N 
85
+7.59%
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
¥5.0m
FY2020FY2025
Net income
−¥793.5m
FY2020FY2025
Free cash flow
−¥1.50bn
FY2020FY2025
Shareholders' equity
¥3.93bn
FY2020FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Revenue | ¥5.0m | ¥7.6m | ¥316.8m | ¥625.8m | ¥100.7m | ¥97.3m |
| Gross profit | ¥5.0m | ¥7.4m | ¥314.6m | ¥618.7m | ¥77.8m | ¥94.3m |
| Research and development | ¥360.9m | ¥579.9m | ¥646.7m | ¥334.8m | ¥514.8m | ¥413.1m |
| Operating income | −¥797.3m | −¥1.07bn | −¥775.4m | −¥106.3m | −¥767.5m | −¥604.5m |
| Net income | −¥793.5m | −¥964.5m | −¥1.13bn | −¥386.6m | −¥795.0m | −¥636.6m |
| Diluted earnings per share | -18.33 | -22.27 | -26.11 | -9.77 | -18.34 | -14.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Total assets | ¥4.01bn | ¥4.80bn | ¥5.78bn | ¥4.64bn | ¥4.27bn | ¥2.67bn |
| Cash and short-term investments | ¥3.92bn | ¥4.67bn | ¥5.56bn | ¥4.52bn | ¥4.14bn | ¥2.55bn |
| Total liabilities | ¥79.6m | ¥74.7m | ¥91.5m | ¥340.4m | ¥85.7m | ¥75.9m |
| Debt | — | — | −¥2.8m | −¥4.8m | — | — |
| Shareholders' equity | ¥3.93bn | ¥4.73bn | ¥5.69bn | ¥4.30bn | ¥4.19bn | ¥2.60bn |
| Shares outstanding | 43m | 43m | 43m | 40m | 43m | 43m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Cash from operations | −¥752.2m | −¥887.8m | −¥873.1m | −¥107.2m | −¥777.1m | −¥300.6m |
| Capital spending | −¥752.2m | — | — | — | — | — |
| Free cash flow | −¥1.50bn | −¥887.8m | −¥873.1m | −¥107.2m | −¥777.1m | −¥300.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | ¥715,000 | ¥2.0m | ¥2.1m | ¥2.0m | ¥3.0m |
| Gross profit | — | — | — | — | ¥2.0m | ¥2.1m | ¥2.0m | ¥3.0m |
| Operating income | −¥218.0m | −¥202.0m | −¥188.6m | −¥196.2m | −¥171.0m | −¥241.6m | −¥177.0m | −¥211.0m |
| Net income | −¥218.6m | −¥153.4m | −¥188.4m | −¥193.4m | −¥171.0m | −¥240.2m | −¥177.0m | −¥104.0m |
| Diluted earnings per share | -5.04 | -3.54 | -4.35 | -4.47 | -3.95 | -5.55 | -4.09 | -2.40 |
| Total assets | ¥3.66bn | ¥3.84bn | ¥4.01bn | ¥4.19bn | ¥4.38bn | ¥4.58bn | ¥4.80bn | ¥4.97bn |
| Cash and short-term investments | ¥3.54bn | ¥3.74bn | ¥3.92bn | ¥4.12bn | ¥4.31bn | ¥4.47bn | ¥4.67bn | ¥4.72bn |
| Shareholders' equity | ¥3.57bn | ¥3.78bn | ¥3.93bn | ¥4.12bn | ¥4.31bn | ¥4.49bn | ¥4.72bn | ¥4.90bn |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 100.0% | 97.4% | 99.3% | 98.9% | 77.3% | 96.9% |
| Operating margin | -15945.1% | -14092.3% | -489.7% | -33.9% | -1522.4% | -621.4% |
| Net margin | -15870.7% | -12711.9% | -356.7% | -61.8% | -789.3% | -654.5% |
| Return on equity | -20.2% | -20.4% | -19.9% | -9.0% | -19.0% | -24.5% |
| Return on assets | -19.8% | -20.1% | -19.6% | -8.3% | -18.6% | -23.8% |
| Free cash flow yield | -17.2% | -20.3% | -20.0% | -2.7% | — | — |
| Revenue growth | -34.1% | -97.6% | -49.4% | 521.2% | 3.6% | — |
| Earnings growth | -17.7% | -14.7% | 192.3% | -51.4% | 24.9% | — |
| Current ratio | 53.54x | 68.77x | 66.28x | 13.68x | 52.50x | 37.64x |
| Debt to equity | — | — | -0.00x | -0.00x | — | — |
| Equity ratio | 98.0% | 98.4% | 98.4% | 92.7% | 98.0% | 97.2% |
| R&D as a share of sales | 7217.5% | 7643.0% | 204.1% | 53.5% | 511.1% | 424.6% |
| Buybacks as a share of market value | 0.0% | -0.1% | -9.3% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -80.0% | -44.8% | — |
| Operating income | 95.7% | 5.7% | — |
| Net income | 27.1% | 4.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 98.5% | 99.0% | 96.9% | — |
| Operating margin | -14828.3% | -287.7% | -357.3% | — |
| Net margin | -13966.7% | -342.8% | -408.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | -7.3 | -7.6 | -8.1 |
| Price to sales | — | — | 29.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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