IRLAB Therapeutics (OMX: IRLAB-A)

Last close As at 28/05/2024

SEK15.50

−0.30 (−1.90%)

Market capitalisation

SEK819m

Based in Sweden, IRLAB Therapeutics is focused on developing novel drugs for the treatment of neurodegenerative diseases utilising its ISP technology platform. Its two lead assets, mesdopetam and pirepemat, are in late-stage clinical trials for the symptomatic treatment of Parkinson’s disease (PD).

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.

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Viktor Siewertz

    CFO

Balance Sheet

Forecast net cash (SEKm)

74.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 37.4 10.1 69.5
Relative 30.6 0.7 42.9
52 week high/low SEK19.6/SEK5.9

Financials

In its Q124 report, IRLAB recapped its efforts in targeting major aspects of Parkinson’s disease (PD). The update was enhanced by the recently announced R&D collaboration for IRL757, which is anticipated to fully fund all development activities through clinical proof-of-concept and support the advancement of the development programme through efficacy signal readouts in both PD and Alzheimer’s patient populations. IRLAB will take the compound into a Phase I study, funded by the MJFF, later this month. Both of IRLAB’s most advanced assets continue to progress through the clinic, with management gearing up for Phase III for mesdopetam and ongoing patient enrolment for pirepemat (Phase IIb). Gross cash at end Q124 of SEK73.1m, with receipt of the US$3.0m upfront payment from the McQuade Center for Strategic Research and Development (MSRD) and drawdown of the remaining SEK25m (SEK55m facility), should see operations into Q125, past key events. Our valuation increases to SEK4.25bn or SEK81.9/share from SEK4.04bn or SEK77.9/share.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2022A 61.3 (108.3) (113.1) (218.0) N/A N/A
2023A 5.7 (176.5) (177.8) (343.0) N/A N/A
2024E 32.6 (152.9) (160.0) (308.0) N/A N/A
2025E 0.0 (173.6) (188.0) (362.0) N/A N/A

Thematics

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