olivLaw · European equity research
Poxel SA POXEL.PA
France · Euronext Paris · ISIN FR0012432516 · Vertical: Listed companies from France
Poxel is a clinical-stage biopharmaceutical company developing treatments for rare metabolic diseases and for MASH. TWYMEEG sales in Japan rose sharply in 2024, but the company has entered judicial reorganisation, which makes its financial and strategic path highly uncertain.
At the close of 05 Nov 2026, Poxel SA (POXEL.PA) stock was 0.16 EUR (−1.27% on the day), with market capitalisation 7.5 m EUR, beta -0.14, 52-week range 0.13–0.40 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.0
- neutral
- Bollinger (20, 2)
- 0.13 – 0.21
- in the lower half of the band · %B 0.38 · band width 48.5%
- SMA 50 / 200
- 0.17 / 0.22
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.1% | −0.6% | +16.7 pp | — |
| 3 months | −25.2% | −4.2% | −21.0 pp | — |
| 6 months | −38.7% | +4.3% | −43.0 pp | — |
| Year to date | −33.3% | +7.5% | −40.8 pp | — |
| 1 year | −38.8% | +9.9% | −48.7 pp | −6.8% |
| 3 years | −60.3% | +49.8% | −110.1 pp | −15.9% |
| 5 years | −97.3% | +42.8% | −140.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 674.0 k | 2.0 m | 6.6 m |
| Revenue YoY | unavailable | +193.9% | +235.0% |
| Net income | -31.4 m | -35.1 m | -18.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.08 | -1.05 | -0.38 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -4,658.5% | -1,771.3% | -275.8% |
| Free cash flow | -21.8 m | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -58.9 m EUR
- Total assets
- 14.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.78x
- ROE
- unavailable
- ROA
- -185.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 674.0 k | 2.0 m | 6.6 m | esef· 28 Oct 2025verified |
| Cost of revenue | 672.0 k | 2.0 m | 2.9 m | esef· 28 Oct 2025verified |
| Gross profit | 2.0 k | 1.0 k | 3.7 m | esef· 28 Oct 2025verified |
| Research & development | 13.9 m | 21.0 m | 1.0 m | esef· 28 Oct 2025verified |
| Operating income | -21.9 m | -28.8 m | -3.5 m | esef· 28 Oct 2025verified |
| Interest expense | 9.9 m | 6.1 m | 14.0 m | esef· 28 Oct 2025verified |
| Pre-tax income | -31.4 m | -35.1 m | -18.3 m | esef· 28 Oct 2025verified |
| Income tax | 2.0 k | 2.0 k | 2.0 k | esef· 28 Oct 2025verified |
| Net income | -31.4 m | -35.1 m | -18.3 m | esef· 28 Oct 2025verified |
| Diluted EPS | -1.08 | -1.05 | -0.38 | esef· 28 Oct 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.1 m | 2.3 m | 3.7 m | esef· 28 Oct 2025verified |
| Current assets | 16.6 m | 4.5 m | 14.9 m | esef· 28 Oct 2025verified |
| Intangibles (excl. goodwill) | 16.6 m | 10.0 k | 2.0 k | esef· 28 Oct 2025verified |
| Total assets | 34.7 m | 4.8 m | 14.9 m | esef· 28 Oct 2025verified |
| Current liabilities | 27.4 m | 13.3 m | 19.0 m | esef· 28 Oct 2025verified |
| Equity | -18.2 m | -49.1 m | -58.9 m | esef· 28 Oct 2025verified |
| Shares outstanding at year end | 29.1 m | 33.4 m | 48.2 m | esef· 28 Oct 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -21.8 m | -14.0 m | -9.5 m | esef· 28 Oct 2025verified |
| Capex | 11.0 k | — | — | esef· 15 Oct 2024verified |
| Free cash flow | -21.8 m ≈ | — | — | esef· 15 Oct 2024derived |
| Investing cash flow | 0 | 41.0 k | 92.0 k | esef· 28 Oct 2025verified |
| Financing cash flow | 2.6 m | 3.2 m | 10.7 m | esef· 28 Oct 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -275.8% | 10 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.2x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial10/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
POXEL (POXEL.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 6.6 m EUR in 2024; YoY growth 235.0%; net margin -275.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -275.8%
- Interest coverage: -0.2x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for POXEL.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Poxel is a clinical-stage biopharmaceutical company developing treatments for rare metabolic diseases and for MASH. TWYMEEG sales in Japan rose sharply in 2024, but the company has entered judicial reorganisation, which makes its financial and strategic path highly uncertain 1.
SWOT
Strengths
- A pipeline of candidates with distinct mechanisms and preclinical data supporting their use in several rare diseases 1.
- Royalty income from a product already marketed in Japan, with strong sales growth in 2024 1.
- Orphan drug and Fast Track status for candidates in rare diseases, which can accelerate development 1.
Weaknesses
Opportunities
Risks
- Judicial reorganisation and going-concern riskhigh
The non-adoption of financial delegations allowed creditors to demand immediate repayment, and the company is in judicial reorganisation, which could affect business continuity if the restructuring fails 1.
- Dependence on the Japanese partnermedium
Current revenue depends on sales made by Sumitomo Pharma in Japan, over which the company has limited control 1.
- Clinical development riskhigh
The lead candidates have not completed efficacy studies, and results from later phases could be unfavourable 1.
- Competition in ALD and MASHmedium
The emergence of other advanced candidates or the broader use of resmetirom could reduce potential market share 1.
- Dilution from restructuringmedium
Restructuring agreements with creditors could involve share issues or debt conversions with a dilutive effect 1.
Investment thesis
What would need to be true (bull case)
- If the restructuring succeeds and TWYMEEG sales keep growing, the company could fund key clinical studies for PXL770 and PXL065 from own resources or through partnerships 1.
- Orphan drug and Fast Track status could speed the path to approval for rare diseases with unmet medical needs 1.
- A partnership for PXL770 or PXL065 could validate the preclinical data and bring capital at a critical moment 1.
What would break the thesis
- If the restructuring fails, creditors could enforce their security and shareholders could lose a significant part of their value 1.
- Revenue depends on one marketed product run by a partner, and its growth could slow after the initial expansion 1.
- The clinical studies needed for PXL770 and PXL065 could require additional funding that the company does not currently have 1.
What to watch
- Outcome of restructuring negotiations with bondholders IRIS and IPF Partners2025
- Presentation of the operational and financial restructuring planQ4 2025
- Launch of the Phase IIa study for PXL770 in AMN, subject to financing2026
- Evolution of TWYMEEG sales in Japan after the expanded prescribing labelnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Poxel SA is an international clinical-stage biopharmaceutical company specialised in serious chronic diseases with a metabolic basis, including rare metabolic diseases and metabolic dysfunction-associated steatohepatitis (MASH) 1. Its first product, imeglimin, was approved in Japan in June 2021 for type 2 diabetes and marketed as TWYMEEG by partner Sumitomo Pharma, which pays the company royalties on net sales. The company was founded in 2009 as a spin-off from Merck Serono's metabolic activities 1. Since February 2025 Poxel has been in judicial reorganisation under the Lyon Economic Affairs Court, after the non-adoption of financial delegations triggered a default under its bond financing 1.
Development focuses on PXL770, an AMPK activator aimed at ADPKD and X-linked ALD, and PXL065, a deuterium-stabilised R-stereoisomer of pioglitazone aimed at MASH and, prospectively, ALD and hypertrophic cardiomyopathy 1. Management has announced a refocus on the most promising assets and a full operational and financial restructuring to be presented in Q4 2025 1.
Segments
Imeglimin / TWYMEEG (type 2 diabetes)
The product approved in Japan generates royalties and sales-based payments for Poxel while Sumitomo Pharma commercialises it. Sales grew strongly in 2024, and a revised prescribing label approved in April 2025 targets diabetic and elderly patients with renal insufficiency 1.
PXL770 (rare diseases)
The lead candidate, an AMPK activator, is ready for proof-of-concept studies in ADPKD and ALD, holding orphan drug and FDA Fast Track status for ALD. The company reports preclinical effects on kidney cyst growth and on very long chain fatty acid levels 1.
PXL065 (MASH and ALD)
The deuterium-stabilised R-stereoisomer of pioglitazone, acquired through the DeuteRx agreement, completed a Phase II trial in MASH. The company sees it as an alternative with a distinct mechanism to pioglitazone and a potentially better tolerability profile, but the market was recently reshaped by the US approval of resmetirom 1.
Market context
The company describes the ALD market as very attractive because no approved treatments beyond glucocorticoid replacement and gene therapy for early active cerebral ALD exist, and prevalence is estimated at 20,000 people in the United States and several hundred thousand worldwide 1. The MASH market is large and growing but was reshaped by the April 2024 US approval of resmetirom (Rezdiffra) for patients with F2 and F3 fibrosis 1.
The company estimates that US MASH cases could rise considerably by 2030 and that the disease is already a leading cause of liver transplantation. These figures are the source's estimates and depend on the epidemiological model assumptions used 1.
Trends
- Rising diagnosis of rare diseases through newborn screeningtailwind
Wider adoption of newborn screening increases diagnoses of ALD, which could expand the market for rare-disease treatments 1.
- New approvals in MASHheadwind
The US approval of resmetirom and its review in Europe change treatment recommendations for patients with advanced fibrosis and may narrow room for new molecules 1.
- Accelerated regulatory pathways for rare diseasestailwind
US orphan, Fast Track and priority review designations and the European PRIME scheme could shorten development for rare-disease candidates if clinical evidence is sufficient 1.
- Financing constraints and dependence on partnersmixed
Funding difficulties and reliance on Japanese royalties limit the company's ability to finance trials without new partners 1.
Competitive position
In ALD the company compares PXL770 with leriglitazone (Minoryx), in Phase 2b/3, and VK0214 (Viking), in Phase 1b, arguing that its AMPK activation mechanism could yield superior results 1. In MASH, competition includes resmetirom, already approved in the United States, and conventional therapies for comorbidities 1.
The source notes a general shortage of ALD candidates, meaning therapeutic alternatives are limited, though this does not exclude new competitors emerging 1.
- Minoryx (leriglitazone)
Phase 2b/3 candidate for ALD acting through PPAR gamma; the company names it as the main ALD pipeline competitor 1.
- Viking Therapeutics (VK0214)VKTX
Phase 1b ALD candidate with a thyroid receptor beta mechanism, cited in the company's pipeline comparison 1.
- Madrigal Pharmaceuticals (resmetirom)MDGL
Product already approved in the United States for MASH, which changes clinical recommendations and the competitive setting for PXL065 1.
- Other oral small-molecule developers in ALD
The source mentions three other companies developing oral small molecules for ALD without naming all of them in this section 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202428 Oct 2025
- Annual report 202315 Oct 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Poxel SA · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.