# CellSeed Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/01/01－2025/12/31) (S100XUKD)
> Page: https://vizora.meequs.com/en/company/cellseed
> Retrieved: 2026-09-30T20:58:32.843Z

## Company

CellSeed, founded in 2001, is a company in Medical Devices listed on TSE Growth. It has 36 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CellSeed Inc. |
| Ticker | 7776 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7776.T) |
| Listing | TSE Growth |
| Head office | 東京都江東区青海二丁目5番10号テレコムセンタービル |
| Representative (per filing) | 代表取締役社長 橋本 せつ子 |
| Founded | May 2001 |
| Share capital | ¥2.26B |
| Employees (consolidated) | 36 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | www.cellseed.com (https://www.cellseed.com/) |
| Corporate number | 9011101031759 |
| EDINET | E24158 |
| Industries (Vizora) | Medical Devices, CRO & Clinical Testing, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XUKD, filed 2026-03-26). As of filing

## Key points (generated from figures)

- About 98% of CellSeed's sales come from Laboratory consumables and equipment, with Cell-Sheet regenerative medicine making up much of the rest.
- It lost about ¥1250 for every ¥100 of sales at the operating level.
- Revenue changed -56.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥83.7M |  |
| Operating income | -¥1.05B | Margin -1250.2% |
| Net income | -¥1.1B | Margin -1319.5% |
| Free cash flow | -¥1.02B |  |
| Largest business | Laboratory consumables and equipment | of segment revenue 97.8% |
| Employees (consolidated) | 36 |  |
| EPS | ¥-31.82 |  |
| Book value per share | ¥35.37 |  |
| Equity ratio | 76.0% |  |
| Shares outstanding | 35,557,719 |  |
| Treasury shares | 100 |  |
| Shareholders | 24,156 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 79.7% | Cash ÷ revenue 1576.2% |
| Vs. industry median margin | -1,261.3 pp | Medical Devices |
| ROA | -54.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 1250 per ¥100 of revenue
- FY2025, cash is 80% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥161673000 | ¥83678000 | — |
| Operating income | ¥-864683000 | ¥-1046127000 | — |
| Operating margin | -534.8% | -1250.2% | -715.3 pp |
| Employees | 44 people | 36 people | — |
| Cash and equivalents | ¥930945000 | ¥1318909000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → 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 |
| --- | ---: |
| 再生医療支援事業 → 再生医療支援事業 | 91.4% |
| 細胞シート再生医療事業 → 細胞シート再生医療事業 | 2.2% |
| 細胞シート再生医療事業 → 事業再編・廃止 | 6.3% |
| 新設・再編 → 再生医療支援事業 | 6.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 84 | 100.0% | S100XUKD |
| Cost of revenue | 41 | 48.9% | S100XUKD |
| Gross profit | 43 | 51.1% | S100XUKD |
| SG&A | 1,089 | 1301.3% | S100XUKD |
| Operating income | -1,046 | -1250.2% | S100XUKD |
| Ordinary income | -1,052 | -1257.0% | S100XUKD |
| Pretax income | -1,102 | -1316.7% | S100XUKD |
| Income tax | 2 | 2.7% | S100XUKD |
| Net income | -1,104 | -1319.5% | S100XUKD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 1301 |
| Operating income | -1250 |
| (Ref.) Net income | -1319 |

### Margin funnel

Gross margin 51.1% → Operating margin -1250.2% → Net margin -1319.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 193 | 84 | -110 | -56.7% |
| Gross profit | 110 | 43 | -67 | -61.2% |
| Operating income | -846 | -1,046 | -200 | — |
| Operating cash flow | -866 | -989 | -123 | — |
| Free cash flow | -884 | -1,016 | -131 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 276 | -781 | -283.1% | -782 | -578 | -591 | S100L1WE |
| FY ending Dec 2020 | 199 | -720 | -360.7% | -784 | -701 | -711 | S100NR3A |
| FY ending Dec 2021 | 162 | -865 | -534.8% | -915 | -817 | -908 | S100NR3A |
| FY ending Dec 2021 | 162 | -864 | -534.5% | -915 | -817 | — | S100QIL1 |
| FY ending Dec 2022 | 126 | -743 | -587.9% | -760 | -718 | -734 | S100T4XQ |
| FY ending Dec 2023 | 190 | -698 | -367.0% | -847 | -779 | -801 | S100VGWL |
| FY ending Dec 2024 | 193 | -846 | -437.9% | -860 | -866 | -884 | S100XUKD |
| FY ending Dec 2025 | 84 | -1,046 | -1250.2% | -1,104 | -989 | -1,016 | S100XUKD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥2.3M |
| Operating income per employee (consolidated) | -¥29.1M |
| Net income per employee (consolidated) | -¥30.7M |

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) | 44 | 30 | 35 | 38 | 36 |
| Average salary (parent company) | — | ¥5.7M | ¥6.2M | ¥6.3M | ¥6.1M |
| Average age (parent company) | — | 44.7 years | 42.6 years | 41.9 years | 43.1 years |
| Average tenure (parent company) | — | 4.7 years | 4.7 years | 4.8 years | 5.2 years |

Year over year: Employees (consolidated) -5.3% · Revenue (consolidated) -56.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Laboratory consumables and equipment | 82 | 97.8% | -105 | -128.1% |
| Cell-Sheet regenerative medicine | 2 | 2.2% | -723 | -38558.9% |

### 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 | Revenue share | Margin |
| --- | ---: | ---: |
| Laboratory consumables and equipment | 97.8% | -128.1% |
| Cell-Sheet regenerative medicine | 2.2% | -38558.9% |

Loss-making segment (excluded from profit shares): Laboratory consumables and equipment -105 JPY mn

Loss-making segment (excluded from profit shares): Cell-Sheet regenerative medicine -723 JPY mn

Segment → industry: Laboratory consumables and equipment → Medical Devices / Laboratory consumables and equipment → CRO & Clinical Testing / Cell-Sheet regenerative medicine → Biotech & Regenerative Medicine

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -989 | -1181.9% | S100XUKD |
| Capital expenditure | 27 | 31.9% | S100XUKD |
| Free cash flow | -1,016 | -1213.8% | 算出 |
| Investing cash flow | -27 | -31.9% | S100XUKD |
| Financing cash flow | 200 | 239.4% | S100XUKD |
| Change in cash | -815 | -974.4% | S100XUKD |
| Cash and equivalents | 1,319 | 1576.2% | S100XUKD |

## 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 | 847 | 1,072 | 2,163 | 2,134 | 1,319 | S100T4XQ, S100VGWL, S100XUKD |
| Total assets | 1,408 | 1,544 | 2,466 | 2,433 | 1,656 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |
| Net assets | 1,045 | 1,178 | 2,165 | 2,163 | 1,268 | S100T4XQ, S100VGWL, S100XUKD |
| Share capital | 4,549 | 1,467 | 2,384 | 2,819 | 2,256 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |
| Property, plant and equipment | 106 | 98 | — | — | — | S100QIL1, S100T4XQ |
| Investment securities | — | — | 20 | 21 | 21 | S100VGWL, S100XUKD |
| Current assets | 1,008 | 1,232 | 2,352 | 2,312 | 1,522 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |
| Current liabilities | 171 | 181 | 124 | 103 | 248 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |
| Long-term borrowings | 159 | 151 | 144 | 133 | 105 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |
| Total liabilities | 364 | 366 | 301 | 270 | 387 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |
| Equity attributable to owners of parent | 1,020 | 1,154 | 2,142 | 2,152 | 1,256 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |
| Retained earnings | -5,299 | -760 | -1,606 | -2,466 | -1,104 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QIL1, S100T4XQ, S100VGWL, S100XUKD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 80% | S100XUKD |
| Investment securities | 1% | S100XUKD |
| Other assets | 19% | S100XUKD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XUKD |
| Equity | 77% | S100XUKD |

### 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 | 1,408 | 1,544 | 2,466 | 2,433 | 1,656 |
| Equity | 1,045 | 1,178 | 2,165 | 2,163 | 1,268 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 847 | 1,072 | 2,163 | 2,134 | 1,319 |

### 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) | 79.7% |
| Cash ÷ revenue | 1576.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 115 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 31.9% |
| 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 | — | —× | -64.9% | —× | — | S100XUKD, S100QIL1 |
| 2022 | — | —× | -51.5% | —× | — | S100T4XQ |
| 2023 | — | —× | -42.2% | —× | — | S100VGWL |
| 2024 | — | —× | -35.1% | —× | — | S100XUKD |
| 2025 | — | —× | -54.0% | —× | — | S100XUKD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人 野村證券株式会社） | Major shareholder | 0.5% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 0.4% | 2025-12-31 |
| 佐原 淳 | Major shareholder | 0.4% | 2025-12-31 |
| 大日本印刷株式会社 | Major shareholder | 0.4% | 2025-12-31 |
| 小田川 環 | Major shareholder | 0.4% | 2025-12-31 |
| 阿良 満寿男 | Major shareholder | 0.4% | 2025-12-31 |
| MSCO CUSTOMER SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.4% | 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 | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XUKD | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUKD,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VGWL | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGWL,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T4XQ | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4XQ,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QIL1 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIL1,, |
| 有価証券報告書－第21期(令和3年1月1日－令和3年12月31日) | S100NR3A | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR3A,, |
| 有価証券報告書－第20期(令和2年1月1日－令和2年12月31日) | S100L1WE | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1WE,, |

## 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).