Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-24

StandardIFRS

ConsolidatedYes

Data checks21 of 21 passed

Key figures · 141

Metric	Value	Period	Scope	Source row
Revenue	¥104m	2025-01-01 → 2025-12-31	Cons.	Revenue IFRS
Revenue	¥560m	2024-01-01 → 2024-12-31	Cons.	Revenue IFRS
Revenue	¥121m	2023-01-01 → 2023-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥90m	2022-01-01 → 2022-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥41m	2021-01-01 → 2021-12-31^d	Cons.	Revenue IFRS (5-year summary)
Operating income	−¥3.3bn	2025-01-01 → 2025-12-31	Cons.	Operating profit loss IFRS
Operating income	−¥2.8bn	2024-01-01 → 2024-12-31	Cons.	Operating profit loss IFRS
Profit before tax	−¥2.1bn	2025-01-01 → 2025-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥4.1bn	2024-01-01 → 2024-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥3.6bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	−¥5.3bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	−¥4.5bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss before tax IFRS (5-year summary)
Net income (owners)	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥4.2bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥3.8bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	−¥5.2bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	−¥4.9bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Profit loss IFRS
Net income	−¥4.2bn	2024-01-01 → 2024-12-31	Cons.	Profit loss IFRS
Total assets	¥17.1bn	at 2025-12-31	Cons.	Assets IFRS
Total assets	¥14.2bn	at 2024-12-31	Cons.	Assets IFRS
Total assets	¥15.2bn	at 2023-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥15.0bn	at 2022-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥24.0bn	at 2021-12-31^d	Cons.	Total assets IFRS (5-year summary)
Total liabilities	¥12.2bn	at 2025-12-31	Cons.	Liabilities IFRS
Total liabilities	¥12.1bn	at 2024-12-31	Cons.	Liabilities IFRS
Net assets / equity	¥4.9bn	at 2025-12-31	Cons.	Equity IFRS
Net assets / equity	¥2.1bn	at 2024-12-31	Cons.	Equity IFRS
Net assets / equity	¥3.9bn	at 2023-12-31^v	Cons.	Equity IFRS
Equity (owners)	¥4.9bn	at 2025-12-31	Cons.	Equity attributable to owners of parent IFRS
Equity (owners)	¥2.1bn	at 2024-12-31	Cons.	Equity attributable to owners of parent IFRS
Equity (owners)	¥3.9bn	at 2023-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥4.4bn	at 2022-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥8.6bn	at 2021-12-31^d	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Cash & equivalents	¥5.7bn	at 2025-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥3.7bn	at 2024-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥6.7bn	at 2023-12-31^v	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥7.2bn	at 2022-12-31^v	Cons.	Cash and cash equivalents IFRS (5-year summary)
Cash & equivalents	¥15.1bn	at 2021-12-31^d	Cons.	Cash and cash equivalents IFRS (5-year summary)
Operating cash flow	−¥3.2bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥1.8bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥2.8bn	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow	−¥4.6bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow	−¥5.1bn	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Investing cash flow	−¥1.1bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	−¥1.4bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	−¥1.1bn	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	−¥909m	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	−¥736m	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Financing cash flow	¥6.3bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	¥77m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	¥3.3bn	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	−¥2.5bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	¥7.0bn	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
EPS (basic)	¥-20.59	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-47.86	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-56.22	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥-90.67	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥-93.36	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-26.6	2025-01-01 → 2025-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-47.86	2024-01-01 → 2024-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-56.22	2023-01-01 → 2023-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-90.67	2022-01-01 → 2022-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-99.51	2021-01-01 → 2021-12-31^d	Cons.	Diluted earnings loss per share IFRS (5-year summary)
Net assets per share	¥42.26	at 2025-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥22.86	at 2024-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥51.73	at 2023-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥69.33	at 2022-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥156.65	at 2021-12-31^d	Cons.	Equity to asset ratio IFRS (5-year summary)
Equity ratio	28.7%	at 2025-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	14.5%	at 2024-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	25.4%	at 2023-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	29.2%	at 2022-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	36.0%	at 2021-12-31^d	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
ROE	-63.8%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-143.1%	2024-01-01 → 2024-12-31	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-92.8%	2023-01-01 → 2023-12-31^v	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-79.4%	2022-01-01 → 2022-12-31^v	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-59.6%	2021-01-01 → 2021-12-31^d	Cons.	Rate of return on equity IFRS (5-year summary)
Employees	75	at 2025-12-31	Cons.	Number of employees
Employees	65	at 2024-12-31	Cons.	Number of employees
Employees	64	at 2023-12-31^v	Cons.	Number of employees
Employees	71	at 2022-12-31^v	Cons.	Number of employees
Employees	116	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥704m	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥571m	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥121m	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥80m	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Operating income	−¥2.3bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥2.4bn	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥2.4bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥2.6bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥3.0bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥5.3bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥5.5bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥2.4bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥2.7bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥2.4bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥2.7bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥2.9bn	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥8.4bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥5.5bn	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥6.9bn	at 2025-12-31	Standalone	Assets
Total assets	¥4.1bn	at 2024-12-31	Standalone	Assets
Total assets	¥6.6bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥9.2bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥18.8bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥3.4bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥3.3bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥3.5bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥824m	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥1.1bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥833m	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥5.8bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥5.2bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥3.1bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-22.58	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-30.21	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-42.37	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-147.59	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-104.06	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥23.31	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥0.43	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥6.24	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥3.52	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥98.89	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	39.4%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	0.9%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	7.0%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	2.4%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	29.0%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
Shares issued	115,727,200	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	90,219,200	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	74,543,600	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	63,204,200	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	55,147,900	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	66	at 2025-12-31	Standalone	Number of employees
Employees	58	at 2024-12-31	Standalone	Number of employees
Employees	61	at 2023-12-31^v	Standalone	Number of employees
Employees	70	at 2022-12-31^v	Standalone	Number of employees
Employees	115	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 · 4

Segment	Item	Period	Value
Management Divisionreportable segment	employees	at 2025-12-31	18 pure
Research And Development Divisionreportable segment	employees	at 2025-12-31	57 pure
Management Divisionreportable segment	employees	at 2025-12-31	15 pure
Research And Development Divisionreportable segment	employees	at 2025-12-31	51 pure

Segment names come from EDINET member IDs; not yet mapped to a common taxonomy.

All source rows · 1,511

Item	Context	Value	Unit
Income taxes payable cl IFRS	Prior1YearInstant	11000000	JPY
Income taxes payable cl IFRS	CurrentYearInstant	25000000	JPY
Bonds and borrowings cl IFRS	Prior1YearInstant	－	JPY
Bonds and borrowings cl IFRS	CurrentYearInstant	450000000	JPY
Lease liabilities cl IFRS	Prior1YearInstant	117000000	JPY
Lease liabilities cl IFRS	CurrentYearInstant	137000000	JPY
Other financial liabilities cl IFRS	Prior1YearInstant	2309000000	JPY
Other financial liabilities cl IFRS	CurrentYearInstant	1896000000	JPY
Other current liabilities cl IFRS	Prior1YearInstant	413000000	JPY
Other current liabilities cl IFRS	CurrentYearInstant	340000000	JPY
Total current liabilities IFRS	Prior1YearInstant	3350000000	JPY
Total current liabilities IFRS	CurrentYearInstant	3224000000	JPY
Bonds and borrowings ncl IFRS	Prior1YearInstant	2049000000	JPY
Bonds and borrowings ncl IFRS	CurrentYearInstant	1599000000	JPY
Lease liabilities ncl IFRS	Prior1YearInstant	497000000	JPY
Lease liabilities ncl IFRS	CurrentYearInstant	426000000	JPY
Provisions ncl IFRS	Prior1YearInstant	52000000	JPY
Provisions ncl IFRS	CurrentYearInstant	55000000	JPY
Deferred tax liabilities IFRS	Prior1YearInstant	1347000000	JPY
Deferred tax liabilities IFRS	CurrentYearInstant	1442000000	JPY
Third party interests in saisei fund ncl IFRS	Prior1YearInstant	4193000000	JPY
Third party interests in saisei fund ncl IFRS	CurrentYearInstant	4716000000	JPY
Other financial liabilities ncl IFRS	Prior1YearInstant	250000000	JPY
Other financial liabilities ncl IFRS	CurrentYearInstant	351000000	JPY
Other non current liabilities ncl IFRS	Prior1YearInstant	369000000	JPY
Other non current liabilities ncl IFRS	CurrentYearInstant	342000000	JPY
Non current labilities IFRS	Prior1YearInstant	8758000000	JPY
Non current labilities IFRS	CurrentYearInstant	8932000000	JPY
Liabilities IFRS	Prior1YearInstant	12108000000	JPY
Liabilities IFRS	CurrentYearInstant	12155000000	JPY
Share capital IFRS	Prior1YearInstant	1364000000	JPY
Share capital IFRS	CurrentYearInstant	2572000000	JPY
Capital surplus IFRS	Prior1YearInstant	1884000000	JPY
Capital surplus IFRS	CurrentYearInstant	3040000000	JPY
Treasury shares IFRS	Prior1YearInstant	-1000000	JPY
Treasury shares IFRS	CurrentYearInstant	-1000000	JPY
Other components of equity IFRS	Prior1YearInstant	-1728000000	JPY
Other components of equity IFRS	CurrentYearInstant	-1722000000	JPY
Retained earnings IFRS	Prior1YearInstant	543000000	JPY
Retained earnings IFRS	CurrentYearInstant	1000000000	JPY
Equity attributable to owners of parent IFRS	Prior1YearInstant	2063000000	JPY
Equity attributable to owners of parent IFRS	CurrentYearInstant	4890000000	JPY
Non controlling interests IFRS	Prior1YearInstant	21000000	JPY
Non controlling interests IFRS	CurrentYearInstant	9000000	JPY
Equity IFRS	Prior1YearInstant	2084000000	JPY
Equity IFRS	CurrentYearInstant	4899000000	JPY
Liabilities and equity IFRS	Prior1YearInstant	14191000000	JPY
Liabilities and equity IFRS	CurrentYearInstant	17054000000	JPY
Revenue IFRS	Prior1YearDuration	560000000	JPY
Revenue IFRS	CurrentYearDuration	104000000	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 rounding
balance sheet identity	consolidated 2025-12-31	pass
balance sheet identity	non_consolidated 2024-12-31	pass rounding
balance sheet identity	non_consolidated 2025-12-31	pass
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