4SC (VSC) Q3 2025 earnings summary

Executive summary

• Since 2023, focus was on developing Resminostat for cutaneous T-cell lymphoma, but all efforts ceased after a negative EMA opinion and the collaboration with Yakult Honsha was terminated.

• Marketing Authorization Application for Resminostat was refused by the European Medicines Agency, leading to a cost reduction program, significant staff cuts, and no viable operating business remaining.

• AGM resolved to reduce share capital to zero, delist from Frankfurt Stock Exchange, and simultaneously increase capital via new share issuance.

• No distributable surplus is expected for shareholders in liquidation; shares currently have no intrinsic value.

• Entered into amended licensing agreements, resulting in €2.5 million in capital inflows.

Financial highlights

• Cash and cash equivalents at 30 September 2025: €4.742 million, down from €8.311 million at year-end 2024.

• Average monthly operational cash use in Q3 2025: €397,000, below forecast.

• Negative equity as of 30 June 2025: approximately €2.6 million.

• Subordinated shareholder loans outstanding: just over €7 million.

Outlook and guidance

• Cash and planned capital increase are expected to provide a transitional period until at least end of 2026 to seek new business or cover costs for orderly liquidation by end of Q1 2027.

• Capital raise of €2.73 million via new shares resolved at September 2025 AGM.

• Injected capital is not intended for investment and is unlikely to result in sustained positive equity; further equity injections and possibly another capital reduction may be required.