Poxel: share price falls, limited financial visibility

(CercleFinance.com) - Poxel reported this morning a 'significantly reduced' cash horizon in view of limited financial visibility until the end of Q1 2025, causing its share price to fall sharply.


The biopharmaceutical company reported a net loss of 7.3 million euros for the first half ended June 30, 2024, compared with a shortfall of 26.2 million euros for the same period in 2023.

Already published, sales reached 1.16 million euros, compared with 955,000 in the same period of 2023, thanks to royalties received from Sumitomo Pharma on sales of the anti-diabetic Twymeeg in Japan.

Following the non-adoption last month of a resolution concerning the issue of new shares in redemption of Oranes due to mature on December 20, 2024, the company nevertheless declares itself to be in an 'unprecedented, uncertain and potentially very negative situation for the continuation of its activities'.

With a cash position of €13.1 million at the end of September, Poxel expects to be able to finance its operations and capital expenditure only until the end of Q1 2025.

The company explains that its ability to continue as a going concern is therefore highly dependent on the outcome of shareholder votes on the resolutions to be submitted to them at the Combined General Meeting scheduled for February 11, which will be asked to decide on the renewal of the delegation required to continue the redemption of Oranes in shares.

At 11:45 am, the share price had dropped by more than 25%, and was trading at historic lows.

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