Poxel (POXEL) Q3 2025 earnings summary

Executive summary

• Reported consolidated revenue of €6.6 million for 2024, up from €2.0 million in 2023, mainly from TWYMEEG® royalties and a milestone payment from Sumitomo Pharma.

• Net loss for 2024 was €18.3 million, a significant reduction from €35.1 million in 2023, which was impacted by a €16.6 million impairment of PXL065.

• New management appointed in August 2025 following the initiation of judicial reorganization proceedings.

• TWYMEEG® sales in Japan grew 26% in Q2 2025 compared to Q1 2025.

Financial highlights

• Gross margin for 2024 was €3.7 million.

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

• General and administrative expenses were €6.4 million in 2024, down from €8.4 million in 2023.

• Financial loss increased to €14.8 million in 2024, mainly due to debt-related interest and early repayment fees.

• Cash and cash equivalents stood at €3.7 million at end-2024 and €1.2 million at end-September 2025.

Outlook and guidance

• TWYMEEG® sales in Japan expected to reach ¥11.2 billion (€64.4 million) for fiscal 2025, a 47% increase over 2024.

• Royalties on TWYMEEG® anticipated to rise to at least 12% of net sales in 2025, with potential for additional milestone payments.

• Financial visibility secured until end of observation period (February 2026) through a new €2.5 million bond facility.