# ReproCELL Incorporated: 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24期(2025/04/01－2026/03/31) (S100YLVF)
> Page: https://vizora.meequs.com/en/company/reprocell
> Retrieved: 2026-09-30T20:48:12.697Z

## Company

ReproCELL, founded in 2003, is a company in CRO & Clinical Testing listed on TSE Growth. It has 101 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ReproCELL Incorporated |
| Ticker | 4978 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4978.T) |
| Listing | TSE Growth |
| Head office | 神奈川県横浜市港北区新横浜三丁目8番11号 |
| Representative (per filing) | 代表取締役社長 横山 周史 |
| Founded | Feb 2003 |
| Share capital | ¥2.72B |
| Employees (consolidated) | 101 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | reprocell.co.jp (https://reprocell.co.jp/) |
| Corporate number | 2020001086778 |
| EDINET | E27585 |
| Industries (Vizora) | CRO & Clinical Testing, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YLVF, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.2 | 12 |
| Profitability | 3.8 | 13 |
| Efficiency | 3.8 | 13 |

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)

- About 87% of ReproCELL's sales come from Research Support Business, with Medical Business making up much of the rest.
- It lost about ¥39 for every ¥100 of sales at the operating level.
- Revenue changed -25.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.23B |  |
| Operating income | -¥860.1M | Margin -38.5% |
| Net income | -¥591.7M | Margin -26.5% |
| Free cash flow | -¥481.7M |  |
| Largest business | Research Support Business | of segment revenue 87.4% |
| Employees (consolidated) | 101 |  |
| EPS | ¥-3.6 |  |
| Book value per share | ¥91.6 |  |
| Equity ratio | 91.7% |  |
| Shares outstanding | 95,147,891 |  |
| Treasury shares | 117,200 |  |
| Shareholders | 38,576 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 27.0% | Cash ÷ revenue 116.6% |
| Vs. industry median margin | -44 pp | CRO & Clinical Testing |
| ROA | -6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +49% over five years
- FY2026, operating loss is 39 per ¥100 of revenue
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1286284000 | ¥2233519000 | +73.6% |
| Operating income | ¥-1048046000 | ¥-860064000 | — |
| Operating margin | -81.5% | -38.5% | +43 pp |
| Employees | 106 people | 101 people | -4.7% |
| Cash and equivalents | ¥2601406000 | ¥2603703000 | +0.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 研究支援事業 → 研究支援事業 | 87.4% |
| 研究支援事業 → 事業再編・廃止 | 5.9% |
| メディカル事業 → メディカル事業 | 6.7% |
| 新設・再編 → メディカル事業 | 5.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,234 | 100.0% | S100YLVF |
| Cost of revenue | 1,218 | 54.5% | S100YLVF |
| Gross profit | 1,015 | 45.5% | S100YLVF |
| SG&A | 1,875 | 84.0% | S100YLVF |
| Operating income | -860 | -38.5% | S100YLVF |
| Ordinary income | -581 | -26.0% | S100YLVF |
| Pretax income | -587 | -26.3% | S100YLVF |
| Income tax | 4 | 0.2% | S100YLVF |
| Net income | -592 | -26.5% | S100YLVF |
| Net income attributable to owners | -592 | -26.5% | S100YLVF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 84 |
| Operating income | -39 |
| (Ref.) Net income | -26 |

### Margin funnel

Gross margin 45.5% → Operating margin -38.5% → Net margin -26.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,979 | 2,234 | -745 | -25.0% |
| Gross profit | 1,649 | 1,015 | -634 | -38.4% |
| Operating income | -130 | -860 | -730 | — |
| Net income attributable to owners | 103 | -592 | -695 | -673.1% |
| Operating cash flow | 6 | -384 | -390 | -6200.3% |
| Free cash flow | -90 | -482 | -392 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,200 | -909 | -75.8% | -1,017 | -690 | -831 | S100LSLF |
| FY ending Mar 2021 | 1,286 | -1,048 | -81.5% | -813 | -649 | -713 | S100OJYY |
| FY ending Mar 2022 | 2,235 | -647 | -29.0% | -575 | -246 | -294 | S100R5G8 |
| FY ending Mar 2023 | 2,953 | -356 | -12.1% | -305 | -141 | -302 | S100TRSE |
| FY ending Mar 2024 | 2,427 | -409 | -16.9% | -31 | -11 | -204 | S100W6LK |
| FY ending Mar 2025 | 2,979 | -130 | -4.4% | 103 | 6 | -90 | S100YLVF |
| FY ending Mar 2026 | 2,234 | -860 | -38.5% | -592 | -384 | -482 | S100YLVF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.1M |
| Operating income per employee (consolidated) | -¥8.5M |
| Net income per employee (consolidated) | -¥5.9M |

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) | 98 | 92 | 96 | 99 | 101 |
| Average salary (parent company) | ¥4.1M | ¥4.7M | ¥5.5M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 32.9 years | 34.8 years | 33.8 years | 34.1 years | 34.2 years |
| Average tenure (parent company) | 4.0 years | 5.0 years | 4.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) -25.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Research Support Business | 1,952 | 87.4% | 97 | 4.9% |
| Medical Business | 281 | 12.6% | -44 | -15.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Research Support Business | 87.4% |
| Medical Business | 12.6% |

Segment → industry: Research Support Business → CRO & Clinical Testing / Medical Business → Biotech & Regenerative Medicine / Research Support Business → Biotech & Regenerative Medicine

## 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 | -384 | -17.2% | S100YLVF |
| Capital expenditure | 98 | 4.4% | S100YLVF |
| Free cash flow | -482 | -21.6% | 算出 |
| Investing cash flow | 58 | 2.6% | S100YLVF |
| Change in cash | -220 | -9.8% | S100YLVF |
| Cash and equivalents | 2,604 | 116.6% | S100YLVF |

## 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 | 2,637 | 1,915 | 2,939 | 2,823 | 2,604 | S100TRSE, S100W6LK, S100YLVF |
| Total assets | 8,095 | 8,356 | 9,053 | 9,671 | 9,652 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Net assets | 7,251 | 7,575 | 8,312 | 8,985 | 8,847 | S100TRSE, S100W6LK, S100YLVF |
| Share capital | 1,715 | 2,024 | 2,322 | 2,689 | 2,720 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Property, plant and equipment | 98 | 101 | 200 | 242 | 282 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Intangible assets excluding goodwill | 29 | 15 | 24 | 27 | 14 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Goodwill | 16 | 14 | 11 | 8 | 5 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Investment securities | 2,540 | 1,005 | 1,382 | 4,404 | 1,914 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Current assets | 5,379 | 7,182 | 7,399 | 4,896 | 7,329 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Current liabilities | 827 | 750 | 678 | 641 | 617 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Total liabilities | 845 | 781 | 741 | 686 | 806 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Equity attributable to owners of parent | 7,277 | 7,589 | 8,154 | 8,991 | 8,462 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Retained earnings | -750 | -515 | -547 | 58 | -533 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100R5G8, S100TRSE, S100W6LK, S100YLVF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YLVF |
| Property, plant and equipment | 3% | S100YLVF |
| Intangibles and goodwill | 0% | S100YLVF |
| Investment securities | 20% | S100YLVF |
| Other assets | 50% | S100YLVF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 8% | S100YLVF |
| Equity | 92% | S100YLVF |

### 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 | 8,095 | 8,356 | 9,053 | 9,671 | 9,652 |
| Equity | 7,251 | 7,575 | 8,312 | 8,985 | 8,847 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,637 | 1,915 | 2,939 | 2,823 | 2,604 |

## 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) | 12.6% | S100YLVF |
| Fixed assets ÷ total assets | 2.9% | S100YLVF |
| Goodwill ÷ parent equity | 0.1% | S100YLVF |

Goodwill over 4 years: 16 → 5 JPY; total investing cash flow: -3,565 JPY. This does not imply causation.

### 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) | 27.0% |
| Cash ÷ revenue | 116.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 208 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| 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 | — | —× | -7.1% | —× | — | S100R5G8 |
| 2023 | — | —× | -3.7% | —× | — | S100TRSE |
| 2024 | — | —× | -0.4% | —× | — | S100W6LK |
| 2025 | 3.5% | 0.32× | 1.1% | 1.09× | 1.2% | S100YLVF |
| 2026 | — | —× | -6.1% | —× | — | S100YLVF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 横山 周史 | Major shareholder | 1.2% | 2026-03-31 |
| 中野 暁 | Major shareholder | 1.1% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 五十畑 輝夫 | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社日本生物材料センター | Major shareholder | 0.6% | 2026-03-31 |
| 中辻 憲夫 | Major shareholder | 0.5% | 2026-03-31 |
| 椎橋 正則 | Major shareholder | 0.5% | 2026-03-31 |
| 荒井 憲一 | Major shareholder | 0.5% | 2026-03-31 |
| 旭化成酸素株式会社 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YLVF | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLVF,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W6LK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6LK,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TRSE | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRSE,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R5G8 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5G8,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OJYY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJYY,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LSLF | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSLF,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| iPSアカデミアジャパン㈱ | Co-development | iPS細胞関連特許の非独占的通常実施権の許諾を受ける | S100YLVF |
| Steminent Biotherapeutics Inc. | Co-development | Stemchymal®の日本での独占的開発・販売権の許諾 | S100YLVF |
| MAGiQ Therapeutics Inc. | Co-development | iGRPの臨床開発・商業化のクロスライセンス | S100YLVF |

## 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).