M 
26
+8.33%
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
—
FY2018FY2025
Net income
−¥2.15bn
FY2018FY2025
Free cash flow
−¥2.12bn
FY2018FY2025
Shareholders' equity
¥2.79bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | ¥40.5m | ¥1.1m | ¥342.0m | ¥644.0m | ¥65.3m |
| Research and development | ¥1.98bn | ¥1.90bn | ¥2.10bn | ¥1.86bn | ¥1.01bn | ¥531.9m | ¥303.0m | ¥217.9m |
| Operating income | −¥2.21bn | −¥1.34bn | −¥2.37bn | −¥2.70bn | −¥745.4m | −¥439.5m | ¥157.0m | −¥214.1m |
| Net income | −¥2.15bn | −¥1.32bn | −¥2.39bn | −¥2.70bn | −¥739.0m | −¥448.4m | ¥140.0m | −¥217.9m |
| Diluted earnings per share | -24.20 | -28.66 | -74.94 | -92.59 | -25.51 | -15.72 | 1.48 | -2.31 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.96bn | ¥3.69bn | ¥2.03bn | ¥3.13bn | ¥6.07bn | ¥6.28bn | ¥3.94bn | ¥1.22bn |
| Cash and short-term investments | ¥2.81bn | ¥3.58bn | ¥1.88bn | ¥2.93bn | ¥4.94bn | ¥5.42bn | ¥3.86bn | ¥1.21bn |
| Total liabilities | ¥170.9m | ¥143.5m | ¥645.5m | ¥188.6m | ¥519.9m | ¥70.2m | ¥15.2m | ¥22.7m |
| Debt | — | — | ¥412.5m | — | — | — | — | — |
| Shareholders' equity | ¥2.79bn | ¥3.55bn | ¥1.38bn | ¥2.94bn | ¥5.55bn | ¥6.21bn | ¥3.84bn | ¥1.20bn |
| Shares outstanding | 89m | 46m | 32m | 29m | 29m | 29m | 94m | 94m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥2.12bn | −¥1.43bn | −¥2.25bn | −¥1.90bn | −¥747.5m | −¥376.6m | ¥224.1m | −¥376.0m |
| Capital spending | −¥2.6m | −¥188,000 | −¥39.7m | −¥197.3m | −¥107.1m | −¥830.0m | −¥54.3m | −¥16.0m |
| Free cash flow | −¥2.12bn | −¥1.43bn | −¥2.29bn | −¥2.09bn | −¥854.6m | −¥1.21bn | ¥169.9m | −¥392.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | −¥657.8m | −¥342.5m | −¥396.8m | −¥783.1m | −¥399.1m | −¥632.9m | −¥275.3m | −¥223.4m |
| Net income | −¥596.5m | −¥323.7m | −¥350.9m | −¥781.3m | −¥368.2m | −¥652.2m | −¥257.7m | −¥279.3m |
| Diluted earnings per share | -6.32 | -3.43 | -3.95 | -8.78 | -4.14 | -7.33 | -5.60 | -6.07 |
| Total assets | ¥3.14bn | ¥2.94bn | ¥2.96bn | ¥3.42bn | ¥3.42bn | ¥3.68bn | ¥3.69bn | ¥2.81bn |
| Cash and short-term investments | ¥3.02bn | ¥2.81bn | ¥2.81bn | ¥3.31bn | ¥3.26bn | ¥3.56bn | ¥3.58bn | ¥2.70bn |
| Debt | ¥270.0m | — | — | ¥262.5m | — | — | — | — |
| Shareholders' equity | ¥2.46bn | ¥2.80bn | ¥2.79bn | ¥2.69bn | ¥3.19bn | ¥3.31bn | ¥3.55bn | ¥2.51bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | -6684.0% | -67765.2% | -128.5% | 24.4% | -327.7% |
| Net margin | — | — | — | -6673.4% | -67177.8% | -131.1% | 21.7% | -333.7% |
| Return on equity | -77.1% | -37.1% | -173.3% | -91.9% | -13.3% | -7.2% | — | — |
| Return on assets | -72.6% | -35.7% | -118.1% | -86.4% | -12.2% | -7.1% | — | — |
| Free cash flow yield | -84.9% | -111.2% | -247.8% | -207.8% | -79.0% | 56.8% | — | — |
| Revenue growth | — | — | — | 3581.8% | -99.7% | -46.9% | 886.3% | — |
| Earnings growth | 63.3% | -44.9% | -11.5% | 265.7% | 64.8% | -420.3% | — | — |
| Current ratio | 21.46x | 30.83x | 9.88x | 21.58x | 28.04x | 93.51x | — | — |
| Debt to equity | — | 0.00x | 0.30x | 0.00x | 0.00x | 0.00x | — | — |
| Equity ratio | 94.2% | 96.1% | 68.1% | 94.0% | 91.4% | 98.9% | — | — |
| Interest coverage | -766.18x | -234.43x | -537.98x | -561.28x | -683.87x | -26.84x | — | — |
| R&D as a share of sales | — | — | — | 4596.8% | 91774.8% | 155.5% | 47.0% | 333.7% |
| Buybacks as a share of market value | -93.4% | -44.1% | -9.3% | -0.8% | -1.6% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -6.4% | 38.1% | — |
| Net income | -7.3% | 36.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -2.3 | -3.6 | -1.6 | -3.6 | -24.0 | -140.7 |
| Price to sales | — | — | — | 241.4 | — | 184.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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