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
Name major shareholders	CurrentYearInstant_No1MajorShareholdersMember	Original text (Japanese) セントラル短資株式会社
Address major shareholders	CurrentYearInstant_No1MajorShareholdersMember	Original text (Japanese) 東京都中央区日本橋本石町３－３－14
Name major shareholders	CurrentYearInstant_No2MajorShareholdersMember	Original text (Japanese) MSIP CLIENT SECURITIES（常任代理人　モルガン・スタンレーＭＵＦＧ証券株式会社）
Address major shareholders	CurrentYearInstant_No2MajorShareholdersMember	Text · Plus
Name major shareholders	CurrentYearInstant_No3MajorShareholdersMember	Original text (Japanese) 日本証券金融株式会社
Address major shareholders	CurrentYearInstant_No3MajorShareholdersMember	Original text (Japanese) 東京都中央区日本橋茅場町１－２－10
Name major shareholders	CurrentYearInstant_No4MajorShareholdersMember	Original text (Japanese) INTERACTIVE BROKERS LLC　（常任代理人　インタラクティブ・ブローカーズ証券株式会社）
Address major shareholders	CurrentYearInstant_No4MajorShareholdersMember	Text · Plus
Name major shareholders	CurrentYearInstant_No5MajorShareholdersMember	Original text (Japanese) BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)　（常任代理人　三菱ＵＦＪ銀行）
Address major shareholders	CurrentYearInstant_No5MajorShareholdersMember	Text · Plus
Name major shareholders	CurrentYearInstant_No6MajorShareholdersMember	Original text (Japanese) 株式会社SBI証券
Address major shareholders	CurrentYearInstant_No6MajorShareholdersMember	Original text (Japanese) 東京都港区六本木１－６－１
Name major shareholders	CurrentYearInstant_No7MajorShareholdersMember	Original text (Japanese) 趙　鳳祥
Address major shareholders	CurrentYearInstant_No7MajorShareholdersMember	Original text (Japanese) 東京都千代田区
Name major shareholders	CurrentYearInstant_No8MajorShareholdersMember	Original text (Japanese) 河合　裕
Address major shareholders	CurrentYearInstant_No8MajorShareholdersMember	Original text (Japanese) 大阪府堺市堺区
Name major shareholders	CurrentYearInstant_No9MajorShareholdersMember	Original text (Japanese) 望月　高清
Address major shareholders	CurrentYearInstant_No9MajorShareholdersMember	Original text (Japanese) 千葉県八千代市
Name major shareholders	CurrentYearInstant_No10MajorShareholdersMember	Original text (Japanese) 水野　親則
Address major shareholders	CurrentYearInstant_No10MajorShareholdersMember	Original text (Japanese) 愛知県名古屋市千種区
Issued shares voting rights (text)	FilingDateInstant	Text · Plus
Description issued shares voting rights	CurrentYearInstant_SharesWithNoVotingRightsMember	－
Description issued shares voting rights	CurrentYearInstant_SharesWithRestrictedVotingRightsTreasurySharesEtcMember	－
Description issued shares voting rights	CurrentYearInstant_SharesWithRestrictedVotingRightsOtherMember	－
Description issued shares voting rights	CurrentYearInstant_OrdinarySharesTreasurySharesSharesWithFullVotingRightsTreasurySharesEtcMember	－
Description issued shares voting rights	CurrentYearInstant_OrdinarySharesSharesWithFullVotingRightsOtherMember	－
Description issued shares voting rights	CurrentYearInstant_OrdinarySharesSharesLessThanOneUnitMember	－
Treasury shares etc (text)	FilingDateInstant	Text · Plus
Name of shareholder treasury shares etc	CurrentYearInstant_Row1Member	Original text (Japanese) アンジェス株式会社
Address of shareholder treasury shares etc	CurrentYearInstant_Row1Member	Original text (Japanese) 大阪府茨木市彩都あさぎ七丁目７番15号
Classes of shares etc (text)	FilingDateInstant	Text · Plus
Acquisitions by resolution of shareholders meeting (text)	FilingDateInstant	Text · Plus
Acquisitions by resolution of board of directors meeting (text)	FilingDateInstant	Text · Plus
Acquisitions not based on resolution of shareholders meeting or board of directors meeting (text)	FilingDateInstant	Text · Plus
Disposals or holding of acquired treasury shares (text)	FilingDateInstant	Text · Plus
Dividend policy (text)	FilingDateInstant	Text · Plus
Overview of corporate governance (text)	FilingDateInstant	Text · Plus
Corporate governance company with corporate auditors (text)	FilingDateInstant	Text · Plus
Basic policy regarding control of company (text)	FilingDateInstant	Text · Plus
Information about officers (text)	FilingDateInstant	Text · Plus
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E05301-000YamadaEiMember	Original text (Japanese) 代表取締役社長
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E05301-000YamadaEiMember	Original text (Japanese) 山田英
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E05301-000YamadaEiMember	1950-06-27
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E05301-000YamadaEiMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E05301-000YamadaEiMember	Original text (Japanese) 注１
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E05301-000SatoNaoyaMember	Original text (Japanese) 取締役
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E05301-000SatoNaoyaMember	Original text (Japanese) 佐　藤　尚　哉
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E05301-000SatoNaoyaMember	1960-04-25
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E05301-000SatoNaoyaMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E05301-000SatoNaoyaMember	Original text (Japanese) 注１

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