Poxel Provides an Update on Its Financial Position for the Second Quarter and First Half of 2024 and Announces the Rescheduling of Its Annual General Meeting - Seite 2

As of June 30, 2024, total cash and cash equivalents amounted to EUR 2.8 million (USD 3 million¹), compared with EUR 2.3 million (USD 2.6 million²) as of December 31, 2023 (unaudited data). Net financial debt (excluding IFRS16 impacts and derivative debts) amounted to EUR 46.6 million as of June 30, 2024, compared with EUR 45.6 million as of December 31, 2023 (unaudited data).

EUR (thousands)

Q2 2024

Q4 2023

 

 

Cash

2,812

2,341

Cash equivalents

-

-

Cash and cash equivalents

2,812

2,341

Unaudited data.

Finalization of exclusive discussions with a leading investor to monetize royalties from sales of TWYMEEG (Imeglimin) in Japan and cash runway

With the priority objective of relaunching its R&D activities and executing its strategic plan in rare diseases, the Company has focused in recent months on securing additional financing, in particular non-dilutive solutions. In this context, the Company is currently finalizing exclusive negotiations with a leading investor to monetize royalties from TWYMEEG (Imeglimin) sales in Japan. In addition, the Company is in advanced discussions – in some cases on an exclusive basis – with several potential partners for each of its three products: Imeglimin, for several countries not covered by its agreement with Sumitomo Pharma, PXL065 and PXL770.

Based on:

1. its cash position on June 30, 2024,
2. tranches already drawn³ or fully available as of the date of this press release under the equity-linked financing facility with IRIS,
3. no research and development expenses, and
4. a strict control of operating expenses,

Poxel expects that its resources, including funds available to it, will be sufficient to maintain its operations and capital expenditure until completion of the current process to monetize royalties from sales of TWYMEEG (Imeglimin) in Japan.