What Poxel does

Poxel SA is a French clinical-stage biopharmaceutical company founded in 2009 and listed on Euronext Paris (ticker: POXEL), headquartered in Lyon with subsidiaries in Boston and Tokyo. The company develops treatments for chronic serious diseases with metabolic pathophysiology, anchored on a mitochondrial-dysfunction targeting platform spanning type 2 diabetes, NASH/MASH, and rare metabolic diseases including adrenomyeloneuropathy and autosomal dominant polycystic kidney disease.

Its pipeline consists of three principal assets: (1) TWYMEEG (Imeglimin), a first-in-class oral therapy targeting mitochondrial dysfunction, approved in Japan in 2021 for type 2 diabetes and marketed by Sumitomo Pharma, with an expanded label covering renal-impaired patients (eGFR <45) approved by the PMDA in April 2025; (2) PXL065, a deuterium-stabilized R-pioglitazone that met its primary endpoint in the Phase 2 DESTINY-1 trial for MASH and is being developed for hypertrophic cardiomyopathy, holding FDA Orphan Drug and Fast Track Designations for adrenomyeloneuropathy; and (3) PXL770, a first-in-class direct AMPK activator divested to Scynexis in March 2026 for up to $196 million for ADPKD development.

Poxel's revenue model is asset-light and partnership-driven: it receives tiered royalties of 8-18% on TWYMEEG net sales in Japan (net of an 8% payable to Merck Serono, with positive net royalties above 8% allocated to OrbiMed bond repayment) plus sales-based milestones, supplemented by one-time proceeds from asset divestitures and non-dilutive royalty monetizations. The company reported €5.0 million in FY2025 revenue, down from €6.6 million in FY2024 which included a one-time milestone. The company emerged from judicial reorganization proceedings under a court-approved continuation plan in January 2026 and appointed a new CEO, Yves Decadt, effective June 10, 2026.

Name

Poxel

Legal name

Poxel SA

Website

https://poxelpharma.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

Poxel SA is a French clinical-stage biopharmaceutical company developing first-in-class therapies for metabolic diseases including type 2 diabetes, NASH/MASH, and rare disorders, generating revenue primarily through tiered royalties on TWYMEEG sales in Japan via Sumitomo Pharma.

Ownership category

akta.pro rank

Product category

Metabolic Disease Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Pharmaceutical Preparations (2834), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Cardiometabolic Pharmaceuticals (Cardiovascular/Diabetes/Obesity) (HLAIAAAE)

Keywords

• Metabolic disease therapeutics
• Type 2 diabetes treatment
• NASH MASH therapeutics
• Rare disease drug development
• Mitochondrial dysfunction drugs

Headquarters

HQ city

Lyon

HQ country

France

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. TWYMEEG Royalties: Poxel receives tiered royalties of 8-18% on TWYMEEG net sales in Japan from Sumitomo Pharma. Royalty rate increases to 10% when net sales exceed JPY 5 billion annually, and to 12% when net sales exceed JPY 10 billion. Positive net royalties (above 8% paid to Merck Serono) are allocated to OrbiMed bond repayment.
2. PXL770 Asset Sale: Divested PXL770 to Scynexis for up to $196 million, including $8 million upfront payment, up to $8 million in development milestones, and up to $180 million in commercial milestones based on ADPKD sales achievements.
3. OrbiMed Royalty Monetization: Received USD 50 million in bonds by monetizing a portion of future TWYMEEG royalties from Japan. Non-dilutive financing arrangement with proceeds used for debt reduction and rare disease activities.
4. Milestone Payments: Contractual milestone payments including JPY 1 billion (approximately €5.5 million) when TWYMEEG net sales exceed JPY 10 billion threshold, triggering increased royalty rate from 10% to 12%.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Poxel develops first-in-class pharmaceutical products targeting mitochondrial dysfunction and metabolic pathways for chronic serious diseases. Its commercial product TWYMEEG (Imeglimin) is approved in Japan for type 2 diabetes and marketed through partner Sumitomo Pharma. Pipeline assets include PXL065 (deuterium-stabilized R-pioglitazone for NASH/MASH and HCM) and PXL770 (AMPK activator divested to Scynexis for ADPKD). The company generates revenue through royalties, milestone payments, and asset divestitures.

Product overview

Poxel is a clinical-stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology. The company's portfolio consists of three main products: TWYMEEG (Imeglimin), a first-in-class mitochondrial dysfunction-targeting product already marketed in Japan for type 2 diabetes by partner Sumitomo Pharma; PXL065, a deuterium-stabilized R-pioglitazone in Phase 2 development for MASH and hypertrophic cardiomyopathy; and PXL770, a first-in-class direct AMPK activator that was divested to Scynexis in March 2026 for ADPKD development. The company operates under a continuation plan approved by the Lyon Commercial Court in January 2026, with headquarters in Lyon, France and subsidiaries in Boston, MA and Tokyo, Japan.

Differentiator

Problem solved

Functional benefit

Brands

• TWYMEEG: Brand name for Imeglimin, marketed in Japan by Sumitomo Pharma for treatment of type 2 diabetes
• SmartATM

Products and services

• TWYMEEG (Imeglimin) First-in-class oral antidiabetic drug targeting mitochondrial dysfunction, approved in Japan for the treatment of type 2 diabetes. Marketed in Japan by Sumitomo Pharma since 2021, with Poxel receiving tiered royalties of 8-18% on net sales and sales-based milestone payments.
• PXL065 Deuterium-stabilized R-pioglitazone in clinical development for metabolic dysfunction-associated steatohepatitis (MASH/NASH) and hypertrophic cardiomyopathy (HCM). Met its primary endpoint in the Phase 2 DESTINY-1 trial for NASH. Has received FDA Orphan Drug Designation and Fast Track Designation for adrenomyeloneuropathy (AMN).

Quantifiable outcome

• TWYMEEG net sales increased 36% YoY in Q1 2026 to JPY 2.3 billion
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• SCYNEXIScoreStrategic or Co-development Partner · 31 March 2026Asset purchase agreement for PXL770 (renamed SCY-770). Scynexis acquired PXL770 for up to $196 million, including $8 million upfront, up to $8 million development milestones, and up to $180 million commercial milestones. Scynexis will develop PXL770 for autosomal dominant polycystic kidney disease (ADPKD), with Phase 2 POC study expected to begin Q4 2026.
• Sumitomo PharmacoreStrategic or Co-development Partner · 1 January 2021Strategic partnership for Imeglimin commercialization in Japan. Sumitomo Pharma markets TWYMEEG for type 2 diabetes treatment. Poxel receives tiered royalties of 8-18% on net sales. Royalty rate increases when sales thresholds are met. Sumitomo conducts post-marketing studies including TWINKLE study in patients with renal impairment.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Akari Therapeutics: Small clinical-stage biopharma developing nomacopan for rare inflammatory diseases — comparable in scale, focus on rare disease indications, and small-cap public market profile.
• Galmed Pharmaceuticals: Clinical-stage biopharma developing Aramchol for MASH/NASH — directly comparable indication and small-cap public profile.
• NGM Biopharmaceuticals: Clinical-stage biopharma developing therapies for metabolic and ophthalmic diseases including MASH candidates — overlapping metabolic-disease pipeline focus.

Direct peers

• Madrigal Pharmaceuticals: US clinical-stage biopharma with Rezdiffra (resmetirom), the first FDA-approved MASH therapy — directly comparable indication (MASH/NASH) and late-stage clinical profile.
• Viking Therapeutics: US clinical-stage biopharma developing VK2809 for MASH and obesity candidates — comparable metabolic-disease focus, mid-stage clinical pipeline, and small-cap public profile.
• Intercept Pharmaceuticals: Specialty biopharma historically focused on NASH (obeticholic acid) before strategic restructuring — comparable NASH-focused clinical asset history and small-cap status.
• Minoryx Therapeutics: Clinical-stage biopharma developing leriglitazone for X-linked adrenoleukodystrophy (ALD) — direct comparator for Poxel's PXL065/PXL770 AMN program in the same ultra-rare disease.
• Inventiva: French clinical-stage biopharma (Euronext-listed) developing lanifibranor for MASH — directly comparable in geography, stage, and metabolic/NASH focus to Poxel.
• Genfit: French clinical-stage biopharma historically focused on NASH/MASH with elafibranor and diagnostic programs — closely comparable in geography, metabolic disease focus, and Euronext listing.

Broad incumbents

• Sumitomo Pharma: Large Japanese pharma that markets TWYMEEG/Imeglimin for Poxel in Japan — directly relevant as both commercial partner and reference point for pricing/launch of Imeglimin-class therapies in Asia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds10 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Poxel