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
Cash and cash equivalents IFRS (5-year summary)	Prior1YearInstant	886000000	JPY
Cash and cash equivalents IFRS (5-year summary)	CurrentYearInstant	1387000000	JPY
Number of employees	Prior4YearInstant	77
Number of employees	Prior3YearInstant	27
Number of employees	Prior2YearInstant	24
Number of employees	Prior1YearInstant	23
Number of employees	CurrentYearInstant	22
Average number of temporary workers	Prior4YearInstant	1
Average number of temporary workers	Prior3YearInstant	－
Average number of temporary workers	Prior2YearInstant	－
Average number of temporary workers	Prior1YearInstant	－
Average number of temporary workers	CurrentYearInstant	－
Net sales (5-year summary)	Prior4YearDuration_NonConsolidatedMember	559000000	JPY
Net sales (5-year summary)	Prior3YearDuration_NonConsolidatedMember	1092000000	JPY
Net sales (5-year summary)	Prior2YearDuration_NonConsolidatedMember	617000000	JPY
Net sales (5-year summary)	Prior1YearDuration_NonConsolidatedMember	316000000	JPY
Net sales (5-year summary)	CurrentYearDuration_NonConsolidatedMember	429000000	JPY
Ordinary income loss (5-year summary)	Prior4YearDuration_NonConsolidatedMember	-2228000000	JPY
Ordinary income loss (5-year summary)	Prior3YearDuration_NonConsolidatedMember	-1772000000	JPY
Ordinary income loss (5-year summary)	Prior2YearDuration_NonConsolidatedMember	-678000000	JPY
Ordinary income loss (5-year summary)	Prior1YearDuration_NonConsolidatedMember	-869000000	JPY
Ordinary income loss (5-year summary)	CurrentYearDuration_NonConsolidatedMember	-897000000	JPY
Net income loss (5-year summary)	Prior4YearDuration_NonConsolidatedMember	-2232000000	JPY
Net income loss (5-year summary)	Prior3YearDuration_NonConsolidatedMember	-2084000000	JPY
Net income loss (5-year summary)	Prior2YearDuration_NonConsolidatedMember	-679000000	JPY
Net income loss (5-year summary)	Prior1YearDuration_NonConsolidatedMember	-868000000	JPY
Net income loss (5-year summary)	CurrentYearDuration_NonConsolidatedMember	-897000000	JPY
Capital stock (5-year summary)	Prior4YearInstant_NonConsolidatedMember	2110000000	JPY
Capital stock (5-year summary)	Prior3YearInstant_NonConsolidatedMember	1436000000	JPY
Capital stock (5-year summary)	Prior2YearInstant_NonConsolidatedMember	1596000000	JPY
Capital stock (5-year summary)	Prior1YearInstant_NonConsolidatedMember	2211000000	JPY
Capital stock (5-year summary)	CurrentYearInstant_NonConsolidatedMember	836000000	JPY
Total number of issued shares (5-year summary)	Prior4YearInstant_NonConsolidatedMember	133946210
Total number of issued shares (5-year summary)	Prior3YearInstant_NonConsolidatedMember	168402310
Total number of issued shares (5-year summary)	Prior2YearInstant_NonConsolidatedMember	174373910
Total number of issued shares (5-year summary)	Prior1YearInstant_NonConsolidatedMember	218458910
Total number of issued shares (5-year summary)	CurrentYearInstant_NonConsolidatedMember	263709010
Net assets (5-year summary)	Prior4YearInstant_NonConsolidatedMember	443000000	JPY
Net assets (5-year summary)	Prior3YearInstant_NonConsolidatedMember	1031000000	JPY
Net assets (5-year summary)	Prior2YearInstant_NonConsolidatedMember	672000000	JPY
Net assets (5-year summary)	Prior1YearInstant_NonConsolidatedMember	1035000000	JPY
Net assets (5-year summary)	CurrentYearInstant_NonConsolidatedMember	1620000000	JPY
Total assets (5-year summary)	Prior4YearInstant_NonConsolidatedMember	922000000	JPY
Total assets (5-year summary)	Prior3YearInstant_NonConsolidatedMember	1513000000	JPY
Total assets (5-year summary)	Prior2YearInstant_NonConsolidatedMember	1066000000	JPY
Total assets (5-year summary)	Prior1YearInstant_NonConsolidatedMember	1356000000	JPY
Total assets (5-year summary)	CurrentYearInstant_NonConsolidatedMember	2078000000	JPY
Net assets per share (5-year summary)	Prior4YearInstant_NonConsolidatedMember	3.30
Net assets per share (5-year summary)	Prior3YearInstant_NonConsolidatedMember	6.12
Net assets per share (5-year summary)	Prior2YearInstant_NonConsolidatedMember	3.86

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