Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-19

StandardJapan GAAP

ConsolidatedYes

Data checks24 of 24 passed

Key figures · 133

Metric	Value	Period	Scope	Source row
Revenue	¥128m	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥258m	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥30m	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥59m	2022-01-01 → 2022-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥8m	2021-01-01 → 2021-12-31^d	Cons.	Net sales (5-year summary)
Operating income	−¥942m	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥793m	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥937m	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥755m	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥931m	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥1.1bn	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥1.1bn	2021-01-01 → 2021-12-31^d	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥925m	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥803m	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥937m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥807m	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥933m	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥1.1bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥1.1bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥937m	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥807m	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥2.2bn	at 2025-12-31	Cons.	Assets
Total assets	¥2.3bn	at 2024-12-31	Cons.	Assets
Total assets	¥2.1bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥1.4bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥2.1bn	at 2021-12-31^d	Cons.	Total assets (5-year summary)
Total liabilities	¥109m	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥106m	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥2.0bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥2.2bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥1.9bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥1.2bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥2.0bn	at 2021-12-31^d	Cons.	Net assets (5-year summary)
Cash and deposits	¥1.8bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥2.0bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥1.8bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.0bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.7bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥994m	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥1.7bn	at 2021-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥888m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥803m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥914m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥1.1bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥924m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥83m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥3m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥759,000	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥2m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥3m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥745m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥1.1bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥1.6bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥356m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥816m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-17.44	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-18.56	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-26.82	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-43.81	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-49.62	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥33.51	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥44.53	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥48.44	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥40.71	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥77.09	at 2021-12-31^d	Cons.	Net assets per share (5-year summary)
Equity ratio	92.2%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	92.9%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	90.6%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	82.2%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	89.9%	at 2021-12-31^d	Cons.	Equity to asset ratio (5-year summary)
Employees	21	at 2025-12-31	Cons.	Number of employees
Employees	22	at 2024-12-31	Cons.	Number of employees
Employees	22	at 2023-12-31^v	Cons.	Number of employees
Employees	22	at 2022-12-31^v	Cons.	Number of employees
Employees	23	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥128m	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥258m	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥30m	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥59m	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥8m	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Operating income	−¥986m	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥820m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥975m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥781m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥934m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.1bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.1bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥963m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥829m	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥965m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥826m	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥935m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥1.1bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥1.1bn	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥2.1bn	at 2025-12-31	Standalone	Assets
Total assets	¥2.2bn	at 2024-12-31	Standalone	Assets
Total assets	¥2.0bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥1.4bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥2.1bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥89m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥33m	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥2.0bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥2.1bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥1.9bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥1.2bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥1.9bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.7bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥1.8bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-17.96	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-19	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-26.9	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-43.75	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-49.53	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥32.22	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥43.57	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥47.65	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥39.79	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥76.37	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	92.8%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	95.9%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	90.4%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	81.8%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	89.8%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
Shares issued	59,365,100	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	47,495,100	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	38,365,100	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	28,224,100	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	24,595,100	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	20	at 2025-12-31	Standalone	Number of employees
Employees	21	at 2024-12-31	Standalone	Number of employees
Employees	21	at 2023-12-31^v	Standalone	Number of employees
Employees	21	at 2022-12-31^v	Standalone	Number of employees
Employees	22	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 · 1,208

Item	Context	Value
Address major shareholders	CurrentYearInstant_No4MajorShareholdersMember	Original text (Japanese) 東京都港区六本木１丁目６番１号
Name major shareholders	CurrentYearInstant_No5MajorShareholdersMember	Original text (Japanese) 野村證券株式会社
Address major shareholders	CurrentYearInstant_No5MajorShareholdersMember	Original text (Japanese) 東京都中央区日本橋１丁目１３番１号
Name major shareholders	CurrentYearInstant_No6MajorShareholdersMember	NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)
Address major shareholders	CurrentYearInstant_No6MajorShareholdersMember	1 ANGEL LANE, LONDON, EC4R 3AB, UNITED KINGDOM
Name major shareholders	CurrentYearInstant_No7MajorShareholdersMember	Original text (Japanese) 株式会社ＭＭ
Address major shareholders	CurrentYearInstant_No7MajorShareholdersMember	Original text (Japanese) 香川県東かがわ市湊６１６－８
Name major shareholders	CurrentYearInstant_No8MajorShareholdersMember	Original text (Japanese) 山下　博
Address major shareholders	CurrentYearInstant_No8MajorShareholdersMember	Original text (Japanese) 大阪府泉南市
Name major shareholders	CurrentYearInstant_No9MajorShareholdersMember	Original text (Japanese) 江崎　雄二
Address major shareholders	CurrentYearInstant_No9MajorShareholdersMember	Original text (Japanese) 埼玉県志木市
Name major shareholders	CurrentYearInstant_No10MajorShareholdersMember	Original text (Japanese) 八木　朗
Address major shareholders	CurrentYearInstant_No10MajorShareholdersMember	Original text (Japanese) 東京都世田谷区
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	－
Address of shareholder treasury shares etc	CurrentYearInstant_Row1Member	－
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 audit and supervisory committee (text)	FilingDateInstant	Text · Plus
Information about officers (text)	FilingDateInstant	Text · Plus
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraMasayoshiMember	Original text (Japanese) 取締役会長
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraMasayoshiMember	Original text (Japanese) 松村眞良
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraMasayoshiMember	1944-09-07
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraMasayoshiMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraMasayoshiMember	Original text (Japanese) (注)2
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraYonehiroMember	Original text (Japanese) 代表取締役社長
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraYonehiroMember	Original text (Japanese) 松村米浩
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraYonehiroMember	1970-09-10
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraYonehiroMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000MatsumuraYonehiroMember	Original text (Japanese) (注)2,4
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000AkitomoHiroshiMember	Original text (Japanese) 取締役開発部長
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000AkitomoHiroshiMember	Original text (Japanese) 秋友比呂志
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000AkitomoHiroshiMember	1961-04-13
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E27208-000AkitomoHiroshiMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000AkitomoHiroshiMember	Original text (Japanese) (注)2
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000HamamotoHidetoshiMember	Original text (Japanese) 取締役研究部長
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000HamamotoHidetoshiMember	Original text (Japanese) 濱本英利
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E27208-000HamamotoHidetoshiMember	1969-04-14

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 · 24 of 24 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	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 · 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