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
Average number of temporary workers	Prior2YearInstant_NonConsolidatedMember	8
Average number of temporary workers	Prior1YearInstant_NonConsolidatedMember	15
Average number of temporary workers	CurrentYearInstant_NonConsolidatedMember	19
Total shareholder return	Prior4YearInstant_NonConsolidatedMember	0.308
Total shareholder return	Prior3YearInstant_NonConsolidatedMember	0.098
Total shareholder return	Prior2YearInstant_NonConsolidatedMember	0.058
Total shareholder return	Prior1YearInstant_NonConsolidatedMember	0.043
Total shareholder return	CurrentYearInstant_NonConsolidatedMember	0.049
Total return on share price index	Prior4YearInstant_NonConsolidatedMember	0.826
Total return on share price index	Prior3YearInstant_NonConsolidatedMember	0.610
Total return on share price index	Prior2YearInstant_NonConsolidatedMember	0.590
Total return on share price index	Prior1YearInstant_NonConsolidatedMember	0.538
Total return on share price index	CurrentYearInstant_NonConsolidatedMember	0.564
Number of employees	CurrentYearInstant_jpcrp030000-asr_E05301-000PharmaceuticalBusinessReportableSegmentMember	56
Average number of temporary workers	CurrentYearInstant_jpcrp030000-asr_E05301-000PharmaceuticalBusinessReportableSegmentMember	20
Number of employees	CurrentYearInstant	56
Average number of temporary workers	CurrentYearInstant	20
Number of employees	CurrentYearInstant_NonConsolidatedMember	35
Average number of temporary workers	CurrentYearInstant_NonConsolidatedMember	19
Average age years information about reporting company information about employees	CurrentYearInstant_NonConsolidatedMember	53.7
Average length of service years information about reporting company information about employees	CurrentYearInstant_NonConsolidatedMember	7.4
Average annual salary information about reporting company information about employees	CurrentYearInstant_NonConsolidatedMember	10538741	JPY
Number of employees	CurrentYearInstant_NonConsolidatedMember_jpcrp030000-asr_E05301-000PharmaceuticalBusinessReportableSegmentMember	35
Average number of temporary workers	CurrentYearInstant_NonConsolidatedMember_jpcrp030000-asr_E05301-000PharmaceuticalBusinessReportableSegmentMember	19
Number of employees	CurrentYearInstant_NonConsolidatedMember	35
Average number of temporary workers	CurrentYearInstant_NonConsolidatedMember	19
Performance description of metrics related to policy on development of human resources and internal environment and targets and performance using such metrics	CurrentYearInstant_Row1Member	47.1
Research and development expenses research and development activities	CurrentYearDuration	3553000000	JPY
Capital expenditures overview of capital expenditures etc	CurrentYearDuration	14322000	JPY
Number of issued shares as of fiscal year end issued shares total number of shares etc	FilingDateInstant_OrdinaryShareMember	389026550
Number of issued shares as of filing date issued shares total number of shares etc	FilingDateInstant_OrdinaryShareMember	395626550
Number of issued shares as of fiscal year end issued shares total number of shares etc	FilingDateInstant	389026550
Number of issued shares as of filing date issued shares total number of shares etc	FilingDateInstant	395626550
Number of shares constituting one unit	CurrentYearInstant_OrdinaryShareMember	100
Number of shareholders national and local governments	CurrentYearInstant_OrdinaryShareMember	－
Number of shareholders financial institutions	CurrentYearInstant_OrdinaryShareMember	3
Number of shareholders financial service providers	CurrentYearInstant_OrdinaryShareMember	37
Number of shareholders other corporations	CurrentYearInstant_OrdinaryShareMember	524
Number of shareholders foreign investors other than individuals	CurrentYearInstant_OrdinaryShareMember	66
Number of shareholders foreign individual investors	CurrentYearInstant_OrdinaryShareMember	297
Number of shareholders individuals and others	CurrentYearInstant_OrdinaryShareMember	100784
Number of shareholders total	CurrentYearInstant_OrdinaryShareMember	101711
Number of shares held number of units national and local governments	CurrentYearInstant_OrdinaryShareMember	－
Number of shares held number of units financial institutions	CurrentYearInstant_OrdinaryShareMember	75038
Number of shares held number of units financial service providers	CurrentYearInstant_OrdinaryShareMember	140191
Number of shares held number of units other corporations	CurrentYearInstant_OrdinaryShareMember	199832
Number of shares held number of units foreign investors other than individuals	CurrentYearInstant_OrdinaryShareMember	281615
Number of shares held number of units foreign individual investors	CurrentYearInstant_OrdinaryShareMember	14529
Number of shares held number of units individuals and others	CurrentYearInstant_OrdinaryShareMember	3178359
Number of shares held number of units total	CurrentYearInstant_OrdinaryShareMember	3889564

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