B 
37
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
¥84,000
FY2017FY2026
Net income
−¥1.30bn
FY2017FY2026
Free cash flow
−¥1.37bn
FY2017FY2026
Shareholders' equity
¥2.37bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥84,000 | ¥1.1m | ¥72,000 | ¥5.3m | ¥15.4m | ¥2.5m | ¥11.3m | ¥155.8m | ¥354.4m | ¥529.6m |
| Gross profit | ¥55,000 | ¥1.1m | −¥341,000 | −¥13.3m | −¥23.0m | −¥65.3m | −¥55.6m | ¥2.3m | ¥35.8m | ¥1.4m |
| Research and development | — | ¥888.1m | ¥775.6m | ¥1.17bn | ¥1.14bn | ¥1.41bn | ¥1.48bn | ¥1.39bn | ¥1.15bn | ¥816.8m |
| Operating income | −¥1.29bn | −¥1.16bn | −¥1.16bn | −¥1.48bn | −¥1.48bn | −¥1.73bn | −¥1.83bn | −¥1.69bn | −¥1.60bn | −¥1.11bn |
| Net income | −¥1.30bn | −¥1.15bn | −¥1.17bn | −¥1.49bn | −¥1.48bn | −¥1.72bn | −¥1.86bn | −¥1.88bn | −¥1.58bn | −¥1.11bn |
| Diluted earnings per share | -9.40 | -10.19 | -13.50 | -23.48 | -24.09 | -32.82 | -37.52 | -44.83 | -37.57 | -29.80 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.60bn | ¥1.12bn | ¥1.23bn | ¥1.70bn | ¥2.77bn | ¥3.75bn | ¥3.47bn | ¥5.30bn | ¥7.24bn | ¥5.41bn |
| Cash and short-term investments | ¥2.16bn | ¥810.5m | ¥1.06bn | ¥1.53bn | ¥2.31bn | ¥3.27bn | ¥3.02bn | ¥4.90bn | ¥6.53bn | ¥4.95bn |
| Total liabilities | ¥236.4m | ¥195.6m | ¥251.3m | ¥133.9m | ¥239.7m | ¥211.8m | ¥239.4m | ¥208.4m | ¥285.3m | ¥207.1m |
| Debt | — | ¥25.0m | ¥112.5m | — | ¥87.5m | ¥87.5m | — | — | — | — |
| Shareholders' equity | ¥2.37bn | ¥925.0m | ¥979.0m | ¥1.57bn | ¥2.53bn | ¥3.54bn | ¥3.24bn | ¥5.10bn | ¥6.95bn | ¥5.20bn |
| Shares outstanding | 139m | 113m | 87m | 63m | 62m | 52m | 50m | 42m | 42m | 37m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.37bn | −¥1.25bn | −¥1.16bn | −¥1.20bn | −¥1.51bn | −¥1.77bn | −¥1.78bn | −¥1.46bn | −¥1.59bn | −¥1.07bn |
| Capital spending | −¥591,000 | −¥1.4m | −¥6.2m | −¥1.8m | −¥17.6m | −¥35.3m | −¥107.3m | −¥175.3m | −¥111.6m | −¥97.2m |
| Free cash flow | −¥1.37bn | −¥1.25bn | −¥1.16bn | −¥1.21bn | −¥1.53bn | −¥1.81bn | −¥1.89bn | −¥1.63bn | −¥1.70bn | −¥1.16bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥11,000 | ¥51,000 | — | — | ¥33,000 | ¥1.0m | ¥33,000 | ¥28,000 |
| Gross profit | ¥9,000 | ¥30,000 | — | — | ¥25,000 | ¥1.0m | ¥25,000 | ¥21,000 |
| Operating income | −¥547.1m | −¥338.4m | −¥492.0m | −¥219.2m | −¥245.4m | −¥345.2m | −¥273.1m | −¥215.6m |
| Net income | −¥530.6m | −¥349.9m | −¥492.4m | −¥220.9m | −¥241.9m | −¥336.1m | −¥276.3m | −¥208.3m |
| Diluted earnings per share | -3.82 | -2.52 | -4.36 | -1.96 | -2.14 | -2.97 | -3.19 | -2.41 |
| Total assets | ¥2.02bn | ¥2.60bn | ¥1.37bn | ¥1.70bn | ¥1.21bn | ¥1.12bn | ¥1.45bn | ¥1.70bn |
| Cash and short-term investments | ¥1.58bn | ¥2.16bn | ¥944.4m | ¥1.25bn | ¥901.0m | ¥810.5m | ¥1.26bn | ¥1.54bn |
| Debt | — | — | — | — | — | ¥25.0m | ¥162.5m | ¥325.0m |
| Shareholders' equity | ¥1.82bn | ¥2.37bn | ¥1.11bn | ¥1.53bn | ¥1.05bn | ¥925.0m | ¥1.13bn | ¥1.23bn |
Financial ratios
Data as of 7 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 65.5% | 97.2% | -473.6% | -252.5% | -149.5% | -2609.0% | — | — |
| Operating margin | -1541667.9% | -203898.2% | -1619697.2% | -28099.8% | -9614.6% | -69201.4% | — | — |
| Net margin | -1553513.1% | -101601.9% | -1622336.1% | -28137.0% | -9632.6% | -68675.5% | — | — |
| Return on equity | -55.1% | -124.5% | -119.3% | -94.8% | -58.6% | -48.6% | — | — |
| Return on assets | -50.1% | -102.7% | -94.9% | -87.3% | -53.6% | -45.9% | — | — |
| Free cash flow yield | -20.5% | -23.0% | -27.7% | -39.6% | -50.5% | -69.0% | — | — |
| Revenue growth | -92.6% | 1473.6% | -98.6% | -65.7% | 515.3% | -77.8% | — | — |
| Earnings growth | 13.4% | -1.4% | -21.4% | 0.1% | -13.7% | -7.4% | — | — |
| Current ratio | 15.83x | 8.14x | 6.18x | 21.57x | 14.60x | 23.34x | — | — |
| Debt to equity | — | 0.03x | 0.11x | 0.00x | 0.03x | 0.02x | 0.00x | — |
| Equity ratio | 90.9% | 82.5% | 79.6% | 92.1% | 91.3% | 94.4% | — | — |
| Interest coverage | — | — | -833.58x | -24322.49x | -4092.29x | -190.44x | -26.73x | -81.60x |
| R&D as a share of sales | — | 78381.6% | 1077161.1% | 22130.2% | 7371.8% | 56247.7% | 13140.3% | — |
| Buybacks as a share of market value | -22.9% | -30.5% | -36.8% | -2.7% | -17.6% | -5.8% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -74.8% | -49.3% | -60.1% |
| Operating income | -4.4% | -5.7% | 2.7% |
| Net income | -4.2% | -5.4% | 2.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 95.0% | -190.6% | -412.1% | -3.5% |
| Operating margin | -201801.0% | -77556.2% | -33940.1% | -818.5% |
| Net margin | -201815.9% | -77786.8% | -33959.6% | -829.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.0 | -4.7 | -3.3 | -3.7 | -4.2 | -3.4 | -4.8 | -7.0 | -5.6 | -21.3 |
| Price to sales | — | — | — | — | 399.9 | — | — | 84.4 | 24.9 | 44.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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