Poxel (POXEL) H1 2025 earnings summary

Executive summary

• Net sales of TWYMEEG® in Japan surpassed 5 billion yen, triggering higher royalties and a milestone payment; all proceeds allocated to debt repayment per OrbiMed agreement.

• Revenue nearly doubled year-over-year in H1 2025, while net loss was significantly reduced to €2.62M from €7.26M in H1 2024.

• Receivership/judicial recovery proceedings commenced in August 2025, with a six-month observation period and a finalized recovery plan pending court approval.

• Major governance changes and restructuring initiated, including new CEO and board members during the observation period.

• Positive preclinical results for PXL065 in hypertrophic cardiomyopathy and new patent protection for Imeglimine in Japan until 2039.

Financial highlights

• Revenue for H1 2025 was €2.18M, up 88% from €1.16M in H1 2024, mainly from increased royalties on TWYMEEG® sales.

• Operating loss reduced to €-1.96M from €-3.71M year-over-year; net loss narrowed to €-2.62M from €-7.26M.

• Gross margin improved to €306K (margin rate ~14%) from €16K (1%) year-over-year.

• General and administrative expenses were reduced to €1.76M from €3.21M, reflecting cost-saving measures.

• Cash position at June 30, 2025 was €2.06M, down from €3.66M at end-2024; financial debt at June 30, 2025 stood at €61.2M, down from €68.8M.

Outlook and guidance

• Judicial recovery plan finalized and awaiting approval by creditors, shareholders, and the Lyon court; plan includes capital increases, debt-to-equity conversions, and new financing from IPF and IRIS.

• If the plan is not approved, liquidation is possible; significant uncertainty remains over going concern.

• Focus on commercializing Imeglimine outside Japan and advancing rare disease pipeline (PXL770, PXL065) through partnerships.

• TWYMEEG® sales in Japan expected to reach 11.2B yen in FY 2025, a 47% increase year-over-year; royalty rate to increase to 12% if 10B yen net sales milestone is met.

• Double-digit royalty growth and additional milestone payments anticipated beyond 2025.