K 
496
+4.20%
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
¥72.2m
FY2018FY2025
Net income
−¥916.3m
FY2018FY2025
Free cash flow
−¥1.51bn
FY2018FY2025
Shareholders' equity
¥1.31bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥72.2m | ¥80.0m | ¥69.3m | ¥391.8m | ¥289.8m | ¥467.6m | — | — |
| Research and development | ¥681.4m | ¥643.3m | ¥716.8m | ¥533.3m | ¥398.5m | ¥489.5m | ¥265.8m | ¥156.7m |
| Operating income | −¥909.5m | −¥817.9m | −¥888.8m | −¥426.2m | −¥357.9m | −¥171.6m | −¥371.7m | −¥223.6m |
| Net income | −¥916.3m | −¥756.5m | −¥854.2m | −¥331.8m | −¥301.2m | −¥117.8m | −¥302.1m | −¥64.6m |
| Diluted earnings per share | -128.00 | -111.07 | -148.82 | -61.67 | -67.74 | -32.03 | -36.03 | -7.70 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ¥2.08bn | ¥2.76bn | ¥2.62bn | ¥3.21bn | ¥2.64bn | ¥2.35bn | ¥251.9m | ¥566.9m |
| Cash and short-term investments | ¥1.62bn | ¥2.31bn | ¥2.14bn | ¥2.76bn | ¥2.14bn | ¥2.10bn | ¥166.5m | ¥505.3m |
| Total liabilities | ¥770.1m | ¥648.9m | ¥597.0m | ¥419.5m | ¥129.5m | ¥161.7m | ¥35.5m | ¥48.5m |
| Shareholders' equity | ¥1.31bn | ¥2.11bn | ¥2.02bn | ¥2.79bn | ¥2.51bn | ¥2.19bn | ¥216.4m | ¥518.4m |
| Shares outstanding | 7m | 7m | 6m | 5m | 4m | 4m | 8m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥755.8m | −¥661.2m | −¥689.1m | ¥15.8m | −¥560.9m | −¥146.5m | −¥338.8m | −¥202.4m |
| Capital spending | −¥755.8m | — | — | — | — | — | — | — |
| Free cash flow | −¥1.51bn | −¥661.2m | −¥689.1m | ¥15.8m | −¥560.9m | −¥146.5m | −¥338.8m | −¥202.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥287.2m | ¥17.4m | ¥18.6m | ¥18.3m | ¥18.0m | ¥17.8m | ¥18.2m | ¥18.5m |
| Operating income | −¥118.7m | −¥315.4m | −¥199.9m | −¥170.9m | −¥226.6m | −¥299.7m | −¥212.2m | −¥238.2m |
| Net income | −¥115.1m | −¥314.7m | −¥201.8m | −¥176.8m | −¥227.0m | −¥299.8m | −¥212.7m | −¥238.0m |
| Diluted earnings per share | -13.73 | -37.55 | -28.20 | -24.69 | -31.71 | -41.88 | -31.23 | -34.95 |
| Cash from operations | — | — | — | −¥755.0m | — | — | — | — |
| Capital spending | — | — | — | −¥755.0m | — | — | — | — |
| Free cash flow | — | — | — | −¥1.51bn | — | — | — | — |
| Total assets | ¥2.00bn | ¥1.99bn | ¥1.99bn | ¥2.08bn | ¥2.11bn | ¥2.29bn | ¥2.54bn | ¥2.76bn |
| Cash and short-term investments | ¥1.70bn | ¥1.59bn | ¥1.51bn | ¥1.62bn | ¥1.63bn | ¥1.89bn | ¥2.10bn | ¥2.31bn |
| Shareholders' equity | ¥1.25bn | ¥947.9m | ¥1.22bn | ¥1.31bn | ¥1.39bn | ¥1.61bn | ¥1.90bn | ¥2.11bn |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -1259.4% | -2042.6% | -2515.0% | -193.0% | -123.5% | -73.5% |
| Net margin | -1268.8% | -945.1% | -1233.4% | -84.7% | -103.9% | -25.2% |
| Return on equity | -70.0% | -35.9% | -42.2% | -11.9% | -12.0% | -5.4% |
| Return on assets | -44.1% | -27.4% | -32.6% | -10.3% | -11.4% | -5.0% |
| Free cash flow yield | -17.3% | -15.9% | -19.7% | 0.5% | -20.7% | -6.5% |
| Revenue growth | -9.8% | 15.6% | -82.3% | 35.2% | -38.0% | — |
| Earnings growth | 21.1% | -11.4% | 157.4% | 10.2% | 155.6% | -61.0% |
| Current ratio | 18.80x | 21.50x | 12.52x | 19.70x | 20.71x | 14.73x |
| Debt to equity | — | — | — | 0.00x | 0.00x | 0.00x |
| Equity ratio | 63.0% | 76.5% | 77.2% | 86.9% | 95.1% | 93.1% |
| Interest coverage | — | — | — | — | -54.17x | -46.21x |
| R&D as a share of sales | 943.5% | 803.7% | 1035.1% | 136.1% | 137.5% | 104.7% |
| Buybacks as a share of market value | -5.1% | -18.7% | -6.7% | -21.0% | -20.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -43.1% | -31.2% | — |
| Operating income | 28.7% | 39.6% | — |
| Net income | 40.3% | 50.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -1134.5% | -496.0% | -260.6% | — |
| Net margin | -1098.6% | -466.1% | -239.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -3.0 | -7.9 | -5.0 | -9.3 | -10.0 | -41.4 |
| Price to sales | 38.6 | 74.3 | 62.3 | 7.8 | 10.4 | 10.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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