LYON, France--(BUSINESS WIRE)--Regulatory News:

法国里昂——（商业新闻短讯）——监管新闻：

POXEL SA (Euronext : POXEL - FR0012432516), a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare metabolic disorders, today announces that it entered into a non-dilutive financing agreement with OrbiMed for USD 50 million to monetize a portion of Poxel's future royalties and sales-based payments from TWYMEEG® sales by Sumitomo Pharma in Japan.

POXEL SA（泛欧交易所：POXEL-FR0012432516）是一家临床阶段的生物制药公司，开发用于代谢病理生理学慢性严重疾病的创新治疗方法，包括非酒精性脂肪性肝炎（NASH）和罕见代谢紊乱，今天宣布，它与OrbiMed签订了一项非稀释性融资协议，以5000万美元的价格将POXEL未来的部分版税和日本住友制药（Sumitomo Pharma）TWYMEEG®销售的销售款项货币化。

Poxel intends to use the proceeds of the transaction to pursue its activities in the field of rare diseases, reduce the Company's debt towards IPF Partners and the PGE banks, and finance general corporate purposes. TWYMEEG® is Poxel’s first-in-class product marketed for the treatment of type 2 diabetes in Japan..

Poxel打算利用交易收益从事罕见疾病领域的活动，减少公司对IPF合作伙伴和PGE银行的债务，并为一般公司目的提供资金。TWYMEG®是Poxel在日本销售的用于治疗2型糖尿病的一流产品。。

“This transaction with OrbiMed, a leading healthcare investment firm, reflects the significant value of TWYMEEG® in Japan, based on our strategic partnership with Sumitomo Pharma. We are pleased that this transaction strengthens our balance sheet and provides non-dilutive financing to continue our strategic plan in rare diseases and reduce the Company's debt towards IPF Partners and the PGE banks.

“与领先的医疗保健投资公司Orbimeg的这项交易反映了基于我们与住友制药的战略合作关系，TWYMEEG®在日本的巨大价值。我们很高兴这项交易加强了我们的资产负债表，并提供了非稀释性融资，以继续我们在罕见疾病方面的战略计划，并减少公司对IPF合作伙伴和PGE银行的债务。

We aim to finalize our ongoing advanced discussions with several potential partners for each of our products, before finalizing our investment decisions and executing our development plans for PXL770 and PXL065,” stated Thomas Kuhn, Chief Executive Officer of Poxel..

Poxel首席执行官托马斯·库恩（Thomas Kuhn）表示：“我们的目标是在最终确定投资决策和执行PXL770和PXL065的开发计划之前，完成与每个产品的几个潜在合作伙伴正在进行的高级讨论。”。。

“We are delighted to partner with Poxel to provide a non-dilutive source of financing that aligns with our mission to accelerate innovation in the biopharmaceutical industry,” added Matthew Rizzo, General Partner of OrbiMed.

OrbiMed的普通合伙人马修·里佐（MatthewRizzo）补充道：“我们很高兴与Poxel合作，提供一种非稀释性的融资来源，符合我们加速生物制药行业创新的使命。”。

Royalty monetization agreement based on TWYMEEG® sales with OrbiMed

基于TWYMEEG®与OrbiMed销售的版税货币化协议

Under the terms of the agreement, Poxel received a gross upfront payment of USD 50 million from the OrbiMed funds in exchange for an issuance of its bonds in the same aggregate amount. From such proceeds, a deposit of USD 7.5 million has been made by the Company into a deposit account, from which USD 1.25 million will be withdrawn quarterly and paid in partial repayment of the bonds issued to OrbiMed, until net sales of TWYMEEG® reach JPY 5 billion (USD 31.5 million2), at which point OrbiMed will begin to receive sales-based payments and royalties (anticipated in early 2025, based on the expected achievement of this sales threshold by the end of 20243).

根据协议条款，Poxel从Orbidden基金获得了5000万美元的预付款总额，以换取发行总额相同的债券。从这些收益中，公司已将750万美元存入一个存款账户，其中125万美元将按季度提取，并部分偿还向Orbimeg发行的债券，直到TWYMEEG®的净销售额达到50亿日元（3150万美元2），届时Orbimeg将开始收到基于销售额的付款和特许权使用费（预计在2025年初，根据20243年底该销售阈值的预期实现情况）。

The residual amount of the deposit will then be available to the Company, in addition to the USD 42.5 million deposit received upon signature of the agreement..

除签署协议后收到的4250万美元定金外，剩余的定金将提供给公司。。

For the bonds issued by Poxel, the OrbiMed funds will receive (i) royalties payable by Sumitomo Pharma on net sales of TWYMEEG® in Japan, net of Poxel's obligation to Merck, (ii) sales-based payments due by Sumitomo Pharma in connection with the commercialization of TWYMEEG® in Japan, and (iii) a portion of the cash flows received by the Company, in the event of partnership for the development and commercialization of Imeglimin in Asian countries other than Japan1, and for which Poxel just recovered the rights from Sumitomo Pharma4,5.

对于Poxel发行的债券，OrbiMed基金将收到（i）住友制药在日本净销售TWYMEEG®时应付的特许权使用费，扣除Poxel对默克的义务，（ii）住友制药因TWYMEEG®在日本商业化而应付的销售款项，以及（iii）如果在日本以外的亚洲国家合作开发和商业化Imeglimin，并且Poxel刚刚从住友制药收回权利，公司收到的部分现金流4,5。

The Company has initiated discussions to develop and market Imeglimin in China, the world's second largest type 2 diabetes market..

该公司已开始讨论在世界第二大2型糖尿病市场中国开发和销售依格列明。。

The agreement will expire, and the bonds be deemed repaid once OrbiMed receives a capped return equivalent to 2 times its investment, i.e. USD 100 million, plus specified expenses, if any. Upon such repayment, Poxel will regain full rights to TWYMEEG® royalties in Japan and to any sales-based commercial payments and will use the majority of these proceeds to repay the outstanding amount owed to IPF Partners..

该协议将到期，一旦OrbiMed收到相当于其投资2倍的上限回报，即1亿美元，再加上规定的费用（如果有的话），债券将被视为已偿还。还款后，Poxel将重新获得在日本的TWYMEEG®版税和任何基于销售的商业付款的全部权利，并将使用这些收益的大部分偿还欠IPF合作伙伴的未偿金额。。

Besides usual recourses in case of breaches of representations, warranties and covenants, the financing provided by OrbiMed is non-recourse to Poxel, except for additional quarterly payments of USD 1,25 million and up to a total of USD 5 million to the extent that the deposit account is exhausted and the JPY 5 billion TWYMEEG® net sales level is not reached..

除了违反陈述、保证和契约时的通常追索权外，OrbiMed提供的融资对Poxel无追索权，但季度额外支付125万美元，总额高达500万美元，前提是存款账户已用完，未达到50亿日元的净销售额水平。。

Part of the bonds issuance amount from this transaction was used to reduce the Company's debt towards IPF Partners and the PGE banks:

本次交易产生的部分债券发行金额用于减少公司对IPF合作伙伴和PGE银行的债务：

(i)

（一）

EUR 23.7 million for partial repayment of IPF debt, reducing it to EUR 12.3 million; and

部分偿还IPF债务2370万欧元，降至1230万欧元；和

(ii)

（二）

EUR 2.8 million for partial repayment of the debt to the banks that granted the PGE Loan, reducing it to EUR 3 million.

280万欧元用于部分偿还发放PGE贷款的银行的债务，将其减少至300万欧元。

Consequently, the Company amended its agreements respectively with IPF Partners and the banks that granted a PGE loan for the repayment of the outstanding principal of each of these debts.

因此，公司分别修改了与IPF合伙人和发放PGE贷款的银行的协议，以偿还这些债务的未偿本金。

Amendment to the bond loan contracted with IPF Partners

修订与IPF合作伙伴签订的债券贷款

The revised financing arrangement with IPF Partners is as follows:

与IPF合作伙伴修订的融资安排如下：

From the proceeds of the OrbiMed transaction, Poxel will repay IPF Partners EUR 23.7 million, broken down as follows:

从OrbiMed交易的收益中，Poxel将偿还IPF合作伙伴2370万欧元，细分如下：

Full reimbursement of Tranche A bonds for an amount of EUR 6.4 million

全额偿还A批债券640万欧元

Full reimbursement of Tranche B bonds for an amount of EUR 10.4 million

全额偿还B批债券1040万欧元

Partial reimbursement of Tranche C bonds for an amount of EUR 4.7 million

部分偿还C批债券470万欧元

Early repayment fees of EUR 2.2 million

提前还款费用220万欧元

Remaining debt owed on Tranche C, of EUR 12.3 million

The Company and IPF Partners agreed to restructure the repayment terms of the remaining debt, the main features of which are as follows:

公司和IPF合伙人同意调整剩余债务的偿还期限，其主要特征如下：

Cash interest rate decreased to 0% (from 6.5% previously)

现金利率从之前的6.5%降至0%

Capitalized interest rate (PIK Interests) increased to 27% (from 11% previously), which may be reduced to 25% in the event of partnerships for the development and commercialization of, inter alia, Imeglimin in the rest of the world

资本化利率（PIK利息）从之前的11%提高到27%，如果在世界其他地区建立合作伙伴关系开发和商业化伊格列明，则可能会降低到25%

Existing exit commissions of EUR 4.1 million maintained

维持410万欧元的现有退出佣金

Reimbursement of the remaining debt and exit fees mainly paid as follows:

偿还剩余债务和退出费用，主要支付方式如下：

100% of the residual amount from the USD 7.5 million deposit as part of the transaction with OrbiMed

75% of TWYMEEG® royalties in Japan, following the OrbiMed funds receipt of its full return

Orbided funds收到全额回报后，在日本支付TWYMEEG®版税的75%

The terms & conditions also plan for additional sources of debt repayment:

条款和条件还计划了额外的债务偿还来源：

75% of cash flows received by the Company, in the event of a partnership for the development and commercialization of Imeglimin in the rest of the world, pro rata to receivables held by IPF Partners and by the PGE lenders

如果在世界其他地区合作开发和商业化Imeglimin，则公司收到的现金流的75%，与IPF合作伙伴和PGE贷款人持有的应收账款成比例

50% of drawdowns under the structured finance facility with IRIS

Financial covenants removed, with the exception of the requirement to maintain, at any time, a cash position in excess of EUR 500,000,

删除财务契约，但要求随时保持现金头寸超过500000欧元的要求除外，

Release of all the security package previously granted to IPF Partners in respect of the initial bond loan, and

释放之前就初始债券贷款授予IPF合作伙伴的所有担保方案，以及

Waiver, by IPF Partners, of any recourse against Poxel from an additional partial repayment of EUR 2.7 million (expected beginning of 2025 through the repayment of the remaining amount from the OrbiMed deposit account after reaching the TWYMEEG® net sales JPY 5 billion level)

IPF合作伙伴放弃对Poxel额外部分还款270万欧元的追索权（预计从2025年开始，在达到TWYMEG®净销售额50亿日元后，通过偿还OrbiMed存款账户的剩余金额）

The terms and conditions of the existing warrants held by IPF Partners, which were attached to the Tranches A, B and C bonds, entitling their holders to subscribe for 630,804 shares at respectively EUR 7.37, EUR 7.14 and EUR 6.72 per warrant for each tranche, remain unchanged and therefore do not entail any potential additional dilution..

IPF合作伙伴持有的现有认股权证的条款和条件（附于A、B和C批债券中）保持不变，因此不会产生任何潜在的额外稀释，这些认股权证的持有人有权以每股认股权证7.37欧元、7.14欧元和6.72欧元的价格认购630804股股票。。

The agreement with IPF Partners also introduces the ability for the Company to draw down an additional Tranche D of the IPF bond loan with warrants for a maximum amount of EUR 6.250 million, available only if the Company's cash position would fall below EUR 1 million, so as to guarantee the Company's long-term viability until full repayment of the remaining debt to IPF Partners.

与IPF合作伙伴达成的协议还使公司能够提取额外的D期IPF债券贷款，并附有最高625万欧元的认股权证，只有当公司的现金状况低于100万欧元时才能使用，以保证公司的长期生存能力，直到向IPF合作伙伴全额偿还剩余债务。

Such drawdowns would be combined with a new savings plan aimed at reducing the drawdowns of Tranche D bonds. These Tranche D bonds have the same conditions as Tranche C bonds6..

此类提款将与旨在减少D批债券提款的新储蓄计划相结合。这些D批债券与C批债券具有相同的条件6。。

Once all IPF bonds and associated exit fees are fully repaid, Poxel will regain full rights on royalties from TWYMEEG® sales in Japan and on potential sales-based commercial payments and cash flows in the event of a partnership for the development and commercialization of Imeglimin in the rest of the world..

一旦所有IPF债券和相关退出费用全部偿还，如果在世界其他地区合作开发和商业化依格列明，Poxel将重新获得在日本销售TWYMEEG®的特许权使用费以及潜在的基于销售的商业支付和现金流的全部权利。。

As a security for the payment of the royalty streams to OrbiMed and IPF Partners and in consideration for a release of all the security interests held by IPF Partners, the Company set up three security trusts into which several assets (including patents, license agreements, future cash flows and receivables) are transferred..

作为向OrbiMed和IPF合作伙伴支付特许权使用费流的担保，并考虑到IPF合作伙伴持有的所有担保权益的解除，公司设立了三个担保信托，其中转让了几项资产（包括专利、许可协议、未来现金流和应收账款）。。

Trust 1:

信托1：

A trust agreement has been signed between (i) Poxel, as grantor and beneficiary, (ii) Merck and the OrbiMed funds, as first-ranking beneficiaries, (iii) IPF Partners, as second-ranking beneficiary, and (iv) Pristine, as the trustee. The main purpose of this agreement, and the other transaction agreements concurrently entered into, is to regulate the transfer of assets related to Imeglimin in Japan and to distribute the royalties received by Poxel under the partnership with Sumitomo Pharma among the various beneficiaries of the trust.

（i）作为授予人和受益人的Poxel，（ii）作为第一级受益人的Merck和Orbided funds，（iii）作为第二级受益人的IPF Partners，以及（iv）作为受托人的Pristine，已经签署了一份信托协议。本协议以及同时签订的其他交易协议的主要目的是规范与Imeglimin在日本相关的资产转让，并将Poxel与住友制药（Sumitomo Pharma）合作收到的特许权使用费分配给信托的各个受益人。

Once the OrbiMed funds and IPF Partners have been fully repaid, all the assets held in the trust will be recovered by the Company..

一旦Orbided基金和IPF合作伙伴全部偿还，公司将收回信托中持有的所有资产。。

Trust 2:

信托2：

A trust agreement has been signed between (i) Poxel, as grantor and beneficiary, (ii) Merck and IPF Partners, as first-ranking beneficiary, (iii) the OrbiMed funds, as second-ranking beneficiary and (iv) Pristine, as the trustee. The main purpose of this agreement, and the other transaction agreements concurrently entered into, is to regulate the transfer of assets related to Imeglimin in the rest of the world and to distribute the potential royalties to be received by Poxel under future partnerships among the various beneficiaries of the trust and the PGE banks.

（i）作为授予人和受益人的Poxel，（ii）作为第一级受益人的默克和IPF合作伙伴，（iii）作为第二级受益人的Orbidden基金和（iv）作为受托人的Pristine之间签署了信托协议。本协议以及同时签订的其他交易协议的主要目的是规范与Imeglimin相关的资产在世界其他地区的转让，并将Poxel在未来的合作关系中收到的潜在特许权使用费分配给信托的各个受益人和PGE银行。

Once IPF Partners and the OrbiMed funds have been fully paid, all the assets held in the trust will be recovered by the Company..

。。

Trust 3:

信托3：

A trust agreement has been signed between (i) Poxel, as grantor and beneficiary, (ii) IPF Partners, as first-ranking beneficiary, and (iii) Pristine, as the trustee. The main purpose of this agreement is to regulate the transfer of Poxel’s other intellectual property rights (including the transfer of the PXL770 and PXL065 assets) on the understanding that Poxel will benefit from 100% of the financial flows in the event of a partnership for PXL770 and PXL065.

（i）Poxel（作为授予人和受益人），（ii）IPF合伙人（作为第一受益人）和（iii）Pristine（作为受托人）之间签署了信托协议。本协议的主要目的是规范Poxel其他知识产权的转让（包括PXL770和PXL065资产的转让），前提是如果与PXL770和PXL065合作，Poxel将从100%的资金流中受益。

Once IPF Partners have been fully repaid, all the assets held in the trust will be recovered by the Company..

IPF合伙人全额偿还后，公司将收回信托中持有的所有资产。。

Amendment to the PGE loan agreement

PGE贷款协议修正案

Partial reimbursement of EUR 2.8 million corresponding to the amount due at that date, under the initial PGE loan schedule agreed prior to the March 2023 restructuring

根据2023年3月重组前商定的初始PGE贷款计划，部分偿还280万欧元，相当于当天到期的金额

Outstanding capital amounting to EUR 3 million

未偿资本总计300万欧元

Amendment of the repayment schedule for the remaining balance due with a quarterly repayment schedule with linear maturities

修改剩余余额的还款计划，采用线性到期的季度还款计划

Similar interest rate as for the March 2023 agreement

与2023年3月协议利率相似

Following this transaction, and according to Poxel's current forecasts, including in particular:

此次交易之后，根据Poxel目前的预测，特别包括：

(i)

（一）

the Company’s cash position estimated, as of August 31st, 2024, at EUR 2,9 million

截至2024年8月31日，该公司的现金状况估计为290万欧元

(ii)

（二）

the net upfront payment of USD 42.5 million (EUR 38,1 million7) from the monetization of royalties from TWYMEEG® sales

TWYMEEG®销售特许权使用费货币化产生的4250万美元（3810万欧元）的预付款净额

(iii)

（三）

the partial redemption of the IPF Partners bond loan and the PGE loans for a total amount of EUR 26,5 million

IPF合作伙伴债券贷款和PGE贷款的部分赎回总额为2650万欧元

(iv)

（四）

the advisory fees linked to the transaction

与交易相关的咨询费

(v)

（五）

the full residual drawdown of the equity-linked financing facility put in place with IRIS8; and

与IRIS8建立的股权挂钩融资融通的全部剩余提取；和

(vi)

（六）

the anticipated business plan including strict control of its operating expenses;

预期的商业计划，包括严格控制其运营费用；

the Company expects that its resources will be sufficient to finance its operations and capital expenditures until the end of 2025.

该公司预计，到2025年底，其资源将足以为其运营和资本支出提供资金。

Morgan Stanley & Co. LLC acted as Poxel's sole structuring agent for the transaction. Dechert LLP advised Poxel. Covington & Burling LLP and Bryan Cave Leighton Paisner LLP acted as legal advisors to OrbiMed.

摩根士丹利股份有限公司（MorganStanley&Co.LLC）是Poxel在该交易中的唯一结构化代理。Dechert LLP为Poxel提供咨询。Covington＆Burling LLP和Bryan Cave Leighton Paisner LLP担任OrbiMed的法律顾问。

About Poxel SA

关于Poxel SA

Poxel is a clinical stage biopharmaceutical company developing innovative treatments for chronic serious diseases with metabolic pathophysiology, including non-alcoholic steatohepatitis (NASH) and rare disorders. For the treatment of NASH, PXL065 (deuterium-stabilized R-pioglitazone) met its primary endpoint in a streamlined Phase 2 trial (DESTINY-1).

Poxel是一家临床阶段的生物制药公司，开发具有代谢病理生理学的慢性严重疾病的创新治疗方法，包括非酒精性脂肪性肝炎（NASH）和罕见疾病。为了治疗NASH，PXL065（氘稳定的R-吡格列酮）在简化的2期试验（DESTINY-1）中达到了其主要终点。

In rare diseases, development of PXL770, a first-in-class direct adenosine monophosphate-activated protein kinase (AMPK) activator, is focused on the treatment of adrenoleukodystrophy (ALD) and autosomal dominant polycystic kidney disease (ADPKD). TWYMEEG® (Imeglimin), Poxel’s first-in-class product that targets mitochondrial dysfunction, is marketed for the treatment of type 2 diabetes in Japan by Sumitomo Pharma and Poxel expects to receive royalties and sales-based payments.

在罕见疾病中，PXL770是一种一流的直接腺苷一磷酸激活蛋白激酶（AMPK）激活剂，其开发重点是治疗肾上腺白质营养不良（ALD）和常染色体显性多囊肾病（ADPKD）。TWYMEEG®（Imeglimin）是Poxel第一款针对线粒体功能障碍的一流产品，由住友制药（Sumitomo Pharma）在日本销售用于治疗2型糖尿病，Poxel预计将收到版税和销售付款。

Poxel has a strategic partnership with Sumitomo Pharma for Imeglimin in Japan. Listed on Euronext Paris, Poxel is headquartered in Lyon, France, and has subsidiaries in Boston, MA, and Tokyo, Japan..

Poxel与住友制药（Sumitomo Pharma）在日本就Imeglimin建立了战略合作伙伴关系。Poxel在巴黎泛欧交易所上市，总部位于法国里昂，在马萨诸塞州波士顿和日本东京设有子公司。。

For more information, please visit: www.poxelpharma.com

有关更多信息，请访问：www.poxelpharma.com

About OrbiMed

关于OrbiMed

OrbiMed is a leading healthcare investment firm, with approximately $17 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, through private equity funds, public equity funds, and royalty/credit funds. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies.

OrbiMed是一家领先的医疗投资公司，管理着约170亿美元的资产。OrbiMed通过私募股权基金、公共股权基金和特许权使用费/信贷基金，在全球范围内投资医疗保健行业，从初创企业到大型跨国公司。OrbiMed寻求成为首选的资本提供商，提供量身定制的融资解决方案和广泛的全球团队资源，以帮助建立世界一流的医疗保健公司。

OrbiMed’s team of over 100 professionals is based in New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key global markets. For more information, please visit www.orbimed.com..

OrbiMed拥有100多名专业人员，其团队位于纽约市、伦敦、旧金山、上海、香港、孟买、赫兹利耶和其他主要的全球市场。有关更多信息，请访问www.orbimed.com。。

Forward-looking statements

前瞻性声明

All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof.

除本新闻稿中关于未来事件的历史事实声明外，所有声明都可能受到（i）未经通知的变更和（ii）公司无法控制的因素的影响。这些陈述可能包括但不限于任何前面、后面或包括“目标”、“相信”、“期望”、“目标”、“打算”、“可能”、“预期”、“估计”、“计划”、“项目”、“将会”、“可能有”、“可能”、“应该”、“将会”、“可能”等词语的陈述，以及其他含义相似或否定的词语和术语。

Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements. The Company does not endorse or is not otherwise responsible for the content of external hyperlinks referred to in this press release..

前瞻性陈述受到公司无法控制的固有风险和不确定性的影响，这些风险和不确定性可能导致公司的实际业绩或表现与此类前瞻性陈述所表达或暗示的预期业绩或表现存在重大差异。本公司不认可本新闻稿中提及的外部超链接的内容，也不对其负责。。

Glossary

词汇表

You will find below a list of words and/or expressions that are used in this press release or in Poxel’s communication, with the aim to bring clarification and transparency:

您将在下面找到本新闻稿或Poxel通信中使用的单词和/或短语列表，旨在澄清和透明：

Sumitomo Pharma fiscal year runs April to March. As an example, Fiscal Year 2023 is April 1, 2023, through March 31, 2024.

住友制药的财政年度为4月至3月。例如，2023财年为2023年4月1日至2024年3月31日。

TWYMEEG® royalties: As per the Sumitomo Pharma’s agreement, Poxel is entitled to receive royalties from the sales of TWYMEEG® (Imeglimin) in Japan

TWYMEEG®特许权使用费：根据住友制药的协议，Poxel有权从TWYMEEG®（Imeglimin）在日本的销售中获得特许权使用费

Sumitomo Pharma communicates gross sales of TWYMEEG®, while TWYMEEG® royalties are calculated on net sales.

住友制药传达TWYMEG®的总销售额，而TWYMEG®的版税是根据净销售额计算的。

Net sales represent the amount of gross sales to which are deducted potential rebates, allowances and costs such as prepaid freight, postage, shipping, customs duties and insurance charges.

净销售额是指扣除潜在回扣、津贴和成本（如预付运费、邮费、运费、关税和保险费）后的总销售额。

Poxel is entitled to receive escalating royalties of 8-18% on TWYMEEG® net sales from Sumitomo Pharma.

Poxel有权从住友制药（Sumitomo Pharma）获得TWYMEEG®净销售额的8-18%的版税。

Positive net royalties: As part of the Merck licensing agreement, Poxel will pay Merck a fixed 8% royalty based on the net sales of TWYMEEG®, independent of the level of sales. All royalties that Poxel receives from TWYMEEG® net sales above the 8% level are considered positive net royalties. Net royalties will therefore be positive for Poxel when TWYMEEG® net sales exceed JPY 5 billion in a fiscal year and royalties reach 10% and above..

正净版税：作为默克公司许可协议的一部分，Poxel将根据TWYMEEG®的净销售额向默克公司支付8%的固定版税，与销售额水平无关。Poxel从TWYMEEG®净销售额中收到的高于8%的所有版税均被视为正净版税。因此，当TWYMEEG®在一个财政年度的净销售额超过50亿日元且版税达到10%及以上时，Poxel的净版税将为正值。。

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1 China, South Korea, Taiwan, Indonesia, Vietnam, Thailand, Malaysia, The Philippines, Singapore, Republic of the Union of Myanmar, Kingdom of Cambodia and Lao People's Democratic Republic.

1中国、韩国、台湾、印度尼西亚、越南、泰国、马来西亚、菲律宾、新加坡、缅甸联邦共和国、柬埔寨王国和老挝人民民主共和国。

2 Converted at the exchange rate on September 27, 2024

2按2024年9月27日的汇率换算

3 Sumitomo Pharma fiscal year 2024 ends March 31, 2025

3住友制药2024财年截至2025年3月31日

4 In accordance with the Sumitomo Pharma license agreement, Poxel is entitled to receive escalating royalties of 8 - 18% on net sales of TWYMEEG®

4根据住友制药许可协议，Poxel有权根据TWYMEEG®的净销售额收取8%至18%的版税

5 As part of the Merck licensing agreement, Poxel will pay Merck Santé (designated as Merck hereafter) a fixed 8% royalty based on the net sales of Imeglimin, independent of the level of sales.

5作为默克公司许可协议的一部分，Poxel将根据Imeglimin的净销售额向默克公司（以下简称默克公司）支付8%的固定使用费，与销售水平无关。

6 It should be noted that the Company's financing horizon to the end of 2025 does not include the drawdown of this tranche D.

6值得注意的是，公司截至2025年底的融资期限不包括D批贷款的支取。

7 Converted at the exchange rate on September 27, 2024

7按2024年9月27日的汇率折算

8 Since March 31, 2023, 14 additional tranches have been drawn down for a total of EUR 7.3 million. 6 tranches are currently secured for a total of EUR 3 million. and an additional amount of 1.2 million euros could be drawn down by the Company depending on the liquidity and exposure conditions under the contract..

8自2023年3月31日以来，已提取了14笔额外款项，总计730万欧元。目前共有6批担保，总金额为300万欧元。根据合同规定的流动性和风险敞口条件，该公司可以提取120万欧元的额外金额。。