Poxel (POXEL) H2 2024 earnings summary

Executive summary

• Annual results for 2024 show continued operational losses, with consolidated revenue of EUR 6.6 million, mainly from TWYMEEG® royalties and a one-time sales-based payment.

• Net loss for 2024 was EUR 18.3 million, a significant reduction from EUR 35.1 million in 2023, which included a EUR 16.6 million impairment.

• The company is under court-supervised observation following a declaration of cessation of payments and initiated judicial reorganization proceedings in August 2025, with a six-month observation period to prepare a continuation plan.

• Statutory Auditors were unable to certify the 2024 financial statements due to material uncertainty regarding going concern.

Financial highlights

• 2024 revenue reached EUR 6.6 million, mainly from TWYMEEG® royalties and milestone payments.

• Gross margin for 2024 was EUR 3.7 million, up from EUR 1.0 million in 2023.

• Cash and equivalents at December 31, 2024, stood at EUR 3.7 million, with EUR 1.2 million at September 30, 2025.

• R&D expenses decreased to EUR 0.8 million in 2024 from EUR 3.8 million in 2023.

• Financial loss increased to EUR 14.8 million in 2024, mainly due to interest and early debt repayment.

Outlook and guidance

• Financial visibility is secured until the end of the observation period (February 5, 2026), excluding renewal.

• TWYMEEG® sales in Japan grew 26% in Q2 2025 over Q1 2025; Sumitomo Pharma forecasts FY 2025 gross sales of JPY 11.2 billion, a 47% increase over FY 2024.

• Expectation to receive at least 12% royalties on TWYMEEG® net sales in Japan from Sumitomo Pharma in FY 2025.

• Anticipates escalating double-digit royalties and additional sales-based payments beyond 2025 upon reaching sales thresholds.

• The outcome of the continuation plan remains uncertain and represents a significant going concern risk.