4SC (VSC) Q2 2025 earnings summary

Executive summary

• Ceased all development and commercialization of resminostat after a negative EMA opinion; terminated collaboration with Yakult Honsha for Japan.

• No longer actively developing any drug programs; company has no operating business and reduced personnel.

• Proposed capital cut to zero and simultaneous capital increase to €2.73M via new shares, with delisting from Frankfurt Stock Exchange.

• Two major shareholders committed to subscribe to the full capital increase.

Financial highlights

• Revenue for H1 2025 was €39K, down from €182K in H1 2024, mainly from reimbursements.

• Net loss for H1 2025 was €3.30M, improved from €3.96M loss in H1 2024.

• Staff costs rose 18% to €1.25M due to one-time severance payments.

• Other operating expenses fell 35% to €1.79M due to cost-cutting after program closure.

• Cash and cash equivalents at 30 June 2025 were €5.43M, down from €8.31M at year-end 2024.

Outlook and guidance

• Capital increase intended to provide time for strategic realignment and avoid liquidation.

• If liquidation occurs, only a small portion of subordinated shareholder loans may be repaid; no surplus for shareholders.

• Cash is sufficient to cover costs for an orderly liquidation if completed by Q4 2026.

• No plans to relist shares after delisting; ongoing costs from listing will be eliminated.