D 
60
+1.69%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
—
FY2017FY2026
Net income
−¥1.63bn
FY2017FY2026
Free cash flow
−¥1.56bn
FY2017FY2026
Shareholders' equity
¥34.0m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | ¥300.0m | ¥300.0m | ¥100.0m | — | ¥150.0m | ¥902.0m |
| Gross profit | −¥1.4m | −¥1.6m | −¥1.5m | −¥1.6m | ¥300.0m | ¥300.0m | ¥100.0m | −¥1.0m | ¥150.0m | ¥902.0m |
| Research and development | ¥1.33bn | ¥1.44bn | ¥1.12bn | ¥1.01bn | ¥940.8m | ¥866.9m | ¥1.40bn | ¥376.9m | ¥199.3m | ¥317.2m |
| Operating income | −¥1.61bn | −¥1.71bn | −¥1.41bn | −¥1.32bn | −¥962.3m | −¥855.4m | −¥1.55bn | −¥592.5m | −¥244.3m | ¥328.7m |
| Net income | −¥1.63bn | −¥1.72bn | −¥1.43bn | −¥1.33bn | −¥967.3m | −¥862.6m | −¥1.56bn | −¥673.8m | −¥246.3m | ¥305.1m |
| Diluted earnings per share | -116.23 | -142.71 | -158.32 | -177.64 | -174.60 | -159.31 | -345.39 | -149.57 | -56.36 | 21.81 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥246.7m | ¥434.3m | ¥1.47bn | ¥906.8m | ¥1.32bn | ¥2.16bn | ¥2.16bn | ¥3.57bn | ¥864.1m | ¥968.2m |
| Cash and short-term investments | ¥145.5m | ¥338.8m | ¥1.42bn | ¥844.3m | ¥1.27bn | ¥2.09bn | −¥5.7m | ¥3.51bn | ¥781.3m | ¥387.9m |
| Total liabilities | ¥212.7m | ¥156.5m | ¥241.5m | ¥115.6m | ¥91.2m | ¥82.5m | ¥105.9m | ¥63.3m | ¥41.7m | ¥199.5m |
| Debt | — | — | — | — | — | — | ¥5.7m | ¥13.1m | ¥19.9m | ¥26.1m |
| Shareholders' equity | ¥34.0m | ¥277.8m | ¥1.23bn | ¥791.2m | ¥1.23bn | ¥2.08bn | ¥2.06bn | ¥3.50bn | ¥822.5m | ¥768.8m |
| Shares outstanding | 14m | 12m | 9m | 7m | 6m | 5m | 5m | 5m | 4m | 14m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.56bn | −¥1.83bn | −¥1.28bn | −¥1.30bn | −¥940.4m | −¥726.6m | −¥1.65bn | −¥585.4m | ¥100.0m | −¥251.6m |
| Capital spending | — | −¥116,000 | −¥1.1m | −¥321,000 | — | −¥505,000 | −¥13.3m | −¥1.8m | −¥1.0m | −¥255,000 |
| Free cash flow | −¥1.56bn | −¥1.83bn | −¥1.28bn | −¥1.30bn | −¥940.4m | −¥727.2m | −¥1.66bn | −¥587.2m | ¥99.0m | −¥251.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −¥343,000 | −¥359,000 | −¥359,000 | −¥359,000 | −¥359,000 | −¥404,000 | −¥395,000 | −¥395,000 |
| Operating income | −¥420.4m | −¥370.2m | −¥403.7m | −¥473.2m | −¥358.0m | −¥414.5m | −¥377.0m | −¥419.0m |
| Net income | −¥422.9m | −¥377.9m | −¥406.2m | −¥474.7m | −¥367.1m | −¥413.4m | −¥390.0m | −¥417.0m |
| Diluted earnings per share | -30.23 | -27.02 | -33.68 | -39.36 | -30.44 | -34.28 | -43.20 | -46.19 |
| Total assets | ¥150.5m | ¥246.7m | ¥327.0m | ¥508.7m | ¥790.6m | ¥434.3m | ¥823.0m | ¥425.0m |
| Cash and short-term investments | ¥83.3m | ¥145.5m | ¥240.7m | ¥435.4m | ¥730.3m | ¥338.8m | ¥738.0m | ¥349.0m |
| Shareholders' equity | −¥196.0m | ¥34.0m | ¥207.4m | ¥355.5m | ¥653.5m | ¥277.8m | ¥690.0m | ¥314.0m |
Financial ratios
Data as of 26 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | 100.0% | 100.0% | 100.0% | — | 100.0% | 100.0% |
| Operating margin | — | — | — | — | -320.5% | -284.1% | -1545.5% | — | -162.5% | 35.9% |
| Net margin | — | — | — | — | -322.4% | -287.5% | -1555.8% | — | -164.2% | 33.8% |
| Return on equity | -4785.0% | -619.6% | -116.0% | -167.9% | -78.4% | -41.5% | — | — | — | — |
| Return on assets | -659.2% | -396.3% | -97.0% | -146.5% | -73.0% | -39.9% | — | — | — | — |
| Free cash flow yield | — | -208.4% | -194.0% | -238.6% | — | -183.7% | -497.5% | -177.5% | — | — |
| Revenue growth | — | — | — | — | 0.0% | 200.0% | — | — | -83.4% | — |
| Earnings growth | -5.5% | 20.4% | 7.6% | 37.4% | 12.1% | -44.6% | — | — | — | — |
| Current ratio | 0.98x | 2.52x | 5.93x | 7.49x | 14.05x | 25.65x | — | — | — | — |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.02x | — |
| Equity ratio | 13.8% | 64.0% | 83.6% | 87.3% | 93.1% | 96.2% | — | — | — | — |
| Interest coverage | — | — | — | — | -511.69x | -19819.33x | -9091.35x | -1899.11x | -551.62x | 564.22x |
| R&D as a share of sales | — | — | — | — | 313.6% | 289.0% | 1397.5% | — | 132.9% | 35.2% |
| Buybacks as a share of market value | -16.0% | -33.6% | -20.7% | -35.0% | -2.3% | -20.2% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 6.7% | 13.4% | — |
| Net income | 7.0% | 13.5% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.5 | -3.6 | -3.6 | -5.7 | -7.3 | -9.3 | -3.5 | -11.6 | -46.7 |
| Price to sales | — | — | — | — | 23.5 | 26.8 | 53.8 | — | 76.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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