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
Treasury stock	Prior1YearInstant_NonConsolidatedMember	-39000	JPY
Treasury stock	CurrentYearInstant_NonConsolidatedMember	-39000	JPY
Shareholders equity	Prior1YearInstant_NonConsolidatedMember	2252880000	JPY
Shareholders equity	CurrentYearInstant_NonConsolidatedMember	2539134000	JPY
Valuation difference on available for sale securities	Prior1YearInstant_NonConsolidatedMember	47444000	JPY
Valuation difference on available for sale securities	CurrentYearInstant_NonConsolidatedMember	37828000	JPY
Valuation and translation adjustments	Prior1YearInstant_NonConsolidatedMember	47444000	JPY
Valuation and translation adjustments	CurrentYearInstant_NonConsolidatedMember	37828000	JPY
Subscription rights to shares	Prior1YearInstant_NonConsolidatedMember	97970000	JPY
Subscription rights to shares	CurrentYearInstant_NonConsolidatedMember	86773000	JPY
Net assets	Prior1YearInstant_NonConsolidatedMember	2398295000	JPY
Net assets	CurrentYearInstant_NonConsolidatedMember	2663736000	JPY
Liabilities and net assets	Prior1YearInstant_NonConsolidatedMember	3746065000	JPY
Liabilities and net assets	CurrentYearInstant_NonConsolidatedMember	4425152000	JPY
Net sales of goods rev oa	Prior1YearDuration_NonConsolidatedMember	244237000	JPY
Net sales of goods rev oa	CurrentYearDuration_NonConsolidatedMember	302845000	JPY
Net sales of finished goods rev oa	Prior1YearDuration_NonConsolidatedMember	11623000	JPY
Net sales of finished goods rev oa	CurrentYearDuration_NonConsolidatedMember	－	JPY
Commission income rev oa	Prior1YearDuration_NonConsolidatedMember	311933000	JPY
Commission income rev oa	CurrentYearDuration_NonConsolidatedMember	554816000	JPY
Business revenues	Prior1YearDuration_NonConsolidatedMember	567793000	JPY
Business revenues	CurrentYearDuration_NonConsolidatedMember	857662000	JPY
Cost of sales	Prior1YearDuration_NonConsolidatedMember	395935000	JPY
Cost of sales	CurrentYearDuration_NonConsolidatedMember	553737000	JPY
Research and development expenses sga	Prior1YearDuration_NonConsolidatedMember	3056867000	JPY
Research and development expenses sga	CurrentYearDuration_NonConsolidatedMember	2966558000	JPY
Selling general and administrative expenses	Prior1YearDuration_NonConsolidatedMember	1972197000	JPY
Selling general and administrative expenses	CurrentYearDuration_NonConsolidatedMember	1786558000	JPY
Business expenses	Prior1YearDuration_NonConsolidatedMember	5425000000	JPY
Business expenses	CurrentYearDuration_NonConsolidatedMember	5306853000	JPY
Operating income	Prior1YearDuration_NonConsolidatedMember	-4857206000	JPY
Operating income	CurrentYearDuration_NonConsolidatedMember	-4449191000	JPY
Interest income noi	Prior1YearDuration_NonConsolidatedMember	159000	JPY
Interest income noi	CurrentYearDuration_NonConsolidatedMember	3521000	JPY
Dividends income noi	Prior1YearDuration_NonConsolidatedMember	160770000	JPY
Dividends income noi	CurrentYearDuration_NonConsolidatedMember	－	JPY
Foreign exchange gains noi	Prior1YearDuration_NonConsolidatedMember	1577176000	JPY
Foreign exchange gains noi	CurrentYearDuration_NonConsolidatedMember	－	JPY
Subsidy income noi	Prior1YearDuration_NonConsolidatedMember	28507000	JPY
Subsidy income noi	CurrentYearDuration_NonConsolidatedMember	－	JPY
Commission fee noi	Prior1YearDuration_NonConsolidatedMember	6050000	JPY
Commission fee noi	CurrentYearDuration_NonConsolidatedMember	5217000	JPY
Miscellaneous income noi	Prior1YearDuration_NonConsolidatedMember	－	JPY
Miscellaneous income noi	CurrentYearDuration_NonConsolidatedMember	787000	JPY
Non operating income	Prior1YearDuration_NonConsolidatedMember	1772664000	JPY
Non operating income	CurrentYearDuration_NonConsolidatedMember	9526000	JPY
Stock issuance cost noe	Prior1YearDuration_NonConsolidatedMember	57578000	JPY
Stock issuance cost noe	CurrentYearDuration_NonConsolidatedMember	42339000	JPY
Loss on investments in partnership noe	Prior1YearDuration_NonConsolidatedMember	1332000	JPY
Loss on investments in partnership noe	CurrentYearDuration_NonConsolidatedMember	9650000	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