Negative operating cash flow and a lack of stable revenue sources
First written in FY2019. 16 of 26 entries say "Worsened", first in FY2021-Q2. Latest entry: FY2026.
StemRIM moved to the "Worse" side of this theme in 2021, 4 years before the typical company in this theme (2025).
The whole theme swung hardest in 2024: 3 of 7 companies on the "Worse" side.
3 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Cash used in operating activities was ¥1,609,924 thousand, compared with ¥1,414,608 thousand used in the previous fiscal year.」
The Company recorded no business revenue and an operating loss of ¥1,998.861 million, while cash outflow from operating activities increased from ¥1,414.608 million to ¥1,609.924 million. The lack of stable revenue sources, losses and negative operating cash flow continued. - FY2026-H1Insufficient revenue and continuing losses; operating cash outflows are increasingAnnual report
「Cash used in operating activities during the interim accounting period was ¥789,495 thousand, compared with ¥746,072 thousand used in the same period of the previous year.」
Business revenue remained at zero, and although the operating loss narrowed year on year, cash outflow from operating activities increased from ¥746.072 million to ¥789.495 million. The lack of stable revenue sources and losses continued. - 2026-03-11WorsenedEarnings
「Cash used in operating activities during the interim accounting period was ¥789,495 thousand, compared with ¥746,072 thousand used in the same period of the previous year.」
With no business revenue, cash used in operating activities increased from the same period of the previous year. - FY2025Operating cash flow improved, but the revenue shortfall and losses continuedAnnual report
「Funds used in operating activities amounted to ¥1,414.608 million, compared with an outflow of ¥1,881.497 million in the previous fiscal year.」
Cash outflow from operating activities narrowed from the previous fiscal year. However, business revenue was zero and the Company recorded an operating loss of ¥1,971.532 million, so the lack of stable revenue sources and losses continued. - FY2025-H1Operating cash flow improved, but the revenue shortfall and losses continuedAnnual report
「As a result, business revenue for the current interim accounting period was nil, as it was in the same period of the previous year; the operating loss was ¥1,066.080 million, compared with an operating loss of ¥1,033.708 million; the ordinary loss was ¥1,065.434 million, compared with an ordinary loss of ¥1,033.753 million; and the interim net loss was ¥1,048.742 million, compared with an interim net loss of ¥1,005.612 million.」
Business revenue remained at zero, and the operating loss, ordinary loss and interim net loss all widened year on year. Meanwhile, funds used in operating activities declined from ¥1,094.238 million in the same period of the previous year to ¥746.072 million, indicating a partial improvement in operating cash flow. - FY2024WorsenedAnnual report
「The Company recorded negative operating cash flow during the fiscal year and currently has no stable revenue sources, such as recurring royalty income. Future revenue generation will depend heavily on the progress of razecemtide development and the outcome of licensing negotiations for other pipeline products, and the Company cannot yet be said to be in a position to generate stable funds from operating activities.」
Cash flow from operating activities was an outflow of ¥1,881.497 million, turning negative from an inflow of ¥1,135.315 million in the previous year. Stable royalty income has still not been generated. - FY2024-Q3WorsenedAnnual report
「Under these circumstances, business revenue for the cumulative third quarter was nil, compared with business revenue of ¥2,350.000 million in the same period of the previous year; the operating loss was ¥1,552.134 million, compared with operating income of ¥755.346 million; the ordinary loss was ¥1,552.224 million, compared with ordinary income of ¥758.335 million; and the net loss for the quarter was ¥1,519.000 million, compared with net income for the quarter of ¥780.447 million.」
Following the business revenue and profit recorded in the same period of the previous year, the cumulative third quarter had no business revenue and recorded an operating loss and other losses, worsening concerns over the revenue shortfall and continued losses. - FY2024-Q2WorsenedAnnual report
「Funds used in operating activities during the cumulative second quarter amounted to ¥1,094.238 million, compared with an outflow of ¥569.323 million in the same period of the previous year.」
Cash outflow from operating activities increased from ¥569.323 million in the same period of the previous year to ¥1,094.238 million, worsening negative operating cash flow. - FY2024-Q1WorsenedAnnual report
「Under these circumstances, business revenue for the cumulative first quarter was nil, as it was in the same period of the previous year; the operating loss was ¥491.517 million, compared with an operating loss of ¥512.755 million; the ordinary loss was ¥491.584 million, compared with an ordinary loss of ¥512.593 million; and the net loss for the quarter was ¥467.145 million, compared with a net loss for the quarter of ¥513.501 million.」
Although the loss narrowed year on year, the cumulative first quarter had no business revenue and recorded an operating loss, following the milestone income and profit recorded in the third quarter of the previous fiscal year, bringing concerns over the lack of stable revenue sources back into focus. - FY2023-Q3MitigatedAnnual report
「Under these circumstances, business revenue for the cumulative third quarter was ¥2,350.000 million, compared with business revenue of ¥22.976 million in the same period of the previous year; operating income was ¥755.346 million, compared with an operating loss of ¥1,506.320 million; ordinary income was ¥758.335 million, compared with an ordinary loss of ¥1,497.934 million; and net income for the quarter was ¥780.447 million, compared with a net loss for the quarter of ¥1,500.555 million.」
Milestone income significantly improved business revenue and profit, mitigating the short-term losses and revenue shortfall. However, revenue for the period depended on milestone income and does not indicate the establishment of stable royalty income. - FY2023-Q2WorsenedAnnual report
「Under these circumstances, business revenue for the cumulative second quarter was nil, compared with business revenue of ¥22.976 million in the same period of the previous year; the operating loss was ¥1,042.096 million, compared with an operating loss of ¥1,006.574 million; the ordinary loss was ¥1,039.678 million, compared with an ordinary loss of ¥1,006.155 million; and the net loss for the quarter was ¥1,016.664 million, compared with a net loss for the quarter of ¥1,007.869 million. Funds used in operating activities during the cumulative second quarter amounted to ¥569.323 million, compared with an outflow of ¥545.164 million in the same period of the previous year.」
Business revenue fell from ¥22.976 million in the same period of the previous year to zero, while the operating loss, ordinary loss, net loss for the quarter and cash outflow from operating activities all increased year on year. Concerns over the lack of stable revenue sources and continued losses have worsened. - FY2023-Q1WorsenedAnnual report
「Under these circumstances, business revenue for the cumulative first quarter was nil, compared with business revenue of ¥22.976 million in the same period of the previous year; the operating loss was ¥512.755 million, compared with an operating loss of ¥489.861 million; the ordinary loss was ¥512.593 million, compared with an ordinary loss of ¥489.801 million; and the net loss for the quarter was ¥513.501 million, compared with a net loss for the quarter of ¥490.608 million.」
Business revenue fell from ¥22.976 million in the same period of the previous year to zero, while the operating loss, ordinary loss and net loss for the quarter all widened year on year. Concerns over the lack of stable revenue sources and continued losses have worsened. - FY2022WorsenedAnnual report
「Funds used in operating activities amounted to ¥1,404.565 million, compared with an outflow of ¥519.649 million in the previous fiscal year.」
Cash outflow from operating activities increased from ¥519.649 million to ¥1,404.565 million, worsening concerns over the lack of stable revenue sources and cash flow risk. The Company also explained that it has not yet received recurring royalty income. - FY2022-Q3WorsenedAnnual report
「Under these circumstances, business revenue for the cumulative third quarter was ¥22.976 million, compared with business revenue of ¥210.000 million in the same period of the previous year; the operating loss was ¥1,506.320 million, compared with an operating loss of ¥1,294.216 million; the ordinary loss was ¥1,497.934 million, compared with an ordinary loss of ¥1,296.699 million; and the net loss for the quarter was ¥1,500.555 million, compared with a net loss for the quarter of ¥1,294.412 million.」
Business revenue declined from ¥210.000 million in the same period of the previous year to ¥22.976 million, and the operating loss, ordinary loss and net loss for the quarter all widened year on year. Concerns over the lack of stable revenue sources and continued losses have worsened. - FY2022-Q2WorsenedAnnual report
「Under these circumstances, business revenue for the cumulative second quarter was ¥22.976 million, compared with business revenue of ¥210.000 million in the same period of the previous year; the operating loss was ¥1,006.574 million, compared with an operating loss of ¥777.241 million; the ordinary loss was ¥1,006.155 million, compared with an ordinary loss of ¥779.737 million; and the net loss for the quarter was ¥1,007.869 million, compared with a net loss for the quarter of ¥776.542 million.」
Business revenue declined from ¥210.000 million in the same period of the previous year to ¥22.976 million, and the operating loss, ordinary loss and net loss for the quarter all widened. Cash outflow from operating activities was ¥545.164 million, and concerns over the lack of stable revenue sources and continued losses remain. - FY2022-Q1WorsenedAnnual report
「Under these circumstances, business revenue for the cumulative first quarter was ¥22.976 million, compared with business revenue of ¥210.000 million in the same period of the previous year; the operating loss was ¥489.861 million, compared with an operating loss of ¥268.439 million; the ordinary loss was ¥489.801 million, compared with an ordinary loss of ¥268.274 million; and the net loss for the quarter was ¥490.608 million, compared with a net loss for the quarter of ¥261.525 million.」
Business revenue declined from ¥210.000 million in the same period of the previous year to ¥22.976 million, while the operating loss, ordinary loss and net loss for the quarter all widened. Performance-related concerns over the lack of stable revenue sources have worsened. - FY2021WorsenedAnnual report
「The Company recorded negative operating cash flow during the fiscal year and currently has no stable revenue sources, such as recurring royalty income. Future revenue generation will depend heavily on the progress of razecemtide development and the outcome of licensing negotiations for other pipeline products, and the Company cannot yet be said to be in a position to generate stable funds from operating activities.」
Cash flow from operating activities turned from an inflow of ¥575.413 million to an outflow of ¥519.649 million, again highlighting concerns over the lack of stable revenue sources and cash outflows. - FY2021-Q3WorsenedAnnual report
「Against this backdrop, business revenue for the cumulative third quarter was ¥210.000 million (compared with ¥400.000 million in the same period of the previous year), the operating loss was ¥1,294.216 million (compared with an operating loss of ¥391.591 million), the ordinary loss was ¥1,296.699 million (compared with an ordinary loss of ¥443.334 million), and the quarterly net loss was ¥1,294.412 million (compared with a quarterly net loss of ¥446.070 million).」
Business revenue declined from ¥400.000 million in the same period of the previous year to ¥210.000 million, while the operating loss widened from ¥391.591 million to ¥1,294.216 million, worsening performance-related concerns over the lack of stable revenue sources. - FY2021-Q2WorsenedAnnual report
「Cash used in operating activities during the cumulative second quarter was ¥769.772 million (compared with an outflow of ¥385.218 million in the same period of the previous year).」
The cash outflow from operating activities increased from ¥385.218 million in the same period of the previous year to ¥769.772 million, indicating a worsening of negative operating cash flow. - FY2021-Q1RestatedAnnual report
「Against this backdrop, business revenue for the cumulative first quarter was ¥210.000 million (none in the same period of the previous year), while the operating loss was ¥268.439 million (compared with an operating loss of ¥216.922 million in the same period of the previous year).」
Although business revenue from an upfront payment was recorded, the operating loss continued in the first quarter, and no significant change in the risk associated with a lack of stable revenue sources was reported. - FY2020MitigatedAnnual report
「Operating cash flow was positive during the fiscal year as a result of revenue generated under a new agreement to expand the indications for Redasemtide. However, the company currently has no stable sources of revenue, such as recurring royalty income, and future revenue generation will depend heavily on the progress of Redasemtide's development and the outcome of licensing negotiations for other pipeline products. Accordingly, the company cannot yet be considered to be in a position to generate stable cash from operating activities.」
Operating cash flow was positive at ¥575.413 million, reducing the short-term risk of cash outflows, while the risk associated with a lack of stable revenue sources continues. - FY2020-Q2RestatedAnnual report
「Cash used in operating activities during the cumulative second quarter was ¥385.218 million.」
Although the company has no operating revenue, cash flow from operating activities is negative, and the risks associated with a lack of stable revenue sources and operating cash outflows continue. - FY2019First statedAnnual report
「The company has continued to report negative operating cash flow and currently does not have sufficient stable sources of revenue.」
Cash flow from operating activities was an outflow of ¥777.789 million for the fiscal year, indicating the cash management risk associated with upfront investment.