# Kringle Pharma,Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2024/10/01－2025/09/30) (S100XBJD)
> Page: https://vizora.meequs.com/en/company/kringle-pharma
> Retrieved: 2026-09-30T21:34:44.339Z

## Company

Kringle Pharma, founded in 2001, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 17 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kringle Pharma, Inc. |
| Ticker | 4884 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4884.T) |
| Listing | TSE Growth |
| Head office | 大阪府茨木市彩都あさぎ七丁目7番15号彩都バイオインキュベータ (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) (注)2026年1月から本店は下記に移転する予定であります。 大阪市北区中之島4-3-51 Nakanoshima Qross 未来医療R&Dセンター10階 |
| Representative (per filing) | 代表取締役社長 安達 喜一 |
| Founded | Dec 2001 |
| Share capital | ¥64.2M |
| Employees (consolidated) | 17 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | September |
| Website | www.kringle-pharma.com (https://www.kringle-pharma.com/) |
| Corporate number | 7120901027189 |
| EDINET | E36129 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XBJD, filed 2025-12-19). As of filing

## Key points (generated from figures)

- Kringle Pharma brought in ¥72.2M in revenue.
- It lost about ¥1259 for every ¥100 of sales at the operating level.
- Revenue changed -9.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥72.2M |  |
| Operating income | -¥909.5M | Margin -1259.4% |
| Net income | -¥916.3M | Margin -1268.8% |
| Free cash flow | — |  |
| Employees (consolidated) | 17 |  |
| EPS | ¥-133.92 |  |
| Book value per share | ¥182.3 |  |
| Equity ratio | 61.5% |  |
| Shares outstanding | 7,018,200 |  |
| Treasury shares | 100 |  |
| Shareholders | 4,550 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 47.7% | Cash ÷ revenue 1372.7% |
| Vs. industry median margin | -1,266.4 pp | Biotech & Regenerative Medicine |
| ROA | -37.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 1259 per ¥100 of revenue
- FY2025, revenue is 0.2× its level five years ago
- FY2025, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥467616000 | ¥72215000 | -84.6% |
| Operating income | ¥-171603000 | ¥-909452000 | — |
| Operating margin | -36.7% | -1259.4% | -1,222.7 pp |
| Employees | 9 people | 17 people | +88.9% |
| Cash and equivalents | ¥2102538000 | ¥991296000 | -52.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72 | 100.0% | S100XBJD |
| Cost of revenue | 0 | 0.0% | 算出 |
| Gross profit | 72 | 100.0% | S100XBJD |
| SG&A | 982 | 1359.4% | S100XBJD |
| Operating income | -909 | -1259.4% | S100XBJD |
| Ordinary income | -915 | -1266.7% | S100XBJD |
| Pretax income | -915 | -1266.7% | S100XBJD |
| Income tax | 2 | 2.1% | S100XBJD |
| Net income | -916 | -1268.8% | S100XBJD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 0 |
| SG&A | 1359 |
| Operating income | -1259 |
| (Ref.) Net income | -1269 |

### Margin funnel

Gross margin 100.0% → Operating margin -1259.4% → Net margin -1268.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 80 | 72 | -8 | -9.8% |
| Gross profit | 80 | 72 | -8 | -9.8% |
| Operating income | -818 | -909 | -92 | — |
| Operating cash flow | -661 | -756 | -95 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 468 | -172 | -36.7% | -118 | -146 | — | S100N50Z |
| FY ending Sep 2021 | 290 | -358 | -123.5% | -301 | -561 | — | S100PVFJ |
| FY ending Sep 2022 | 392 | -426 | -108.8% | -332 | 16 | — | S100SJA8 |
| FY ending Sep 2023 | 69 | -889 | -1283.4% | -854 | -689 | — | S100UZTE |
| FY ending Sep 2024 | 80 | -818 | -1021.9% | -756 | -661 | — | S100XBJD |
| FY ending Sep 2025 | 72 | -909 | -1259.4% | -916 | -756 | — | S100XBJD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥4.2M |
| Operating income per employee (consolidated) | -¥53.5M |
| Net income per employee (consolidated) | -¥53.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 11 | 12 | 13 | 15 | 17 |
| Average salary (parent company) | ¥5.5M | ¥6M | ¥5.1M | ¥5M | ¥6.4M |
| Average age (parent company) | 44.5 years | 45.4 years | 47.6 years | 51.3 years | 49.9 years |
| Average tenure (parent company) | 3.4 years | 3.8 years | 2.3 years | 1.8 years | 2.1 years |

Year over year: Employees (consolidated) +13.3% · Revenue (consolidated) -9.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -756 | -1046.6% | S100XBJD |
| Investing cash flow | -154 | -213.3% | S100XBJD |
| Financing cash flow | 84 | 116.5% | S100XBJD |
| Share buyback | 0 | 0.1% | S100XBJD |
| Change in cash | -826 | -1143.3% | S100XBJD |
| Cash and equivalents | 991 | 1372.7% | S100XBJD |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,138 | 2,502 | 1,761 | 1,817 | 991 | S100SJA8, S100UZTE, S100XBJD |
| Total assets | 2,636 | 3,209 | 2,619 | 2,757 | 2,079 | S100PVFJ, S100SJA8, S100UZTE, S100XBJD |
| Net assets | 2,506 | 2,789 | 2,022 | 2,108 | 1,309 | S100SJA8, S100UZTE, S100XBJD |
| Share capital | 52 | 60 | 98 | 11 | 64 | S100PVFJ, S100SJA8, S100UZTE, S100XBJD |
| Current assets | 2,635 | 3,208 | 2,618 | 2,756 | 2,055 | S100PVFJ, S100SJA8, S100UZTE, S100XBJD |
| Current liabilities | 127 | 163 | 209 | 128 | 109 | S100PVFJ, S100SJA8, S100UZTE, S100XBJD |
| Total liabilities | 129 | 420 | 597 | 649 | 770 | S100PVFJ, S100SJA8, S100UZTE, S100XBJD |
| Equity attributable to owners of parent | 2,506 | 2,786 | 2,007 | 2,090 | 1,279 | S100PVFJ, S100SJA8, S100UZTE, S100XBJD |
| Retained earnings | -301 | -332 | -1,186 | -756 | -1,673 | S100PVFJ, S100SJA8, S100UZTE, S100XBJD |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PVFJ, S100SJA8, S100UZTE, S100XBJD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100XBJD |
| Other assets | 52% | S100XBJD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100XBJD |
| Equity | 63% | S100XBJD |
| Other liabilities | 0% | S100XBJD |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,636 | 3,209 | 2,619 | 2,757 | 2,079 |
| Equity | 2,506 | 2,789 | 2,022 | 2,108 | 1,309 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,138 | 2,502 | 1,761 | 1,817 | 991 |

### 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) | 47.7% |
| Cash ÷ revenue | 1372.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 160 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 | — | —× | -11.4% | —× | — | S100PVFJ |
| 2022 | — | —× | -11.4% | —× | — | S100SJA8 |
| 2023 | — | —× | -29.3% | —× | — | S100UZTE |
| 2024 | — | —× | -28.1% | —× | — | S100XBJD |
| 2025 | — | —× | -37.9% | —× | — | S100XBJD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本全薬工業株式会社 | Major shareholder | 7.1% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 510643 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.5% | 2025-09-30 |
| CYBERDYNE株式会社 | Major shareholder | 2.9% | 2025-09-30 |
| 山田 哲夫 | Major shareholder | 2.5% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| 高山 二郎 | Major shareholder | 1.7% | 2025-09-30 |
| 上田八木短資株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| 丸石製薬株式会社 | Major shareholder | 1.4% | 2025-09-30 |
| 株式会社リプロセル | Major shareholder | 1.4% | 2025-09-30 |
| 安達 喜一 | Major shareholder | 1.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/10/01－2025/09/30) | S100XBJD | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBJD,, |
| 有価証券報告書－第23期(2023/10/01－2024/09/30) | S100UZTE | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZTE,, |
| 有価証券報告書－第22期(2022/10/01－2023/09/30) | S100SJA8 | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJA8,, |
| 有価証券報告書－第21期(令和3年10月1日－令和4年9月30日) | S100PVFJ | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVFJ,, |
| 有価証券報告書－第20期(令和2年10月1日－令和3年9月30日) | S100N50Z | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N50Z,, |
| 有価証券報告書－第19期(令和1年10月1日－令和2年9月30日) | S100KGH2 | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGH2,, |

## 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).