Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-25

StandardJapan GAAP

ConsolidatedYes

Data checks20 of 20 passed

Key figures · 127

Metric	Value	Period	Scope	Source row
Revenue	¥41m	2022-01-01 → 2022-12-31^v	Cons.	Operating revenue (5-year summary)
Revenue	¥1m	2021-01-01 → 2021-12-31^d	Cons.	Operating revenue (5-year summary)
Operating income	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥2.1bn	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥2.4bn	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥2.0bn	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥1.2bn	2021-01-01 → 2021-12-31^d	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥2.4bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥2.7bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥739m	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥2.2bn	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥1.3bn	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥3.0bn	at 2025-12-31	Cons.	Assets
Total assets	¥3.7bn	at 2024-12-31	Cons.	Assets
Total assets	¥2.0bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥3.1bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥6.1bn	at 2021-12-31^d	Cons.	Total assets (5-year summary)
Total liabilities	¥171m	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥143m	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥2.8bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥3.5bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥1.4bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥2.9bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥5.5bn	at 2021-12-31^d	Cons.	Net assets (5-year summary)
Cash and deposits	¥2.8bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥3.6bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥2.8bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥3.6bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.9bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.9bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥4.9bn	at 2021-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥2.1bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥1.4bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥2.3bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥1.9bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥747m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥3m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥188,000	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥40m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥186m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	¥172m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥3.0bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥1.2bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥64m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥73m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-27.86	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-28.57	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-77.24	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-92.85	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-25.7	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥31.8	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥50.81	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥40.59	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥99.53	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥191.57	at 2021-12-31^d	Cons.	Net assets per share (5-year summary)
Equity ratio	93.0%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	95.5%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	66.8%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	93.4%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	91.4%	at 2021-12-31^d	Cons.	Equity to asset ratio (5-year summary)
Employees	17	at 2025-12-31	Cons.	Number of employees
Employees	14	at 2024-12-31	Cons.	Number of employees
Employees	37	at 2023-12-31^v	Cons.	Number of employees
Employees	36	at 2022-12-31^v	Cons.	Number of employees
Employees	26	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥41m	2022-01-01 → 2022-12-31^v	Standalone	Operating revenue (5-year summary)
Revenue	¥1m	2021-01-01 → 2021-12-31^d	Standalone	Operating revenue (5-year summary)
Operating income	−¥2.3bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥1.5bn	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥2.2bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥1.4bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥2.4bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥2.1bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.3bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥2.2bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥1.4bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥2.2bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥1.4bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥2.4bn	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥2.6bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥793m	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥2.6bn	at 2025-12-31	Standalone	Assets
Total assets	¥3.5bn	at 2024-12-31	Standalone	Assets
Total assets	¥1.8bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥3.0bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥5.9bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥50m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥48m	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥2.6bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥3.4bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥1.4bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥2.9bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥5.4bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.9bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥3.0bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-29.11	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-31.24	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-77.59	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-88.88	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-27.58	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥29.17	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥48.97	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥40.61	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥99.59	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥188.03	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	96.7%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	98.0%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	74.4%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	98.4%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	92.0%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
Shares issued	86,674,098	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	69,403,998	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	33,355,272	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	29,362,500	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	28,967,500	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	3	at 2025-12-31	Standalone	Number of employees
Employees	4	at 2024-12-31	Standalone	Number of employees
Employees	3	at 2023-12-31^v	Standalone	Number of employees
Employees	3	at 2022-12-31^v	Standalone	Number of employees
Employees	3	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 · 1,173

Item	Context	Value	Unit
Retained earnings brought forward	Prior1YearInstant_NonConsolidatedMember	-1441083000	JPY
Retained earnings brought forward	CurrentYearInstant_NonConsolidatedMember	-2249224000	JPY
Retained earnings	Prior1YearInstant_NonConsolidatedMember	-1441083000	JPY
Retained earnings	CurrentYearInstant_NonConsolidatedMember	-2249224000	JPY
Treasury stock	Prior1YearInstant_NonConsolidatedMember	-97000	JPY
Treasury stock	CurrentYearInstant_NonConsolidatedMember	-97000	JPY
Shareholders equity	Prior1YearInstant_NonConsolidatedMember	3398529000	JPY
Shareholders equity	CurrentYearInstant_NonConsolidatedMember	2528606000	JPY
Subscription rights to shares	Prior1YearInstant_NonConsolidatedMember	21748000	JPY
Subscription rights to shares	CurrentYearInstant_NonConsolidatedMember	37388000	JPY
Net assets	Prior1YearInstant_NonConsolidatedMember	3420278000	JPY
Net assets	CurrentYearInstant_NonConsolidatedMember	2565994000	JPY
Liabilities and net assets	Prior1YearInstant_NonConsolidatedMember	3468695000	JPY
Liabilities and net assets	CurrentYearInstant_NonConsolidatedMember	2616188000	JPY
Operating revenue	Prior1YearDuration_NonConsolidatedMember	－	JPY
Operating revenue	CurrentYearDuration_NonConsolidatedMember	－	JPY
Research and development expenses sga	Prior1YearDuration_NonConsolidatedMember	1246086000	JPY
Research and development expenses sga	CurrentYearDuration_NonConsolidatedMember	2070249000	JPY
Selling general and administrative expenses	Prior1YearDuration_NonConsolidatedMember	245476000	JPY
Selling general and administrative expenses	CurrentYearDuration_NonConsolidatedMember	231807000	JPY
Total operating expenses operating expense	Prior1YearDuration_NonConsolidatedMember	1491563000	JPY
Total operating expenses operating expense	CurrentYearDuration_NonConsolidatedMember	2302057000	JPY
Operating income	Prior1YearDuration_NonConsolidatedMember	-1491563000	JPY
Operating income	CurrentYearDuration_NonConsolidatedMember	-2302057000	JPY
Interest income noi	Prior1YearDuration_NonConsolidatedMember	7025000	JPY
Interest income noi	CurrentYearDuration_NonConsolidatedMember	10657000	JPY
Foreign exchange gains noi	Prior1YearDuration_NonConsolidatedMember	61558000	JPY
Foreign exchange gains noi	CurrentYearDuration_NonConsolidatedMember	－	JPY
Reversal of allowance for doubtful receivables noi	Prior1YearDuration_NonConsolidatedMember	9213000	JPY
Reversal of allowance for doubtful receivables noi	CurrentYearDuration_NonConsolidatedMember	－	JPY
Miscellaneous income noi	Prior1YearDuration_NonConsolidatedMember	11000	JPY
Miscellaneous income noi	CurrentYearDuration_NonConsolidatedMember	67441000	JPY
Non operating income	Prior1YearDuration_NonConsolidatedMember	77808000	JPY
Non operating income	CurrentYearDuration_NonConsolidatedMember	78099000	JPY
Bond issuance cost noe	Prior1YearDuration_NonConsolidatedMember	5304000	JPY
Bond issuance cost noe	CurrentYearDuration_NonConsolidatedMember	7257000	JPY
Foreign exchange losses noe	Prior1YearDuration_NonConsolidatedMember	－	JPY
Foreign exchange losses noe	CurrentYearDuration_NonConsolidatedMember	7947000	JPY
Stock issuance cost noe	Prior1YearDuration_NonConsolidatedMember	20377000	JPY
Stock issuance cost noe	CurrentYearDuration_NonConsolidatedMember	8522000	JPY
Miscellaneous loss noe	Prior1YearDuration_NonConsolidatedMember	492000	JPY
Miscellaneous loss noe	CurrentYearDuration_NonConsolidatedMember	－	JPY
Non operating expenses	Prior1YearDuration_NonConsolidatedMember	26174000	JPY
Non operating expenses	CurrentYearDuration_NonConsolidatedMember	23727000	JPY
Ordinary income	Prior1YearDuration_NonConsolidatedMember	-1439929000	JPY
Ordinary income	CurrentYearDuration_NonConsolidatedMember	-2247685000	JPY
Impairment loss el	Prior1YearDuration_NonConsolidatedMember	188000	JPY
Impairment loss el	CurrentYearDuration_NonConsolidatedMember	－	JPY
Extraordinary loss	Prior1YearDuration_NonConsolidatedMember	188000	JPY
Extraordinary loss	CurrentYearDuration_NonConsolidatedMember	－	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
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