# Perseus Proteomics Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YNJJ)
> Page: https://vizora.meequs.com/en/company/perseus-proteomics
> Retrieved: 2026-09-30T17:54:03.992Z

## Company

Perseus Proteomics, founded in 2001, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 35 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Perseus Proteomics Inc. |
| Ticker | 4882 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4882.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋箱崎町30番1号 |
| Representative (per filing) | 代表取締役社長執行役員 横川 拓哉 |
| Founded | Feb 2001 |
| Share capital | ¥751.2M |
| Employees (consolidated) | 35 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.ppmx.com (https://www.ppmx.com/) |
| Corporate number | 1013201011111 |
| EDINET | E35510 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YNJJ, filed 2026-06-30). As of filing

## Key points (generated from figures)

- Perseus Proteomics brought in ¥135.5M in revenue.
- It lost about ¥550 for every ¥100 of sales at the operating level.
- Revenue changed +12.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥135.5M |  |
| Operating income | -¥745M | Margin -549.8% |
| Net income | -¥718.1M | Margin -529.9% |
| Free cash flow | -¥663.3M |  |
| Employees (consolidated) | 35 |  |
| EPS | ¥-48.17 |  |
| Book value per share | ¥66.91 |  |
| Equity ratio | 70.1% |  |
| Shares outstanding | 16,999,600 |  |
| Shareholders | 11,607 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 93.3% | Cash ÷ revenue 1118.3% |
| Vs. industry median margin | -556.8 pp | Biotech & Regenerative Medicine |
| ROA | -41.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 550 per ¥100 of revenue
- FY2026, cash is 93% of total assets
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥67947000 | ¥135507000 | +99.4% |
| Operating income | ¥-411749000 | ¥-744955000 | — |
| Operating margin | -606.0% | -549.8% | +56.2 pp |
| Employees | 19 people | 35 people | +84.2% |
| Cash and equivalents | ¥1069300000 | ¥1515346000 | +41.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 136 | 100.0% | S100YNJJ |
| Cost of revenue | 19 | 14.3% | S100YNJJ |
| Gross profit | 116 | 85.7% | S100YNJJ |
| SG&A | 861 | 635.5% | S100YNJJ |
| Operating income | -745 | -549.8% | S100YNJJ |
| Ordinary income | -679 | -501.0% | S100YNJJ |
| Pretax income | -716 | -528.5% | S100YNJJ |
| Income tax | 2 | 1.4% | S100YNJJ |
| Net income | -718 | -529.9% | S100YNJJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 14 |
| SG&A | 636 |
| Operating income | -550 |
| (Ref.) Net income | -530 |

### Margin funnel

Gross margin 85.7% → Operating margin -549.8% → Net margin -529.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 120 | 136 | 15 | +12.6% |
| Gross profit | 104 | 116 | 12 | +11.6% |
| Operating income | -826 | -745 | 81 | — |
| Operating cash flow | -719 | -653 | 66 | — |
| Free cash flow | -795 | -663 | 131 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 86 | -812 | -947.3% | -842 | -609 | -611 | S100LP5E |
| FY ending Mar 2021 | 68 | -412 | -606.0% | -413 | -423 | -426 | S100OCLP |
| FY ending Mar 2022 | 72 | -472 | -656.4% | -599 | -477 | -511 | S100S4VN |
| FY ending Mar 2023 | 94 | -698 | -740.7% | -787 | -564 | -735 | S100TOCF |
| FY ending Mar 2024 | 100 | -895 | -891.1% | -1,104 | -834 | -993 | S100W5TI |
| FY ending Mar 2025 | 120 | -826 | -686.5% | -905 | -719 | -795 | S100YNJJ |
| FY ending Mar 2026 | 136 | -745 | -549.8% | -718 | -653 | -663 | S100YNJJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥3.9M |
| Operating income per employee (consolidated) | -¥21.3M |
| Net income per employee (consolidated) | -¥20.5M |

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) | 21 | 24 | 25 | 32 | 35 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥7.3M | ¥7.5M | ¥7.8M |
| Average age (parent company) | 47.5 years | 45.5 years | 46.2 years | 47.9 years | 48.6 years |
| Average tenure (parent company) | 8.6 years | 8.2 years | 8.4 years | 7.3 years | 7.6 years |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +12.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -653 | -482.1% | S100YNJJ |
| Capital expenditure | 10 | 7.3% | S100YNJJ |
| Free cash flow | -663 | -489.5% | 算出 |
| Investing cash flow | -10 | -7.4% | S100YNJJ |
| Financing cash flow | 497 | 367.0% | S100YNJJ |
| Share buyback | 0 | 0.0% | S100YNJJ |
| Change in cash | -153 | -112.6% | S100YNJJ |
| Cash and equivalents | 1,515 | 1118.3% | S100YNJJ |

## 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 | 3,215 | 2,445 | 1,541 | 1,668 | 1,515 | S100TOCF, S100W5TI, S100YNJJ |
| Total assets | 3,301 | 2,567 | 1,694 | 1,819 | 1,624 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Net assets | 3,152 | 2,397 | 1,398 | 1,432 | 1,218 | S100TOCF, S100W5TI, S100YNJJ |
| Share capital | 1,939 | 1,939 | 1,971 | 2,438 | 751 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Property, plant and equipment | 0 | 0 | 0 | 0 | 0 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Current assets | 3,291 | 2,515 | 1,651 | 1,776 | 1,609 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Current liabilities | 148 | 111 | 129 | 125 | 65 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Total liabilities | 148 | 170 | 295 | 386 | 406 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Equity attributable to owners of parent | 3,152 | 2,365 | 1,324 | 1,353 | 1,137 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Retained earnings | -1,012 | -1,799 | -2,904 | -3,809 | -718 | S100S4VN, S100TOCF, S100W5TI, S100YNJJ |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100TOCF, S100W5TI, S100YNJJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 93% | S100YNJJ |
| Other assets | 7% | S100YNJJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YNJJ |
| Equity | 75% | S100YNJJ |

### 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 | 3,301 | 2,567 | 1,694 | 1,819 | 1,624 |
| Equity | 3,152 | 2,397 | 1,398 | 1,432 | 1,218 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,215 | 2,445 | 1,541 | 1,668 | 1,515 |

## 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) | 0.0% | S100YNJJ |
| Fixed assets ÷ total assets | 0.0% | S100YNJJ |
| Goodwill ÷ parent equity | — | —, S100YNJJ |

### 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) | 93.3% |
| Cash ÷ revenue | 1118.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 65 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| 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 | — | —× | -18.1% | —× | — | S100S4VN |
| 2023 | — | —× | -26.8% | —× | — | S100TOCF |
| 2024 | — | —× | -51.8% | —× | — | S100W5TI |
| 2025 | — | —× | -51.5% | —× | — | S100YNJJ |
| 2026 | — | —× | -41.7% | —× | — | S100YNJJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大和証券株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.4% | 2026-03-31 |
| 三菱UFJキャピタル株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 富士フイルム株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.3% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社キースジャパン | Major shareholder | 0.9% | 2026-03-31 |
| 山口 晴輝 | Major shareholder | 0.8% | 2026-03-31 |
| 山田 敏行 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YNJJ | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNJJ,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W5TI | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5TI,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TOCF | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOCF,, |
| 訂正有価証券報告書－第23期(2022/04/01－2023/03/31) | S100S4VN | 2023-11-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S4VN,, |
| 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) | S100OCLP | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCLP,, |
| 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) | S100LP5E | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP5E,, |

## 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).