D.Western Therapeutics InstituteD.Western Therapeutics Institute, Inc.4576東証グロース医薬品FY ending Dec 2025, consolidated, J-GAAP
It lost about ¥160 for every ¥100 of sales at the operating level. Revenue changed -17.8% from the prior year.
Net margin × asset turnover = ROA; ROA × financial leverage = ROE
| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE |
|---|---|---|---|---|---|
| 2021 | — | —× | -6.0% | —× | — |
| 2022 | — | —× | -15.9% | —× | — |
| 2023 | — | —× | -30.5% | —× | — |
| 2024 | — | —× | -63.8% | —× | — |
| 2025 | — | —× | -32.9% | —× | — |
Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.
Annual trends in tangible-asset ratios and goodwill balance.
Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition
Track R&D investment and how long operating capital remains tied up before sales turn into cash.
R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.
| Item | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 414 | 448 | 428 | 472 | 388 |
| Cost of revenue | 20 | 28 | 37 | 47 | 39 |
| Gross profit | 394 | 421 | 392 | 425 | 349 |
| SG&A | 566 | 726 | 1,190 | 1,634 | 969 |
| Operating income | -172 | -306 | -799 | -1,210 | -620 |
| Pretax income | -160 | -440 | -827 | -1,289 | -630 |
| Income tax | 2 | 2 | 2 | 2 | 2 |
| Net income attributable to owners | -149 | -430 | -812 | -1,290 | -632 |
| Operating margin | -41.4% | -68.3% | -186.4% | -256.5% | -159.9% |
Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.
Each bar totals 100% of assets; other is the residual.
| Item | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
|---|---|---|---|---|---|
| Cash and equivalents | ¥1.93B | ¥2.33B | ¥1.87B | ¥1.13B | ¥1.71B |
| Total assets | ¥2.46B | ¥2.96B | ¥2.37B | ¥1.67B | ¥2.17B |
| Net assets | ¥2.04B | ¥1.87B | ¥1.28B | ¥733.9M | ¥1.44B |
| Share capital | ¥573.2M | ¥714.2M | ¥831.6M | ¥1.2B | ¥697.3M |
| Property, plant and equipment | ¥4.6M | ¥10.1M | ¥10M | ¥11.2M | ¥9.2M |
| Intangible assets excluding goodwill | ¥166.6M | ¥124.5M | ¥86.5M | ¥44.4M | ¥2.4M |
| Investment securities | ¥122.5M | ¥153.6M | ¥141.5M | ¥142.8M | ¥142.7M |
| Current assets | ¥2.16B | ¥2.66B | ¥2.14B | ¥1.48B | ¥2.02B |
| Current liabilities | ¥193.2M | ¥211.2M | ¥194M | ¥132.6M | ¥203.9M |
| Long-term borrowings | ¥210.5M | ¥113M | ¥269.5M | ¥476.4M | ¥506.1M |
| Bonds | — | — | — | ¥302.5M | — |
| Total liabilities | ¥427.7M | ¥1.08B | ¥1.09B | ¥935.6M | ¥734M |
| Non-controlling interests | ¥28.2M | ¥16M | — | — | — |
| Equity attributable to owners of parent | ¥2B | ¥1.86B | ¥1.28B | ¥732.1M | ¥1.43B |
| Retained earnings | -¥1.2B | -¥1.63B | -¥2.44B | -¥3.73B | -¥543.6M |
| Treasury stock | — | — | ¥0 | ¥0 | ¥0 |
EDINET (FSA Japan)
有価証券報告書－第28期(2025/01/01－2025/12/31)
EDINET (FSA Japan)
有価証券報告書－第27期(2024/01/01－2024/12/31)
EDINET (FSA Japan)
有価証券報告書－第26期(2023/01/01－2023/12/31)
EDINET (FSA Japan)
有価証券報告書－第25期(2022/01/01－2022/12/31)
EDINET (FSA Japan)
有価証券報告書－第24期(令和3年1月1日－令和3年12月31日)
EDINET (FSA Japan)
有価証券報告書－第23期(令和2年1月1日－令和2年12月31日)
Extracted from XBRL: 42 / Derived from other figures: 1
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