# HEALIOS K.K.: business model and financials

> Latest period: FY ending Dec 2023, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/01/01－2025/12/31) (S100XTBP)
> Page: https://vizora.meequs.com/en/company/healios
> Retrieved: 2026-09-30T20:25:13.684Z

## Company

Healios, founded in 2011, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 64 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HEALIOS K.K. |
| Ticker | 4593 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4593.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区有楽町一丁目1番2号 |
| Representative (per filing) | 代表執行役社長CEO 鍵本 忠尚 |
| Founded | Feb 2011 |
| Employees (consolidated) | 64 |
| Fiscal year end | December |
| Website | www.healios.co.jp (https://www.healios.co.jp/) |
| Corporate number | 3290001055549 |
| EDINET | E31335 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XTBP, filed 2026-03-24). As of filing

## Key points (generated from figures)

- Healios brought in ¥121M in revenue.
- Revenue changed +34.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥121M |  |
| Operating income | — | Margin — |
| Net income | -¥3.82B | Margin -3159.5% |
| Free cash flow | — |  |
| Employees (consolidated) | 64 |  |
| Cash ratio | 44.4% | Cash ÷ revenue 5555.4% |
| ROA | -25.3% | Derived from disclosed figures |

## Notable figures

- FY2023, cash is 44% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2021 | FY ending Dec 2023 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41000000 | ¥121000000 | +195.1% |
| Employees | 116 people | 64 people | -44.8% |
| Cash and equivalents | ¥15126000000 | ¥6722000000 | -55.6% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2023. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 121 | 100.0% | S100XTBP |
| Pretax income | -3,626 | -2996.7% | S100XTBP |
| Net income attributable to owners | -3,823 | -3159.5% | S100XTBP |

A machine-readable operating income value exists, but it is not in the validated published data, so the chart is omitted.

## Year over year（FY ending Dec 2022 → FY ending Dec 2023、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 90 | 121 | 31 | +34.4% |
| Net income attributable to owners | -5,169 | -3,823 | 1,346 | — |
| Operating cash flow | -4,601 | -2,822 | 1,779 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 41 | — | — | -4,910 | -5,089 | — | S100XTBP |
| FY ending Dec 2022 | 90 | — | — | -5,169 | -4,601 | — | S100XTBP |
| FY ending Dec 2023 | 121 | — | — | -3,823 | -2,822 | — | S100XTBP |

## People and productivity（FY ending Dec 2023, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | -¥59.7M |

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 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 116 | 71 | 64 |
| Average salary (parent company) | — | — | — |
| Average age (parent company) | — | — | — |
| Average tenure (parent company) | — | — | — |

Year over year: Employees (consolidated) -9.9% · Revenue (consolidated) +34.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,822 | -2332.2% | S100XTBP |
| Investing cash flow | -1,121 | -926.4% | S100XTBP |
| Financing cash flow | 3,337 | 2757.9% | S100XTBP |
| Change in cash | -606 | -500.8% | 算出 |
| Cash and equivalents | 6,722 | 5555.4% | S100XTBP |

## 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 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,126 | 7,247 | 6,722 | S100XTBP |
| Total assets | 23,971 | 15,033 | 15,155 | S100XTBP |
| Net assets | — | — | 3,867 | S100XTBP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: |
| Total assets | 23,971 | 15,033 | 15,155 |
| Equity | — | — | 3,867 |
| Interest-bearing debt | — | — | — |
| Cash | 15,126 | 7,247 | 6,722 |

### 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) | 44.4% |
| Cash ÷ revenue | 5555.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,001 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | — | —× | -20.5% | —× | — | S100XTBP |
| 2022 | — | —× | -26.5% | —× | — | S100XTBP |
| 2023 | — | —× | -25.3% | —× | — | S100XTBP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鍵本 忠尚 | Major shareholder | 24.1% | 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 | 5.2% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 3.8% | 2025-12-31 |
| GOLDMAN,SACHS & CO.REG (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 3.1% | 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 | 2.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.4% | 2025-12-31 |
| BBH(LUX) FOR FIDELITY FUNDS - PACIFIC POOL (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社ＲＡＣＴＨＥＲＡ | Major shareholder | 1.3% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/01/01－2025/12/31) | S100XTBP | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTBP,, |

## 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).