# Solasia Pharma K.K.: business model and financials

> Latest period: FY ending Dec 2023, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/01/01－2025/12/31) (S100XT68)
> Page: https://vizora.meequs.com/en/company/solasia
> Retrieved: 2026-09-30T20:48:38.493Z

## Company

Solasia Pharma, founded in 2006, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 24 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Solasia Pharma K.K. |
| Ticker | 4597 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4597.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝公園二丁目11番1号 |
| Representative (per filing) | 代表取締役社長 荒井 好裕 |
| Founded | Dec 2006 |
| Employees (consolidated) | 24 |
| Fiscal year end | December |
| Website | www.solasia.co.jp (https://www.solasia.co.jp/) |
| Corporate number | 9010401075961 |
| EDINET | E33044 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XT68, filed 2026-03-24). As of filing

## Key points (generated from figures)

- Solasia Pharma brought in ¥617M in revenue.
- Revenue changed -43.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥617M |  |
| Operating income | — | Margin — |
| Net income | -¥1.11B | Margin -180.2% |
| Free cash flow | — |  |
| Employees (consolidated) | 24 |  |
| Cash ratio | 32.7% | Cash ÷ revenue 118.0% |
| ROA | -41.5% | Derived from disclosed figures |

## Notable figures

- FY2023, cash is 33% of total assets

## What changed in 7 years

| Metric | FY ending Dec 2016 | FY ending Dec 2023 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥501000000 | ¥617000000 | +23.2% |
| Employees | 16 people | 24 people | +50.0% |
| Cash and equivalents | ¥1038000000 | ¥728000000 | -29.9% |

### Change in segment revenue mix

Span: FY ending Dec 2016 → FY ending Dec 2023. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 617 | 100.0% | S100XT68 |
| Pretax income | -1,135 | -184.0% | S100XT68 |
| Net income attributable to owners | -1,112 | -180.2% | S100XT68 |

A machine-readable operating income value exists, but it is not in the validated published data, so the chart is omitted.

## Year over year（FY ending Dec 2022 → FY ending Dec 2023、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,092 | 617 | -475 | -43.5% |
| Net income attributable to owners | -2,548 | -1,112 | 1,436 | — |
| Operating cash flow | -2,074 | -359 | 1,715 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 501 | — | — | -474 | -464 | — | S100L2ET |
| FY ending Dec 2017 | 410 | — | — | -1,007 | -911 | — | S100NQ7L |
| FY ending Dec 2018 | 318 | — | — | -2,422 | -2,323 | — | S100QFP5 |
| FY ending Dec 2021 | 559 | — | — | -2,478 | -2,473 | — | S100XT68 |
| FY ending Dec 2022 | 1,092 | — | — | -2,548 | -2,074 | — | S100XT68 |
| FY ending Dec 2023 | 617 | — | — | -1,112 | -359 | — | S100XT68 |

## People and productivity（FY ending Dec 2023, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.7M |
| Net income per employee (consolidated) | -¥46.3M |

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

| History | FY ending Dec 2017 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 21 | 31 | 77 | 27 | 24 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) -11.1% · Revenue (consolidated) -43.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -359 | -58.2% | S100XT68 |
| Investing cash flow | 0 | 0.0% | S100XT68 |
| Financing cash flow | 275 | 44.6% | S100XT68 |
| Change in cash | -84 | -13.6% | 算出 |
| Cash and equivalents | 728 | 118.0% | S100XT68 |

## 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 2017 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,370 | 4,046 | 714 | 803 | 728 | S100NQ7L, S100L2ET, S100XT68 |
| Total assets | 6,655 | 7,728 | 3,144 | 3,134 | 2,229 | S100NQ7L, S100QFP5, S100XT68 |
| Net assets | — | 7,087 | — | — | 1,875 | S100L2ET, S100XT68 |

### Balance sheet history

| Metric | FY ending Dec 2017 | FY ending Dec 2018 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,655 | 7,728 | 3,144 | 3,134 | 2,229 |
| Equity | — | 7,087 | — | — | 1,875 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,370 | 4,046 | 714 | 803 | 728 |

### 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) | 32.7% |
| Cash ÷ revenue | 118.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 753 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2017 | — | —× | -15.1% | —× | — | S100NQ7L |
| 2018 | — | —× | -33.7% | —× | — | S100QFP5, S100L2ET |
| 2021 | — | —× | -78.8% | —× | — | S100XT68 |
| 2022 | — | —× | -81.2% | —× | — | S100XT68 |
| 2023 | — | —× | -41.5% | —× | — | S100XT68 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本化薬株式会社 | Major shareholder | 4.5% | 2025-12-31 |
| マルホ株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| MACQUARIE BANK LIMITED DBU AC | Major shareholder | 3.2% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.2% | 2025-12-31 |
| 荒井好裕 | Major shareholder | 0.6% | 2025-12-31 |
| 磯貝裕之 | Major shareholder | 0.6% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 0.4% | 2025-12-31 |
| MSIP CLIENT SECURITIES | Major shareholder | 0.4% | 2025-12-31 |
| 大西正一郎 | Major shareholder | 0.4% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XT68 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT68,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QFP5 | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFP5,, |
| 有価証券報告書－第14期(令和3年1月1日－令和3年12月31日) | S100NQ7L | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ7L,, |
| 有価証券報告書－第13期(令和2年1月1日－令和2年12月31日) | S100L2ET | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2ET,, |

## 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).