(Boursier.com) — The net result for the financial period ended June 30, 2023 stood at 26.2 million euros, compared to a net loss of 13.4 million euros for the same period in 2022.
As of June 30, cash and cash equivalents were €7.6 million ($8.2 million), compared to €13.1 million ($14.0 million) as of December 31 2022.
Poxel expects its resources to be sufficient to finance its operations and capital expenditures until the second quarter of 2025.
First-half revenue reflects 148 million yen (0.96 million euros) in revenue from royalties from Sumitomo Pharma, which represents 8% of TWYMEEG’s net sales in Japan. Based on its current guidance, Poxel expects to receive royalties of 8% on net sales of TWYMEEG in Japan until the end of Sumitomo Pharma’s fiscal year 2023 (April 2023 to March 2024). Under the licensing agreement with Merck Serono, Poxel will pay Merck Serono a fixed royalty of 8% based on net sales of Imeglimin, regardless of sales level.
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