IRLAB Therapeutics - Edison Group

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

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Healthcare |
edison tv

26.07.24

IRLAB Therapeutics – executive interview

Healthcare |
Update

11.07.24

IRLAB Therapeutics — Anticipation builds as inflection points approach

Healthcare |
Flash note

03.07.24

IRLAB Therapeutics — Pirepemat passes Phase IIb DSMB safety hurdle

Healthcare |
Flash note

17.06.24

IRLAB Therapeutics — Mesdopetam disease-modifying potential

IRLAB Therapeutics_resized

Sector

Healthcare

Equity Analyst

Soo Romanoff

Managing Director - Head of Content, Healthcare

Associate analyst

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	18.0	46.4	110.3
Relative	16.1	39.0	79.2
52 week high/low	SEK19.6/SEK5.9

Financials

IRLAB continued to progress its pipeline in Q224 and met key milestones, such as the clinical entry of IRL757 with non-dilutive backing from the Michael J Fox Foundation (MJFF) and the McQuade Center for Strategic Research and Development (MSRD). These partnerships provide external validation and de-risk the development plan (to proof of concept). After a supportive review from the independent data and safety monitoring board (DSMB), the pirepemat trial is on track to complete patient recruitment in Q324 (top-line results due in Q125) and mesdopetam may enter Phase III trials in Q424/Q125, pending successful partnership discussions. Cash of SEK98.3m at end Q224, supported by the US$3m (c SEK32m) MSRD upfront payment and the SEK25m debt facility drawdown, should provide an operational runway into Q125. Our valuation remains largely unchanged at SEK4.47bn or SEK86.2/share (from SEK4.56bn or SEK87.9/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	75.6	(147.0)	(154.8)	(298.0)	N/A	N/A
2025E	27.5	(172.9)	(180.9)	(349.0)	N/A	N/A

Update

Healthcare

12.02.24

IRLAB Therapeutics — Timeline refresh with numerous inflection points

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Flash note

Healthcare

03.01.24

IRLAB Therapeutics — End-of-Phase II FDA meeting set

IRLAB Therapeutics_resized

Flash note

Healthcare

02.01.24

IRLAB Therapeutics — SEK55m loan enhances headroom past key catalysts

IRLAB Therapeutics_resized

Flash note

Healthcare

22.12.23

IRLAB Therapeutics — IRL757 Phase I-ready with support from MJFF

IRLAB Therapeutics_resized

Flash note

Healthcare

19.12.23

IRLAB Therapeutics — Mesdopetam’s clinical roadmap laid out

IRLAB Therapeutics_resized

Flash note

Healthcare

13.12.23

IRLAB Therapeutics — Increased legroom for pirepemat with new patent

edison tv

Healthcare

08.11.23

IRLAB Therapeutics – executive interview

IRLAB Therapeutics_resized

Update

Healthcare

27.10.23

IRLAB Therapeutics — Quarterly update recapping active pipeline plans

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Flash note

Healthcare

10.10.23

IRLAB Therapeutics — Collaboration to support FDA Ph III progression

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Update

Healthcare

04.09.23

IRLAB Therapeutics — Numerous clinical platform activities under way

DSF9408

Flash note

Healthcare

22.08.23

IRLAB Therapeutics — Despite shift, mesdopetam still on track for Ph III

DSF9408

Flash note

Healthcare

18.07.23

IRLAB Therapeutics — Phase IIb pirepemat obtains safety milestone

Flash note

Healthcare

01.06.23

IRLAB Therapeutics — On track for pirepemat in Phase IIb

IRLAB Therapeutics_resized

Flash note

Healthcare

17.05.23

IRLAB Therapeutics — Collaboration bolsters CNS assets and platform

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Update

Healthcare

15.05.23

IRLAB Therapeutics — Positive signs for mesdopetam in Q1 update

IRLAB Therapeutics_resized

Flash note

Healthcare

04.05.23

IRLAB Therapeutics — Mesdopetam remains in Ipsen’s portfolio

edison tv

Healthcare

07.03.23

IRLAB Therapeutics – executive interview

IRLAB Therapeutics_resized

Update

Healthcare

02.03.23

IRLAB Therapeutics — Don’t count mesdopetam out

Flash note

Healthcare

13.02.23

IRLAB Therapeutics — Cautious update on portfolio timelines

IRLAB Therapeutics_resized

Flash note

Healthcare

18.01.23

IRLAB Therapeutics — Mesdopetam Phase IIb top-line data

Flash note

Healthcare

12.01.23

IRLAB Therapeutics — Candidate selected to further bolster pipeline

Flash note

Healthcare

15.12.22

IRLAB Therapeutics — Phase IIb trial patient follow-up as expected

edison tv

Healthcare

17.11.22

IRLAB Therapeutics – executive interview

DSF9408

Update

Healthcare

09.11.22

IRLAB Therapeutics — Mesdopetam top-line data readout approaches

Flash note

Healthcare

13.09.22

IRLAB Therapeutics — Phase IIb recruitment complete

Flash note

Healthcare

08.09.22

IRLAB Therapeutics — Ipsen confirms commitment with clinical studies

DSF9408

Update

Healthcare

25.08.22

IRLAB Therapeutics — All steady as key catalyst approaches

Flash note

Healthcare

14.07.22

IRLAB Therapeutics — Phase IIb/III mesdopetam study expanded

Update

Healthcare

23.06.22

IRLAB Therapeutics — Clinical pipeline is tip of the iceberg

flag

Flash note

Healthcare

14.06.22

IRLAB Therapeutics — Richard Godfrey appointed as new CEO

edison tv

Healthcare

13.06.22

IRLAB Therapeutics – executive interview

Flash note

Healthcare

13.05.22

IRLAB Therapeutics — Screening platform continues to bear fruit

DSF9408

Update

Healthcare

30.03.22

IRLAB Therapeutics — Looking beyond mesdopetam

Update

Healthcare

28.02.22

IRLAB Therapeutics — Pirepemat and platform potential come into focus

edison tv

Healthcare

10.02.22

IRLAB Therapeutics AB: Edison Open House Healthcare 2022

Update

Healthcare

14.12.21

IRLAB Therapeutics — Platform validated, pipeline momentum building

Update

Healthcare

22.11.21

IRLAB Therapeutics — Platform validated, pipeline momentum building

Update

Healthcare

12.08.21

IRLAB Therapeutics — Ipsen deal de-risks the strategy

DSF9408

Flash note

Healthcare

16.07.21

IRLAB Therapeutics — Global licensing deal for mesdopetam

Initiation

Healthcare

02.06.21

IRLAB Therapeutics — Focused on novel Parkinson’s disease treatments