Poxel (POXEL) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €1.16 million, up from €0.96 million in H1 2023, driven by increased royalties from TWYMEEG® sales in Japan.

• Net loss narrowed to €7.26 million in H1 2024 from €26.24 million in H1 2023, reflecting lower R&D and general expenses.

• TWYMEEG® sales in Japan grew 62% sequentially, with Sumitomo Pharma forecasting a 150% year-over-year increase for FY2024.

• A non-dilutive $50 million royalty monetization deal with OrbiMed was closed in September 2024, used to partially repay debt and fund rare disease programs.

Financial highlights

• Royalties from TWYMEEG® sales in Japan reached €1.16 million in H1 2024, up from €0.96 million in H1 2023.

• R&D expenses dropped to €0.63 million from €19.34 million, mainly due to the absence of new studies and prior year asset impairment.

• General and administrative expenses decreased to €3.21 million from €4.28 million, reflecting headcount reduction.

• Operating loss improved to €3.71 million from €23.27 million year-over-year.

• Cash at June 30, 2024 was €2.81 million, up from €2.34 million at December 31, 2023.

Outlook and guidance

• Strategic focus on rare metabolic diseases, prioritizing ADPKD for PXL770 and advancing clinical partnerships.

• Plans to commercialize Imeglimine outside Japan with new partners.

• Continuity of operations depends on shareholder approval of new financial resolutions at the February 2025 AGM and securing additional funding.