# Cyfuse Biomedical K.K.: 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16期(2025/01/01－2025/12/31) (S100XV4M)
> Page: https://vizora.meequs.com/en/company/cyfusebio
> Retrieved: 2026-09-30T21:32:53.023Z

## Company

Cyfuse Biomedical, founded in 2010, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 23 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cyfuse Biomedical K.K. |
| Ticker | 4892 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4892.T) |
| Listing | TSE Growth |
| Head office | 東京都港区三田三丁目5番27号 住友不動産東京三田サウスタワー |
| Representative (per filing) | 代表取締役 秋枝静香 |
| Founded | Aug 2010 |
| Share capital | ¥1.83B |
| Employees (consolidated) | 23 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | December |
| Website | www.cyfusebio.com (https://www.cyfusebio.com/) |
| Corporate number | 1010001140223 |
| EDINET | E38156 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XV4M, filed 2026-03-27). As of filing

## Key points (generated from figures)

- Cyfuse Biomedical brought in ¥231M in revenue.
- It lost about ¥359 for every ¥100 of sales at the operating level.
- Revenue changed +324.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥231M |  |
| Operating income | -¥828.2M | Margin -358.5% |
| Net income | -¥763.8M | Margin -330.7% |
| Free cash flow | -¥582.4M |  |
| Employees (consolidated) | 23 |  |
| EPS | ¥-86.78 |  |
| Book value per share | ¥276.42 |  |
| Equity ratio | 62.3% |  |
| Shares outstanding | 9,611,800 |  |
| Shareholders | 9,663 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 55.7% | Cash ÷ revenue 1028.8% |
| Vs. industry median margin | -365.6 pp | Biotech & Regenerative Medicine |
| ROA | -19.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 359 per ¥100 of revenue
- FY2025, revenue is 0.3× its level five years ago
- FY2025, cash is 56% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥708245000 | ¥230999000 | -67.4% |
| Operating income | ¥70569000 | ¥-828179000 | -1273.6% |
| Operating margin | 10.0% | -358.5% | -368.5 pp |
| Employees | 22 people | 23 people | +4.5% |
| Cash and equivalents | ¥1613040000 | ¥2376535000 | +47.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 231 | 100.0% | S100XV4M |
| Cost of revenue | 117 | 50.7% | S100XV4M |
| Gross profit | 114 | 49.3% | S100XV4M |
| SG&A | 942 | 407.8% | S100XV4M |
| Operating income | -828 | -358.5% | S100XV4M |
| Ordinary income | -761 | -329.6% | S100XV4M |
| Pretax income | -761 | -329.6% | S100XV4M |
| Income tax | 3 | 1.1% | S100XV4M |
| Net income | -764 | -330.7% | S100XV4M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 408 |
| Operating income | -359 |
| (Ref.) Net income | -331 |

### Margin funnel

Gross margin 49.3% → Operating margin -358.5% → Net margin -330.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 54 | 231 | 177 | +324.3% |
| Gross profit | 17 | 114 | 97 | +576.0% |
| Operating income | -896 | -828 | 68 | — |
| Operating cash flow | -761 | -535 | 226 | — |
| Free cash flow | -769 | -582 | 187 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 708 | 71 | 10.0% | 143 | 162 | — | S100QGWF |
| FY ending Dec 2022 | 374 | -425 | -113.5% | -474 | -404 | -632 | S100T55F |
| FY ending Dec 2023 | 61 | -697 | -1141.2% | -589 | -562 | -582 | S100VGO7 |
| FY ending Dec 2024 | 54 | -896 | -1645.9% | -872 | -761 | -769 | S100XV4M |
| FY ending Dec 2025 | 231 | -828 | -358.5% | -764 | -535 | -582 | S100XV4M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10M |
| Operating income per employee (consolidated) | -¥36M |
| Net income per employee (consolidated) | -¥33.2M |

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) | 22 | 21 | 21 | 21 | 23 |
| Average salary (parent company) | — | ¥7.6M | ¥7.8M | ¥8.5M | ¥9.4M |
| Average age (parent company) | — | 39.3 years | 40.2 years | 40.0 years | 42.8 years |
| Average tenure (parent company) | — | 4.7 years | 4.8 years | 5.3 years | 5.8 years |

Year over year: Employees (consolidated) +9.5% · Revenue (consolidated) +324.3%

## 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 | -535 | -231.5% | S100XV4M |
| Capital expenditure | 48 | 20.6% | S100XV4M |
| Free cash flow | -582 | -252.1% | 算出 |
| Investing cash flow | -398 | -172.1% | S100XV4M |
| Financing cash flow | 1,256 | 543.9% | S100XV4M |
| Change in cash | 324 | 140.2% | S100XV4M |
| Cash and equivalents | 2,377 | 1028.8% | S100XV4M |

## 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 | 1,613 | 3,437 | 2,874 | 2,053 | 2,377 | S100T55F, S100VGO7, S100XV4M |
| Total assets | 2,646 | 4,815 | 4,215 | 3,518 | 4,266 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Net assets | 1,900 | 3,770 | 3,203 | 2,542 | 2,758 | S100T55F, S100VGO7, S100XV4M |
| Share capital | 100 | 1,272 | 1,283 | 1,365 | 1,829 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Property, plant and equipment | 27 | 189 | 170 | 142 | 155 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Intangible assets excluding goodwill | 5 | 5 | 4 | 4 | 3 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Current assets | 2,559 | 4,565 | 3,987 | 3,240 | 3,934 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Current liabilities | 386 | 683 | 666 | 649 | 866 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Short-term borrowings | 129 | 467 | 550 | 508 | 485 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Long-term borrowings | 360 | 363 | 345 | 327 | 642 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Total liabilities | 746 | 1,046 | 1,011 | 976 | 1,508 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Equity attributable to owners of parent | 1,899 | 3,769 | 3,203 | 2,493 | 2,657 | S100QGWF, S100T55F, S100VGO7, S100XV4M |
| Retained earnings | -923 | -1,397 | -1,986 | -2,858 | -3,622 | S100QGWF, S100T55F, S100VGO7, S100XV4M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100XV4M |
| Property, plant and equipment | 4% | S100XV4M |
| Intangibles and goodwill | 0% | S100XV4M |
| Other assets | 40% | S100XV4M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100XV4M |
| Equity | 65% | S100XV4M |

### 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 | 2,646 | 4,815 | 4,215 | 3,518 | 4,266 |
| Equity | 1,900 | 3,770 | 3,203 | 2,542 | 2,758 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,613 | 3,437 | 2,874 | 2,053 | 2,377 |

## 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) | 67.1% | S100XV4M |
| Fixed assets ÷ total assets | 3.6% | S100XV4M |
| Goodwill ÷ parent equity | — | —, S100XV4M |

### 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) | 55.7% |
| Cash ÷ revenue | 1028.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 229 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.6% |
| 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 | 20.2% | 0.27× | 5.4% | 1.39× | 7.5% | S100QGWF |
| 2022 | — | —× | -12.7% | —× | — | S100T55F |
| 2023 | — | —× | -13.0% | —× | — | S100VGO7 |
| 2024 | — | —× | -22.6% | —× | — | S100XV4M |
| 2025 | — | —× | -19.6% | —× | — | S100XV4M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SBI証券 | Major shareholder | 5.6% | 2025-12-31 |
| 秋枝 静香 | Major shareholder | 5.3% | 2025-12-31 |
| SBI Ventures Two株式会社 | Major shareholder | 4.8% | 2025-12-31 |
| 三條 真弘 | Major shareholder | 4.0% | 2025-12-31 |
| 小西 正夫 | Major shareholder | 3.3% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社SBI新生銀行 | Major shareholder | 2.3% | 2025-12-31 |
| 中山 功一 | Major shareholder | 2.0% | 2025-12-31 |
| PHC株式会社 | Major shareholder | 1.9% | 2025-12-31 |
| 福岡地所株式会社 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XV4M | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV4M,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VGO7 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGO7,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T55F | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T55F,, |
| 有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QGWF | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGWF,, |

## 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).