# Oncolys BioPharma Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/01/01－2025/12/31) (S100XTMG)
> Page: https://vizora.meequs.com/en/company/oncolys-biopharma
> Retrieved: 2026-09-30T21:10:26.053Z

## Company

Oncolys BioPharma, founded in 2004, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 38 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Oncolys BioPharma Inc. |
| Ticker | 4588 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4588.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門四丁目1番28号 |
| Representative (per filing) | 代表取締役社長 浦田 泰生 |
| Founded | Mar 2004 |
| Share capital | ¥4.37B |
| Employees (consolidated) | 38 |
| Average salary (parent only) | ¥10.7M |
| Fiscal year end | December |
| Website | www.oncolys.com (https://www.oncolys.com/) |
| Corporate number | 4010401053237 |
| EDINET | E30058 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XTMG, filed 2026-03-25). As of filing

## Key points (generated from figures)

- Oncolys BioPharma brought in ¥28.5M in revenue.
- It lost about ¥7091 for every ¥100 of sales at the operating level.
- Revenue changed -9.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥28.5M |  |
| Operating income | -¥2.02B | Margin -7090.5% |
| Net income | -¥2.06B | Margin -7209.6% |
| Free cash flow | -¥1.94B |  |
| Employees (consolidated) | 38 |  |
| EPS | ¥-80 |  |
| Book value per share | ¥136.38 |  |
| Equity ratio | 87.6% |  |
| Shares outstanding | 29,291,600 |  |
| Treasury shares | 17,600 |  |
| Shareholders | 16,025 |  |
| Average salary (parent only) | ¥10.7M | Filing company only |
| Cash ratio | 75.3% | Cash ÷ revenue 12014.2% |
| Vs. industry median margin | -7,097.6 pp | Biotech & Regenerative Medicine |
| ROA | -53.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 7091 per ¥100 of revenue
- FY2025, revenue is 0.0× its level five years ago
- FY2025, cash is 75% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥314179000 | ¥28546000 | -90.9% |
| Operating income | ¥-1674652000 | ¥-2024068000 | — |
| Operating margin | -533.0% | -7090.5% | -6,557.5 pp |
| Employees | 32 people | 38 people | +18.8% |
| Cash and equivalents | ¥1822850000 | ¥3429561000 | +88.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 医薬品事業 → 事業再編・廃止 | 99.8% |
| 検査事業 → 事業再編・廃止 | 0.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29 | 100.0% | S100XTMG |
| Cost of revenue | 0 | 0.0% | 算出 |
| Gross profit | 29 | 100.0% | S100XTMG |
| SG&A | 2,053 | 7190.5% | S100XTMG |
| Operating income | -2,024 | -7090.5% | S100XTMG |
| Ordinary income | -2,051 | -7185.7% | S100XTMG |
| Pretax income | -2,054 | -7195.5% | S100XTMG |
| Income tax | 4 | 14.1% | S100XTMG |
| Net income | -2,058 | -7209.6% | S100XTMG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 0 |
| SG&A | 7191 |
| Operating income | -7091 |
| (Ref.) Net income | -7210 |

### Margin funnel

Gross margin 100.0% → Operating margin -7090.5% → Net margin -7209.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 31 | 29 | -3 | -9.0% |
| Gross profit | 31 | 29 | -3 | -9.0% |
| Operating income | -1,681 | -2,024 | -343 | — |
| Operating cash flow | -2,020 | -1,941 | 79 | — |
| Free cash flow | -2,024 | -1,944 | 80 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,304 | -511 | -39.2% | -912 | -238 | -243 | S100L1LQ |
| FY ending Dec 2020 | 314 | -1,675 | -533.0% | -2,095 | -1,465 | -1,468 | S100PNC2 |
| FY ending Dec 2021 | 642 | -1,455 | -226.4% | -1,615 | -1,742 | -1,743 | S100QI26 |
| FY ending Dec 2022 | 976 | -1,205 | -123.4% | -1,149 | -1,717 | -1,718 | S100T65H |
| FY ending Dec 2023 | 63 | -1,930 | -3061.6% | -1,939 | -1,337 | -1,343 | S100VIBY |
| FY ending Dec 2024 | 31 | -1,681 | -5357.5% | -1,685 | -2,020 | -2,024 | S100XTMG |
| FY ending Dec 2025 | 29 | -2,024 | -7090.5% | -2,058 | -1,941 | -1,944 | S100XTMG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥751.2K |
| Operating income per employee (consolidated) | -¥53.3M |
| Net income per employee (consolidated) | -¥54.2M |

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) | 33 | 33 | 34 | 35 | 38 |
| Average salary (parent company) | ¥8.1M | ¥7.9M | ¥9.2M | ¥10.6M | ¥10.7M |
| Average age (parent company) | 42.3 years | 42.8 years | 47.7 years | 49.2 years | 49.4 years |
| Average tenure (parent company) | 4.4 years | 4.8 years | 4.8 years | 4.6 years | 4.7 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) -9.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,941 | -6799.1% | S100XTMG |
| Capital expenditure | 3 | 10.6% | S100XTMG |
| Free cash flow | -1,944 | -6809.6% | 算出 |
| Investing cash flow | -8 | -26.6% | S100XTMG |
| Financing cash flow | 3,222 | 11286.7% | S100XTMG |
| Share buyback | 0 | 0.0% | S100XTMG |
| Change in cash | 1,264 | 4426.7% | S100XTMG |
| Cash and equivalents | 3,430 | 12014.2% | S100XTMG |

## 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 | 3,210 | 1,466 | 1,288 | 2,166 | 3,430 | S100T65H, S100VIBY, S100XTMG |
| Total assets | 4,292 | 2,651 | 2,041 | 3,199 | 4,556 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Net assets | 3,594 | 2,159 | 1,474 | 2,752 | 4,000 | S100T65H, S100VIBY, S100XTMG |
| Share capital | 9,040 | 3,000 | 3,623 | 5,108 | 4,366 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Current assets | 4,198 | 2,609 | 1,956 | 3,098 | 4,494 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Current liabilities | 430 | 322 | 379 | 252 | 471 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Short-term borrowings | 239 | 228 | 128 | 128 | 233 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Long-term borrowings | 256 | 156 | 161 | 167 | 67 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Total liabilities | 698 | 492 | 567 | 447 | 556 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Equity attributable to owners of parent | 3,586 | 2,152 | 1,459 | 2,745 | 3,992 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Retained earnings | -14,517 | -1,435 | -3,373 | -5,058 | -2,058 | S100QI26, S100T65H, S100VIBY, S100XTMG |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QI26, S100T65H, S100VIBY, S100XTMG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 75% | S100XTMG |
| Other assets | 25% | S100XTMG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100XTMG |
| Equity | 88% | S100XTMG |
| Other liabilities | 0% | S100XTMG |

### 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 | 4,292 | 2,651 | 2,041 | 3,199 | 4,556 |
| Equity | 3,594 | 2,159 | 1,474 | 2,752 | 4,000 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,210 | 1,466 | 1,288 | 2,166 | 3,430 |

### 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) | 75.3% |
| Cash ÷ revenue | 12014.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 117 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.6% |
| 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 | — | —× | -37.6% | —× | — | S100QI26 |
| 2022 | — | —× | -33.1% | —× | — | S100T65H |
| 2023 | — | —× | -82.6% | —× | — | S100VIBY |
| 2024 | — | —× | -64.3% | —× | — | S100XTMG |
| 2025 | — | —× | -53.1% | —× | — | S100XTMG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アステラス製薬株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 2.2% | 2025-12-31 |
| 浦田 泰生 | Major shareholder | 1.8% | 2025-12-31 |
| YUANTA SECURITIES CO., LTD-RETAIL ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京支店 カストディ業務部長 石川 潤) | Major shareholder | 1.3% | 2025-12-31 |
| 西田 博行 | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.0% | 2025-12-31 |
| 今村 均 | Major shareholder | 0.9% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 0.9% | 2025-12-31 |
| UBS証券株式会社 | Major shareholder | 0.9% | 2025-12-31 |
| 中西 均 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/01/01－2025/12/31) | S100XTMG | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTMG,, |
| 有価証券報告書－第21期(2024/01/01－2024/12/31) | S100VIBY | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIBY,, |
| 有価証券報告書－第20期(2023/01/01－2023/12/31) | S100T65H | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T65H,, |
| 有価証券報告書－第19期(2022/01/01－2022/12/31) | S100QI26 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI26,, |
| 訂正有価証券報告書－第18期(令和3年1月1日－令和3年12月31日) | S100PNC2 | 2022-11-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNC2,, |
| 有価証券報告書－第17期(令和2年1月1日－令和2年12月31日) | S100L1LQ | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1LQ,, |

## 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).