Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-24

StandardJapan GAAP

ConsolidatedYes

Data checks20 of 20 passed

Key figures · 115

Metric	Value	Period	Scope	Source row
Operating income	−¥1.6bn	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥902m	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥1.6bn	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥896m	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥940m	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥1.2bn	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥2.0bn	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥896m	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥1.9bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥889m	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥933m	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥1.2bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥1.9bn	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥889m	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥2.0bn	at 2025-12-31	Cons.	Assets
Total assets	¥3.1bn	at 2024-12-31	Cons.	Assets
Total assets	¥2.5bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥3.0bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total liabilities	¥517m	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥563m	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥1.5bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥2.5bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥2.3bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥2.7bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Cash and deposits	¥1.8bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥2.3bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥1.8bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.3bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.8bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.2bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥537m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥989m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥1.1bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥993,000	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥31m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥1m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥19m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥811m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥1.1bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥538m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥245m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-50.2	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-31.98	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-39.63	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-61.04	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥35.52	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥78.31	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥94.97	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥125.79	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Equity ratio	72.7%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	81.6%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	92.4%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	90.0%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Employees	15	at 2025-12-31	Cons.	Number of employees
Employees	15	at 2024-12-31	Cons.	Number of employees
Employees	15	at 2023-12-31^v	Cons.	Number of employees
Employees	14	at 2022-12-31^v	Cons.	Number of employees
Operating income	−¥1.6bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥865m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥1.6bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥858m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥898m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.2bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥680m	2021-01-01 → 2021-12-31^v	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥2.0bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥858m	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥2.0bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥861m	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥901m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥1.2bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥682m	2021-01-01 → 2021-12-31^v	Standalone	Net income loss (5-year summary)
Total assets	¥2.0bn	at 2025-12-31	Standalone	Assets
Total assets	¥3.1bn	at 2024-12-31	Standalone	Assets
Total assets	¥2.4bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥2.9bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥3.4bn	at 2021-12-31^v	Standalone	Total assets (5-year summary)
Total liabilities	¥516m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥460m	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥1.5bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥2.6bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥2.4bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥2.7bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥3.2bn	at 2021-12-31^v	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.7bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥2.3bn	at 2024-12-31	Standalone	Cash and deposits
Cash & equivalents	¥3.0bn	at 2021-12-31^v	Standalone	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥887m	2021-01-01 → 2021-12-31^v	Standalone	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥5m	2021-01-01 → 2021-12-31^v	Standalone	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥283m	2021-01-01 → 2021-12-31^v	Standalone	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-52.38	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-30.95	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-38.25	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-59.9	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-39.58	2021-01-01 → 2021-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥35.52	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥80.87	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥97.22	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥126.81	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥178.57	at 2021-12-31^v	Standalone	Net assets per share (5-year summary)
Equity ratio	72.8%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	84.8%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	96.9%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	93.8%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	94.3%	at 2021-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Shares issued	40,563,800	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	32,408,800	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	24,236,500	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	21,399,900	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	17,786,100	at 2021-12-31^v	Standalone	Total number of issued shares (5-year summary)
Employees	15	at 2025-12-31	Standalone	Number of employees
Employees	15	at 2024-12-31	Standalone	Number of employees
Employees	15	at 2023-12-31^v	Standalone	Number of employees
Employees	14	at 2022-12-31^v	Standalone	Number of employees
Employees	15	at 2021-12-31^v	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 · 1,141

Item	Context	Value	Unit
Net assets	CurrentYearInstant	1464133000	JPY
Liabilities and net assets	Prior1YearInstant	3110655000	JPY
Liabilities and net assets	CurrentYearInstant	1980860000	JPY
Business revenue rev oa	Prior1YearDuration	6127000	JPY
Business revenue rev oa	CurrentYearDuration	314000	JPY
Business cost cos exp oa	Prior1YearDuration	1457000	JPY
Business cost cos exp oa	CurrentYearDuration	－	JPY
Research and development expenses cos exp oa	Prior1YearDuration	540252000	JPY
Research and development expenses cos exp oa	CurrentYearDuration	1296025000	JPY
Other selling general and administrative expenses cos exp oa	Prior1YearDuration	366175000	JPY
Other selling general and administrative expenses cos exp oa	CurrentYearDuration	352957000	JPY
Business expenses cos exp oa	Prior1YearDuration	907885000	JPY
Business expenses cos exp oa	CurrentYearDuration	1648983000	JPY
Operating income	Prior1YearDuration	-901758000	JPY
Operating income	CurrentYearDuration	-1648668000	JPY
Interest income noi	Prior1YearDuration	170000	JPY
Interest income noi	CurrentYearDuration	3280000	JPY
Foreign exchange gains noi	Prior1YearDuration	－	JPY
Foreign exchange gains noi	CurrentYearDuration	686000	JPY
Subsidy income noi	Prior1YearDuration	16066000	JPY
Subsidy income noi	CurrentYearDuration	14433000	JPY
Other noi	Prior1YearDuration	127000	JPY
Other noi	CurrentYearDuration	187000	JPY
Non operating income	Prior1YearDuration	16364000	JPY
Non operating income	CurrentYearDuration	18588000	JPY
Stock issuance cost noe	Prior1YearDuration	5018000	JPY
Stock issuance cost noe	CurrentYearDuration	3491000	JPY
Foreign exchange losses noe	Prior1YearDuration	5716000	JPY
Foreign exchange losses noe	CurrentYearDuration	－	JPY
Non operating expenses	Prior1YearDuration	10734000	JPY
Non operating expenses	CurrentYearDuration	3491000	JPY
Ordinary income	Prior1YearDuration	-896128000	JPY
Ordinary income	CurrentYearDuration	-1633572000	JPY
Impairment loss el	Prior1YearDuration	－	JPY
Impairment loss el	CurrentYearDuration	377620000	JPY
Extraordinary loss	Prior1YearDuration	－	JPY
Extraordinary loss	CurrentYearDuration	377620000	JPY
Income before income taxes	Prior1YearDuration	-896128000	JPY
Income before income taxes	CurrentYearDuration	-2011192000	JPY
Income taxes current	Prior1YearDuration	2645000	JPY
Income taxes current	CurrentYearDuration	3425000	JPY
Income taxes deferred	Prior1YearDuration	-9681000	JPY
Income taxes deferred	CurrentYearDuration	-103089000	JPY
Income taxes	Prior1YearDuration	-7036000	JPY
Income taxes	CurrentYearDuration	-99664000	JPY
Profit loss	Prior1YearDuration	-889092000	JPY
Profit loss	CurrentYearDuration	-1911527000	JPY
Profit loss attributable to owners of parent	Prior1YearDuration	-889092000	JPY
Profit loss attributable to owners of parent	CurrentYearDuration	-1911527000	JPY
Profit loss	Prior1YearDuration	-889092000	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 · 20 of 20 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	consolidated 2023-12-31	pass
statement vs summary · net assets	consolidated 2024-12-31	pass
statement vs summary · net assets	consolidated 2025-12-31	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 · 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