Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-27

StandardIFRS

ConsolidatedYes

Data checks18 of 19 passed

Key figures · 143

Metric	Value	Period	Scope	Source row
Revenue	¥21m	2025-01-01 → 2025-12-31	Cons.	Revenue IFRS (5-year summary)
Revenue	¥27m	2024-01-01 → 2024-12-31	Cons.	Revenue IFRS (5-year summary)
Revenue	¥40m	2023-01-01 → 2023-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥8m	2022-01-01 → 2022-12-31^v	Cons.	Revenue IFRS (5-year summary)
Operating income	−¥895m	2025-01-01 → 2025-12-31	Cons.	Operating profit loss IFRS
Operating income	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Operating profit loss IFRS
Profit before tax	−¥676m	2025-01-01 → 2025-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥1.5bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	−¥2.0bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	−¥2.6bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss before tax IFRS (5-year summary)
Net income (owners)	−¥676m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥1.5bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	−¥2.0bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	−¥2.6bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income	−¥676m	2025-01-01 → 2025-12-31	Cons.	Profit loss IFRS
Net income	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Profit loss IFRS
Total assets	¥2.0bn	at 2025-12-31	Cons.	Assets IFRS
Total assets	¥1.5bn	at 2024-12-31	Cons.	Assets IFRS
Total assets	¥3.0bn	at 2023-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥4.4bn	at 2022-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥4.8bn	at 2021-12-31^d	Cons.	Total assets IFRS (5-year summary)
Total liabilities	¥166m	at 2025-12-31	Cons.	Liabilities IFRS
Total liabilities	¥152m	at 2024-12-31	Cons.	Liabilities IFRS
Net assets / equity	¥1.8bn	at 2025-12-31	Cons.	Equity IFRS
Net assets / equity	¥1.4bn	at 2024-12-31	Cons.	Equity IFRS
Net assets / equity	¥2.6bn	at 2023-12-31^v	Cons.	Equity IFRS
Equity (owners)	¥1.8bn	at 2025-12-31	Cons.	Equity attributable to owners of parent IFRS
Equity (owners)	¥1.4bn	at 2024-12-31	Cons.	Equity attributable to owners of parent IFRS
Equity (owners)	¥2.6bn	at 2023-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥3.9bn	at 2022-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥4.2bn	at 2021-12-31^d	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Cash & equivalents	¥1.9bn	at 2025-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥1.5bn	at 2024-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥2.8bn	at 2023-12-31^v	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥4.0bn	at 2022-12-31^v	Cons.	Cash and cash equivalents IFRS (5-year summary)
Cash & equivalents	¥4.0bn	at 2021-12-31^d	Cons.	Cash and cash equivalents IFRS (5-year summary)
Operating cash flow	−¥583m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥1.2bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥1.3bn	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow	−¥2.1bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Operating cash flow	−¥2.5bn	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in operating activities IFRS (5-year summary)
Investing cash flow	−¥4m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	−¥43m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	−¥45m	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	¥505m	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	¥3.6bn	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Financing cash flow	¥1.1bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	−¥88m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	¥97m	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	¥1.4bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	¥171m	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
EPS (basic)	¥-10.59	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-23.65	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-26.79	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥-40.92	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥-57.46	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-10.59	2025-01-01 → 2025-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-23.65	2024-01-01 → 2024-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-26.79	2023-01-01 → 2023-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-40.92	2022-01-01 → 2022-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-57.46	2021-01-01 → 2021-12-31^d	Cons.	Diluted earnings loss per share IFRS (5-year summary)
Net assets per share	¥15.72	at 2025-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥24.48	at 2024-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥47.21	at 2023-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥72.31	at 2022-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥90.55	at 2021-12-31^d	Cons.	Equity to asset ratio IFRS (5-year summary)
Equity ratio	91.6%	at 2025-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	90.1%	at 2024-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	87.7%	at 2023-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	89.4%	at 2022-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	85.9%	at 2021-12-31^d	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
ROE	-42.2%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-66.0%	2024-01-01 → 2024-12-31	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-45.2%	2023-01-01 → 2023-12-31^v	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-49.8%	2022-01-01 → 2022-12-31^v	Cons.	Rate of return on equity IFRS (5-year summary)
ROE	-51.6%	2021-01-01 → 2021-12-31^d	Cons.	Rate of return on equity IFRS (5-year summary)
Employees	8	at 2025-12-31	Cons.	Number of employees
Employees	19	at 2024-12-31	Cons.	Number of employees
Employees	12	at 2023-12-31^v	Cons.	Number of employees
Employees	7	at 2022-12-31^v	Cons.	Number of employees
Employees	8	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥36m	2025-01-01 → 2025-12-31	Standalone	Operating revenue1
Revenue	¥259m	2024-01-01 → 2024-12-31	Standalone	Operating revenue1
Revenue	¥214m	2023-01-01 → 2023-12-31^v	Standalone	Operating revenue1 (5-year summary)
Revenue	¥175m	2022-01-01 → 2022-12-31^v	Standalone	Operating revenue1 (5-year summary)
Revenue	¥173m	2021-01-01 → 2021-12-31^d	Standalone	Operating revenue1 (5-year summary)
Operating income	−¥719m	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥382m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥741m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥1.3bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥733m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥42m	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥96m	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥746m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥1.3bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥747m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥1.3bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥726m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥530,000	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥54m	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	¥1.7bn	at 2024-12-31	Standalone	Assets
Total assets	¥2.9bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥3.5bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥2.0bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥138m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥80m	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥2.0bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥1.6bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥2.9bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥3.4bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥2.0bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.6bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥1.2bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-11.71	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-23.12	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-13.06	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥0.01	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-1.18	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥0.01	2022-01-01 → 2022-12-31^v	Standalone	Diluted earnings per share (5-year summary)
Net assets per share	¥11.47	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥17.34	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥39.94	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥51.56	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥28.35	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	63.4%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	59.0%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	76.6%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	80.8%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	65.3%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
ROE	0.0%	2022-01-01 → 2022-12-31^v	Standalone	Rate of return on equity (5-year summary)
Shares issued	115,404,288	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	56,765,588	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	56,062,988	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	54,622,588	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	45,861,688	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	7	at 2025-12-31	Standalone	Number of employees
Employees	8	at 2024-12-31	Standalone	Number of employees
Employees	9	at 2023-12-31^v	Standalone	Number of employees
Employees	5	at 2022-12-31^v	Standalone	Number of employees
Employees	2	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 · 1,056

Item	Context	Value	Unit
Number of employees	Prior2YearInstant_NonConsolidatedMember	9
Number of employees	Prior1YearInstant_NonConsolidatedMember	8
Number of employees	CurrentYearInstant_NonConsolidatedMember	7
Average number of temporary workers	Prior4YearInstant_NonConsolidatedMember	2
Average number of temporary workers	Prior3YearInstant_NonConsolidatedMember	1
Average number of temporary workers	Prior2YearInstant_NonConsolidatedMember	－
Average number of temporary workers	Prior1YearInstant_NonConsolidatedMember	－
Average number of temporary workers	CurrentYearInstant_NonConsolidatedMember	－
Total shareholder return	Prior4YearInstant_NonConsolidatedMember	0.598
Total shareholder return	Prior3YearInstant_NonConsolidatedMember	0.462
Total shareholder return	Prior2YearInstant_NonConsolidatedMember	0.321
Total shareholder return	Prior1YearInstant_NonConsolidatedMember	0.213
Total shareholder return	CurrentYearInstant_NonConsolidatedMember	0.169
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	8
Average number of temporary workers	CurrentYearInstant	－
Number of employees	CurrentYearInstant_NonConsolidatedMember	7
Average number of temporary workers	CurrentYearInstant_NonConsolidatedMember	－
Average age years information about reporting company information about employees	CurrentYearInstant_NonConsolidatedMember	47.6
Average length of service years information about reporting company information about employees	CurrentYearInstant_NonConsolidatedMember	1.88
Average annual salary information about reporting company information about employees	CurrentYearInstant_NonConsolidatedMember	5350329	JPY
Research and development expenses research and development activities	Prior1YearDuration	544000000	JPY
Research and development expenses research and development activities	CurrentYearDuration	311000000	JPY
Capital expenditures overview of capital expenditures etc	CurrentYearDuration	30934000	JPY
Number of issued shares as of fiscal year end issued shares total number of shares etc	FilingDateInstant_OrdinaryShareMember	115404288
Number of issued shares as of filing date issued shares total number of shares etc	FilingDateInstant_OrdinaryShareMember	115404288
Number of issued shares as of fiscal year end issued shares total number of shares etc	FilingDateInstant	115404288
Number of issued shares as of filing date issued shares total number of shares etc	FilingDateInstant	115404288
Number of shares constituting one unit	RecordDateInstant_OrdinaryShareMember	100
Number of shareholders national and local governments	RecordDateInstant_OrdinaryShareMember	－
Number of shareholders financial institutions	RecordDateInstant_OrdinaryShareMember	2
Number of shareholders financial service providers	RecordDateInstant_OrdinaryShareMember	32
Number of shareholders other corporations	RecordDateInstant_OrdinaryShareMember	154
Number of shareholders foreign investors other than individuals	RecordDateInstant_OrdinaryShareMember	44
Number of shareholders foreign individual investors	RecordDateInstant_OrdinaryShareMember	398
Number of shareholders individuals and others	RecordDateInstant_OrdinaryShareMember	59806
Number of shareholders total	RecordDateInstant_OrdinaryShareMember	60436
Number of shares held number of units national and local governments	RecordDateInstant_OrdinaryShareMember	－
Number of shares held number of units financial institutions	RecordDateInstant_OrdinaryShareMember	550
Number of shares held number of units financial service providers	RecordDateInstant_OrdinaryShareMember	26586
Number of shares held number of units other corporations	RecordDateInstant_OrdinaryShareMember	159227
Number of shares held number of units foreign investors other than individuals	RecordDateInstant_OrdinaryShareMember	8595
Number of shares held number of units foreign individual investors	RecordDateInstant_OrdinaryShareMember	5550
Number of shares held number of units individuals and others	RecordDateInstant_OrdinaryShareMember	952774
Number of shares held number of units total	RecordDateInstant_OrdinaryShareMember	1153282
Number of shares held shares less than one unit	RecordDateInstant_OrdinaryShareMember	76088

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 · 18 of 19 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 rounding
balance sheet identity	non_consolidated 2025-12-31	pass rounding
dei present		pass
period resolution		partial
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	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