Clinical Trial and Regulatory Approval Failure Risk: Poxel’s ability to generate revenue depends entirely on the successful completion of clinical trials for its drug candidates, particularly PXL770 for NASH and X-ALD, and obtaining regulatory approvals from health authorities. Clinical trials are complex, costly, and have a high rate of failure at all stages, which could lead to significant delays or abandonment of programs, severely impacting the company's prospects.

Insufficient Funding and Liquidity Risk: Poxel operates at a net loss and consumes significant cash for its R&D activities. There is a continuous need for substantial additional capital to fund ongoing clinical trials, preclinical development, and operations. Failure to secure adequate funding through equity offerings, debt, or strategic partnerships when needed could severely impact its ability to continue operations or advance its pipeline, leading to potential dilution for existing shareholders.

Reliance on Strategic Partnerships Risk: Poxel relies on collaborations and partnerships (e.g., with Sumitomo Pharma for Imeglimin in Asia) for funding, development, and commercialization of certain programs. The termination of such agreements, inability to form new critical partnerships for programs like PXL770, or disputes with partners could significantly hamper the development and commercial potential of its pipeline and financial stability.