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
Other ca	CurrentYearInstant	79904000	JPY
Current assets	Prior1YearInstant	3617079000	JPY
Current assets	CurrentYearInstant	2892272000	JPY
Investments and other assets	Prior1YearInstant	74469000	JPY
Investments and other assets	CurrentYearInstant	71976000	JPY
Noncurrent assets	Prior1YearInstant	74469000	JPY
Noncurrent assets	CurrentYearInstant	71976000	JPY
Assets	Prior1YearInstant	3691549000	JPY
Assets	CurrentYearInstant	2964248000	JPY
Accounts payable other	Prior1YearInstant	79338000	JPY
Accounts payable other	CurrentYearInstant	94403000	JPY
Accrued expenses	Prior1YearInstant	20308000	JPY
Accrued expenses	CurrentYearInstant	25745000	JPY
Income taxes payable	Prior1YearInstant	16496000	JPY
Income taxes payable	CurrentYearInstant	13330000	JPY
Other cl	Prior1YearInstant	1179000	JPY
Other cl	CurrentYearInstant	1324000	JPY
Current liabilities	Prior1YearInstant	117322000	JPY
Current liabilities	CurrentYearInstant	134802000	JPY
Provision for share based compensation expenses for directors ncl	Prior1YearInstant	822000	JPY
Provision for share based compensation expenses for directors ncl	CurrentYearInstant	－	JPY
Provision for share based compensation expenses for employees ncl	Prior1YearInstant	3624000	JPY
Provision for share based compensation expenses for employees ncl	CurrentYearInstant	145000	JPY
Other ncl	Prior1YearInstant	21701000	JPY
Other ncl	CurrentYearInstant	35996000	JPY
Noncurrent liabilities	Prior1YearInstant	26148000	JPY
Noncurrent liabilities	CurrentYearInstant	36142000	JPY
Liabilities	Prior1YearInstant	143471000	JPY
Liabilities	CurrentYearInstant	170945000	JPY
Capital stock	Prior1YearInstant	1758987000	JPY
Capital stock	CurrentYearInstant	1728097000	JPY
Capital surplus	Prior1YearInstant	3080722000	JPY
Capital surplus	CurrentYearInstant	3049832000	JPY
Retained earnings	Prior1YearInstant	-1325620000	JPY
Retained earnings	CurrentYearInstant	-2037247000	JPY
Treasury stock	Prior1YearInstant	-97000	JPY
Treasury stock	CurrentYearInstant	-97000	JPY
Shareholders equity	Prior1YearInstant	3513992000	JPY
Shareholders equity	CurrentYearInstant	2740583000	JPY
Foreign currency translation adjustment	Prior1YearInstant	12337000	JPY
Foreign currency translation adjustment	CurrentYearInstant	15331000	JPY
Valuation and translation adjustments	Prior1YearInstant	12337000	JPY
Valuation and translation adjustments	CurrentYearInstant	15331000	JPY
Subscription rights to shares	Prior1YearInstant	21748000	JPY
Subscription rights to shares	CurrentYearInstant	37388000	JPY
Net assets	Prior1YearInstant	3548078000	JPY
Net assets	CurrentYearInstant	2793303000	JPY
Liabilities and net assets	Prior1YearInstant	3691549000	JPY
Liabilities and net assets	CurrentYearInstant	2964248000	JPY
Operating revenue	Prior1YearDuration	－	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