Currency in SEK
Last close As at 17/03/2023
SEK9.93
▲ 0.49 (5.19%)
Market capitalisation
SEK479m
Research: Healthcare
IRLAB Therapeutics has announced that it has selected a drug candidate from its P003 discovery programme. The candidate, IRL1117, will now progress towards Phase I clinical studies, anticipated to begin in 2024. IRL1117 is being developed as a once-daily oral dose treatment for Parkinson’s disease (PD) symptoms, intended to overcome issues with the existing standard of care treatment, levodopa, which include short duration of action and uncontrolled involuntary movement (dyskinesia). The news not only strengthens IRLAB’s already busy pipeline but is yet further validation of the company’s machine learning discovery platform’s (ISP’s) ability to deliver clinical candidates, which we view as a major asset for the company. We value IRLAB at SEK6.72bn or SEK129.8 per share.
IRLAB Therapeutics |
Candidate selected to further bolster pipeline |
Pipeline update |
Pharma and biotech |
12 January 2023 |
Share price performance Business description
Analysts
IRLAB Therapeutics is a research client of Edison Investment Research Limited |
IRLAB Therapeutics has announced that it has selected a drug candidate from its P003 discovery programme. The candidate, IRL1117, will now progress towards Phase I clinical studies, anticipated to begin in 2024. IRL1117 is being developed as a once-daily oral dose treatment for Parkinson’s disease (PD) symptoms, intended to overcome issues with the existing standard of care treatment, levodopa, which include short duration of action and uncontrolled involuntary movement (dyskinesia). The news not only strengthens IRLAB’s already busy pipeline but is yet further validation of the company’s machine learning discovery platform’s (ISP’s) ability to deliver clinical candidates, which we view as a major asset for the company. We value IRLAB at SEK6.72bn or SEK129.8 per share.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
0.4 |
(91.4) |
(1.92) |
0.0 |
N/A |
N/A |
12/21 |
207.9 |
91.1 |
1.76 |
0.0 |
18.5 |
N/A |
12/22e |
62.1 |
(110.3) |
(2.13) |
0.0 |
N/A |
N/A |
12/23e |
0.3 |
(121.2) |
(2.34) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The treatment landscape for PD has remained relatively stagnant over the past 60 years, with levodopa being the only marketed therapeutic to adequately treat the symptoms of PD. However, levodopa has significant drawbacks, which include a duration of action of only four to six hours and debilitating side effects such as dyskinesia. Preclinical studies have demonstrated that IRL1117 induces a sustained response (10 hours) with no treatment-related side effects. Such attributes would offer significant differentiation over existing levodopa treatment; however, we acknowledge that preclinical results are not necessarily a reliable indicator of clinical utility.
With development work now progressing towards a Phase I trial start for IRL1117 in 2024, the latest candidate selection provides IRLAB with yet another clinical catalyst, adding to the already numerous anticipated milestones expected in 2023. These include top-line readouts from the Phase IIb mesdopetam study in PD levodopa-induced dyskinesias, which are anticipated imminently, top-line results from the Phase IIb pirepemat trial in PD-related falls (H223) and Phase I trial initiations (H223) for IRL757 and IRL942, for the treatment of apathy and to improve cognitive function in neurological disorders respectively.
|
|
Research: Consumer
Games Workshop Group’s (GAW’s) record H123 results included strong revenue recovery in Retail as COVID-19 restrictions eased, foreign exchange gains, offset by some negative effects, specifically from Russia and China, and flat sales in the key North American market. The lower reported profit reflects the well-known external cost pressures and investment to support future revenue growth, partially offset by good cost control. Our profit estimates are unchanged but we increase our dividend estimate. The recent strong share price performance takes the prospective FY23e multiple (23.9x) to between its recent long-run average (17.2x) and peak multiples (over 30x).
Get access to the very latest content matched to your personal investment style.