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
Current assets IFRS	CurrentYearInstant	1968995000	JPY
Other non current assets nca IFRS	Prior1YearInstant	10614000	JPY
Other non current assets nca IFRS	CurrentYearInstant	10462000	JPY
Non current assets IFRS	Prior1YearInstant	10614000	JPY
Non current assets IFRS	CurrentYearInstant	10462000	JPY
Assets IFRS	Prior1YearInstant	1541907000	JPY
Assets IFRS	CurrentYearInstant	1979457000	JPY
Accounts payable cl IFRS	Prior1YearInstant	28145000	JPY
Accounts payable cl IFRS	CurrentYearInstant	21358000	JPY
Accrued liabilities cl IFRS	Prior1YearInstant	52287000	JPY
Accrued liabilities cl IFRS	CurrentYearInstant	105631000	JPY
Accrued compensation cl IFRS	Prior1YearInstant	53591000	JPY
Accrued compensation cl IFRS	CurrentYearInstant	13642000	JPY
Lease liabilities cl IFRS	Prior1YearInstant	10151000	JPY
Lease liabilities cl IFRS	CurrentYearInstant	13989000	JPY
Other current liabilities cl IFRS	Prior1YearInstant	7089000	JPY
Other current liabilities cl IFRS	CurrentYearInstant	2753000	JPY
Total current liabilities IFRS	Prior1YearInstant	151263000	JPY
Total current liabilities IFRS	CurrentYearInstant	157373000	JPY
Lease liabilities ncl IFRS	Prior1YearInstant	889000	JPY
Lease liabilities ncl IFRS	CurrentYearInstant	8252000	JPY
Non current labilities IFRS	Prior1YearInstant	889000	JPY
Non current labilities IFRS	CurrentYearInstant	8252000	JPY
Liabilities IFRS	Prior1YearInstant	152152000	JPY
Liabilities IFRS	CurrentYearInstant	165625000	JPY
Share capital IFRS	Prior1YearInstant	33964000	JPY
Share capital IFRS	CurrentYearInstant	577576000	JPY
Capital surplus IFRS	Prior1YearInstant	27867241000	JPY
Capital surplus IFRS	CurrentYearInstant	28418035000	JPY
Retained earnings IFRS	Prior1YearInstant	-25056642000	JPY
Retained earnings IFRS	CurrentYearInstant	-25732895000	JPY
Other components of equity IFRS	Prior1YearInstant	-1454808000	JPY
Other components of equity IFRS	CurrentYearInstant	-1448884000	JPY
Equity attributable to owners of parent IFRS	Prior1YearInstant	1389755000	JPY
Equity attributable to owners of parent IFRS	CurrentYearInstant	1813832000	JPY
Equity IFRS	Prior1YearInstant	1389755000	JPY
Equity IFRS	CurrentYearInstant	1813832000	JPY
Liabilities and equity IFRS	Prior1YearInstant	1541907000	JPY
Liabilities and equity IFRS	CurrentYearInstant	1979457000	JPY
Operating revenue IFRS	Prior1YearDuration	27189000	JPY
Operating revenue IFRS	CurrentYearDuration	21335000	JPY
Cost of sales IFRS	Prior1YearDuration	5157000	JPY
Cost of sales IFRS	CurrentYearDuration	26134000	JPY
Research and development expenditure recognized as expense during period IFRS	Prior1YearDuration	543835000	JPY
Research and development expenditure recognized as expense during period IFRS	CurrentYearDuration	310546000	JPY
Selling general and administrative expenses IFRS	Prior1YearDuration	710515000	JPY
Selling general and administrative expenses IFRS	CurrentYearDuration	542991000	JPY
Total expenses IFRS	Prior1YearDuration	1259507000	JPY
Total expenses IFRS	CurrentYearDuration	879671000	JPY
Other operating expenses IFRS	Prior1YearDuration	113173000	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 · 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