P 
123
+4.24%
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
¥135.5m
FY2018FY2026
Net income
−¥718.1m
FY2018FY2026
Free cash flow
−¥662.8m
FY2018FY2026
Shareholders' equity
¥1.22bn
FY2018FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥135.5m | ¥120.4m | ¥100.4m | ¥94.2m | ¥71.9m | ¥67.9m | ¥85.8m | ¥276.0m | ¥304.0m |
| Research and development | ¥573.6m | ¥594.5m | ¥616.0m | ¥494.5m | ¥308.4m | ¥313.4m | ¥713.7m | ¥244.6m | ¥135.2m |
| Operating income | −¥745.0m | −¥829.7m | −¥895.0m | −¥697.8m | −¥481.5m | −¥415.3m | −¥812.4m | −¥144.8m | −¥166.2m |
| Net income | −¥718.1m | −¥904.8m | −¥1.10bn | −¥787.0m | −¥599.0m | −¥413.2m | −¥841.7m | −¥163.1m | −¥178.3m |
| Diluted earnings per share | -42.00 | -61.34 | -74.93 | -66.78 | -50.94 | -35.14 | -72.03 | -9.54 | -10.43 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.62bn | ¥1.82bn | ¥1.69bn | ¥2.57bn | ¥3.30bn | ¥1.12bn | ¥547.0m | ¥1.36bn | ¥1.51bn |
| Cash and short-term investments | ¥1.52bn | ¥1.67bn | ¥1.54bn | ¥2.44bn | ¥3.21bn | ¥1.07bn | ¥482.0m | ¥1.10bn | ¥1.45bn |
| Total liabilities | ¥405.8m | ¥386.4m | ¥295.5m | ¥170.1m | ¥148.4m | ¥34.9m | ¥46.7m | ¥32.5m | ¥24.3m |
| Shareholders' equity | ¥1.22bn | ¥1.43bn | ¥1.40bn | ¥2.40bn | ¥3.15bn | ¥1.08bn | ¥485.0m | ¥1.33bn | ¥1.49bn |
| Shares outstanding | 17m | 15m | 15m | 12m | 12m | 12m | 12m | 17m | 17m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥653.3m | −¥719.5m | −¥833.9m | −¥564.3m | −¥476.8m | −¥422.8m | −¥608.5m | −¥329.7m | −¥132.4m |
| Capital spending | −¥9.5m | −¥75.2m | −¥143.0m | −¥170.5m | −¥33.9m | −¥2.8m | −¥2.6m | −¥15.0m | −¥448,000 |
| Free cash flow | −¥662.8m | −¥794.6m | −¥976.9m | −¥734.8m | −¥510.7m | −¥425.7m | −¥611.1m | −¥344.7m | −¥132.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥35.2m | ¥32.4m | ¥42.1m | ¥37.5m | ¥23.5m | ¥37.3m | ¥23.7m | ¥38.5m |
| Operating income | −¥204.3m | −¥171.6m | −¥173.6m | −¥181.5m | −¥218.3m | −¥196.3m | −¥215.7m | −¥193.4m |
| Net income | −¥202.6m | −¥170.3m | −¥168.4m | −¥203.3m | −¥176.1m | −¥210.3m | −¥199.0m | −¥276.3m |
| Diluted earnings per share | -11.85 | -9.96 | -11.42 | -13.79 | -11.94 | -14.26 | -13.50 | -18.74 |
| Cash from operations | — | — | — | — | — | — | — | −¥155.0m |
| Capital spending | — | — | — | — | — | — | — | −¥25.0m |
| Free cash flow | — | — | — | — | — | — | — | −¥180.0m |
| Total assets | ¥1.67bn | ¥1.62bn | ¥1.32bn | ¥1.46bn | ¥1.65bn | ¥1.82bn | ¥2.00bn | ¥2.19bn |
| Cash and short-term investments | ¥1.59bn | ¥1.52bn | ¥1.24bn | ¥1.39bn | ¥1.51bn | ¥1.67bn | ¥1.88bn | ¥2.09bn |
| Shareholders' equity | ¥1.22bn | ¥1.22bn | ¥884.6m | ¥1.05bn | ¥1.26bn | ¥1.43bn | ¥1.64bn | ¥1.84bn |
Financial ratios
Data as of 21 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | -528.5% | -749.6% | -1098.1% | -833.4% | -830.1% | -611.2% |
| Net margin | -529.9% | -751.7% | -1100.0% | -835.4% | -832.8% | -608.1% |
| Return on equity | -59.0% | -63.2% | -79.0% | -32.8% | -19.0% | -38.1% |
| Return on assets | -44.2% | -49.7% | -65.2% | -30.7% | -18.1% | -36.9% |
| Free cash flow yield | -26.0% | -33.2% | -38.5% | -32.6% | -27.6% | -24.5% |
| Revenue growth | 12.6% | 19.9% | 6.6% | 31.0% | 5.9% | -20.8% |
| Earnings growth | -20.6% | -18.1% | 40.3% | 31.4% | 45.0% | -50.9% |
| Current ratio | 24.58x | 14.22x | 12.80x | 22.63x | 22.18x | 31.76x |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x |
| Equity ratio | 75.0% | 78.8% | 82.6% | 93.4% | 95.5% | 96.9% |
| Interest coverage | — | — | -199.45x | — | — | — |
| R&D as a share of sales | 423.3% | 493.9% | 613.5% | 524.9% | 428.8% | 461.2% |
| Buybacks as a share of market value | -15.9% | -0.1% | -25.1% | -0.2% | 0.0% | -0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.9% | 14.8% | — |
| Operating income | 2.2% | 12.4% | — |
| Net income | -3.0% | 11.7% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -3.2 | -3.6 | -7.5 | -9.3 | -6.2 | -11.3 |
| Price to sales | 16.8 | 27.4 | 82.5 | 77.3 | 51.3 | 68.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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