W 
135
+14.41%
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
¥429.1m
FY2016FY2025
Net income
−¥1.24bn
FY2016FY2025
Free cash flow
−¥781.9m
FY2016FY2025
Shareholders' equity
¥343.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥429.1m | ¥417.1m | ¥407.4m | ¥210.3m | ¥307.6m | ¥805.0m | ¥794.0m | ¥430.0m | ¥426.0m | ¥229.7m |
| Research and development | ¥216.4m | ¥227.3m | ¥233.0m | ¥247.8m | ¥266.2m | ¥102.0m | ¥183.1m | ¥158.0m | — | ¥138.1m |
| Operating income | −¥1.22bn | −¥1.08bn | −¥558.5m | −¥693.5m | −¥730.7m | ¥37.1m | −¥536.4m | −¥348.7m | −¥290.6m | −¥187.0m |
| Net income | −¥1.24bn | −¥1.11bn | −¥554.6m | −¥686.2m | −¥629.2m | ¥31.7m | −¥619.6m | −¥633.0m | −¥358.4m | −¥205.4m |
| Diluted earnings per share | -23.45 | -25.27 | -13.85 | -19.87 | -19.04 | 0.96 | -20.63 | -48.54 | -27.48 | -18.46 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥919.4m | ¥1.20bn | ¥1.97bn | ¥1.90bn | ¥1.90bn | ¥2.41bn | ¥2.40bn | ¥424.9m | ¥920.1m | ¥1.25bn |
| Cash and short-term investments | ¥83.0m | ¥90.7m | ¥361.7m | ¥278.5m | ¥219.1m | ¥925.8m | ¥1.32bn | ¥93.1m | ¥621.3m | ¥786.1m |
| Total liabilities | ¥575.9m | ¥495.4m | ¥308.5m | ¥549.5m | ¥305.8m | ¥279.1m | ¥331.9m | ¥297.0m | ¥159.3m | ¥119.2m |
| Debt | ¥211.1m | ¥245.3m | ¥169.4m | ¥358.6m | ¥111.4m | ¥48.3m | ¥52.0m | ¥85.6m | ¥83.6m | ¥31.6m |
| Shareholders' equity | ¥343.5m | ¥699.9m | ¥1.67bn | ¥1.35bn | ¥1.59bn | ¥2.13bn | ¥2.07bn | ¥127.9m | ¥760.9m | ¥1.13bn |
| Shares outstanding | 53m | 44m | 40m | 35m | 33m | 33m | 30m | 13m | 13m | 11m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥751.2m | −¥662.3m | −¥558.3m | −¥613.5m | −¥856.1m | −¥384.3m | −¥1.16bn | −¥268.3m | −¥254.8m | −¥247.6m |
| Capital spending | −¥30.7m | −¥1.9m | −¥300,000 | — | −¥2.2m | −¥25.2m | −¥66.5m | −¥12.1m | — | −¥9.8m |
| Free cash flow | −¥781.9m | −¥664.2m | −¥558.6m | −¥613.5m | −¥858.3m | −¥409.5m | −¥1.23bn | −¥280.5m | −¥254.8m | −¥257.4m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥158.7m | ¥122.0m | ¥75.9m | ¥72.5m | ¥54.7m | ¥125.0m | ¥25.5m | ¥212.0m |
| Operating income | −¥595.3m | −¥246.6m | −¥202.3m | −¥174.5m | −¥679.6m | −¥152.7m | −¥180.4m | −¥71.1m |
| Net income | −¥598.0m | −¥236.2m | −¥232.0m | −¥176.2m | −¥693.9m | −¥192.2m | −¥173.2m | −¥46.6m |
| Diluted earnings per share | -11.15 | -4.40 | -4.38 | -3.41 | -15.73 | -4.40 | -3.97 | -1.07 |
| Cash from operations | −¥513.0m | — | −¥237.0m | — | −¥493.0m | — | −¥168.0m | — |
| Capital spending | — | — | −¥29.0m | — | −¥1.0m | — | — | — |
| Free cash flow | — | — | −¥266.0m | — | −¥494.0m | — | — | — |
| Total assets | ¥919.4m | ¥1.11bn | ¥1.22bn | ¥1.44bn | ¥1.20bn | ¥1.66bn | ¥1.91bn | ¥2.13bn |
| Cash and short-term investments | ¥83.0m | ¥189.0m | ¥323.6m | ¥484.4m | ¥90.7m | ¥193.8m | ¥305.1m | ¥517.9m |
| Debt | ¥179.1m | ¥86.9m | ¥95.2m | ¥102.8m | ¥212.1m | ¥220.0m | ¥228.3m | ¥329.1m |
| Shareholders' equity | ¥343.5m | ¥726.1m | ¥907.3m | ¥1.14bn | ¥699.9m | ¥1.27bn | ¥1.49bn | ¥1.63bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -288.0% | -261.8% | -134.3% | -322.9% | -204.8% | 5.0% | — |
| Net margin | -289.6% | -265.1% | -136.1% | -326.3% | -204.6% | 3.9% | — |
| Return on equity | -361.7% | -158.0% | -33.3% | -50.7% | -39.6% | 3.6% | — |
| Return on assets | -135.1% | -92.5% | -28.1% | -36.1% | -33.2% | 3.2% | — |
| Free cash flow yield | -19.8% | -21.1% | -18.0% | — | -36.4% | -46.6% | -17.1% |
| Revenue growth | 2.9% | 2.5% | 93.5% | -31.6% | -84.1% | 349.4% | — |
| Earnings growth | 12.3% | 99.6% | -19.3% | 9.1% | -926.9% | -112.0% | — |
| Current ratio | 1.85x | 3.11x | 11.82x | 5.02x | 9.27x | 10.32x | — |
| Debt to equity | 0.60x | 0.34x | 0.10x | 0.26x | 0.07x | 0.02x | — |
| Equity ratio | 37.4% | 58.6% | 84.4% | 71.1% | 83.9% | 88.4% | — |
| Interest coverage | -293.88x | -95.37x | -100.58x | -143.65x | -822.44x | 78.20x | — |
| R&D as a share of sales | 50.4% | 54.4% | 57.0% | 117.4% | 86.5% | 12.7% | — |
| Buybacks as a share of market value | -20.6% | -1.1% | -22.5% | -7.8% | 0.0% | -56.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.8% | -11.8% | 7.2% |
| Operating income | 20.7% | — | 19.0% |
| Net income | 21.9% | — | 18.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -272.1% | -242.8% | -164.9% | -124.7% |
| Net margin | -277.5% | -245.2% | -162.5% | -133.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.9 | -2.8 | -4.2 | -4.0 | -6.3 | 181.9 | -7.5 | -1.2 | -3.8 | -5.5 |
| Price to sales | 8.5 | 7.3 | 5.7 | 12.9 | 12.8 | 7.2 | 5.9 | 1.8 | 3.2 | 4.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Jul 2006.
| FY2006 | FY2005 | FY2004 | FY2002 | FY2001 | FY2000 | |
|---|---|---|---|---|---|---|
| Paid in the year | 12.00 | 20.00 | 33.333 | 16.667 | 33.333 | 16.667 |
- 100-for-1 split · 29 Jan 2014
- 3-for-1 split · 27 Jan 2004
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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