Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-25

StandardIFRS

ConsolidatedYes

Data checks21 of 21 passed

Key figures · 144

Metric	Value	Period	Scope	Source row
Revenue	¥29.6bn	2025-01-01 → 2025-12-31	Cons.	Revenue IFRS
Revenue	¥28.8bn	2024-01-01 → 2024-12-31	Cons.	Revenue IFRS
Revenue	¥12.8bn	2023-01-01 → 2023-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥15.6bn	2022-01-01 → 2022-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥17.7bn	2021-01-01 → 2021-12-31^d	Cons.	Revenue IFRS (5-year summary)
Operating income	−¥8.5bn	2025-01-01 → 2025-12-31	Cons.	Operating profit loss IFRS
Operating income	−¥5.4bn	2024-01-01 → 2024-12-31	Cons.	Operating profit loss IFRS
Profit before tax	−¥14.9bn	2025-01-01 → 2025-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥4.7bn	2024-01-01 → 2024-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥10.7bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	¥1.1bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	¥433m	2021-01-01 → 2021-12-31^d	Cons.	Profit loss before tax IFRS (5-year summary)
Net income (owners)	−¥12.5bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥4.8bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥7.2bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	¥382m	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	¥1.0bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income	−¥12.5bn	2025-01-01 → 2025-12-31	Cons.	Profit loss IFRS
Net income	−¥4.8bn	2024-01-01 → 2024-12-31	Cons.	Profit loss IFRS
Total assets	¥134.8bn	at 2025-12-31	Cons.	Assets IFRS
Total assets	¥151.5bn	at 2024-12-31	Cons.	Assets IFRS
Total assets	¥157.2bn	at 2023-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥99.4bn	at 2022-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥97.0bn	at 2021-12-31^d	Cons.	Total assets IFRS (5-year summary)
Total liabilities	¥73.8bn	at 2025-12-31	Cons.	Liabilities IFRS
Total liabilities	¥83.0bn	at 2024-12-31	Cons.	Liabilities IFRS
Net assets / equity	¥61.0bn	at 2025-12-31	Cons.	Equity IFRS
Net assets / equity	¥68.5bn	at 2024-12-31	Cons.	Equity IFRS
Net assets / equity	¥66.8bn	at 2023-12-31^v	Cons.	Equity IFRS
Equity (owners)	¥61.0bn	at 2025-12-31	Cons.	Equity attributable to owners of parent IFRS
Equity (owners)	¥68.5bn	at 2024-12-31	Cons.	Equity attributable to owners of parent IFRS
Equity (owners)	¥66.8bn	at 2023-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥57.9bn	at 2022-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥57.5bn	at 2021-12-31^d	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Cash & equivalents	¥20.4bn	at 2025-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥32.3bn	at 2024-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥49.1bn	at 2023-12-31^v	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥66.6bn	at 2022-12-31^v	Cons.	Cash and cash equivalents IFRS (5-year summary)
Cash & equivalents	¥60.1bn	at 2021-12-31^d	Cons.	Cash and cash equivalents IFRS (5-year summary)
Operating cash flow	−¥2.7bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥7.7bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥5.3bn	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow	¥10.0bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow	¥7.1bn	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Investing cash flow	¥5.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	−¥4.8bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	−¥63.8bn	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	¥1.0bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	¥278m	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Financing cash flow	−¥16.0bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	−¥6.9bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	¥48.3bn	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	−¥4.9bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	¥11.1bn	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
EPS (basic)	¥-138.8	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-53.92	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-87.18	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥4.68	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥12.53	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-138.8	2025-01-01 → 2025-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-53.92	2024-01-01 → 2024-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-87.18	2023-01-01 → 2023-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥4.63	2022-01-01 → 2022-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥12.4	2021-01-01 → 2021-12-31^d	Cons.	Diluted earnings loss per share IFRS (5-year summary)
Net assets per share	¥674.04	at 2025-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥762.15	at 2024-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥746.92	at 2023-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥707.2	at 2022-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥704.97	at 2021-12-31^d	Cons.	Equity to asset ratio IFRS (5-year summary)
Equity ratio	45.3%	at 2025-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	45.2%	at 2024-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	42.5%	at 2023-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	58.3%	at 2022-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	59.3%	at 2021-12-31^d	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
ROE	-19.3%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-7.2%	2024-01-01 → 2024-12-31	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-11.5%	2023-01-01 → 2023-12-31^v	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	0.7%	2022-01-01 → 2022-12-31^v	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	1.9%	2021-01-01 → 2021-12-31^d	Cons.	Rate of return on equity IFRS (5-year summary)
Employees	382	at 2025-12-31	Cons.	Number of employees
Employees	374	at 2024-12-31	Cons.	Number of employees
Employees	350	at 2023-12-31^v	Cons.	Number of employees
Employees	202	at 2022-12-31^v	Cons.	Number of employees
Employees	198	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥19.0bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥6.6bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥5.0bn	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥1.1bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥823m	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Operating income	¥2.6bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥4.6bn	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	¥713m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥1.5bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥3.3bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.6bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥4.7bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥23.7bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	¥2.2bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥23.7bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	¥2.1bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥3.3bn	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥1.5bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥4.3bn	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥105.0bn	at 2025-12-31	Standalone	Assets
Total assets	¥136.1bn	at 2024-12-31	Standalone	Assets
Total assets	¥142.0bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥89.4bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥94.3bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥60.0bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥68.1bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥44.9bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥68.1bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥65.2bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥57.5bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥58.5bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥5.5bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥6.4bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-262.41	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥23.89	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-39.81	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-18.3	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-52.47	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥19.63	2024-01-01 → 2024-12-31	Standalone	Diluted earnings per share (5-year summary)
Net assets per share	¥493.98	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥754.41	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥726.29	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥699.45	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥714.03	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	42.6%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	49.8%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	45.7%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	64.1%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	61.7%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
ROE	3.2%	2024-01-01 → 2024-12-31	Standalone	Rate of return on equity (5-year summary)
Shares issued	90,496,735	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	89,902,858	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	89,446,777	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	81,923,230	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	81,518,316	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	50	at 2025-12-31	Standalone	Number of employees
Employees	58	at 2024-12-31	Standalone	Number of employees
Employees	41	at 2023-12-31^v	Standalone	Number of employees
Employees	32	at 2022-12-31^v	Standalone	Number of employees
Employees	30	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.

All source rows · 1,400

Item	Context	Value	Unit
Equity IFRS	CurrentYearInstant_TreasurySharesIFRSMember	-3000000	JPY
Equity IFRS	CurrentYearInstant_RetainedEarningsIFRSMember	-17546000000	JPY
Equity IFRS	CurrentYearInstant_OtherComponentsOfEquityIFRSMember	8977000000	JPY
Equity IFRS	CurrentYearInstant_EquityAttributableToOwnersOfParentIFRSMember	60997000000	JPY
Equity IFRS	CurrentYearInstant	60997000000	JPY
Profit loss before tax IFRS	CurrentYearDuration	-14950000000	JPY
Profit loss before tax IFRS	Prior1YearDuration	-4662000000	JPY
Depreciation and amortization ope cf IFRS	CurrentYearDuration	4366000000	JPY
Depreciation and amortization ope cf IFRS	Prior1YearDuration	3984000000	JPY
Share based payment expenses ope cf IFRS	CurrentYearDuration	1953000000	JPY
Share based payment expenses ope cf IFRS	Prior1YearDuration	1396000000	JPY
Impairment losses reversal of impairment losses ope cf IFRS	CurrentYearDuration	1160000000	JPY
Impairment losses reversal of impairment losses ope cf IFRS	Prior1YearDuration	－	JPY
Change in fair value of contingent consideration ope cf IFRS	CurrentYearDuration	1940000000	JPY
Change in fair value of contingent consideration ope cf IFRS	Prior1YearDuration	-38000000	JPY
Loss on amendment of bond terms ope cf IFRS	CurrentYearDuration	4649000000	JPY
Loss on amendment of bond terms ope cf IFRS	Prior1YearDuration	－	JPY
Foreign exchange loss gain ope cf IFRS	CurrentYearDuration	-70000000	JPY
Foreign exchange loss gain ope cf IFRS	Prior1YearDuration	-203000000	JPY
Interest income ope cf IFRS	CurrentYearDuration	-971000000	JPY
Interest income ope cf IFRS	Prior1YearDuration	-1478000000	JPY
Interest expenses ope cf IFRS	CurrentYearDuration	858000000	JPY
Interest expenses ope cf IFRS	Prior1YearDuration	776000000	JPY
Research and development expenditure related tax credits ope cf IFRS	CurrentYearDuration	-1609000000	JPY
Research and development expenditure related tax credits ope cf IFRS	Prior1YearDuration	-1250000000	JPY
Decrease increase in trade and other receivables ope cf IFRS	CurrentYearDuration	-1039000000	JPY
Decrease increase in trade and other receivables ope cf IFRS	Prior1YearDuration	-742000000	JPY
Decrease increase in inventories ope cf IFRS	CurrentYearDuration	-2456000000	JPY
Decrease increase in inventories ope cf IFRS	Prior1YearDuration	-5935000000	JPY
Increase decrease in trade and other payables ope cf IFRS	CurrentYearDuration	2971000000	JPY
Increase decrease in trade and other payables ope cf IFRS	Prior1YearDuration	-487000000	JPY
Decrease increase in deferred revenue ope cf IFRS	CurrentYearDuration	-1918000000	JPY
Decrease increase in deferred revenue ope cf IFRS	Prior1YearDuration	1140000000	JPY
Other changes in working capital ope cf IFRS	CurrentYearDuration	885000000	JPY
Other changes in working capital ope cf IFRS	Prior1YearDuration	-950000000	JPY
Subtotal ope cf IFRS	CurrentYearDuration	-4231000000	JPY
Subtotal ope cf IFRS	Prior1YearDuration	-8448000000	JPY
Interest and dividends received ope cf IFRS	CurrentYearDuration	1087000000	JPY
Interest and dividends received ope cf IFRS	Prior1YearDuration	1434000000	JPY
Interest paid ope cf IFRS	CurrentYearDuration	-531000000	JPY
Interest paid ope cf IFRS	Prior1YearDuration	-435000000	JPY
Income taxes paid ope cf IFRS	CurrentYearDuration	-241000000	JPY
Income taxes paid ope cf IFRS	Prior1YearDuration	-428000000	JPY
Income taxes refund ope cf IFRS	CurrentYearDuration	1248000000	JPY
Income taxes refund ope cf IFRS	Prior1YearDuration	159000000	JPY
Net cash provided by used in operating activities IFRS	CurrentYearDuration	-2668000000	JPY
Net cash provided by used in operating activities IFRS	Prior1YearDuration	-7718000000	JPY
Purchase of property plant and equipment inv cf IFRS	CurrentYearDuration	-448000000	JPY
Purchase of property plant and equipment inv cf IFRS	Prior1YearDuration	-526000000	JPY
Purchase of intangible assets inv cf IFRS	CurrentYearDuration	-177000000	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 · 21 of 21 passed

balance sheet identity	consolidated 2024-12-31	pass
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	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 · revenue	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · revenue	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · revenue	non_consolidated 2024-01-01/2024-12-31	pass
statement vs summary · revenue	non_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