 | -3.2 | -15.0 | -18.3 | -17.2 | -16.1 | -53.7 | -26.0 |
| Price to sales | 269.0 | 28.5 | 101.7 | 182.0 | — | — | — | — | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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