F 
38
+2.70%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥314,000
FY2017FY2025
Net income
−¥1.91bn
FY2017FY2025
Free cash flow
−¥1.39bn
FY2017FY2025
Shareholders' equity
¥1.46bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥314,000 | ¥6.1m | ¥530,000 | ¥1.1m | ¥126.9m | ¥3.0m | ¥301.4m | ¥355.9m | ¥101.2m |
| Gross profit | −¥41.6m | −¥37.9m | −¥43.0m | −¥12.8m | ¥125.1m | −¥1.5m | ¥288.2m | ¥349.1m | ¥100.0m |
| Research and development | ¥1.30bn | ¥538.0m | ¥677.5m | ¥908.7m | ¥662.1m | ¥361.9m | ¥400.6m | ¥193.7m | ¥131.8m |
| Operating income | −¥1.65bn | −¥901.8m | −¥994.1m | −¥1.17bn | −¥745.0m | −¥564.6m | −¥285.7m | −¥14.4m | −¥198.4m |
| Net income | −¥1.91bn | −¥889.1m | −¥933.4m | −¥1.17bn | −¥682.3m | −¥507.9m | −¥235.2m | −¥11.9m | −¥204.1m |
| Diluted earnings per share | -48.14 | -27.43 | -38.63 | -55.44 | -39.22 | -30.33 | -14.04 | -0.24 | -4.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.98bn | ¥3.11bn | ¥2.49bn | ¥2.99bn | ¥3.36bn | ¥3.72bn | ¥1.02bn | ¥1.38bn | ¥854.1m |
| Cash and short-term investments | ¥1.77bn | ¥2.35bn | ¥1.79bn | ¥2.25bn | ¥3.01bn | ¥3.62bn | ¥892.4m | ¥1.24bn | ¥793.9m |
| Total liabilities | ¥516.7m | ¥566.3m | ¥192.6m | ¥298.1m | ¥188.7m | ¥152.1m | ¥86.0m | ¥211.1m | ¥137.6m |
| Shareholders' equity | ¥1.46bn | ¥2.55bn | ¥2.30bn | ¥2.69bn | ¥3.18bn | ¥3.57bn | ¥930.7m | ¥1.17bn | ¥716.6m |
| Shares outstanding | 40m | 32m | 24m | 21m | 17m | 17m | 17m | 49m | 49m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥1.39bn | −¥536.7m | −¥988.8m | −¥1.05bn | −¥887.5m | −¥413.9m | −¥345.9m | −¥11.7m | −¥308.6m |
| Capital spending | −¥348,000 | −¥864,000 | −¥1.1m | −¥13.2m | −¥5.3m | — | −¥1.0m | −¥2.1m | — |
| Free cash flow | −¥1.39bn | −¥537.6m | −¥989.9m | −¥1.07bn | −¥892.8m | −¥413.9m | −¥346.9m | −¥13.9m | −¥308.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥1.8m | ¥52,000 | — | ¥262,000 | — | ¥52,000 | ¥2.6m | ¥3.0m |
| Gross profit | ¥506,000 | −¥172,000 | −¥10.5m | −¥10.2m | −¥10.5m | −¥10.4m | −¥9.6m | −¥7.7m |
| Operating income | −¥244.2m | −¥294.0m | −¥394.9m | −¥343.8m | −¥306.5m | −¥603.5m | −¥322.0m | −¥184.2m |
| Net income | −¥275.9m | −¥291.1m | −¥677.5m | −¥340.0m | −¥295.8m | −¥598.2m | −¥329.1m | −¥180.6m |
| Diluted earnings per share | -5.63 | -5.94 | -17.06 | -8.56 | -7.45 | -15.07 | -10.15 | -5.57 |
| Total assets | ¥2.11bn | ¥2.05bn | ¥1.98bn | ¥2.73bn | ¥3.01bn | ¥2.81bn | ¥3.11bn | ¥3.33bn |
| Cash and short-term investments | ¥1.89bn | ¥1.87bn | ¥1.77bn | ¥2.00bn | ¥2.33bn | ¥2.09bn | ¥2.35bn | ¥2.59bn |
| Shareholders' equity | ¥1.68bn | ¥1.59bn | ¥1.46bn | ¥2.14bn | ¥2.47bn | ¥2.21bn | ¥2.55bn | ¥2.82bn |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -13240.4% | -617.9% | -8119.6% | -1203.3% | 98.6% | -51.8% |
| Operating margin | -525053.5% | -14717.8% | -187567.4% | -109566.0% | -587.3% | -19010.0% |
| Net margin | -608766.6% | -14511.0% | -176116.2% | -109888.9% | -537.8% | -17102.0% |
| Return on equity | -130.6% | -34.9% | -40.6% | -43.5% | -21.5% | -14.2% |
| Return on assets | -96.5% | -28.6% | -37.4% | -39.2% | -20.3% | -13.7% |
| Free cash flow yield | -81.3% | -38.5% | -95.2% | -115.8% | -118.6% | -57.5% |
| Revenue growth | -94.9% | 1056.0% | -50.3% | -99.2% | 4171.7% | -99.0% |
| Earnings growth | 115.0% | -4.7% | -20.4% | 71.9% | 34.3% | 116.0% |
| Current ratio | 3.74x | 5.75x | 26.29x | 14.08x | 17.78x | 24.43x |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x |
| Equity ratio | 73.9% | 81.8% | 92.3% | 90.0% | 94.4% | 95.9% |
| Interest coverage | — | — | -351.27x | -523.78x | -105.10x | -75.08x |
| R&D as a share of sales | 412746.8% | 8780.7% | 127820.9% | 85161.9% | 521.9% | 12184.5% |
| Buybacks as a share of market value | -22.5% | -34.1% | -14.2% | -21.6% | -3.9% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -33.5% | -36.2% | — |
| Operating income | 12.1% | 23.9% | — |
| Net income | 17.7% | 30.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -1233.3% | -1683.3% | -8.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -1.7 | -4.9 | -3.5 | -2.8 | -7.0 | -20.3 |
| Price to sales | — | — | — | — | 37.6 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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