# D.Western Therapeutics Institute, 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28期(2025/01/01－2025/12/31) (S100XS4G)
> Page: https://vizora.meequs.com/en/company/d-western-therapeutics-institute
> Retrieved: 2026-09-30T19:58:29.120Z

## Company

D.Western Therapeutics Institute, founded in 1999, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 19 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | D.Western Therapeutics Institute, Inc. |
| Ticker | 4576 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4576.T) |
| Listing | TSE Growth |
| Head office | 名古屋市中区錦一丁目18番11号 |
| Representative (per filing) | 代表取締役社長 日高 有一 |
| Founded | Feb 1999 |
| Share capital | ¥697.3M |
| Employees (consolidated) | 19 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.dwti.co.jp (https://www.dwti.co.jp/) |
| Corporate number | 5180001055013 |
| EDINET | E22024 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XS4G, filed 2026-03-23). As of filing

## Key points (generated from figures)

- D.Western Therapeutics Institute brought in ¥387.6M in revenue.
- It lost about ¥160 for every ¥100 of sales at the operating level.
- Revenue changed -17.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥387.6M |  |
| Operating income | -¥619.9M | Margin -159.9% |
| Net income | -¥632.1M | Margin -163.1% |
| Free cash flow | -¥496.5M |  |
| Employees (consolidated) | 19 |  |
| EPS | ¥-12.99 |  |
| Book value per share | ¥25.75 |  |
| Equity ratio | 66.1% |  |
| Shares outstanding | 54,251,712 |  |
| Treasury shares | 200 |  |
| Shareholders | 18,948 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 78.8% | Cash ÷ revenue 441.1% |
| Vs. industry median margin | -167 pp | Biotech & Regenerative Medicine |
| ROA | -32.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 160 per ¥100 of revenue
- FY2025, cash is 79% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥355586000 | ¥387620000 | +9.0% |
| Operating income | ¥-265679000 | ¥-619870000 | — |
| Operating margin | -74.7% | -159.9% | -85.2 pp |
| Employees | 15 people | 19 people | +26.7% |
| Cash and equivalents | ¥2308210000 | ¥1709790000 | -25.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 388 | 100.0% | S100XS4G |
| Cost of revenue | 39 | 10.0% | S100XS4G |
| Gross profit | 349 | 90.0% | S100XS4G |
| SG&A | 969 | 249.9% | S100XS4G |
| Operating income | -620 | -159.9% | S100XS4G |
| Ordinary income | -630 | -162.7% | S100XS4G |
| Pretax income | -630 | -162.7% | S100XS4G |
| Income tax | 2 | 0.4% | S100XS4G |
| Net income | -632 | -163.1% | S100XS4G |
| Net income attributable to owners | -632 | -163.1% | S100XS4G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 10 |
| SG&A | 250 |
| Operating income | -160 |
| (Ref.) Net income | -163 |

### Margin funnel

Gross margin 90.0% → Operating margin -159.9% → Net margin -163.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 472 | 388 | -84 | -17.8% |
| Gross profit | 425 | 349 | -76 | -17.9% |
| Operating income | -1,210 | -620 | 590 | — |
| Net income attributable to owners | -1,290 | -632 | 658 | — |
| Operating cash flow | -1,299 | -494 | 805 | — |
| Free cash flow | -1,309 | -497 | 813 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 581 | 117 | 20.2% | 133 | 176 | — | S100KZGC |
| FY ending Dec 2020 | 356 | -266 | -74.7% | -276 | -216 | -221 | S100NR77 |
| FY ending Dec 2021 | 414 | -172 | -41.4% | -149 | -176 | -179 | S100QHG2 |
| FY ending Dec 2022 | 448 | -306 | -68.3% | -430 | -355 | -365 | S100T4H9 |
| FY ending Dec 2023 | 428 | -799 | -186.4% | -812 | -587 | -602 | S100VFSO |
| FY ending Dec 2024 | 472 | -1,210 | -256.5% | -1,290 | -1,299 | -1,309 | S100XS4G |
| FY ending Dec 2025 | 388 | -620 | -159.9% | -632 | -494 | -497 | S100XS4G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.4M |
| Operating income per employee (consolidated) | -¥32.6M |
| Net income per employee (consolidated) | -¥33.3M |

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) | 19 | 20 | 21 | 21 | 19 |
| Average salary (parent company) | ¥5.7M | ¥6.1M | ¥6.8M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 43.4 years | 46.4 years | 50.6 years | 50.8 years | 50.8 years |
| Average tenure (parent company) | 10.1 years | 10.4 years | 10.6 years | 11.1 years | 10.3 years |

Year over year: Employees (consolidated) -9.5% · Revenue (consolidated) -17.8%

## 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 | -494 | -127.4% | S100XS4G |
| Capital expenditure | 3 | 0.7% | S100XS4G |
| Free cash flow | -497 | -128.1% | 算出 |
| Investing cash flow | -2 | -0.6% | S100XS4G |
| Financing cash flow | 1,080 | 278.6% | S100XS4G |
| Change in cash | 584 | 150.6% | S100XS4G |
| Cash and equivalents | 1,710 | 441.1% | S100XS4G |

## 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 | 1,934 | 2,335 | 1,867 | 1,126 | 1,710 | S100T4H9, S100VFSO, S100XS4G |
| Total assets | 2,463 | 2,956 | 2,373 | 1,669 | 2,169 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Net assets | 2,035 | 1,873 | 1,280 | 734 | 1,435 | S100T4H9, S100VFSO, S100XS4G |
| Share capital | 573 | 714 | 832 | 1,203 | 697 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Property, plant and equipment | 5 | 10 | 10 | 11 | 9 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Intangible assets excluding goodwill | 167 | 125 | 87 | 44 | 2 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Investment securities | 123 | 154 | 142 | 143 | 143 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Current assets | 2,162 | 2,659 | 2,138 | 1,475 | 2,020 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Current liabilities | 193 | 211 | 194 | 133 | 204 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Long-term borrowings | 210 | 113 | 269 | 476 | 506 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Bonds | — | — | — | 303 | — | S100XS4G |
| Total liabilities | 428 | 1,083 | 1,094 | 936 | 734 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Non-controlling interests | 28 | 16 | — | — | — | S100QHG2, S100T4H9 |
| Equity attributable to owners of parent | 2,004 | 1,857 | 1,279 | 732 | 1,435 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Retained earnings | -1,200 | -1,630 | -2,442 | -3,733 | -544 | S100QHG2, S100T4H9, S100VFSO, S100XS4G |
| Treasury stock | — | — | 0 | 0 | 0 | S100VFSO, S100XS4G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 79% | S100XS4G |
| Property, plant and equipment | 0% | S100XS4G |
| Intangibles and goodwill | 0% | S100XS4G |
| Investment securities | 7% | S100XS4G |
| Other assets | 14% | S100XS4G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100XS4G |
| Equity | 66% | S100XS4G |

### 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 | 2,463 | 2,956 | 2,373 | 1,669 | 2,169 |
| Equity | 2,035 | 1,873 | 1,280 | 734 | 1,435 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,934 | 2,335 | 1,867 | 1,126 | 1,710 |

## 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) | 2.4% | S100XS4G |
| Fixed assets ÷ total assets | 0.4% | S100XS4G |
| Goodwill ÷ parent equity | — | —, S100XS4G |

### 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) | 78.8% |
| Cash ÷ revenue | 441.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 138 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| 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 | — | —× | -6.0% | —× | — | S100QHG2 |
| 2022 | — | —× | -15.9% | —× | — | S100T4H9 |
| 2023 | — | —× | -30.5% | —× | — | S100VFSO |
| 2024 | — | —× | -63.8% | —× | — | S100XS4G |
| 2025 | — | —× | -32.9% | —× | — | S100XS4G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日高 有一 | Major shareholder | 9.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 4.3% | 2025-12-31 |
| 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 | 2.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社ミートプランニング | Major shareholder | 1.6% | 2025-12-31 |
| 日高 万由子 | Major shareholder | 1.3% | 2025-12-31 |
| SMBC日興証券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 日高 弘義 | Major shareholder | 0.8% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 0.7% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/01/01－2025/12/31) | S100XS4G | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS4G,, |
| 有価証券報告書－第27期(2024/01/01－2024/12/31) | S100VFSO | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFSO,, |
| 有価証券報告書－第26期(2023/01/01－2023/12/31) | S100T4H9 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4H9,, |
| 有価証券報告書－第25期(2022/01/01－2022/12/31) | S100QHG2 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHG2,, |
| 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) | S100NR77 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR77,, |
| 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) | S100KZGC | 2021-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZGC,, |

## 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).