Poxel Announces Financial Challenges and Outlines Future Strategy

Poxel SA has released its financial results for the first half of 2024, highlighting a reduced cash runway and a significant financial challenge due to the non-adoption of key financial delegations at the recent Annual General Meeting. The revenue saw an increase to EUR 1.162 million compared to EUR 955 thousand in 2023, primarily from royalties. However, the net loss was EUR 7.3 million, a decrease from EUR 26.2 million in 2023.

The company faces potential immediate redemption of bonds held by IRIS and IPF Partners unless new financial resolutions are adopted at an extraordinary meeting in February 2025. Poxel plans to address these challenges by seeking new financial delegations and revising corporate officers' compensation policies. Despite financial headwinds, the company aims to extend its financial runway and secure its future operations.