# Cuorips Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/04/01－2026/03/31) (S100YIP2)
> Page: https://vizora.meequs.com/en/company/cuorips
> Retrieved: 2026-09-30T20:56:34.316Z

## Company

Cuorips, founded in 2017, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 51 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cuorips Inc. |
| Ticker | 4894 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4894.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋本町三丁目11番5号 日本橋ライフサイエンスビルディング2、507 (注)本店は、2026年6月25日開催予定の第10回定時株主総会において定款の一部変更が承認可決された場合、2027年3月31日までに開催予定の取締役会の決議により、下記の所在地へ移転する予定であります。 大阪府大阪市北区中之島4丁目3番51号 Nakanoshima Qross 8F |
| Representative (per filing) | 代表取締役社長 草薙 尊之 |
| Founded | Mar 2017 |
| Share capital | ¥1.77B |
| Employees (consolidated) | 51 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | cuorips.co.jp (https://cuorips.co.jp/) |
| Corporate number | 7020001120540 |
| EDINET | E38688 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YIP2, filed 2026-06-24). As of filing

## Key points (generated from figures)

- Cuorips brought in ¥212.3M in revenue.
- It lost about ¥509 for every ¥100 of sales at the operating level.
- Revenue changed +21.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥212.3M |  |
| Operating income | -¥1.08B | Margin -509.2% |
| Net income | -¥1.02B | Margin -481.6% |
| Free cash flow | -¥1.11B |  |
| Employees (consolidated) | 51 |  |
| EPS | ¥-93.92 |  |
| Book value per share | ¥611.47 |  |
| Equity ratio | 91.6% |  |
| Shares outstanding | 8,273,376 |  |
| Treasury shares | 15,800 |  |
| Shareholders | 15,715 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 76.1% | Cash ÷ revenue 1836.8% |
| Vs. industry median margin | -516.3 pp | Biotech & Regenerative Medicine |
| ROA | -18.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 509 per ¥100 of revenue
- FY2026, cash is 76% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13913000 | ¥212332000 | — |
| Operating income | ¥-373264000 | ¥-1081266000 | — |
| Operating margin | -2682.8% | -509.2% | +2,173.6 pp |
| Employees | 43 people | 51 people | — |
| Cash and equivalents | ¥3341782000 | ¥3900064000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 212 | 100.0% | S100YIP2 |
| Cost of revenue | 82 | 38.6% | S100YIP2 |
| Gross profit | 130 | 61.4% | S100YIP2 |
| SG&A | 1,212 | 570.6% | S100YIP2 |
| Operating income | -1,081 | -509.2% | S100YIP2 |
| Ordinary income | -1,029 | -484.4% | S100YIP2 |
| Pretax income | -1,027 | -483.5% | S100YIP2 |
| Income tax | 4 | 1.8% | S100YIP2 |
| Net income | -1,030 | -485.3% | S100YIP2 |
| Net income attributable to owners | -1,023 | -481.6% | S100YIP2 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 571 |
| Operating income | -509 |
| (Ref.) Net income | -482 |

### Margin funnel

Gross margin 61.4% → Operating margin -509.2% → Net margin -481.6%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 175 | 212 | 37 | +21.2% |
| Gross profit | 168 | 130 | -38 | -22.5% |
| Operating income | -590 | -1,081 | -491 | — |
| Net income attributable to owners | -644 | -1,023 | -378 | — |
| Operating cash flow | -813 | -1,060 | -247 | — |
| Free cash flow | -902 | -1,110 | -207 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 14 | -373 | -2682.8% | -375 | -221 | -249 | S100RAR3 |
| FY ending Mar 2023 | 38 | -450 | -1176.7% | -452 | -402 | -412 | S100RAR3 |
| FY ending Mar 2024 | 23 | -588 | -2547.3% | -632 | -451 | -487 | S100W1HQ |
| FY ending Mar 2025 | 175 | -590 | -336.9% | -644 | -813 | -902 | S100YIP2 |
| FY ending Mar 2026 | 212 | -1,081 | -509.2% | -1,023 | -1,060 | -1,110 | S100YIP2 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥4.2M |
| Operating income per employee (consolidated) | -¥21.2M |
| Net income per employee (consolidated) | -¥20.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 43 | 46 | 59 | 56 | 51 |
| Average salary (parent company) | — | ¥5.8M | ¥5.8M | ¥6.1M | ¥6.2M |
| Average age (parent company) | — | 44.0 years | 42.6 years | 42.1 years | 43.1 years |
| Average tenure (parent company) | — | 2.4 years | 2.4 years | 2.9 years | 3.4 years |

Year over year: Employees (consolidated) -8.9% · Revenue (consolidated) +21.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,060 | -499.2% | S100YIP2 |
| Capital expenditure | 50 | 23.4% | S100YIP2 |
| Free cash flow | -1,110 | -522.6% | 算出 |
| Investing cash flow | -35 | -16.5% | S100YIP2 |
| Financing cash flow | 204 | 96.2% | S100YIP2 |
| Share buyback | 0 | 0.1% | S100YIP2 |
| Change in cash | -894 | -420.9% | S100YIP2 |
| Cash and equivalents | 3,900 | 1836.8% | S100YIP2 |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,342 | 2,942 | 5,582 | 4,794 | 3,900 | S100RAR3, S100YIP2 |
| Total assets | 4,045 | 3,587 | 6,185 | 5,742 | 5,123 | S100RAR3, S100W1HQ, S100YIP2 |
| Net assets | 3,896 | 3,454 | 5,984 | 5,530 | 4,769 | S100RAR3, S100YIP2 |
| Share capital | 10 | 10 | 1,595 | 1,667 | 1,770 | S100RAR3, S100W1HQ, S100YIP2 |
| Inventories | 0 | 5 | 1 | 45 | 65 | S100RAR3, S100W1HQ, S100YIP2 |
| Property, plant and equipment | 634 | 562 | 514 | 515 | 503 | S100RAR3, S100W1HQ, S100YIP2 |
| Intangible assets excluding goodwill | — | 6 | 17 | 30 | 128 | S100RAR3, S100W1HQ, S100YIP2 |
| Current assets | 3,367 | 2,977 | 5,612 | 5,125 | 4,421 | S100RAR3, S100W1HQ, S100YIP2 |
| Current liabilities | 112 | 97 | 166 | 177 | 278 | S100RAR3, S100W1HQ, S100YIP2 |
| Total liabilities | 149 | 134 | 201 | 212 | 354 | S100RAR3, S100W1HQ, S100YIP2 |
| Non-controlling interests | — | — | 2 | 3 | 19 | S100W1HQ, S100YIP2 |
| Equity attributable to owners of parent | 3,880 | 3,437 | 5,975 | 5,474 | 4,661 | S100RAR3, S100W1HQ, S100YIP2 |
| Retained earnings | -1,018 | -1,470 | -2,102 | -2,746 | -3,769 | S100RAR3, S100W1HQ, S100YIP2 |
| Treasury stock | -17 | -12 | -12 | -13 | -13 | S100RAR3, S100W1HQ, S100YIP2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100YIP2 |
| Inventories | 1% | S100YIP2 |
| Property, plant and equipment | 10% | S100YIP2 |
| Intangibles and goodwill | 3% | S100YIP2 |
| Other assets | 10% | S100YIP2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 7% | S100YIP2 |
| Equity | 93% | S100YIP2 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,045 | 3,587 | 6,185 | 5,742 | 5,123 |
| Equity | 3,896 | 3,454 | 5,984 | 5,530 | 4,769 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,342 | 2,942 | 5,582 | 4,794 | 3,900 |

## 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) | 236.8% | S100YIP2 |
| Fixed assets ÷ total assets | 9.8% | S100YIP2 |
| Goodwill ÷ parent equity | — | —, S100YIP2 |

### 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) | 76.1% |
| Cash ÷ revenue | 1836.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -37 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 23.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -9.3% | —× | — | S100RAR3 |
| 2023 | — | —× | -11.8% | —× | — | S100RAR3 |
| 2024 | — | —× | -10.2% | —× | — | S100W1HQ |
| 2025 | — | —× | -10.8% | —× | — | S100YIP2 |
| 2026 | — | —× | -18.8% | —× | — | S100YIP2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 第一三共株式会社 | Major shareholder | 12.1% | 2026-03-31 |
| テルモ株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| 澤 芳樹 | Major shareholder | 1.5% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| DEFTA LIMITED （常任代理人 株式会社デフタ・キャピタル） | Major shareholder | 1.3% | 2026-03-31 |
| 朝日インテック株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| ダイダン株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 草薙 尊之 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YIP2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIP2,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100W1HQ | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1HQ,, |
| 有価証券報告書－第8期(2023/04/01－2024/03/31) | S100TVVW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVVW,, |
| 有価証券報告書－第7期(2022/04/01－2023/03/31) | S100RAR3 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAR3,, |

## 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).