Poxel (POXEL) H2 2024 earnings summary

Executive summary

• Revenue for FY2024 reached EUR 6.6 million, up from EUR 2 million in FY2023, driven by increased TWYMEEGⓇ royalties and a one-time sales-based payment.

• Non-adoption of key financial delegations triggered events of default under IRIS and IPF Partners financing, creating significant uncertainty about going concern status.

• Cash position as of December 31, 2024, was EUR 3.7 million, insufficient to cover immediate bond redemptions if demanded.

• Board and management are actively seeking solutions with creditors to address liquidity and debt challenges.

Financial highlights

• Consolidated revenue for FY2024 was EUR 6.6 million, up 235% year-over-year, mainly from TWYMEEGⓇ royalties and a JPY 500 million (EUR 3.1 million) sales-based payment.

• Cash and cash equivalents dropped to EUR 3.7 million at year-end 2024 from EUR 13.1 million at September 30, 2024.

• Royalty rate on TWYMEEGⓇ net sales increased to 10% in Q4 2024 after surpassing the JPY 5 billion sales threshold.

Outlook and guidance

• TWYMEEGⓇ sales in Japan expected to generate escalating double-digit royalties and additional sales-based payments from 2025 onward.

• Regulatory outcome for TWYMEEGⓇ use in patients with renal impairment anticipated in H1 2025.

• Financial outlook remains severely impacted by debt default risk and limited cash runway.