# BrightPath Biotherapeutics Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/04/01－2026/03/31) (S100YJ3C), 有価証券報告書－第22期(2024/04/01－2025/03/31) (S100VZBU)
> Page: https://vizora.meequs.com/en/company/brightpath-biotherapeutics
> Retrieved: 2026-09-30T21:46:36.200Z

## Company

BrightPath Biotherapeutics, founded in 2003, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 24 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BrightPath Biotherapeutics Co., Ltd. |
| Ticker | 4594 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4594.T) |
| Listing | TSE Growth |
| Head office | 神奈川県川崎市川崎区殿町三丁目25番22号 |
| Representative (per filing) | 代表取締役社長 永井 健一 |
| Founded | May 2003 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 24 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.brightpathbio.com (https://www.brightpathbio.com/) |
| Corporate number | 8290001050314 |
| EDINET | E31851 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YJ3C, filed 2026-06-25). As of filing

## Key points (generated from figures)

- BrightPath Biotherapeutics brought in ¥1.1M in revenue.
- It lost about ¥102464 for every ¥100 of sales at the operating level.
- Revenue changed +1473.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.1M |  |
| Operating income | -¥1.16B | Margin -102464.1% |
| Net income | -¥1.15B | Margin -101601.9% |
| Free cash flow | -¥1.25B |  |
| Employees (consolidated) | 24 |  |
| EPS | ¥-14.12 |  |
| Book value per share | ¥9.98 |  |
| Equity ratio | 80.6% |  |
| Shares outstanding | 90,491,300 |  |
| Shareholders | 25,973 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 72.3% | Cash ÷ revenue 71533.1% |
| Vs. industry median margin | -102,471.1 pp | Biotech & Regenerative Medicine |
| ROA | -97.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 102464 per ¥100 of revenue
- FY2025, revenue is 0.5× its level five years ago
- FY2025, cash is 72% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11300000 | ¥1133000 | -90.0% |
| Operating income | ¥-1827349000 | ¥-1160918000 | — |
| Operating margin | -16171.2% | -102464.1% | -86,292.8 pp |
| Employees | 44 people | 24 people | -45.5% |
| Cash and equivalents | ¥3018356000 | ¥810470000 | -73.1% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → FY ending Mar 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1 | 100.0% | S100YJ3C |
| Cost of revenue | 0 | 2.8% | S100YJ3C |
| Gross profit | 1 | 97.2% | S100YJ3C |
| SG&A | 1,162 | 102561.3% | S100YJ3C |
| Operating income | -1,161 | -102464.1% | S100YJ3C |
| Ordinary income | -1,148 | -101313.2% | S100YJ3C |
| Pretax income | -1,149 | -101434.2% | S100YJ3C |
| Income tax | 2 | 167.7% | S100YJ3C |
| Net income | -1,151 | -101601.9% | S100YJ3C |

## Per ¥100 of revenue（FY ending Mar 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 3 |
| SG&A | 102561 |
| Operating income | -102464 |
| (Ref.) Net income | -101602 |

### Margin funnel

Gross margin 97.2% → Operating margin -102464.1% → Net margin -101601.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2024 → FY ending Mar 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 0 | 1 | 1 | +1473.6% |
| Gross profit | 0 | 1 | 1 | +1938.9% |
| Operating income | -1,155 | -1,161 | -6 | — |
| Operating cash flow | -1,157 | -1,250 | -93 | — |
| Free cash flow | -1,165 | -1,252 | -87 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11 | -1,827 | -16171.2% | -1,858 | -1,784 | -1,895 | S100LQ6N |
| FY ending Mar 2021 | 3 | -1,733 | -69201.4% | -1,720 | -1,770 | -1,805 | S100PTK6 |
| FY ending Mar 2022 | 15 | -1,476 | -9579.7% | -1,484 | -1,512 | -1,530 | S100QKJ2 |
| FY ending Mar 2023 | 5 | -1,467 | -27785.2% | -1,486 | -1,204 | -1,206 | S100TP5I |
| FY ending Mar 2024 | 0 | -1,155 | -1604275.0% | -1,168 | -1,157 | -1,165 | S100VZBU |
| FY ending Mar 2025 | 1 | -1,161 | -102464.1% | -1,151 | -1,250 | -1,252 | S100YJ3C |

## People and productivity（FY ending Mar 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.2K |
| Operating income per employee (consolidated) | -¥48.4M |
| Net income per employee (consolidated) | -¥48M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 44 | 38 | 32 | 24 | 24 |
| Average salary (parent company) | ¥8.7M | ¥8.6M | ¥8.7M | ¥8.9M | ¥8.5M |
| Average age (parent company) | 45.9 years | 45.8 years | 47.4 years | 46.6 years | 46.9 years |
| Average tenure (parent company) | 2.8 years | 3.3 years | 3.8 years | 4.7 years | 5.1 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +1473.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,250 | -110358.3% | S100YJ3C |
| Capital expenditure | 1 | 120.9% | S100YJ3C |
| Free cash flow | -1,252 | -110479.2% | 算出 |
| Investing cash flow | -1 | -120.9% | S100YJ3C |
| Financing cash flow | 1,005 | 88688.4% | S100YJ3C |
| Share buyback | 0 | 0.2% | S100YJ3C |
| Change in cash | -247 | -21790.7% | S100YJ3C |
| Cash and equivalents | 810 | 71533.1% | S100YJ3C |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,265 | 2,305 | 1,531 | 1,057 | 810 | S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Total assets | 3,749 | 2,771 | 1,701 | 1,230 | 1,121 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Net assets | 3,538 | 2,531 | 1,568 | 979 | 925 | S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Share capital | 6,460 | 6,700 | 362 | 651 | 1,200 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Property, plant and equipment | 48 | 25 | 0 | 0 | 0 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Current assets | 3,651 | 2,696 | 1,651 | 1,181 | 1,071 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Current liabilities | 156 | 185 | 77 | 191 | 132 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Total liabilities | 212 | 240 | 134 | 251 | 196 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Equity attributable to owners of parent | 3,511 | 2,509 | 1,547 | 956 | 903 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Retained earnings | -9,392 | -10,876 | -1,486 | -2,654 | -3,805 | S100PTK6, S100QKJ2, S100TP5I, S100VZBU, S100YJ3C |
| Treasury stock | — | — | 0 | 0 | -0 | S100TP5I, S100VZBU, S100YJ3C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100YJ3C |
| Other assets | 28% | S100YJ3C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YJ3C |
| Equity | 83% | S100YJ3C |
| Other liabilities | 0% | S100YJ3C |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,749 | 2,771 | 1,701 | 1,230 | 1,121 |
| Equity | 3,538 | 2,531 | 1,568 | 979 | 925 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,265 | 2,305 | 1,531 | 1,057 | 810 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.0% | S100YJ3C |
| Fixed assets ÷ total assets | 0.0% | S100YJ3C |
| Goodwill ÷ parent equity | — | —, S100YJ3C |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 72.3% |
| Cash ÷ revenue | 71533.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -99 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 120.9% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -45.9% | —× | — | S100PTK6 |
| 2022 | — | —× | -45.5% | —× | — | S100QKJ2 |
| 2023 | — | —× | -66.4% | —× | — | S100TP5I |
| 2024 | — | —× | -79.7% | —× | — | S100VZBU |
| 2025 | — | —× | -97.9% | —× | — | S100YJ3C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天証券株式会社共有口 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.5% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD | Major shareholder | 1.3% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| マネックス証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 妹尾 浩弥 | Major shareholder | 0.7% | 2026-03-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YJ3C | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ3C,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100VZBU | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZBU,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TP5I | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP5I,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100QKJ2 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QKJ2,, |
| 訂正有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100PTK6 | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTK6,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LQ6N | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ6N,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).