IRLAB Therapeutics

OMX: IRLABA

Market CapSEK1919.5m

Last Close SEK37.15

Based in Scandinavia, IRLAB Therapeutics is focused on developing novel drugs for the treatment of neurodegenerative diseases utilising its ISP technology platform. Its two lead assets are in late-stage clinical trials for the symptomatic treatment of PD: mesdopetam (D3 antagonist) and pirepemat (PFC enhancer).

More IRLAB Therapeutics content >

Investment summary

The Ipsen deal for mesdopetam (IRL790) during Q321 was a significant achievement for IRLAB Therapeutics. It has provided strong external validation for IRLAB’s ISP discovery platform and the $28m upfront payment has bolstered its cash runway. Moreover, with Ipsen now responsible for mesdopetam’s Phase III development, further resource has been freed up for IRLAB to kick on with its other programmes and additionally enrich its pipeline. Next up on the agenda is pirepemat (IRL752), which is due to start a Phase IIb trial for treatment of postural dysfunction and falls in Parkinson’s disease (PD) by end-2021. IRLAB continues to make progress across its preclinical pipeline, with IRL942 potentially entering clinical development during 2022 for cognitive disorders. We value IRLAB at SEK5.2bn or SEK101/share.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2019A 0.4 (92.9) (95.1) (234.0) N/A N/A
2020A 0.4 (89.2) (91.4) (192.0) N/A N/A
2021E 205.6 62.0 97.6 189.0 19.7 32.7
2022E 39.7 (94.6) (98.6) (190.0) N/A N/A
Industry outlook

PD is characterised by a triad of cardinal motor symptoms, although non-motor symptoms are as debilitating and remain undertreated. Despite substantial efforts to develop disease-modifying approaches in PD, symptomatic treatment remains the mainstay.

Last updated on 18/01/2022
Content on IRLAB Therapeutics
IRLAB Therapeutics – Ipsen deal de-risks the strategy
Healthcare | Update | 12 August 2021
Brain disease diagnosis with medical doctor seeing Magnetic Resonance Imaging (MRI) film diagnosing elderly ageing patient neurodegenerative illness problem for neurological medical treatment
View more
Register to receive research on IRLAB Therapeutics as it is published
Share price graph
Balance sheet
Forecast net debt (SEKm) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (18.9) (17.7) (15.9)
Relative* (16.0) (17.2) (30.3)
52-week high/low SEK70.0/SEK34.7
*% relative to local index
Key management
Nicholas Waters CEO
Viktor Siewertz CFO