Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-25

StandardJapan GAAP

ConsolidatedYes

Data checks20 of 20 passed

Key figures · 125

Metric	Value	Period	Scope	Source row
Operating income	−¥5.1bn	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥9.1bn	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥5.3bn	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥7.5bn	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥5.7bn	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥14.6bn	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥13.6bn	2021-01-01 → 2021-12-31^d	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥5.2bn	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥27.6bn	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥5.1bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥28.1bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥7.4bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥14.7bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥13.7bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥5.1bn	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥28.1bn	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥5.4bn	at 2025-12-31	Cons.	Assets
Total assets	¥4.7bn	at 2024-12-31	Cons.	Assets
Total assets	¥28.9bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥38.8bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥45.5bn	at 2021-12-31^d	Cons.	Total assets (5-year summary)
Total liabilities	¥2.3bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥2.5bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥3.1bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥2.2bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥26.1bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥30.4bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥38.6bn	at 2021-12-31^d	Cons.	Net assets (5-year summary)
Cash and deposits	¥1.9bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥1.7bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥1.8bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.6bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥4.1bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥11.0bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥17.8bn	at 2021-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥5.8bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥6.6bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥8.7bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥11.2bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥11.4bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	¥19m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥131m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥357m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥97m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥155m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥5.9bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥4.2bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥2.0bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥3.6bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥17.4bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-14.44	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-119.53	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-39.29	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-94.29	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-92.86	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥7.67	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥7.17	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥131.04	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥169.77	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥251.81	at 2021-12-31^d	Cons.	Net assets per share (5-year summary)
Equity ratio	55.2%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	44.0%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	90.0%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	78.1%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	84.8%	at 2021-12-31^d	Cons.	Equity to asset ratio (5-year summary)
Employees	56	at 2025-12-31	Cons.	Number of employees
Employees	55	at 2024-12-31	Cons.	Number of employees
Employees	145	at 2023-12-31^v	Cons.	Number of employees
Employees	138	at 2022-12-31^v	Cons.	Number of employees
Employees	131	at 2021-12-31^d	Cons.	Number of employees
Operating income	−¥4.4bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥4.9bn	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥4.5bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥3.1bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	¥2.0bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥8.0bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥7.9bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥5.7bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥39.3bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥5.7bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥39.3bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	¥1.1bn	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥8.1bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥8.1bn	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥4.4bn	at 2025-12-31	Standalone	Assets
Total assets	¥3.7bn	at 2024-12-31	Standalone	Assets
Total assets	¥38.7bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥40.7bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥44.9bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥1.8bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥1.3bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥2.7bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥2.4bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥37.3bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥34.1bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥38.7bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.2bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥1.1bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-15.95	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-167.03	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥5.64	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-52	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-54.91	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥5.49	2023-01-01 → 2023-12-31^v	Standalone	Diluted earnings per share (5-year summary)
Net assets per share	¥6.62	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥8.03	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥187.33	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥190.57	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥252.16	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	58.2%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	61.4%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	96.1%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	83.6%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	86.0%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
ROE	3.0%	2023-01-01 → 2023-12-31^v	Standalone	Rate of return on equity (5-year summary)
Shares issued	389,026,550	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	286,377,550	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	198,470,300	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	178,623,900	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	153,072,400	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	35	at 2025-12-31	Standalone	Number of employees
Employees	33	at 2024-12-31	Standalone	Number of employees
Employees	40	at 2023-12-31^v	Standalone	Number of employees
Employees	39	at 2022-12-31^v	Standalone	Number of employees
Employees	42	at 2021-12-31^d	Standalone	Number of employees

Periods use the dates stated in the filing. ^d = earlier-year period dated by calendar; ^v = that date confirmed by the company's own earlier filing.

Segments · 2

Segment	Item	Period	Value
Pharmaceutical Businessreportable segment	employees	at 2025-12-31	56 pure
Pharmaceutical Businessreportable segment	employees	at 2025-12-31	35 pure

Segment names come from EDINET member IDs; not yet mapped to a common taxonomy.

All source rows · 1,378

Item	Context	Value	Unit
Asset retirement obligations ncl	CurrentYearInstant	64657000	JPY
Lease obligations ncl	Prior1YearInstant	108595000	JPY
Lease obligations ncl	CurrentYearInstant	－	JPY
Noncurrent liabilities	Prior1YearInstant	198724000	JPY
Noncurrent liabilities	CurrentYearInstant	86432000	JPY
Liabilities	Prior1YearInstant	2512007000	JPY
Liabilities	CurrentYearInstant	2329903000	JPY
Capital stock	Prior1YearInstant	37255887000	JPY
Capital stock	CurrentYearInstant	40228661000	JPY
Capital surplus	Prior1YearInstant	5502588000	JPY
Capital surplus	CurrentYearInstant	8475978000	JPY
Retained earnings	Prior1YearInstant	-46514594000	JPY
Retained earnings	CurrentYearInstant	-51637863000	JPY
Treasury stock	Prior1YearInstant	-39000	JPY
Treasury stock	CurrentYearInstant	-39000	JPY
Shareholders equity	Prior1YearInstant	-3756157000	JPY
Shareholders equity	CurrentYearInstant	-2933263000	JPY
Valuation difference on available for sale securities	Prior1YearInstant	47444000	JPY
Valuation difference on available for sale securities	CurrentYearInstant	37828000	JPY
Foreign currency translation adjustment	Prior1YearInstant	5760964000	JPY
Foreign currency translation adjustment	CurrentYearInstant	5878684000	JPY
Valuation and translation adjustments	Prior1YearInstant	5808409000	JPY
Valuation and translation adjustments	CurrentYearInstant	5916512000	JPY
Subscription rights to shares	Prior1YearInstant	104339000	JPY
Subscription rights to shares	CurrentYearInstant	92830000	JPY
Net assets	Prior1YearInstant	2156591000	JPY
Net assets	CurrentYearInstant	3076080000	JPY
Liabilities and net assets	Prior1YearInstant	4668599000	JPY
Liabilities and net assets	CurrentYearInstant	5405983000	JPY
Net sales of goods rev oa	Prior1YearDuration	244237000	JPY
Net sales of goods rev oa	CurrentYearDuration	302845000	JPY
Net sales of finished goods rev oa	Prior1YearDuration	11623000	JPY
Net sales of finished goods rev oa	CurrentYearDuration	－	JPY
Commission income rev oa	Prior1YearDuration	311933000	JPY
Commission income rev oa	CurrentYearDuration	554816000	JPY
Research and development revenues rev oa	Prior1YearDuration	75845000	JPY
Research and development revenues rev oa	CurrentYearDuration	16458000	JPY
Business revenues	Prior1YearDuration	643638000	JPY
Business revenues	CurrentYearDuration	874120000	JPY
Cost of sales	Prior1YearDuration	395935000	JPY
Cost of sales	CurrentYearDuration	553737000	JPY
Research and development expenses sga	Prior1YearDuration	3783386000	JPY
Research and development expenses sga	CurrentYearDuration	3553181000	JPY
Selling general and administrative expenses	Prior1YearDuration	5573762000	JPY
Selling general and administrative expenses	CurrentYearDuration	1912595000	JPY
Business expenses	Prior1YearDuration	9753084000	JPY
Business expenses	CurrentYearDuration	6019514000	JPY
Operating income	Prior1YearDuration	-9109445000	JPY
Operating income	CurrentYearDuration	-5145393000	JPY
Interest income noi	Prior1YearDuration	4447000	JPY

Every row of the EDINET CSV. Item names are the XBRL element names; filed text is kept in its original Japanese. Filed text is available on Plus and Pro.

Data checks · 20 of 20 passed

balance sheet identity	consolidated 2024-12-31	pass rounding
balance sheet identity	consolidated 2025-12-31	pass
balance sheet identity	non_consolidated 2024-12-31	pass
balance sheet identity	non_consolidated 2025-12-31	pass rounding
dei present		pass
period resolution		pass
statement vs summary · net assets	consolidated 2023-12-31	pass
statement vs summary · net assets	consolidated 2024-12-31	pass
statement vs summary · net assets	consolidated 2025-12-31	pass
statement vs summary · net assets	non_consolidated 2023-12-31	pass
statement vs summary · net assets	non_consolidated 2024-12-31	pass
statement vs summary · net assets	non_consolidated 2025-12-31	pass
statement vs summary · net income attributable to parent	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · net income attributable to parent	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · operating cash flow	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · operating cash flow	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · total assets	consolidated 2024-12-31	pass
statement vs summary · total assets	consolidated 2025-12-31	pass
statement vs summary · total assets	non_consolidated 2024-12-31	pass
statement vs summary · total assets	non_consolidated 2025-12-31	pass