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4SC Q3 Analyst Call Report of the Management Board Planegg-Martinsried, 17 October 2025
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‹#› | © 4SC AG, September 2024 The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements and information contained in this presentation may relate to future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. In addition to statements which are forward-looking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, other words such as "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue", "potential, future, or further", and similar expressions identify forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing business or other market conditions and the prospects for growth anticipated by 4SC's management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. 4SC does not undertake any obligation to update or revise any statements contained in this presentation, whether as a result of new information, future events or otherwise. In particular, you should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. DISCLAIMER
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WHERE 4SC STANDS TODAY ‹3› | © 4SC AG, October 2025 Since 2023, we have been entirely focused on the development of resminostat for CTCL Since our MAA was refused, a cost reduction program was initiated (including significantly reducing employees) to preserve cash given we no longer have a viable business The Company’s half-year financial statements as of 30 June 2025 show negative equity (according to the German Commercial Code) of c.-€2.6 million Available cash and cash equivalents (€4.742 million as of 30 September 2025) are only sufficient to cover the projected costs for an orderly liquidation by Q4 2026 Consequently, the Company’s shares no longer have any intrinsic value. If the Company is liquidated, 4SC will only be able to repay a small portion of outstanding subordinated shareholder loans (which currently amount to >€7 million) and there will be no surplus that could be distributed to shareholders
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Financial Summary • €4.7 million cash balance at 30 September 2025 • €397,000 average monthly operational use of cash during Q3 2025 o slightly below the forecast range of €400,000 - €700,000 for 2025 • Looking forward, the Management Board now believes that o in combination with a successful completion of the capital increase as resolved at the company’s AGM in September 2025 that there will be sufficient cash for a transitional period to allow the Company - at least until the end of 2026 - to find a new business, or o sufficient cash to cover the projected costs for an orderly liquidation if this was to be completed by the end of Q1 2027 ‹14› | © 4SC AG, September 2025
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LOOKING FORWARD ‹5› | © 4SC AG, October 2025 • The injection of €2,726,522 through the issuance of a total of 2,726,522 new shares was resolved at the Company’s AGM in September 2025 and is intended to give the Company sufficient time to examine options for a strategic realignment through the acquisition of new business which can utilize the Company’s tax loss carryforwards in the future • The injected capital will finance the cost for this transitional period but is not intended for investment nor expected to result in a sustained positive equity position • Subject to the issuance of a binding tax ruling • The capital reduction to zero will cause the revocation of the admission of the Company’s shares to trading on the regulated market of the Frankfurt Stock Exchange (i.e. 4SC will be delisted) • No plans to reapply for a stock exchange listing of the new shares • It is likely the Company may also require further injections of equity, and, potentially, also a further capital cut (including, if necessary, by way of a further capital reduction to zero)
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‹6› | © 4SC AG, October 2025 • 4SC currently has no operating business • Liquidation would not result in any distributable surplus to 4SC’s current shareholders • The injection of €2,726,522 aims to give the Company sufficient time to examine options for a strategic realignment through the acquisition of a new business in order to utilize the existing income tax loss carryforwards • Shareholders who do not participate in the proposed capital increase will cease to be shareholders of the Company • The Company will continue to update shareholders on events as necessary SUMMARY
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4SC AG Fraunhoferstr. 22 82152 Planegg-Martinsried Germany +49 89 700763-0 ir-pr@4sc.com www.4sc.com Jason Loveridge, Ph.D. CEO Kathleen Masch-Wiest, MBA./ LL.M. (Auckland) COO ‹7› | © 4SC AG, October 2025 CONTACT