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
Deposits received	CurrentYearInstant_NonConsolidatedMember	967000	JPY
Current liabilities	Prior1YearInstant_NonConsolidatedMember	459657000	JPY
Current liabilities	CurrentYearInstant_NonConsolidatedMember	516420000	JPY
Liabilities	Prior1YearInstant_NonConsolidatedMember	459657000	JPY
Liabilities	CurrentYearInstant_NonConsolidatedMember	516420000	JPY
Capital stock	Prior1YearInstant_NonConsolidatedMember	3308957000	JPY
Capital stock	CurrentYearInstant_NonConsolidatedMember	3716168000	JPY
Legal capital surplus	Prior1YearInstant_NonConsolidatedMember	1073490000	JPY
Legal capital surplus	CurrentYearInstant_NonConsolidatedMember	1480701000	JPY
Capital surplus	Prior1YearInstant_NonConsolidatedMember	1073490000	JPY
Capital surplus	CurrentYearInstant_NonConsolidatedMember	1480701000	JPY
Retained earnings brought forward	Prior1YearInstant_NonConsolidatedMember	-1761479000	JPY
Retained earnings brought forward	CurrentYearInstant_NonConsolidatedMember	-3755934000	JPY
Retained earnings	Prior1YearInstant_NonConsolidatedMember	-1761479000	JPY
Retained earnings	CurrentYearInstant_NonConsolidatedMember	-3755934000	JPY
Treasury stock	Prior1YearInstant_NonConsolidatedMember	-1000	JPY
Treasury stock	CurrentYearInstant_NonConsolidatedMember	-1000	JPY
Shareholders equity	Prior1YearInstant_NonConsolidatedMember	2620965000	JPY
Shareholders equity	CurrentYearInstant_NonConsolidatedMember	1440933000	JPY
Subscription rights to shares	Prior1YearInstant_NonConsolidatedMember	9439000	JPY
Subscription rights to shares	CurrentYearInstant_NonConsolidatedMember	23199000	JPY
Net assets	Prior1YearInstant_NonConsolidatedMember	2630405000	JPY
Net assets	CurrentYearInstant_NonConsolidatedMember	1464133000	JPY
Liabilities and net assets	Prior1YearInstant_NonConsolidatedMember	3090062000	JPY
Liabilities and net assets	CurrentYearInstant_NonConsolidatedMember	1980554000	JPY
Business revenue rev oa	Prior1YearDuration_NonConsolidatedMember	－	JPY
Business revenue rev oa	CurrentYearDuration_NonConsolidatedMember	－	JPY
Research and development expenses cos exp oa	Prior1YearDuration_NonConsolidatedMember	539640000	JPY
Research and development expenses cos exp oa	CurrentYearDuration_NonConsolidatedMember	1296025000	JPY
Other selling general and administrative expenses cos exp oa	Prior1YearDuration_NonConsolidatedMember	325398000	JPY
Other selling general and administrative expenses cos exp oa	CurrentYearDuration_NonConsolidatedMember	312152000	JPY
Business expenses cos exp oa	Prior1YearDuration_NonConsolidatedMember	865039000	JPY
Business expenses cos exp oa	CurrentYearDuration_NonConsolidatedMember	1608178000	JPY
Operating income	Prior1YearDuration_NonConsolidatedMember	-865039000	JPY
Operating income	CurrentYearDuration_NonConsolidatedMember	-1608178000	JPY
Interest income noi	Prior1YearDuration_NonConsolidatedMember	166000	JPY
Interest income noi	CurrentYearDuration_NonConsolidatedMember	3217000	JPY
Foreign exchange gains noi	Prior1YearDuration_NonConsolidatedMember	－	JPY
Foreign exchange gains noi	CurrentYearDuration_NonConsolidatedMember	686000	JPY
Subsidy income noi	Prior1YearDuration_NonConsolidatedMember	16066000	JPY
Subsidy income noi	CurrentYearDuration_NonConsolidatedMember	14433000	JPY
Other noi	Prior1YearDuration_NonConsolidatedMember	1327000	JPY
Other noi	CurrentYearDuration_NonConsolidatedMember	1387000	JPY
Non operating income	Prior1YearDuration_NonConsolidatedMember	17560000	JPY
Non operating income	CurrentYearDuration_NonConsolidatedMember	19724000	JPY
Stock issuance cost noe	Prior1YearDuration_NonConsolidatedMember	5018000	JPY
Stock issuance cost noe	CurrentYearDuration_NonConsolidatedMember	3491000	JPY
Foreign exchange losses noe	Prior1YearDuration_NonConsolidatedMember	5716000	JPY
Foreign exchange losses noe	CurrentYearDuration_NonConsolidatedMember	－	JPY
Non operating expenses	Prior1YearDuration_NonConsolidatedMember	10734000	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