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4SC (VSC) investor relations material
4SC Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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