# Kidswell Bio Corporation: 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26期(2025/04/01－2026/03/31) (S100YMXX)
> Page: https://vizora.meequs.com/en/company/kidswell-bio
> Retrieved: 2026-09-30T22:16:17.797Z

## Company

Kidswell Bio, founded in 2001, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 32 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kidswell Bio Corporation |
| Ticker | 4584 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4584.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋本町三丁目8番3号 |
| Representative (per filing) | 代表取締役社長 紅林 伸也 |
| Founded | Mar 2001 |
| Share capital | ¥191.5M |
| Employees (consolidated) | 32 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.kidswellbio.com (https://www.kidswellbio.com/) |
| Corporate number | 5430001027036 |
| EDINET | E27032 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YMXX, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Biotech & Regenerative Medicine (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 25 | 6 |
| Efficiency | 92.9 | 7 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Kidswell Bio brought in ¥6.59B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +29.7% from the prior year, operating profit -596.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.59B |  |
| Operating income | -¥138.5M | Margin -2.1% |
| Net income | -¥414M | Margin -6.3% |
| Free cash flow | -¥1.11B |  |
| Employees (consolidated) | 32 |  |
| EPS | ¥5.9 |  |
| Diluted EPS | ¥5.74 |  |
| Book value per share | ¥58.18 |  |
| Equity ratio | 26.4% |  |
| Shares outstanding | 49,623,419 |  |
| Shareholders | 14,402 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 54.1% | Cash ÷ revenue 50.0% |
| Vs. industry median margin | -9.2 pp | Biotech & Regenerative Medicine |
| ROA | -6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 54% 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 | ¥1569232000 | ¥6589923000 | — |
| Operating income | ¥-919118000 | ¥-138510000 | — |
| Operating margin | -58.6% | -2.1% | +56.5 pp |
| Employees | 38 people | 32 people | — |
| Cash and equivalents | ¥1187189000 | ¥3294916000 | — |

### 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 | 6,590 | 100.0% | S100YMXX |
| Cost of revenue | 4,843 | 73.5% | S100YMXX |
| Gross profit | 1,747 | 26.5% | S100YMXX |
| SG&A | 1,886 | 28.6% | S100YMXX |
| Operating income | -139 | -2.1% | S100YMXX |
| Ordinary income | -375 | -5.7% | S100YMXX |
| Pretax income | -403 | -6.1% | S100YMXX |
| Income tax | 11 | 0.2% | S100YMXX |
| Net income | -414 | -6.3% | S100YMXX |
| Net income attributable to owners | -414 | -6.3% | S100YMXX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 29 |
| Operating income | -2 |
| (Ref.) Net income | -6 |

### Margin funnel

Gross margin 26.5% → Operating margin -2.1% → Net margin -6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,082 | 6,590 | 1,508 | +29.7% |
| Gross profit | 1,640 | 1,747 | 107 | +6.5% |
| Operating income | 28 | -139 | -166 | -596.8% |
| Net income attributable to owners | -21 | -414 | -393 | — |
| Operating cash flow | 937 | -1,096 | -2,033 | -217.0% |
| Free cash flow | 930 | -1,114 | -2,044 | -219.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,078 | -1,161 | -107.8% | -7,316 | -1,325 | -1,327 | S100LVK5 |
| FY ending Mar 2021 | 997 | -970 | -97.3% | -1,001 | -1,267 | — | S100OITB |
| FY ending Mar 2022 | 1,569 | -919 | -58.6% | -535 | -1,170 | — | S100OITB |
| FY ending Mar 2022 | 1,569 | -651 | -41.5% | -535 | -1,170 | — | S100RRF2 |
| FY ending Mar 2023 | 2,776 | -551 | -19.8% | -657 | -1,421 | — | S100TVRN |
| FY ending Mar 2024 | 2,431 | -1,336 | -54.9% | -1,422 | -454 | — | S100TVRN |
| FY ending Mar 2025 | 5,082 | 28 | 0.5% | -21 | 937 | 930 | S100YMXX |
| FY ending Mar 2026 | 6,590 | -139 | -2.1% | -414 | -1,096 | -1,114 | S100YMXX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥205.9M |
| Operating income per employee (consolidated) | -¥4.3M |
| Net income per employee (consolidated) | -¥12.9M |

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) | 38 | 41 | 42 | 37 | 32 |
| Average salary (parent company) | — | ¥7.4M | ¥7.5M | ¥8.1M | ¥9.2M |
| Average age (parent company) | — | 48.6 years | 49.0 years | 48.5 years | 48.6 years |
| Average tenure (parent company) | — | 3.9 years | 5.0 years | 5.6 years | 5.6 years |

Year over year: Employees (consolidated) -13.5% · Revenue (consolidated) +29.7%

## 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 | -1,096 | -16.6% | S100YMXX |
| Capital expenditure | 18 | 0.3% | S100YMXX |
| Free cash flow | -1,114 | -16.9% | 算出 |
| Investing cash flow | -13 | -0.2% | S100YMXX |
| Financing cash flow | 1,398 | 21.2% | S100YMXX |
| Change in cash | 299 | 4.5% | S100YMXX |
| Cash and equivalents | 3,295 | 50.0% | S100YMXX |

## 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 | 1,161 | 1,067 | 2,231 | 2,995 | 3,295 | S100TVRN, S100YMXX |
| Total assets | 3,470 | 3,895 | 5,086 | 7,008 | 6,088 | S100RRF2, S100TVRN, S100YMXX |
| Net assets | 1,703 | 1,234 | 831 | 1,411 | 1,654 | S100TVRN, S100YMXX |
| Share capital | 1,421 | 1,509 | 2,037 | 2,318 | 192 | S100RRF2, S100TVRN, S100YMXX |
| Property, plant and equipment | 2 | 1 | 1 | 1 | 18 | S100RRF2, S100TVRN, S100YMXX |
| Intangible assets excluding goodwill | 3 | 2 | 2 | 1 | 1 | S100RRF2, S100TVRN, S100YMXX |
| Investment securities | 155 | 173 | 138 | 283 | 212 | S100RRF2, S100TVRN, S100YMXX |
| Current assets | 3,295 | 3,697 | 4,924 | 6,701 | 5,840 | S100RRF2, S100TVRN, S100YMXX |
| Current liabilities | 1,111 | 1,056 | 2,375 | 4,319 | 2,150 | S100RRF2, S100TVRN, S100YMXX |
| Long-term borrowings | 525 | 1,075 | 1,338 | 681 | 2,063 | S100RRF2, S100TVRN, S100YMXX |
| Total liabilities | 1,767 | 2,661 | 4,254 | 5,598 | 4,434 | S100RRF2, S100TVRN, S100YMXX |
| Equity attributable to owners of parent | 1,518 | 1,038 | 670 | 1,210 | 1,517 | S100RRF2, S100TVRN, S100YMXX |
| Retained earnings | -10,630 | -11,287 | -12,709 | -12,730 | -1,241 | S100RRF2, S100TVRN, S100YMXX |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RRF2, S100TVRN, S100YMXX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100YMXX |
| Property, plant and equipment | 0% | S100YMXX |
| Intangibles and goodwill | 0% | S100YMXX |
| Investment securities | 4% | S100YMXX |
| Other assets | 42% | S100YMXX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100YMXX |
| Equity | 27% | S100YMXX |
| Other liabilities | 0% | S100YMXX |

### 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 | 3,470 | 3,895 | 5,086 | 7,008 | 6,088 |
| Equity | 1,703 | 1,234 | 831 | 1,411 | 1,654 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,161 | 1,067 | 2,231 | 2,995 | 3,295 |

## 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) | 0.3% | S100YMXX |
| Fixed assets ÷ total assets | 0.3% | S100YMXX |
| Goodwill ÷ parent equity | — | —, S100YMXX |

### 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) | 54.1% |
| Cash ÷ revenue | 50.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -682 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | — | —× | -15.4% | —× | — | S100TVRN, S100RRF2 |
| 2023 | — | —× | -17.9% | —× | — | S100TVRN |
| 2024 | — | —× | -31.7% | —× | — | S100TVRN |
| 2025 | — | —× | -0.3% | —× | — | S100YMXX |
| 2026 | — | —× | -6.3% | —× | — | S100YMXX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ノーリツ鋼機株式会社 | Major shareholder | 19.1% | 2026-03-31 |
| 江平 文茂 | Major shareholder | 4.0% | 2026-03-31 |
| NANO ホールディングス株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.6% | 2026-03-31 |
| 千寿製薬株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 野村信託銀行株式会社（信託口2052241） | Major shareholder | 0.9% | 2026-03-31 |
| 北島 義彦 | Major shareholder | 0.9% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱U F J 銀行） | Major shareholder | 0.9% | 2026-03-31 |
| 津田 謹誠 | Major shareholder | 0.9% | 2026-03-31 |
| 大友 宏一 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YMXX | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMXX,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W8G2 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8G2,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TVRN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVRN,, |
| 訂正有価証券報告書－第23期(2022/04/01－2023/03/31) | S100RRF2 | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRF2,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OITB | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OITB,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LVK5 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVK5,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 富士製薬工業 | Supply/OEM | 当社がフィルグラスチムBS原薬を富士製薬工業に独占供給 | S100YMXX |
| Dong-A ST Co., Ltd. | Co-development | フィルグラスチムBS産生細胞・技術のライセンスイン（旧東亜製薬） | S100YMXX |
| 株式会社三和化学研究所 | Co-development | ダルベポエチンアルファBSのサブライセンスと国内共同開発 | S100YMXX |
| 千寿製薬株式会社 | Supply/OEM | ラニビズマブBSの共同事業化。当社が半製品を千寿製薬に独占供給 | S100YMXX |
| 持田製薬 | Supply/OEM | 当社がペグフィルグラスチムBS原薬を持田製薬に供給 | S100YMXX |
| スズケン | Co-development | ダルベポエチンのバイオ後続品の共同開発 | S100YFRU |

## 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).