Lyon, France — Poxel SA reported higher second-quarter revenue as sales of its type 2 diabetes drug TWYMEEG continued to grow in Japan, while announcing a delay in the publication of its 2025 financial statements and annual shareholder meeting.
The clinical-stage biopharmaceutical company reported consolidated revenue of €1.24 million for the quarter ended June 30, 2026, up from €1 million in the same period last year.
Revenue for the first half of 2026 totaled €2.51 million, compared with €2.07 million during the first six months of 2025.
Poxel’s revenue consisted entirely of royalties from Sumitomo Pharma under the companies’ agreement covering TWYMEEG, also known as Imeglimine.
Net sales of TWYMEEG in Japan reached 2.9 billion yen, or about €15.5 million, during the second quarter, representing a 32% increase from 2.2 billion yen a year earlier.
First-half sales increased 34% to 5.2 billion yen, or approximately €28.2 million.
Poxel recorded 229 million yen in second-quarter royalties from Sumitomo Pharma, representing 8% of TWYMEEG’s net sales in Japan.
Sumitomo Pharma expects TWYMEEG sales to grow at a moderate double-digit rate during its 2026 financial year and potentially exceed 10 billion yen.
Reaching that threshold would increase Poxel’s royalty rate from 10% to 12% and trigger a contractual payment of 1 billion yen, or about €5.5 million.
Poxel said proceeds from the higher royalties and milestone payment would be used to repay obligations under its royalty monetization agreement with OrbiMed.
Under a separate agreement, Poxel must pay Merck Serono a fixed royalty equal to 8% of Imeglimine net sales, regardless of the drug’s overall sales level. Any remaining positive net royalties will be allocated to repaying OrbiMed.
Poxel also postponed the publication of its 2025 financial statements and its 2025 annual general meeting.
The company attributed the delay to the complexity of valuing its debt under International Financial Reporting Standards as of Dec. 31, 2025, as well as the need to update the valuation following several transactions completed during the first quarter of 2026.
Those transactions included the establishment of a warrant financing facility with IRIS, the restructuring of debt owed to IPF and the sale of PXL770 to Scynexis.
Poxel sold PXL770 to Scynexis in March for potential payments of up to $196 million. The agreement included an $8 million upfront payment, up to $8 million in near-term development milestone payments and as much as $180 million tied to commercial milestones.
Scynexis plans to develop PXL770 as a potential treatment for autosomal dominant polycystic kidney disease.
Poxel is developing treatments for chronic and rare diseases linked to metabolic dysfunction. Its pipeline also includes PXL065, a deuterium-stabilized form of R-pioglitazone that met the primary endpoint in a Phase 2 trial involving patients with metabolic dysfunction-associated steatohepatitis.
