S 
23
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
¥429.0m
FY2016FY2025
Net income
−¥876.0m
FY2016FY2025
Free cash flow
−¥847.0m
FY2016FY2025
Shareholders' equity
¥1.75bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥429.0m | ¥316.0m | ¥617.0m | ¥1.09bn | ¥559.0m | ¥454.0m | ¥1.31bn | ¥318.0m | ¥410.9m | ¥501.3m |
| Research and development | ¥430.0m | ¥414.0m | ¥403.0m | ¥883.0m | ¥845.0m | ¥1.93bn | ¥1.14bn | ¥1.46bn | ¥773.5m | ¥475.4m |
| Operating income | −¥863.0m | −¥991.0m | −¥1.14bn | −¥2.47bn | −¥2.42bn | −¥4.12bn | −¥1.76bn | −¥2.42bn | −¥1.01bn | −¥462.5m |
| Net income | −¥876.0m | −¥1.94bn | −¥1.11bn | −¥2.55bn | −¥2.48bn | −¥4.13bn | −¥1.87bn | −¥2.42bn | −¥1.01bn | −¥474.4m |
| Diluted earnings per share | -3.10 | -8.90 | -6.59 | -15.17 | -18.56 | -34.34 | -17.71 | -23.13 | -11.48 | -5.64 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.15bn | ¥1.36bn | ¥2.55bn | ¥3.56bn | ¥3.76bn | ¥6.48bn | ¥8.94bn | ¥8.67bn | ¥7.57bn | ¥4.45bn |
| Cash and short-term investments | ¥1.39bn | ¥886.0m | ¥728.0m | ¥803.0m | ¥714.0m | ¥2.96bn | ¥4.12bn | ¥4.05bn | ¥3.37bn | ¥1.04bn |
| Total liabilities | ¥392.0m | ¥203.0m | ¥673.0m | ¥899.0m | ¥1.17bn | ¥2.83bn | ¥2.02bn | ¥1.58bn | ¥1.36bn | ¥1.02bn |
| Debt | ¥159.0m | ¥25.0m | ¥60.0m | ¥37.0m | ¥84.0m | ¥1.06bn | ¥68.0m | — | — | — |
| Shareholders' equity | ¥1.75bn | ¥1.16bn | ¥1.88bn | ¥2.66bn | ¥2.59bn | ¥3.65bn | ¥6.92bn | ¥7.09bn | ¥6.21bn | ¥3.43bn |
| Shares outstanding | 283m | 218m | 169m | 168m | 134m | 120m | 105m | 105m | 88m | 84m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥847.0m | −¥1.03bn | −¥359.0m | −¥2.07bn | −¥2.47bn | −¥2.79bn | −¥828.0m | −¥2.32bn | −¥911.4m | −¥465.0m |
| Capital spending | — | −¥1.0m | — | −¥403.0m | −¥2.0m | −¥10.0m | −¥2.0m | −¥52.0m | −¥212,000 | −¥557.6m |
| Free cash flow | −¥847.0m | −¥1.03bn | −¥359.0m | −¥2.48bn | −¥2.48bn | −¥2.80bn | −¥830.0m | −¥2.38bn | −¥911.6m | −¥1.02bn |
| Dividends paid | — | — | — | −¥3.0m | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥2.0m | ¥6.0m | ¥338.0m | ¥42.0m | ¥24.0m | ¥25.0m | ¥235.0m | ¥9.0m |
| Operating income | −¥265.0m | −¥305.0m | −¥147.0m | −¥175.0m | −¥241.0m | −¥296.0m | −¥1.06bn | −¥282.0m |
| Net income | −¥272.0m | −¥307.0m | −¥150.0m | −¥171.0m | −¥263.0m | −¥292.0m | −¥1.07bn | −¥260.0m |
| Diluted earnings per share | -1.00 | -1.12 | -0.53 | -0.60 | -0.93 | -1.03 | -4.91 | -1.19 |
| Cash from operations | −¥262.0m | −¥63.0m | −¥551.0m | −¥264.0m | −¥243.0m | ¥211.0m | −¥168.0m | −¥391.0m |
| Capital spending | — | — | — | — | — | −¥211.0m | −¥1.0m | — |
| Free cash flow | — | — | — | — | — | ¥0 | −¥169.0m | — |
| Total assets | ¥1.90bn | ¥1.99bn | ¥2.15bn | ¥2.34bn | ¥1.86bn | ¥1.32bn | ¥1.36bn | ¥2.38bn |
| Cash and short-term investments | ¥1.29bn | ¥1.57bn | ¥1.39bn | ¥1.83bn | ¥1.49bn | ¥1.06bn | ¥886.0m | ¥1.04bn |
| Debt | ¥31.0m | ¥31.0m | ¥31.0m | ¥31.0m | ¥30.0m | ¥17.0m | ¥25.0m | ¥33.0m |
| Shareholders' equity | ¥1.45bn | ¥1.71bn | ¥1.75bn | ¥1.80bn | ¥1.28bn | ¥855.0m | ¥1.16bn | ¥2.21bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -200.2% | -313.6% | -184.6% | -158.3% | -432.7% | -730.2% | — | — |
| Net margin | -204.2% | -614.2% | -180.2% | -233.3% | -443.3% | -909.0% | — | — |
| Return on equity | -50.0% | -167.9% | -59.3% | -95.7% | -95.8% | -113.0% | — | — |
| Return on assets | -40.8% | -142.5% | -43.6% | -71.5% | -65.9% | -63.7% | — | — |
| Free cash flow yield | — | -14.8% | — | -31.1% | -57.8% | -72.3% | -24.5% | -67.8% |
| Revenue growth | 35.8% | -48.8% | -43.5% | 95.3% | 23.1% | -65.3% | — | — |
| Earnings growth | -54.9% | 74.6% | -56.4% | 2.8% | -40.0% | 121.0% | — | — |
| Current ratio | 6.06x | 6.56x | 3.33x | 3.53x | 1.83x | 1.57x | — | — |
| Debt to equity | 0.02x | 0.02x | 0.02x | 0.01x | 0.02x | 0.28x | — | — |
| Equity ratio | 81.7% | 84.9% | 73.5% | 74.7% | 68.8% | 56.3% | — | — |
| Interest coverage | -61.36x | -198.20x | -1139.00x | -96.06x | -105.17x | -77.09x | — | — |
| R&D as a share of sales | 100.2% | 131.0% | 65.3% | 80.9% | 151.2% | 424.7% | — | — |
| Buybacks as a share of market value | -29.7% | -29.3% | -0.4% | -25.8% | -11.1% | -14.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -26.8% | -1.1% | 6.5% |
| Operating income | -29.6% | -26.8% | 2.1% |
| Net income | -29.9% | -26.7% | 3.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -248.9% | -222.8% | -346.2% | -294.4% |
| Net margin | -378.1% | -263.9% | -377.3% | -312.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -9.4 | -4.0 | -6.8 | -3.2 | -5.8 | -3.4 | -10.4 | -6.2 | -34.2 |
| Price to sales | 19.1 | 24.8 | 12.3 | 7.5 | 25.6 | 30.7 | 14.8 | 47.1 | 83.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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