IRLAB Therapeutics — Beyond PD-LID, a closer look at PD-psychosis

IRLAB Therapeutics (OMX: IRLAB-A)

Last close As at 22/05/2024

SEK15.55

−0.05 (−0.32%)

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SEK764m

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Research: Healthcare

IRLAB Therapeutics — Beyond PD-LID, a closer look at PD-psychosis

While IRLAB Therapeutics’ immediate focus is on advancing mesdopetam in levodopa-induced dyskinesia (PD-LID) following the recent green light from the FDA for its Phase III trial design, we expect the Parkinson’s disease-psychosis (PD-P) programme to be revived as the lead programme progresses towards commercialisation. We continue to see label expansion opportunities in this indication for IRLAB as we model a 2032 PD-P launch with a 20% probability of success (PoS). PD-P is a common occurrence, affecting 20–70% of PD patients. While the precise pathophysiology underlying PD-P is not yet fully understood, dementia, delirium and medication side effects are believed to be key contributors. Levodopa-induced changes in dopamine and D1-D3 receptor crosstalk have been linked to the condition, strengthening the case for D3 receptor antagonists, such as mesdopetam, as a potential treatment.

Soo Romanoff

Written by

Soo Romanoff

Managing Director - Head of Content, Healthcare

Healthcare

IRLAB Therapeutics

Beyond PD-LID, a closer look at PD-psychosis

R&D update

Pharma and biotech

8 April 2024

Price

SEK14.45

Market cap

SEK750m

SEK10.65/US$

Net cash (SEKm) at end-December 2023 (ex-lease liabilities)

86.8

Shares in issue

51.9m

Free float

68%

Code

IRLAB-A

Primary exchange

Nasdaq Stockholm

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

0.4

26.8

25.1

Rel (local)

(3.3)

15.9

7.4

52-week high/low

SEK19.6

SEK5.9

Business description

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 are in late-stage clinical trials for the symptomatic treatment of Parkinson’s disease: mesdopetam (D3 antagonist) and pirepemat (PFC enhancer).

Next events

Mesdopetam out-licensing deal

2024

IRL757 Phase I initiation

Q224

Top-line Phase IIb pirepemat data

Q424–Q125

Analysts

Soo Romanoff

+44 (0)20 3077 5700

Jyoti Prakash, CFA

+44 (0)20 3077 5700

Dr Arron Aatkar

+44 (0)20 3077 5700

IRLAB Therapeutics is a research client of Edison Investment Research Limited

While IRLAB Therapeutics’ immediate focus is on advancing mesdopetam in levodopa-induced dyskinesia (PD-LID) following the recent green light from the FDA for its Phase III trial design, we expect the Parkinson’s disease-psychosis (PD-P) programme to be revived as the lead programme progresses towards the commercialisation objective. We continue to see label expansion opportunities in this indication for IRLAB as we model a 2032 PD-P launch with a 20% probability of success (PoS) in PD-P. PD-P is a common occurrence, affecting 20–70% of PD patients. While the precise pathophysiology underlying PD-P is not yet fully understood, dementia, delirium and medication side effects are believed to be key contributors. Levodopa-induced changes in dopamine and D1-D3 receptor crosstalk have been linked to the condition, strengthening the case for D3 receptor antagonists, such as mesdopetam, as a potential treatment.

Year end

Revenue (SEKm)

PBT*
(SEKm)

EPS*
(SEK)

DPS
(SEK)

P/E
(x)

Yield
(%)

12/22

61.3

(113.1)

(2.18)

0.0

N/A

N/A

12/23

5.7

(177.8)

(3.43)

0.0

N/A

N/A

12/24e

0.0

(191.3)

(3.69)

0.0

N/A

N/A

12/25e

0.0

(189.7)

(3.66)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Psychosis, a debilitating co-morbidity in PD

PD-P is characterised by hallucinations and delusions, and is believed to affect 2040% of earlier-stage PD patients and up to 70% of advanced-stage patients. These symptoms can be a result of both the underlying disease and a side effect of PD medications, which can lead to treatment discontinuation. While antipsychotics are widely prescribed off-label, the only FDA approved treatment for PD-P is Acadia Pharmaceuticals’ pimavanserin (Nuplazid), which comes with a black box warning for increased mortality in elderly patients.

Preclinical data support mesdopetam in PD-P

Mesdopetam’s utility in PD-P was tested in an animal model, which studied the efficacy of the drug in comparison with antipsychotics clozapine and pimavanserin, and another investigative dopamine D3 receptor antagonist, SB277011-A. Mesdopetam demonstrated antipsychotic efficacy, supporting its potential application as a novel treatment option for the condition. Given that traditional antipsychotic usage in PD-P is challenged by their alleged role in increasing ‘parkinsonism’, mesdopetam’s dual anti-dyskinetic and antipsychotic benefits, if proven, may offer a potential solution to this predicament, in our view.

Valuation: Unchanged for now

While IRLAB’s immediate focus is on advancing mesdopetam in its lead indication PD-LID following the recent green light from the FDA for its Phase III trial design (we have an unchanged PoS of 40% currently for this indication), we expect the PD-P programme to be revived as the lead programme progresses towards its commercialisation goal. We continue to assume peak sales potential of >$700m in PDP, with a 20% PoS and a 2032 PD-P launch. Our valuation of IRLAB remains unchanged at SEK4.04bn or SEK77.9 per share.

PD-P: Seeking an optimal solution

Commonly considered a movement disorder, PD is also associated with non-motor symptoms, of which PD-P remains a key co-morbidity. PD-P is characterised by severe confusion (disordered thinking, hallucinations, delusions) and affects 2040% of early-stage PD patients and up to 70% of late-stage cases. While the underlying reasons for PD patients developing psychosis are still being elucidated, the symptoms are believed to originate either from the disease biology of PD itself or as a side effect of dopamine therapy (led by standard-of-care levodopa), a mainstay of PD treatment. While increased dopamine levels can help improve motor symptoms, they can also cause biochemical changes in the brain, leading to psychosis symptoms.

Behavioural changes related to psychosis have a significant impact on patients’ quality of life (treatment compliance can be affected) and tend to increase the healthcare burden. Despite this, the treatment landscape for PD-P remains restricted to select antipsychotics:

Pimavanserin (brand name Nuplazid) – a 5-HT2A antagonist and the only approved treatment for PD-P (approved by the FDA in 2016). Unlike other antipsychotics, the drug is not a dopamine receptor antagonist, and instead targets the serotonin receptors. We note that the drug carries a class-wide black box warning for increased mortality in elderly patients (over the age of 65). Moreover, long-term efficacy remains questionable.

Clozapine the first FDA-approved atypical (second-generation) antipsychotic. Clozapine has demonstrated desirable efficacy in PD-P, however the drug’s prescription is limited due to serious side effects (reduction in white blood cells, requiring prescribed patients to take weekly blood tests).

Quetiapine (Seroquel) – this drug has a benign side effect profile, although its efficacy is limited.

While effective in some cases, the use of antipsychotics as a treatment of PD-P has been challenged by off-target effects on worsening motor symptoms in PD patients. Moreover, usage of antipsychotics has also been associated with risks of adverse effects such as falls and deterioration in cognitive function and cardiovascular effects, highlighting the need for improved therapeutic options, in our view.

Mesdopetam’s potential in PD-P shown in preclinical models

Long-term treatment with levodopa (the current standard of care for PD) has been associated with increased expression of the dopamine D3 receptor, which has been implicated in the incidence of psychosis in PD patients. Inhibition of these receptors (such as by mesdopetam, a D3 receptor antagonist) is therefore believed to hold the potential to ameliorate PD-P symptoms.

IRLAB’s programme in PD-P is Phase II-ready, but has been temporarily put on hold as the company focuses on advancing mesdopetam in its lead indication, PD-LIDs. Data from a preclinical study evaluating mesdopetam’s efficacy in PD-P in a rodent model demonstrated that the drug was able to reverse features of psychosis, which were comparable to the leading antipsychotics currently used to treat the condition.

In these preclinical studies, parkinsonian and psychosis-like symptoms were induced in rats using 6-hydroxydopamine (6-OHDA) hydrochloride injection, followed by levodopa treatment to mimic advanced stage PD. The subjects were then injected with the NMDA receptor antagonist, MK-801, to induce psychosis-like symptoms. A total of eight subjects were then treated with either clozapine, pimavanserin, mesdopetam or another investigational dopamine D3 receptor antagonist, SB277011-A. Following this, behaviour and neurophysiological changes in brain activity were mapped to study the effect of these treatments on psychosis symptoms. The results demonstrated that mesdopetam reversed the symptoms of psychosis, as characterised by abnormal high-frequency oscillation and abnormal synchronisation between brain regions. These results were comparable to those seen with the two antipsychotics, highlighting the drug’s potential antipsychotic properties. Mesdopetam has already demonstrated anti-dyskinetic properties and an excellent safety and tolerability profile in Phase II studies in PD-LIDs. If the preclinical findings in PD-P are reproduced in larger clinical trials, and in consideration of the excellent clinical safety profile, mesdopetam holds the potential to usher in a shift in the treatment paradigm of PD-P.

Valuation

Our valuation remains unchanged at SEK4.04bn or SEK77.9/share. While we believe that IRLAB will continue to focus its efforts on advancing mesdopetam in its lead indication PD-LIDs in the near-term (we currently model a 40% PoS for this indication), we expect activity in PD-P to be reinstated as the lead programme progresses. We continue to assume peak sales potential of >$700m in PD-P with a 20% PoS, and a 2032 launch (refer to Exhibit 1 for the detailed breakdown).

Exhibit 1: IRLAB sum-of-the parts valuation

Product

Indication

Launch

Peak

Peak sales ($m)

Value
(SEKm)

Probability

rNPV
(SEKm)

rNPV/share (SEK)

Mesdopetam

PD-LIDs

2028

2034

1,268.5

4,733.5

40%

1,899.3

36.6

Mesdopetam

PD-Psychosis

2032

2038

726.5

1,157.0

20%

218.7

4.2

Pirepemat

PD-Falls (postural hypotension)

2029

2035

1,057.2

6,139.0

30%

1,835.1

35.4

Net cash at 31 December 2023

 

 

 

86.8

100%

86.8

1.7

Valuation

 

 

 

12,116.3

4,039.8

77.9

Source: Edison Investment Research

Exhibit 2: Financial summary

Accounts: IFRS, year-end: 31 December, SEK’000s

 

 

2021

2022

2023

2024e

2025e

PROFIT & LOSS

 

 

 

 

 

 

 

Total revenues

 

 

207,906

61,277

5,720

0

0

Cost of sales

 

 

0

0

0

0

0

Gross profit

 

 

207,906

61,277

5,720

0

0

Total operating expenses

 

 

(155,330)

(174,386)

(186,486)

(188,965)

(176,204)

Research and development expenses

 

 

(129,748)

(146,178)

(151,312)

(151,172)

(140,000)

EBITDA (reported)

 

 

56,050

(108,330)

(176,450)

(185,527)

(173,615)

Operating income (reported)

 

 

52,576

(113,109)

(180,766)

(188,965)

(176,204)

Operating margin %

 

 

N/A

N/A

N/A

N/A

N/A

Finance income/(expense)

 

 

(795)

(297)

2,926

(2,318)

(13,520)

Exceptionals and adjustments

 

 

0

0

0

0

0

Profit before tax (reported)

 

 

51,781

(113,406)

(177,840)

(191,284)

(189,724)

Profit before tax (normalised)

 

 

91,131

(113,147)

(177,840)

(191,284)

(189,724)

Income tax expense (includes exceptionals)

 

 

0

0

0

0

0

Net income (reported)

 

 

51,781

(113,406)

(177,840)

(191,284)

(189,724)

Net income (normalised)

 

 

91,131

(113,147)

(177,840)

(191,284)

(189,724)

Basic average number of shares, m

 

 

51.7

51.8

51.9

51.9

51.9

Basic EPS (SEK)

 

 

1.00

(2.19)

(3.43)

(3.69)

(3.66)

Adjusted EPS (SEK)

 

 

1.76

(2.18)

(3.43)

(3.69)

(3.66)

Dividend per share (SEK)

 

 

0.00

0.00

0.00

0.00

0.00

BALANCE SHEET

 

 

 

 

 

 

 

Tangible assets

 

 

8,348

8,009

6,672

3,533

1,244

Intangible assets

 

 

42,661

46,862

46,862

46,862

46,862

Other non-current assets

 

 

0

0

0

0

0

Total non-current assets

 

 

51,009

54,871

53,534

50,395

48,106

Cash and equivalents

 

 

401,897

252,776

111,309

145,109

102,674

Inventories

 

 

0

0

0

0

0

Trade and other receivables

 

 

19,543

15,908

12,278

12,278

12,278

Other current assets

 

 

0

0

0

0

0

Total current assets

 

 

421,440

268,684

123,587

157,387

114,952

Non-current loans and borrowings

 

 

0

0

24,511

249,511

394,511

Non-current lease liabilities

 

 

3,566

381

115

0

0

Other non-current liabilities

 

 

0

0

0

0

0

Total non-current liabilities

 

 

3,566

381

24,626

249,511

394,511

Accounts payable

 

 

4,634

0

0

0

0

Non-current loans and borrowings

 

 

0

0

0

0

0

Current lease liabilities

 

 

3,034

3,595

2,940

0

0

Deferred Income

 

 

42,576

0

0

0

0

Other current liabilities

 

 

19,158

28,748

33,792

33,792

33,792

Total current liabilities

 

 

69,402

32,343

36,732

33,792

33,792

Equity attributable to company

 

 

399,481

290,830

115,764

(75,520)

(265,244)

CASH FLOW STATEMENT

 

 

 

 

 

 

 

Operating income

 

 

52,576

(113,109)

(180,766)

(188,965)

(176,204)

Depreciation and amortisation

 

 

3,474

4,779

4,316

3,439

2,589

Share based payments

 

 

0

0

0

0

0

Other adjustments

 

 

38,295

(297)

2,963

(2,318)

(13,520)

Movements in working capital

 

 

34,296

(33,985)

8,627

0

0

Cash from operations (CFO)

 

 

128,641

(142,612)

(164,860)

(187,845)

(187,135)

Capex

 

 

(708)

(2,876)

(293)

(300)

(300)

Acquisitions & disposals net

 

 

0

(500)

0

0

0

Other investing activities

 

 

0

0

0

0

0

Cash used in investing activities (CFIA)

 

 

(708)

(3,376)

(293)

(300)

(300)

Net proceeds from issue of shares

 

 

(180)

0

0

0

0

Movements in debt

 

 

(2,865)

(3,134)

20,915

221,945

145,000

Other financing activities

 

 

0

0

2,771

0

0

Cash from financing activities (CFF)

 

 

(3,045)

(3,134)

23,686

221,945

145,000

Cash and equivalents at beginning of period

 

 

277,009

401,897

252,775

111,309

145,109

Increase/(decrease) in cash and equivalents

 

 

124,888

(149,122)

(141,467)

33,800

(42,435)

Effect of FX on cash and equivalents

 

 

0

0

1

0

0

Cash and equivalents at end of period

 

 

401,897

252,775

111,309

145,109

102,674

Net (debt)/cash

 

 

401,897

252,776

86,798

(104,402)

(291,837)

Source: Edison Investment Research; IRLAB company account

General disclaimer and copyright

This report has been commissioned by IRLAB Therapeutics and prepared and issued by Edison, in consideration of a fee payable by IRLAB Therapeutics. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

General disclaimer and copyright

This report has been commissioned by IRLAB Therapeutics and prepared and issued by Edison, in consideration of a fee payable by IRLAB Therapeutics. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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Research: Industrials

ADS-TEC Energy — Serving the energy transition

ADS-TEC Energy operates in an emerging market serving the changing grid and power management requirements of an electrifying world. Its key market at present is for battery-buffered ultra-fast charging systems for electric vehicles (EVs). This is starting to produce tangible positive results, with the business EBITDA positive in Q423. Hence, ADS-TEC offers a de-risking investment into the electrification of the energy system, including the growth of EVs through the associated charging infrastructure.

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