4SC (VSC) Q4 2024 earnings summary

Executive summary

• Focused on resminostat (Kinselby) for advanced CTCL, with EU marketing application filed and under review; EMA issued major objections in March 2025, putting approval at risk.

• 2024 saw key milestones: EMA MAA submission, Swiss orphan drug status, UK PIP waiver, new partnerships, and a €4M capital increase.

• Net loss for 2024 was €8.3M, equity fell sharply, but liquidity remained stable at €8.3M.

• Company remains a going concern for at least 12 months, but future depends on EMA decision and ability to raise funds.

Financial highlights

• Revenue rose to €336K (2023: €304K), mainly from licensing and service fees.

• Net loss increased slightly to €8.3M (2023: €8.2M); EPS improved to -€0.76 (2023: -€0.81).

• Equity dropped to €718K (2023: €5.1M); equity ratio fell to 8.1% (2023: 53.7%).

• Cash and cash equivalents stable at €8.3M; average monthly cash burn €626K.

• Capital increase and new loan provided €7.5M in financing; liabilities doubled to €7.5M.

Outlook and guidance

• Sufficient liquidity for at least 12 months, pending EMA decision on resminostat.

• 2025 net loss expected to decrease due to lower R&D costs; cash burn forecast €400K–€700K/month.

• Continued net losses likely in short to medium term; future depends on regulatory outcome and funding.