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	Unit
Shareholders equity	CurrentYearInstant	1910561000	JPY
Valuation difference on available for sale securities	Prior1YearInstant	－	JPY
Valuation difference on available for sale securities	CurrentYearInstant	68443000	JPY
Foreign currency translation adjustment	Prior1YearInstant	6932000	JPY
Foreign currency translation adjustment	CurrentYearInstant	10094000	JPY
Valuation and translation adjustments	Prior1YearInstant	6932000	JPY
Valuation and translation adjustments	CurrentYearInstant	78538000	JPY
Subscription rights to shares	Prior1YearInstant	55122000	JPY
Subscription rights to shares	CurrentYearInstant	59891000	JPY
Net assets	Prior1YearInstant	2169999000	JPY
Net assets	CurrentYearInstant	2048991000	JPY
Liabilities and net assets	Prior1YearInstant	2275600000	JPY
Liabilities and net assets	CurrentYearInstant	2157533000	JPY
Net sales of finished goods rev oa	Prior1YearDuration	325000	JPY
Net sales of finished goods rev oa	CurrentYearDuration	3976000	JPY
Revenue from research and development rev oa	Prior1YearDuration	257590000	JPY
Revenue from research and development rev oa	CurrentYearDuration	124108000	JPY
Net sales	Prior1YearDuration	257915000	JPY
Net sales	CurrentYearDuration	128084000	JPY
Cost of finished goods sold	Prior1YearDuration	300000	JPY
Cost of finished goods sold	CurrentYearDuration	1200000	JPY
Cost of sales	Prior1YearDuration	300000	JPY
Cost of sales	CurrentYearDuration	1200000	JPY
Gross profit	Prior1YearDuration	257615000	JPY
Gross profit	CurrentYearDuration	126884000	JPY
Selling general and administrative expenses	Prior1YearDuration	1050661000	JPY
Selling general and administrative expenses	CurrentYearDuration	1068884000	JPY
Operating income	Prior1YearDuration	-793045000	JPY
Operating income	CurrentYearDuration	-941999000	JPY
Subsidy income noi bounty	Prior1YearDuration	52533000	JPY
Subsidy income noi bounty	CurrentYearDuration	2779000	JPY
Interest income noi	Prior1YearDuration	225000	JPY
Interest income noi	CurrentYearDuration	2503000	JPY
Insurance premiums refunded cancellation noi	Prior1YearDuration	－	JPY
Insurance premiums refunded cancellation noi	CurrentYearDuration	14858000	JPY
Other noi	Prior1YearDuration	236000	JPY
Other noi	CurrentYearDuration	30000	JPY
Non operating income	Prior1YearDuration	52994000	JPY
Non operating income	CurrentYearDuration	20171000	JPY
Foreign exchange losses noe	Prior1YearDuration	1394000	JPY
Foreign exchange losses noe	CurrentYearDuration	5452000	JPY
Stock issuance cost noe	Prior1YearDuration	2440000	JPY
Stock issuance cost noe	CurrentYearDuration	1240000	JPY
Non operating commission fee noe	Prior1YearDuration	11190000	JPY
Non operating commission fee noe	CurrentYearDuration	8503000	JPY
Other noe	Prior1YearDuration	－	JPY
Other noe	CurrentYearDuration	430000	JPY
Non operating expenses	Prior1YearDuration	15025000	JPY
Non operating expenses	CurrentYearDuration	15627000	JPY
Ordinary income	Prior1YearDuration	-755076000	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 · 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