Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-24

StandardIFRS

ConsolidatedYes

Data checks21 of 21 passed

Key figures · 137

Metric	Value	Period	Scope	Source row
Revenue	¥429m	2025-01-01 → 2025-12-31	Cons.	Revenue IFRS
Revenue	¥316m	2024-01-01 → 2024-12-31	Cons.	Revenue IFRS
Revenue	¥617m	2023-01-01 → 2023-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥1.1bn	2022-01-01 → 2022-12-31^v	Cons.	Revenue IFRS (5-year summary)
Revenue	¥559m	2021-01-01 → 2021-12-31^d	Cons.	Revenue IFRS (5-year summary)
Operating income	−¥861m	2025-01-01 → 2025-12-31	Cons.	Operating profit loss IFRS
Operating income	−¥2.0bn	2024-01-01 → 2024-12-31	Cons.	Operating profit loss IFRS
Profit before tax	−¥876m	2025-01-01 → 2025-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥2.0bn	2024-01-01 → 2024-12-31	Cons.	Profit loss before tax IFRS
Profit before tax	−¥1.1bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	−¥2.5bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss before tax IFRS (5-year summary)
Profit before tax	−¥2.4bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss before tax IFRS (5-year summary)
Net income (owners)	−¥876m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥1.9bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent IFRS
Net income (owners)	−¥1.1bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	−¥2.5bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income (owners)	−¥2.5bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent IFRS (5-year summary)
Net income	−¥876m	2025-01-01 → 2025-12-31	Cons.	Profit loss IFRS
Net income	−¥1.9bn	2024-01-01 → 2024-12-31	Cons.	Profit loss IFRS
Total assets	¥2.1bn	at 2025-12-31	Cons.	Assets IFRS
Total assets	¥1.4bn	at 2024-12-31	Cons.	Assets IFRS
Total assets	¥2.2bn	at 2023-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥3.1bn	at 2022-12-31^v	Cons.	Total assets IFRS (5-year summary)
Total assets	¥3.1bn	at 2021-12-31^d	Cons.	Total assets IFRS (5-year summary)
Total liabilities	¥393m	at 2025-12-31	Cons.	Liabilities IFRS
Total liabilities	¥206m	at 2024-12-31	Cons.	Liabilities IFRS
Net assets / equity	¥1.8bn	at 2025-12-31	Cons.	Equity IFRS
Net assets / equity	¥1.2bn	at 2024-12-31	Cons.	Equity IFRS
Net assets / equity	¥1.9bn	at 2023-12-31^v	Cons.	Equity IFRS
Equity (owners)	¥1.8bn	at 2025-12-31	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥1.2bn	at 2024-12-31	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥1.9bn	at 2023-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥2.7bn	at 2022-12-31^v	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Equity (owners)	¥2.6bn	at 2021-12-31^d	Cons.	Equity attributable to owners of parent IFRS (5-year summary)
Cash & equivalents	¥1.4bn	at 2025-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥886m	at 2024-12-31	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥728m	at 2023-12-31^v	Cons.	Cash and cash equivalents IFRS
Cash & equivalents	¥803m	at 2022-12-31^v	Cons.	Cash and cash equivalents IFRS (5-year summary)
Cash & equivalents	¥714m	at 2021-12-31^d	Cons.	Cash and cash equivalents IFRS (5-year summary)
Operating cash flow	−¥847m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥1.0bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities IFRS
Operating cash flow	−¥359m	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	−¥81m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	¥0	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investing activities IFRS
Investing cash flow	¥0	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	−¥418m	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Investing cash flow	−¥164m	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in investing activities IFRS (5-year summary)
Financing cash flow	¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	¥1.2bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities IFRS
Financing cash flow	¥275m	2023-01-01 → 2023-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	¥2.6bn	2022-01-01 → 2022-12-31^v	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
Financing cash flow	¥361m	2021-01-01 → 2021-12-31^d	Cons.	Cash flows from used in financing activities IFRS (5-year summary)
EPS (basic)	¥-3.69	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-9.77	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share IFRS
EPS (basic)	¥-6.62	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥-16.77	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (basic)	¥-19.04	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-3.69	2025-01-01 → 2025-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-9.77	2024-01-01 → 2024-12-31	Cons.	Diluted earnings loss per share IFRS
EPS (diluted)	¥-6.62	2023-01-01 → 2023-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-16.77	2022-01-01 → 2022-12-31^v	Cons.	Diluted earnings loss per share IFRS (5-year summary)
EPS (diluted)	¥-19.04	2021-01-01 → 2021-12-31^d	Cons.	Diluted earnings loss per share IFRS (5-year summary)
Net assets per share	¥6.65	at 2025-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥5.3	at 2024-12-31	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥10.78	at 2023-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥15.85	at 2022-12-31^v	Cons.	Equity to asset ratio IFRS (5-year summary)
Net assets per share	¥19.38	at 2021-12-31^d	Cons.	Equity to asset ratio IFRS (5-year summary)
Equity ratio	81.7%	at 2025-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	84.9%	at 2024-12-31	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	84.1%	at 2023-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	84.9%	at 2022-12-31^v	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Equity ratio	82.3%	at 2021-12-31^d	Cons.	Ratio of owners equity to gross assets IFRS (5-year summary)
Employees	22	at 2025-12-31	Cons.	Number of employees
Employees	23	at 2024-12-31	Cons.	Number of employees
Employees	24	at 2023-12-31^v	Cons.	Number of employees
Employees	27	at 2022-12-31^v	Cons.	Number of employees
Employees	77	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥429m	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥316m	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥617m	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥1.1bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥559m	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Operating income	−¥871m	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥840m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥897m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥869m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥678m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.8bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥2.2bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥897m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥869m	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥897m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥868m	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥679m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥2.1bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥2.2bn	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	¥1.4bn	at 2024-12-31	Standalone	Assets
Total assets	¥1.1bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥1.5bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥922m	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥457m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥321m	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥1.6bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥1.0bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥672m	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥1.0bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥443m	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.4bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥875m	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-3.78	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-4.37	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-4.04	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-13.72	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-17.15	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥6.15	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥4.75	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥3.86	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥6.12	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥3.3	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	78.0%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	76.3%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	62.9%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	67.9%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	47.7%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
Shares issued	263,709,010	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	218,458,910	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	174,373,910	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	168,402,310	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	133,946,210	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	17	at 2025-12-31	Standalone	Number of employees
Employees	18	at 2024-12-31	Standalone	Number of employees
Employees	19	at 2023-12-31^v	Standalone	Number of employees
Employees	21	at 2022-12-31^v	Standalone	Number of employees
Employees	21	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 · 1,309

Item	Context	Value	Unit
Allowance for employee stock benefit ncl	CurrentYearInstant_NonConsolidatedMember	26000000	JPY
Other ncl	Prior1YearInstant_NonConsolidatedMember	12000000	JPY
Other ncl	CurrentYearInstant_NonConsolidatedMember	16000000	JPY
Noncurrent liabilities	Prior1YearInstant_NonConsolidatedMember	40000000	JPY
Noncurrent liabilities	CurrentYearInstant_NonConsolidatedMember	43000000	JPY
Liabilities	Prior1YearInstant_NonConsolidatedMember	321000000	JPY
Liabilities	CurrentYearInstant_NonConsolidatedMember	457000000	JPY
Capital stock	Prior1YearInstant_NonConsolidatedMember	2211000000	JPY
Capital stock	CurrentYearInstant_NonConsolidatedMember	836000000	JPY
Legal capital surplus	Prior1YearInstant_NonConsolidatedMember	2522000000	JPY
Legal capital surplus	CurrentYearInstant_NonConsolidatedMember	1737000000	JPY
Capital surplus	Prior1YearInstant_NonConsolidatedMember	2522000000	JPY
Capital surplus	CurrentYearInstant_NonConsolidatedMember	1737000000	JPY
Retained earnings brought forward	Prior1YearInstant_NonConsolidatedMember	-3633000000	JPY
Retained earnings brought forward	CurrentYearInstant_NonConsolidatedMember	-897000000	JPY
Retained earnings	Prior1YearInstant_NonConsolidatedMember	-3633000000	JPY
Retained earnings	CurrentYearInstant_NonConsolidatedMember	-897000000	JPY
Treasury stock	Prior1YearInstant_NonConsolidatedMember	-65000000	JPY
Treasury stock	CurrentYearInstant_NonConsolidatedMember	-65000000	JPY
Shareholders equity	Prior1YearInstant_NonConsolidatedMember	1035000000	JPY
Shareholders equity	CurrentYearInstant_NonConsolidatedMember	1610000000	JPY
Valuation difference on available for sale securities	Prior1YearInstant_NonConsolidatedMember	－	JPY
Valuation difference on available for sale securities	CurrentYearInstant_NonConsolidatedMember	9000000	JPY
Subscription rights to shares	Prior1YearInstant_NonConsolidatedMember	－	JPY
Subscription rights to shares	CurrentYearInstant_NonConsolidatedMember	0	JPY
Net assets	Prior1YearInstant_NonConsolidatedMember	1035000000	JPY
Net assets	CurrentYearInstant_NonConsolidatedMember	1620000000	JPY
Liabilities and net assets	Prior1YearInstant_NonConsolidatedMember	1356000000	JPY
Liabilities and net assets	CurrentYearInstant_NonConsolidatedMember	2078000000	JPY
Net sales	Prior1YearDuration_NonConsolidatedMember	316000000	JPY
Net sales	CurrentYearDuration_NonConsolidatedMember	429000000	JPY
Cost of sales	Prior1YearDuration_NonConsolidatedMember	131000000	JPY
Cost of sales	CurrentYearDuration_NonConsolidatedMember	221000000	JPY
Gross profit	Prior1YearDuration_NonConsolidatedMember	185000000	JPY
Gross profit	CurrentYearDuration_NonConsolidatedMember	207000000	JPY
Research and development expenses sga	Prior1YearDuration_NonConsolidatedMember	113000000	JPY
Research and development expenses sga	CurrentYearDuration_NonConsolidatedMember	91000000	JPY
Personal expenses sga	Prior1YearDuration_NonConsolidatedMember	350000000	JPY
Personal expenses sga	CurrentYearDuration_NonConsolidatedMember	366000000	JPY
Business consignment expenses sga	Prior1YearDuration_NonConsolidatedMember	405000000	JPY
Business consignment expenses sga	CurrentYearDuration_NonConsolidatedMember	442000000	JPY
Other sga	Prior1YearDuration_NonConsolidatedMember	156000000	JPY
Other sga	CurrentYearDuration_NonConsolidatedMember	178000000	JPY
Selling general and administrative expenses	Prior1YearDuration_NonConsolidatedMember	1026000000	JPY
Selling general and administrative expenses	CurrentYearDuration_NonConsolidatedMember	1079000000	JPY
Operating income	Prior1YearDuration_NonConsolidatedMember	-840000000	JPY
Operating income	CurrentYearDuration_NonConsolidatedMember	-871000000	JPY
Interest income noi	Prior1YearDuration_NonConsolidatedMember	0	JPY
Interest income noi	CurrentYearDuration_NonConsolidatedMember	1000000	JPY
Non operating income	Prior1YearDuration_NonConsolidatedMember	0	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
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	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