R 
802
+3.62%
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
¥68.6m
FY2020FY2026
Net income
−¥301.3m
FY2020FY2026
Free cash flow
−¥291.3m
FY2020FY2026
Shareholders' equity
¥3.32bn
FY2020FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Revenue | ¥68.6m | ¥132.7m | ¥194.2m | ¥100.5m | ¥139.3m | ¥209.8m | ¥72.0m |
| Research and development | — | ¥132.9m | ¥236.0m | ¥235.0m | ¥82.7m | ¥81.4m | ¥26.0m |
| Operating income | −¥356.9m | −¥178.8m | −¥252.3m | −¥333.9m | −¥222.2m | −¥92.3m | −¥183.0m |
| Net income | −¥301.3m | ¥113.4m | −¥258.3m | −¥335.8m | −¥254.3m | −¥100.1m | −¥184.0m |
| Diluted earnings per share | -21.87 | 8.88 | -20.32 | -26.42 | -20.00 | -7.26 | -13.36 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Total assets | ¥3.50bn | ¥1.87bn | ¥2.09bn | ¥2.27bn | ¥2.44bn | ¥1.07bn | ¥1.01bn |
| Cash and short-term investments | ¥3.40bn | ¥1.80bn | ¥2.03bn | ¥2.21bn | ¥2.39bn | ¥1.03bn | ¥981.0m |
| Total liabilities | ¥180.6m | ¥151.2m | ¥482.1m | ¥409.8m | ¥237.2m | ¥505.1m | ¥391.1m |
| Debt | — | — | ¥356.1m | ¥309.6m | ¥199.2m | ¥475.6m | ¥380.0m |
| Shareholders' equity | ¥3.32bn | ¥1.72bn | ¥1.61bn | ¥1.87bn | ¥2.20bn | ¥561.5m | ¥621.6m |
| Shares outstanding | 14m | 13m | 13m | 13m | 13m | 14m | 14m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −¥291.3m | −¥176.3m | −¥230.5m | −¥284.6m | −¥230.5m | −¥89.3m | −¥178.3m |
| Capital spending | — | −¥799,000 | −¥1.6m | −¥2.2m | −¥1.2m | −¥1.0m | — |
| Free cash flow | −¥291.3m | −¥177.1m | −¥232.1m | −¥286.9m | −¥231.7m | −¥90.3m | −¥178.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥10.0m | ¥28.6m | ¥30.0m | — | ¥10.0m | ¥66.9m | ¥10.0m | ¥15.7m |
| Operating income | −¥82.1m | −¥101.7m | −¥66.7m | −¥86.2m | −¥102.3m | −¥38.9m | −¥49.0m | −¥54.5m |
| Net income | −¥82.0m | −¥83.0m | −¥66.6m | −¥84.9m | −¥66.9m | −¥40.7m | ¥226.0m | −¥56.0m |
| Diluted earnings per share | -5.95 | -6.02 | -5.22 | -6.65 | -5.24 | -3.19 | 17.78 | -4.41 |
| Total assets | ¥3.29bn | ¥3.50bn | ¥2.56bn | ¥1.68bn | ¥1.73bn | ¥1.87bn | ¥1.91bn | ¥1.96bn |
| Cash and short-term investments | ¥3.20bn | ¥3.40bn | ¥2.42bn | ¥1.57bn | ¥1.67bn | ¥1.80bn | ¥1.84bn | ¥1.91bn |
| Debt | — | — | — | — | — | — | — | ¥365.6m |
| Shareholders' equity | ¥3.24bn | ¥3.32bn | ¥2.42bn | ¥1.57bn | ¥1.65bn | ¥1.72bn | ¥1.76bn | ¥1.53bn |
Financial ratios
Data as of 24 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -520.6% | -134.8% | -130.0% | -332.1% | -159.5% | -44.0% | — |
| Net margin | -439.5% | 85.5% | -133.0% | -334.0% | -182.5% | -47.7% | — |
| Return on equity | -9.1% | 6.6% | -16.1% | -18.0% | -11.6% | -17.8% | — |
| Return on assets | -8.6% | 6.1% | -12.4% | -14.8% | -10.4% | -9.4% | — |
| Free cash flow yield | -1.8% | -1.2% | -1.5% | -1.9% | -1.5% | — | — |
| Revenue growth | -48.3% | -31.7% | 93.1% | -27.8% | -33.6% | 191.4% | — |
| Earnings growth | -365.6% | -143.9% | -23.1% | 32.1% | 154.2% | -45.6% | — |
| Current ratio | 19.40x | 12.38x | 16.56x | 22.64x | 64.00x | 35.41x | — |
| Debt to equity | — | 0.00x | 0.22x | 0.17x | 0.09x | 0.85x | 0.61x |
| Equity ratio | 94.8% | 91.9% | 76.9% | 82.0% | 90.3% | 52.6% | — |
| Interest coverage | — | — | — | — | -41.41x | -12.29x | -535.52x |
| R&D as a share of sales | — | 100.1% | 121.5% | 233.7% | 59.4% | 38.8% | 36.1% |
| Buybacks as a share of market value | -7.9% | -0.4% | 0.0% | 0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -12.0% | -18.9% | — |
| Operating income | 2.2% | 31.1% | — |
| Net income | -3.6% | 24.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -266.2% | -226.2% | -170.0% | — |
| Net margin | -93.3% | -157.7% | -134.5% | — |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Price to earnings | -42.3 | 159.4 | -14.6 | -16.4 | -18.4 | -94.0 |
| Price to sales | 186.1 | 136.3 | 19.4 | 54.9 | 45.3 | 48.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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