Poxel Reports Revenue for the First Quarter 2024 and Provides Corporate Update

Regulatory News:

POXEL SA (Euronext: POXEL - FR0012432516), a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders, today reported its revenue for the quarter ended March 31, 2024 and provided a business update.

Thomas Kuhn, Chief Executive Officer of Poxel, stated: “TWYMEEG continues to demonstrate its effectiveness through its steadily progressively increasing sales in Japan. The Full-Year 2024 sales forecast of JPY 11.3 billion (EUR 69.1 million) expected by our strategic partner Sumitomo Pharma, could lead to two sales-based payments and double-digit royalties for Poxel, further strengthening the Company’s ongoing funding initiatives. Supported by this strong sales trend, we continue to progress on the exclusive discussions based on the monetization of royalties from TWYMEEG sales. We expect that this financing will contribute to start as soon as possible the next chapter of Poxel in rare metabolic diseases.”

TWYMEEG (Imeglimin)

Commercial Update

• For the quarter ended March 2024, TWYMEEG gross sales in Japan increased by more than 26% to JPY 1.1 billion (EUR 6.6 million)² over the prior quarter sales of JPY 0.85 billion (EUR 5.2 million)² as reported by Sumitomo Pharma. As a result, for Sumitomo Pharma’s FY 2023¹, TWYMEEG gross sales reached JPY 4.6 billion (EUR 27.9 million)², exceeding Sumitomo Pharma’s most recent FY 2023 forecast³ by more than 8%.
• For its FY 2024, Sumitomo Pharma forecasts⁴ gross sales for TWYMEEG of JPY 11.3 billion³ (EUR 69.1 million)² which would represent a 150% increase over FY 2023 TWYMEEG gross sales.
• During Sumitomo Pharma FY 2024 (ending March 31, 2025), Poxel expects TWYMEEG net sales in Japan to reach at least JPY 5 billion (EUR 30.6 million)² entitling Poxel to receive 10% royalties on all TWYMEEG net sales and a sales-based payment of JPY 500 million (EUR 3.1 million)². Based on this FY 2024 forecast, TWYMEEG net sales could also reach JPY 10 billion (EUR 61.2 million)⁴ entitling Poxel to receive 12% royalties on all TWYMEEG net sales and a second sales-based payment of JPY 1 billion (EUR 6.1 million)². Beyond 2024, Poxel expects to receive escalating double-digit royalties as well as additional sales-based payments upon achievement of contractually based sales thresholds.

First Quarter 2024 Revenue