Cyfuse Biomedical K.K. (4892) AI Stock Analysis

• Market Cap: ¥6.66B
• Dividend Yield: N/A
• Average Volume (3M): 50.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: 56.17%
• EPS Growth: -11.63%
• Country: JP
• Employees: 21
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -12.09
• Shares Outstanding: 9,970,400
• 10 Day Avg. Volume: 43,580
• 30 Day Avg. Volume: 50,893
• PEG Ratio: 0.34
• Price to Book (P/B): 1.88
• Price to Sales (P/S): 22.48
• P/FCF Ratio: -8.92
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: ¥670.00 ▲(13.56% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by weak financial performance—deep losses and ongoing negative free cash flow—despite a strong revenue rebound and manageable leverage. Technicals are moderately supportive with improving short-to-mid-term trend and constructive momentum, while valuation remains constrained by unprofitability and no dividend yield provided.

Positive Factors

Proprietary Bio‑3D printing tech

Cyfuse’s proprietary scaffold-free Bio-3D Printer (Kenzan) is a durable technological advantage that underpins differentiated tissue engineering capabilities. This IP and specialized platform create barriers to entry, support specialized partnerships and research demand, and form the foundation for product and therapeutic development over the coming years.

Strong revenue rebound and commercial traction

A large, sustained revenue rebound signals improving commercial adoption of products or services, showing the business can scale revenue when demand aligns. This durable trend supports continued R&D investment and validates market fit, improving prospects for eventual margin leverage if cost structure is controlled.

Manageable leverage and asset base

Reported leverage (debt/equity ~0.48) and a sizable equity base provide balance sheet capacity to fund development and absorb near-term losses. This relative conservatism gives the company runway to pursue clinical/tech milestones and access capital with less immediate insolvency risk versus highly leveraged peers.

Negative Factors

Deep, persistent unprofitability

Extremely negative margins indicate the business model is not yet profitable at scale and that cost structure far exceeds revenues. Persistent heavy losses erode equity over time, limit reinvestment capacity, and raise the risk the company must pursue dilutive financing if operational improvements do not materialize.

Consistent negative cash generation

Sustained negative operating and free cash flow means operations do not self-fund, forcing reliance on external capital. Over months this raises refinancing and dilution risk, constrains the ability to scale manufacturing or trials, and increases vulnerability to funding-market volatility if cash burn persists.

Rising debt and financing risk

Material debt growth while losses persist heightens refinancing and interest burdens. Increasing leverage narrows financial flexibility and could force costly or dilutive funding choices if profitability fails to improve, making execution of long-term R&D and commercialization plans more uncertain.

Cyfuse Biomedical K.K. Business Overview & Revenue Model

Company Description

Cyfuse Biomedical K.K. engages in the development, manufacture, and sale of regenerative medicine products in Japan. It develops cellular products in the field of regenerative therapy; and undertakes contract for cellular products for research and development. The company also offers Bio 3D Printer for use in the regeneration of various tissues and organs, such as cartilage and bones, blood vessels, and nerves; regenova, a bio 3D printer for 3D stacking of cells; and S-PIKE that develops 3D-structures from cells. Cyfuse Biomedical K.K. was incorporated in 2010 and is based in Tokyo, Japan.

How the Company Makes Money

Cyfuse Biomedical K.K. generates revenue primarily through the sale of its 3D bioprinting systems and related bio-inks to hospitals, research institutions, and biotechnology companies. The company also engages in collaborative research and development projects with pharmaceutical firms, which provide additional funding and revenue through partnerships and joint ventures. Furthermore, Cyfuse may monetize its technology by licensing its intellectual property to other companies in the healthcare sector, contributing to its overall earnings. Grants and funding from governmental and private entities for research initiatives also play a role in supporting the company's financial stability.

Cyfuse Biomedical K.K. Financial Statement Overview

Summary

Financials are dominated by very large, persistent losses (2025 EBIT margin ~-359%, net margin ~-331%) and ongoing cash burn (2025 FCF ~-582m) despite a sharp 2025 revenue rebound (+253% YoY). Balance sheet leverage is moderate (debt-to-equity ~0.48), but rising debt and continued losses increase financing risk.

Income Statement

The company remains deeply unprofitable despite a sharp rebound in 2025 revenue (+253% YoY to ~231m). Gross margin in 2025 (~34%) is positive but well below earlier years, and operating losses are extremely large relative to sales (2025 EBIT margin ~-359%, net margin ~-331%), signaling a cost structure that is not yet scalable. Profitability has deteriorated materially since 2021, when the business was profitable (net margin ~20%), and losses have persisted through 2022–2025.

Balance Sheet

Leverage appears manageable with debt-to-equity below 0.5 in 2025 (~0.48), supported by a sizable equity base (~2.76b) and growing assets (~4.27b). However, ongoing losses imply continued pressure on equity over time, and debt has increased meaningfully versus 2024 (from ~0.85b to ~1.31b), which could raise financing risk if profitability does not improve.

Cash Flow

Cash generation is weak and consistently negative: 2025 operating cash flow was ~-535m and free cash flow ~-582m, following similarly negative results in 2022–2024. While cash burn improved versus 2024 (less negative operating cash flow and free cash flow), the business is still funding operations through external capital rather than internally generated cash. Free cash flow remains negative even as revenues recovered, highlighting execution and scaling risk.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	65.42M	231.00M	54.45M	61.11M	374.48M	708.25M
Gross Profit	14.66M	78.40M	16.45M	37.74M	241.50M	570.60M
EBITDA	-795.37M	-792.68M	-824.22M	-538.29M	-410.21M	168.65M
Net Income	-827.52M	-763.84M	-872.24M	-589.21M	-473.96M	142.91M
Balance Sheet
Total Assets	3.23B	4.27B	3.52B	4.21B	4.82B	2.65B
Cash, Cash Equivalents and Short-Term Investments	2.70B	3.73B	3.05B	3.87B	4.44B	2.41B
Total Debt	766.00M	1.31B	852.00M	913.00M	908.14M	569.06M
Total Liabilities	901.89M	1.51B	975.60M	1.01B	1.05B	746.12M
Stockholders Equity	2.33B	2.76B	2.54B	3.20B	3.77B	1.90B
Cash Flow
Free Cash Flow	0.00	-581.93M	-769.10M	-581.77M	-631.87M	161.54M
Operating Cash Flow	0.00	-534.79M	-760.55M	-562.30M	-403.60M	161.54M
Investing Cash Flow	0.00	-397.56M	-8.64M	-19.47M	-430.67M	-50.58M
Financing Cash Flow	0.00	1.26B	-52.01M	18.24M	2.66B	229.21M

Cyfuse Biomedical K.K. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 590.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4892, the sentiment is Positive. The current price of 590 is below the 20-day moving average (MA) of 657.65, below the 50-day MA of 634.10, and below the 200-day MA of 673.04, indicating a neutral trend. The MACD of 3.50 indicates Positive momentum. The RSI at 54.89 is Neutral, neither overbought nor oversold. The STOCH value of 37.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4892.

Cyfuse Biomedical K.K. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7079	69 Neutral	¥6.59B	9.25	―	3.00%	2.21%	-22.75%
4539	64 Neutral	¥6.42B	11.77	―	3.21%	4.25%	―
4582	52 Neutral	¥9.64B	-1.70	―	―	-50.27%	-3.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
4597	51 Neutral	¥10.10B	-9.94	-90.96%	―	243.16%	-23.00%
4892	48 Neutral	¥6.66B	-7.70	―	―	56.17%	-11.63%
4883	41 Neutral	¥5.16B	-2.12	―	―	―	47.43%