# Carna Biosciences, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/01/01－2025/12/31) (S100XSFK)
> Page: https://vizora.meequs.com/en/company/carna-biosciences
> Retrieved: 2026-09-30T21:46:07.989Z

## Company

Carna Biosciences, founded in 2002, is a company in CRO & Clinical Testing listed on TSE Growth. It has 61 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Carna Biosciences, Inc. |
| Ticker | 4572 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4572.T) |
| Listing | TSE Growth |
| Head office | 神戸市中央区港島南町一丁目5番5号 |
| Representative (per filing) | 代表取締役社長 吉野公一郎 |
| Founded | Nov 2002 |
| Share capital | ¥14.8M |
| Employees (consolidated) | 61 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.carnabio.com (https://www.carnabio.com/) |
| Corporate number | 8140001022724 |
| EDINET | E00987 |
| Industries (Vizora) | CRO & Clinical Testing, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XSFK, filed 2026-03-26). As of filing

## Key points (generated from figures)

- Carna Biosciences brought in ¥579.1M in revenue.
- It lost about ¥358 for every ¥100 of sales at the operating level.
- Revenue changed -9.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥579.1M |  |
| Operating income | -¥2.07B | Margin -358.3% |
| Net income | -¥2.17B | Margin -375.0% |
| Free cash flow | -¥2.17B |  |
| Largest business | Drug discovery support business | of segment revenue 100.0% |
| Employees (consolidated) | 61 |  |
| EPS | ¥-112.09 |  |
| Book value per share | ¥3.45 |  |
| Equity ratio | 25.1% |  |
| Shares outstanding | 19,150,500 |  |
| Treasury shares | 11,100 |  |
| Shareholders | 9,576 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 42.0% | Cash ÷ revenue 89.2% |
| Vs. industry median margin | -363.8 pp | CRO & Clinical Testing |
| ROA | -108.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 358 per ¥100 of revenue
- FY2025, revenue is 0.3× its level five years ago
- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1133346000 | ¥579057000 | -48.9% |
| Operating income | ¥-1057067000 | ¥-2074972000 | — |
| Operating margin | -93.3% | -358.3% | -265.1 pp |
| Employees | 64 people | 61 people | -4.7% |
| Cash and equivalents | ¥4299142000 | ¥516789000 | -88.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 創薬支援事業 → 創薬支援事業 | 95.3% |
| 創薬事業 → 事業再編・廃止 | 4.7% |
| 新設・再編 → 創薬支援事業 | 4.7% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 579 | 100.0% | S100XSFK |
| Cost of revenue | 191 | 33.0% | S100XSFK |
| Gross profit | 388 | 67.0% | S100XSFK |
| SG&A | 2,463 | 425.4% | S100XSFK |
| Operating income | -2,075 | -358.3% | S100XSFK |
| Ordinary income | -2,145 | -370.4% | S100XSFK |
| Pretax income | -2,170 | -374.7% | S100XSFK |
| Income tax | 2 | 0.3% | S100XSFK |
| Net income | -2,171 | -375.0% | S100XSFK |
| Net income attributable to owners | -2,171 | -375.0% | S100XSFK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 425 |
| Operating income | -358 |
| (Ref.) Net income | -375 |

### Margin funnel

Gross margin 67.0% → Operating margin -358.3% → Net margin -375.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 636 | 579 | -57 | -9.0% |
| Gross profit | 466 | 388 | -78 | -16.7% |
| Operating income | -2,076 | -2,075 | 1 | — |
| Net income attributable to owners | -2,179 | -2,171 | 7 | — |
| Operating cash flow | -1,375 | -2,159 | -785 | — |
| Free cash flow | -1,388 | -2,169 | -781 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,207 | 978 | 30.5% | 828 | 1,478 | 1,436 | S100KZV2 |
| FY ending Dec 2020 | 1,133 | -1,057 | -93.3% | -1,111 | -1,261 | -1,330 | S100NPCS |
| FY ending Dec 2021 | 2,018 | -531 | -26.3% | -534 | -1,537 | -1,578 | S100QFB8 |
| FY ending Dec 2022 | 1,387 | -1,270 | -91.6% | -1,350 | -708 | -834 | S100T2Q7 |
| FY ending Dec 2023 | 1,626 | -1,117 | -68.7% | -1,153 | -1,677 | -1,689 | S100VEU5 |
| FY ending Dec 2024 | 636 | -2,076 | -326.3% | -2,179 | -1,375 | -1,388 | S100XSFK |
| FY ending Dec 2025 | 579 | -2,075 | -358.3% | -2,171 | -2,159 | -2,169 | S100XSFK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.5M |
| Operating income per employee (consolidated) | -¥34M |
| Net income per employee (consolidated) | -¥35.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 64 | 65 | 67 | 63 | 61 |
| Average salary (parent company) | ¥6.3M | ¥7.1M | ¥7M | ¥8M | ¥7.9M |
| Average age (parent company) | 45.1 years | 46.1 years | 46.8 years | 47.1 years | 47.6 years |
| Average tenure (parent company) | 9.1 years | 9.8 years | 10.3 years | 11.3 years | 11.6 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) -9.0%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Drug discovery support business | 579 | 100.0% | -51 | -8.8% |
| Drug discovery business | — | 0.0% | -2,024 | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Margin |
| --- | ---: |
| Drug discovery support business | -8.8% |
| Drug discovery business | — |

Loss-making segment (excluded from profit shares): Drug discovery support business -51 JPY mn

Loss-making segment (excluded from profit shares): Drug discovery business -2,024 JPY mn

Segment → industry: Drug discovery support business → CRO & Clinical Testing / Drug discovery business → Biotech & Regenerative Medicine

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,159 | -372.9% | S100XSFK |
| Capital expenditure | 9 | 1.6% | S100XSFK |
| Free cash flow | -2,169 | -374.5% | 算出 |
| Investing cash flow | -25 | -4.3% | S100XSFK |
| Financing cash flow | 605 | 104.4% | S100XSFK |
| Change in cash | -1,592 | -274.9% | S100XSFK |
| Cash and equivalents | 517 | 89.2% | S100XSFK |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,818 | 3,379 | 2,889 | 2,108 | 517 | S100T2Q7, S100VEU5, S100XSFK |
| Total assets | 5,433 | 4,266 | 4,350 | 2,772 | 1,230 | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |
| Net assets | 4,316 | 3,642 | 3,878 | 2,475 | 309 | S100T2Q7, S100VEU5, S100XSFK |
| Share capital | 1,057 | 1,382 | 2,076 | 2,448 | 15 | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |
| Property, plant and equipment | 52 | 100 | 105 | — | — | S100QFB8, S100T2Q7, S100VEU5 |
| Intangible assets excluding goodwill | 3 | 2 | 1 | — | — | S100QFB8, S100T2Q7, S100VEU5 |
| Investment securities | — | — | — | 11 | 29 | S100XSFK |
| Current assets | 5,318 | 4,104 | 4,191 | 2,738 | 1,176 | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |
| Current liabilities | 775 | 436 | 376 | 223 | 168 | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |
| Long-term borrowings | 268 | 148 | 28 | 8 | — | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |
| Bonds | 32 | — | — | — | — | S100QFB8 |
| Total liabilities | 1,117 | 625 | 472 | 297 | 920 | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |
| Equity attributable to owners of parent | 4,292 | 3,593 | 3,829 | 2,392 | 231 | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |
| Retained earnings | -1,573 | -2,922 | -4,075 | -6,254 | -1,981 | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QFB8, S100T2Q7, S100VEU5, S100XSFK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XSFK |
| Investment securities | 2% | S100XSFK |
| Other assets | 56% | S100XSFK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100XSFK |
| Equity | 25% | S100XSFK |
| Other liabilities | 0% | S100XSFK |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,433 | 4,266 | 4,350 | 2,772 | 1,230 |
| Equity | 4,316 | 3,642 | 3,878 | 2,475 | 309 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,818 | 3,379 | 2,889 | 2,108 | 517 |

### 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) | 42.0% |
| Cash ÷ revenue | 89.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 12 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| 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 | — | —× | -9.8% | —× | — | S100QFB8 |
| 2022 | — | —× | -27.8% | —× | — | S100T2Q7 |
| 2023 | — | —× | -26.8% | —× | — | S100VEU5 |
| 2024 | — | —× | -61.2% | —× | — | S100XSFK |
| 2025 | — | —× | -108.5% | —× | — | S100XSFK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 5.0% | 2025-12-31 |
| 川村 剛 | Major shareholder | 2.9% | 2025-12-31 |
| 小野薬品工業株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| 上原 俊彦 | Major shareholder | 2.6% | 2025-12-31 |
| 堀田 和男 | Major shareholder | 2.4% | 2025-12-31 |
| 吉野 公一郎 | Major shareholder | 1.7% | 2025-12-31 |
| 小川 義水 | Major shareholder | 1.3% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC）（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2025-12-31 |
| BNYM SA／NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2025-12-31 |
| 鈴木 隆啓 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/01/01－2025/12/31) | S100XSFK | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSFK,, |
| 有価証券報告書－第22期(2024/01/01－2024/12/31) | S100VEU5 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VEU5,, |
| 有価証券報告書－第21期(2023/01/01－2023/12/31) | S100T2Q7 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2Q7,, |
| 有価証券報告書－第20期(2022/01/01－2022/12/31) | S100QFB8 | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFB8,, |
| 有価証券報告書－第19期(令和3年1月1日－令和3年12月31日) | S100NPCS | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPCS,, |
| 有価証券報告書－第18期(令和2年1月1日－令和2年12月31日) | S100KZV2 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZV2,, |

## 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).