Next Science Limited is set to distribute approximately A$0.145 per share following the sale of its assets to OSARTIS GmbH, marking a significant step towards winding down its operations.
- Completed asset sale to OSARTIS GmbH for US$50 million
- Closing cash balance of US$35.2 million with no debt
- Seeking shareholder approval for capital distribution of around A$0.145 per share
- CEO and CFO resigned following transition period ending December 2025
- Company applying for removal from ASX official list
Asset Sale and Capital Return
Next Science Limited (ASX – NXS) has announced a pivotal development in its corporate journey, following the sale of substantially all its assets to OSARTIS GmbH for US$50 million in September 2025. This transaction marks a decisive shift as the company moves towards returning capital to its shareholders and winding down its operational footprint.
As of 31 December 2025, Next Science reported a robust cash position of US$35.2 million and no outstanding debt, reflecting prudent financial management post-sale. The company is now seeking shareholder approval at an Extraordinary General Meeting scheduled for 28 January 2026 to distribute approximately A$0.145 per share, equating to a total capital return of around US$28 million based on current exchange rates.
Leadership Changes and Transition Completion
The transition services agreement with OSARTIS, which facilitated the handover of operations, concluded on 31 December 2025. Coinciding with this, Next Science’s CEO and Managing Director, I.V. Hall, along with CFO Marc Zimmerman, stepped down. These leadership changes underscore the company’s shift from active operations to capital return and eventual delisting.
Payments to directors during the quarter included retention, severance, and medical continuation coverage, reflecting the company’s commitment to a smooth transition for its executive team.
Financial Overview and Future Outlook
The December quarter saw cash receipts of US$1.1 million, primarily from sales prior to the asset transfer, while net operating cash outflows amounted to US$3.8 million, driven by costs related to the sale process, transition services, and the closure of the US business. Despite these outflows, the company maintains a strong liquidity position, with an estimated 9.2 quarters of funding available based on current cash flows.
Next Science has formally applied to the ASX for removal from the official list, signaling the end of its public company status. This move is consistent with the company’s strategic direction following the asset sale and capital return.
Investor Implications
For shareholders, the upcoming capital distribution represents a tangible return on investment after a period of significant corporate restructuring. However, the company’s exit from the ASX and cessation of operations mark a definitive close to Next Science’s chapter as a listed entity.
Market participants will be watching closely for the outcome of the shareholder vote and the timing of the capital return payment, expected on 12 February 2026. The company’s ability to manage remaining liabilities and execute the delisting process smoothly will also be critical in the coming months.
Bottom Line?
Next Science’s capital return and delisting set the stage for a final chapter, leaving investors to weigh the value realised against the end of an era.
Questions in the middle?
- Will shareholders approve the proposed capital distribution at the upcoming EGM?
- What are the implications for remaining liabilities and obligations post-sale?
- How will the delisting affect any residual shareholder interests or potential future ventures?