No Recent RevenueRecording zero revenue across 2024–2025 severs internal cash generation and undermines margin sustainability. For a firm dependent on product development, prolonged revenue absence raises execution risk, forces reliance on external capital, and makes long-term operating viability contingent on successful funding or development progress.
Sustained Negative Cash FlowConsistent OCF and FCF near -¥0.9–1.0B per year is a material structural drain on resources. Persistent negative cash flow requires repeated financing, dilutes shareholders, constrains R&D or commercialization spend, and raises risk that milestones cannot be funded without new capital or partner deals.
Eroding Equity And Rising LeverageEquity decline and higher debt-to-equity materially weaken financial flexibility. A smaller capital base and ~1.19x leverage increase refinancing and solvency risk, limit ability to raise non-dilutive capital, and heighten sensitivity to further losses or adverse financing conditions over the medium term.