I've recently noticed dark spots on the stem and some of them seem to be oozing sap. Not sure if this is an infection or maybe a reaction to poor overwintering conditions (in a balcony; usually >8 deg. C; may have had too many cold drafts).
The Pachypodium currently has a few leaves and they seem unaffected, although it's not growing. The stem doesn't feel soft and there seems to be greenish tissue if I scrape off the dried sap. The spots are mostly on one side of the stem. Do you think they're likely to be caused by bacteria or a fungus?
(The bottom of the stem is dusted with cinnamon. Sorry about that.)
I will be replanting it into a smaller pot and lighter soil soon.