IRLAB Therapeutics — Don’t count mesdopetam out

IRLAB Therapeutics (OMX: IRLAB-A)

Last close As at 22/06/2024

SEK12.30

−0.75 (−5.75%)

Market capitalisation

SEK637m

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Research: Healthcare

IRLAB Therapeutics — Don’t count mesdopetam out

IRLAB Therapeutics has reported its full-year results for 2022, providing both a financial and an operational update of its active clinical and preclinical assets. The Phase IIb study of lead clinical asset, mesdopetam, in Parkinson’s disease levodopa-induced dyskinesias (PD-LIDs) has now concluded, with IRLAB’s licensing partner, Ipsen, assuming control of the drug’s development. IRLAB’s near-term catalysts for the company include the initiation of Phase I studies for IRL757 and IRL942 (Phase I ready in H223 and H124, respectively), and top-line readouts for pirepemat in the Phase IIb study in PD-Falls in H124. At end-Q422, IRLAB had net cash of SEK252.8m, which, at our estimated cash burn rates, we expect will fund operations into H224. Considering the recent results of the mesdopetam Phase IIb study, which failed to meet the primary endpoint, we have adjusted our valuation of IRLAB to SEK4.84bn or SEK93.3/share (previously SEK6.72bn or SEK129.8/share), although the valuation per share would reduce to SEK35.9 assuming our projected financing needs (SEK750m) are met via a share issuance at the current market price.

Soo Romanoff

Written by

Soo Romanoff

Managing Director - Head of Content, Healthcare

IRLAB Therapeutics_resized

Healthcare

IRLAB Therapeutics

Don’t count mesdopetam out

FY22 results

Pharma and biotech

2 March 2023

Price

SEK10.38

Market cap

SEK538m

US$/SEK10.41

Net cash (SEKm) at 31 December 2022 (ex-lease liabilities)

252.8

Shares in issue

51.9m

Free float

58%

Code

IRLABA

Primary exchange

Nasdaq Stockholm

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(12.9)

(75.1)

(69.2)

Rel (local)

(12.6)

(76.2)

(69.0)

52-week high/low

SEK41.75

SEK9.05

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 (PD): mesdopetam (D3 antagonist) and pirepemat (PFC enhancer).

Next events

IRL757 Phase I ready

H223

Top-line Phase IIb pirepemat data in PD-Falls

H124

Analysts

Soo Romanoff

+44 (0)20 3077 5700

Dr Adam McCarter

+44 (0)20 3077 5700

Dr Arron Aatkar

+44 (0)20 3077 5700

IRLAB Therapeutics is a research client of Edison Investment Research Limited

IRLAB Therapeutics has reported its full-year results for 2022, providing both a financial and an operational update of its active clinical and preclinical assets. The Phase IIb study of lead clinical asset, mesdopetam, in Parkinson’s disease levodopa-induced dyskinesias (PD-LIDs) has now concluded, with IRLAB’s licensing partner, Ipsen, assuming control of the drug’s development. IRLAB’s near-term catalysts for the company include the initiation of Phase I studies for IRL757 and IRL942 (Phase I ready in H223 and H124, respectively), and top-line readouts for pirepemat in the Phase IIb study in PD-Falls in H124. At end-Q422, IRLAB had net cash of SEK252.8m, which, at our estimated cash burn rates, we expect will fund operations into H224. Considering the recent results of the mesdopetam Phase IIb study, which failed to meet the primary endpoint, we have adjusted our valuation of IRLAB to SEK4.84bn or SEK93.3/share (previously SEK6.72bn or SEK129.8/share), although the valuation per share would reduce to SEK35.9 assuming our projected financing needs (SEK750m) are met via a share issuance at the current market price.

Year

end

Revenue
(SEKm)

PBT*
(SEKm)

EPS*
(SEK)

DPS
(SEK)

P/E
(x)

Yield
(%)

12/21

207.9

91.1

1.76

0.0

N/A

N/A

12/22

61.3

(113.1)

(2.18)

0.0

N/A

N/A

12/23e

0.2

(160.0)

(3.08)

0.0

N/A

N/A

12/24e

0.2

(168.4)

(3.25)

0.0

N/A

N/A

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

Mesdopetam’s future lies with Ipsen

Following the conclusion of the Phase IIb PD-LIDs study, Ipsen is now responsible for all future clinical development of mesdopetam. With the trial failing to meet its primary objective, there remains uncertainty around Ipsen’s plans for mesdopetam. However, we note that the study did meet a key secondary efficacy endpoint, demonstrating significant dose dependent anti-dyskinetic effects, which, in our view, highlights the drug’s potential application in PD-LIDs.

Funding into FY24 past catalysts

IRLAB reported a net cash position of SEK252.8m at end-Q422, which we forecast will provide a cash runway for the company into H224. We estimate that IRLAB will need to raise SEK750m to fund operations to end-FY27 before reaching operating profitability in FY28. We estimate the company has sufficient cash past key readouts from the Phase IIb pirepemat study in PD-related falls (PD-Falls) in H124.

Valuation: SEK4.84bn or SEK93.3/share

We value IRLAB at SEK4.84bn or SEK93.3 per share (previously SEK6.72bn or SEK129.8 per share). Our valuation is adjusted as we reduce the probability of success for mesdopetam in PD-LIDs to 40%, from 50%. Furthermore, we have adjusted our timeline assumptions for mesdopetam and pirepemat following the announcement of slower patient enrolment in this drug’s PD-Falls study.

An active pipeline with new assets on the horizon

Following the top-line results from the Phase IIb mesdopetam study in PD-LIDs, we await further communication of the full clinical data package from the trial before understanding Ipsen’s future clinical development strategy for the drug. This may include Ipsen continuing to progress mesdopetam through clinical studies or potentially handing the drug back to IRLAB, which may internally develop mesdopetam or seek alternative partnering opportunities. Pirepemat now becomes IRLAB’s most advanced candidate for internal development, as a potential treatment to improve balance and reduce falls in PD patients (PD-Falls). Following a recent update, top-line Phase IIb data are now expected in H124 (previously H223). IRLAB is also looking to re-stock its clinical pipeline and is preparing its preclinical assets, IRL757 in apathy and IRL942 in cognitive function, to be Phase I ready by end-2023 and in H124, respectively. The newly nominated candidate IRL1117 (for the hallmark symptoms of PD) will continue to progress through in-house R&D activities during 2023.

Exhibit 1: IRLAB Therapeutics’ clinical pipeline

Source: IRLAB corporate presentation

Mesdopetam Phase IIb results

As a reminder, the Phase IIb study for mesdopetam in PD-LIDs was a randomised, double-blind, placebo-controlled study conducted at 46 trial sites across Europe, the United States and Israel that comprised 154 patients. The primary outcome from the study assessed the change in daily hours of good ON time without troublesome dyskinesia (uncontrolled involuntary movements) based on Hauser standardised 24-hour patient-reported diaries over 12 weeks. ON time represents the time that patients experience the benefits of levodopa to treat the symptoms of PD and is further characterised by good ON time (time without levodopa-induced dyskinesias) and bad ON time (time with levodopa-induced dyskinesias). While management reported that results from the Phase IIb trial confirmed the safety and tolerability of mesdopetam, the study failed to meet its primary objective of change in daily hours of good ON time compared to placebo.

However, the study did meet a secondary efficacy endpoint, demonstrating significant dose dependent anti-dyskinetic effects as measured by the Unified Dyskinesia Rating Scale (UDysRS), a clinically recognised scale for measuring dyskinesias versus placebo. Anti-dyskinetic effects were observed across the entire 12-week study period and may be interpreted as being of statistical significance (nominal p-value = 0.026 at 7.5mg bid at 12 weeks). Additionally, the secondary endpoint (MDS-Unified Parkinson’s Disease Rating Scale (MDS-UPDRS) part II), used to measure the motor aspects of experiences of daily living, was unchanged by mesdopetam treatment versus placebo, demonstrating that the drug does not impair normal motor function. Notably, a decrease in daily hours spent in OFF time was dose-dependent and a decrease compared to placebo was observed at the 7.5mg dose of mesdopetam. OFF time is when patients experience PD motor/non-motor symptoms between doses of levodopa treatment. OFF time may occur before the first daily dose of medication or during the day between treatment doses. The decrease in OFF time observed through mesdopetam treatment is therefore indicative of the drug’s ability to alleviate the symptoms of parkinsonism. IRLAB intends to present further comprehensive data from the Phase IIb mesdopetam study during 2023.

Secondary endpoint highlights potential anti-dyskinetic effects

While the Phase IIb study failing to meet its primary endpoint may be seen as disappointing, we believe encouragement can be taken from the trial meeting the UDysRS secondary efficacy measure. As measured by the UDysRS, mesdopetam (7.5mg) displayed positive dose dependent anti-dyskinetic effects with onset of action after four weeks, at eight weeks and then continuing for the duration of the 12-week study. Importantly, the clear dose response pattern observed versus placebo from the study, in our view, further strengthens the argument that mesdopetam has an anti-dyskinetic effect during the ON phases for PD treatment. Notably, the approval for amantadine (Gocovri), currently the only FDA-approved treatment for PD-LIDs, was based on the results of two pivotal Phase III studies (EASE LID and EASE LID 3), both of which used the UDysRS measure as the primary efficacy endpoint. Additionally, unlike mesdopetam, amantadine is associated with severe side effects including peripheral edema, falls, suicidality and depression.

However, we caution against direct read-across between clinical trials and note that in IRLAB’s previous Phase IIa trial of mesdopetam no improvement in PD-LIDs was observed using the UDysRS measurement as the primary outcome of the study. Management had attributed this to technical shortcomings of the Phase IIa study (many patients were not in the required ON state during UDysRS assessment), indicating that for the Phase IIb study sites had been carefully selected based on their experience in assessing subjects using the UDysRS scale. Additionally, as the results of the Phase IIb study were underpinned by patient reported outcomes, IRLAB had put additional effort into educating patients on the differences between impairments due to dyskinesias as opposed to impairments due to parkinsonism.

In our view, these latest results highlight the challenges associated in measuring endpoints to assess improvements in PD and LIDs in clinical trials. Patient- and clinician-completed rating scales such as UDysRS, MDS-UPDRS and patient diaries are somewhat subjective in comparison to more definitive clinical objective endpoints and can be less accurate and subject to recall bias. Furthermore, an actual reduction in the frequency of LIDs may not reflect a patient’s perception of the severity of dyskinesia or their level of disability. However, the use of multiple clinical trial endpoints, such as those utilised in IRLAB’s studies, may help mitigate some of the challenges associated with subjective measurements.

Ipsen assumes control of mesdopetam development

In July 2021, IRLAB licensed mesdopetam’s global rights to Ipsen for an upfront payment of US$28m, up to US$335m in potential milestones and low double-digit royalties on sales. As part of the agreement, IRLAB was to fund development of mesdopetam until the top-line results of the Phase IIb after which Ipsen would assume responsibility for all further clinical development and global commercialisation of mesdopetam in PD-LIDs. The latest results from the Phase IIb study will undoubtedly have an impact on Ipsen’s development strategy for mesdopetam as well as the timing and receipt of potential milestone payments to IRLAB. Ipsen had begun preparatory Phase III activities with the initiation of pharmacological studies; however, we await further communication from the company as to its future plans for the drug.

Not all about primary endpoints in CNS

While we caution against read across between drug clinical outcomes, particularly across indications, a notable therapy in the CNS space that recently received FDA approval (using the accelerated approval pathway) was Biogen and Eisai’s (originator BioArctic) anti-amyloid Alzheimer’s disease (AD) therapy, lecanemab. The drug is being widely regarded as one of the most significant clinical breakthroughs in the AD treatment landscape. However, lecanemab had previously missed its primary efficacy endpoint measurement of 12-month clinical change on the Alzheimer’s Disease Composite Score (ADCOMS) as part of a Phase IIb study. However, the trial did meet a key secondary endpoint as measured by the Clinical Dementia Rating-Sum-of-Boxes (CDR-SB) exhibiting cognitive and functional performance. The secondary CDR-SB measure was subsequently used as the primary endpoint in the pivotal Clarity AD study, which formed the basis of the FDA’s approval for the drug.

Based upon the results of the Phase IIb mesdopetam study, in our view, mesdopetam is in a strong position to potentially progress into pivotal Phase III trials without additional clinical studies, having hit its key, clinically recognised secondary endpoint, a dose dependent anti-dyskinetic effect as measured by the UDysRS scale. Supporting this, mesdopetam has also demonstrated safety and tolerability throughout clinical studies, while also meeting an additional key secondary endpoint with an unchanged measurement in the MDS-UPDRS part II scale.

Next catalyst: Pirepemat in PD-related falls

Following the readout of the Phase IIb mesdopetam study, pirepemat becomes IRLAB’s most advanced, active, internally developed clinical asset. Pirepemat is currently being investigated in clinical trials as the first potential treatment in a new drug class designed to improve balance and reduce falls in PD patients (PD-Falls). The Phase IIb study is a randomised, double-blind, placebo-controlled study that aims to recruit 165 patients across five European countries, and the trial is currently active at 28 of the planned 39 trial sites. The primary outcome measure is a change in the frequency of falls with pirepemat (assessing two different dose levels) when compared to placebo, assessed with the fall diary from the baseline period to the end of the planned 12 weeks of treatment.

As a reminder, pirepemat demonstrated early signs of efficacy in PD-Falls in the randomised, double-blind, placebo-controlled, multi-centre Phase IIa study (n=32) evaluating safety and tolerability as the primary endpoint. In addition to the trial meeting its primary outcome of safety, the study also demonstrated preliminary signs of efficacy with a 50% reduction in fall frequency of patients with PD and was well tolerated at clinically relevant doses (600mg). In a recent update on upcoming development milestones, IRLAB reported that patient enrolment for the Phase IIb pirepemat study has been slower than anticipated. The company now expects recruitment to be completed by end-2023, with top-line results in H124 (previously H223).

Re-stocking the clinical pipeline in 2023

In addition to its lead assets, IRLAB also intends to fill its clinical pipeline with the initiation of a further two Phase I studies. The candidates, IRL757 for the treatment of apathy and IRL942 for the improvement of cognitive function, are expected to be Phase I ready by end-2023 and in H124, respectively. Apathy is a common neuropsychiatric symptom in patients with degenerative neurological disorders that can affect up to 70% of patients with PD and up to 90% of patients with AD disease. There are currently no FDA-approved drugs for the treatment of apathy. Additionally, management has stated that IRL942 may potentially have both symptomatic and disease-modifying effects to improve cognitive function in neurological disorders. In our view, there remains a need for the development of novel disease-modifying therapies in central nervous system indications, and those drugs that can demonstrate such properties will offer significant differentiation in the market.

IRLAB also intends to progress development of its newly nominated clinical candidate IRL117 in 2023. The drug is being developed as a once-daily therapy for the hallmark symptoms of PD and intends to overcome side effects associated with levodopa, which include short duration of drug action and motor fluctuations. Preclinical studies have demonstrated that IRL117 induces a sustained response (10 hours) with no reported treatment-related complications. Such attributes would offer significant differentiation over existing levodopa treatment if replicated in human trials. Management has communicated that it expects Phase I studies to commence in 2024.

Fresh management to navigate the road ahead

In February 2023, IRLAB announced a change in management, with the company’s CEO, Richard Godfrey, stepping down with immediate effect. Gunnar Olsson, who was chairman of the board for IRLAB, will act as interim CEO. Gunnar is a licenced physician who has acquired over 30 years of experience in senior leadership positions within the life sciences sector. IRLAB has communicated that it has started the recruitment process for a permanent CEO. We do not anticipate the changes to have an impact on any of IRLAB’s clinical development timelines.

Valuation

Considering the latest data from the mesdopetam Phase IIb study, we have adjusted our valuation of IRLAB to SEK4.84bn or SEK93.3per share (previously SEK6.72bn or SEK129.8 per share). Our valuation is based on a risk-adjusted NPV calculation for the company’s lead clinical assets mesdopetam and pirepemat (applying a 12.5% discount rate) and reflects a net cash position of SEK252.8m at end-December 2022. A breakdown of our rNPV valuation is shown in Exhibit 2.

Exhibit 2: IRLAB rNPV valuation

Product

Launch

Peak

Peak sales ($m)

Value
(SEKm)

Probability

rNPV (SEKm)

rNPV/share (SEK)

Mesdopetam – PD-LIDs

2028

2034

1,268.5

5,146.8

40%

2,072.9

40.0

Mesdopetam – PD-Psychosis

2029

2035

493.7

2,258.9

30%

698.1

13.5

Pirepemat – PD-Falls (postural hypotension)

2028

2034

1,062.1

6,117.8

30%

1,815.4

35.0

Net cash at YE22

 

 

252.8.0

100%

252.8

4.9

Valuation

 

 

13,776.3

 

4,839.2

93.3

Source: Edison Investment Research

The company’s value is reduced as we lower the probability of success for mesdopetam in PD-LIDs to 40% (previously 50%). We maintain the probability of success for mesdopetam in PD-Psychosis and pirepemat in PD-Falls at 30%; however, this is subject to change depending on clinical updates. Ipsen has yet to communicate its plans for mesdopetam’s future development in PD-LIDs; however, we anticipate that mesdopetam’s existing data package could potentially mean the drug is a Phase III ready asset that has some measure of statistically significant efficacy, based on the Phase IIb study, and is likely suitable to progress into pivotal, registrational trials at this stage. Additionally, Ipsen has acquired the rights to mesdopetam in PD-Psychosis. However, there has been little commentary on Ipsen’s clinical development strategy for mesdopetam in this indication, for which we had previously anticipated the initiation of Phase II studies in 2022 or 2023. Altogether, we have therefore delayed our estimated potential launch dates for mesdopetam in PD-LIDs to 2028 (previously 2026) and in PD-Psychosis to 2029 (previously 2027). These changes to our assumptions have also pushed out the potential receipt of developmental and commercial milestone payments attributed to the Ipsen deal, which are factored into our model.

Following IRLAB’s announcement that patient enrolment in the Phase IIb pirepemat study in PD-Falls has been slower than anticipated, we have also delayed our estimated launch date for pirepemat to 2028 (previously 2027). We have not included IRL757, IRL942 or IRL117 in our model; however, once clinical studies have been initiated, this may provide additional value uplift.

Financials

In 2022 IRLAB reported operating losses of SEK113m, which contrasts with the operating profit the company reported in FY21 of SEK53m. This difference is attributed to IRLAB’s licensing agreement with Ipsen in July 2021, which included an upfront payment of SEK239.6m. IRLAB recognised revenue of SEK61.2m in FY22, consisting of SEK42.6m of deferred income as part of the Ipsen deal and SEK18.6m in other services provided to Ipsen. The company’s operating expenses for FY22 were SEK174.4m, a 12.2% increase from FY21’s figure of SEK155.3m due to the increased clinical activities of the Phase IIb trials for mesdopetam and pirepemat. IRLAB’s operational costs remained relatively stable between Q222 and Q422, at c SEK40m per quarter. Due to the winding down of the Phase IIb mesdopetam study, we expect R&D costs to reduce slightly in FY23, to SEK132m, while the Phase IIb pirepemat trial continues to enrol patients and the company invests in preclinical development and progressing IRL757, IRL942 and IRL117 towards clinical studies. We then estimate R&D costs to rise again in FY24, to SEK141m, with the anticipated initiation of the Phase I trials of IRL757 and IRL942.

Operating cash outflows for 2022 amounted to SEK142.6m and IRLAB ended 2022 with a net cash position of SEK252.8m, which we estimate should fund operations into H224. We estimate operating cash outflows of SEK155.9m in FY23, which will increase to SEK165.3m in FY24. We estimate that IRLAB will need to raise SEK750m before becoming self-sustainable in FY28 with the projected launches of mesdopetam and pirepemat. We account for this funding as illustrative debt in our model and have distributed the raise (SEK250m per year) across three consecutive years from FY24 to FY26. Alternatively, if funding is realised through an equity issue instead (assuming at the current trading price of SEK10.38/share), IRLAB would have to issue 82.9m shares, resulting in our per share valuation decreasing to SEK35.9 from SEK93.3 currently (shares outstanding would increase from 51.9m to 134.8m). As part of IRLAB’s licensing agreement with Ipsen for mesdopetam, the company could potentially receive up to US$335m in development, regulatory and sales-based milestones, which would have an impact on such financing requirements. However, due to the Phase IIb mesdopetam study missing its primary endpoint, the timings of such payments are uncertain.

Exhibit 3: Financial summary

Accounts: IFRS; year end 31 December; SEK000s

 

 

2020

2021

2022

2023e

2024e

PROFIT & LOSS

 

 

 

 

 

 

 

Total revenues

 

 

404

207,906

61,277

223

163

Cost of sales

 

 

0

0

0

0

0

Gross profit

 

 

404

207,906

61,277

223

163

Total operating expenses

 

 

(91,862)

(155,330)

(174,386)

(160,141)

(168,548)

Research and development expenses

 

 

(75,989)

(129,748)

(146,178)

(132,083)

(141,042)

EBITDA (reported)

 

 

(89,202)

56,050

(108,330)

(157,697)

(165,654)

Operating income (reported)

 

 

(91,458)

52,576

(113,109)

(159,918)

(168,385)

Operating margin %

 

 

N/A

N/A

N/A

N/A

N/A

Finance income/(expense)

 

 

(195)

(795)

(297)

(85)

(4)

Exceptionals and adjustments

 

 

0

0

0

0

0

Profit before tax (reported)

 

 

(91,653)

51,781

(113,406)

(160,003)

(168,389)

Profit before tax (normalised)

 

 

(91,394)

91,131

(113,147)

(160,003)

(168,389)

Income tax expense (includes exceptionals)

 

 

0

0

0

0

0

Net income (reported)

 

 

(91,653)

51,781

(113,406)

(160,003)

(168,389)

Net income (normalised)

 

 

(91,394)

91,131

(113,147)

(160,003)

(168,389)

Basic average number of shares, m

 

 

47.7

51.7

51.8

51.9

51.9

Basic EPS (SEK)

 

 

(1.92)

1.00

(2.19)

(3.08)

(3.25)

Adjusted EPS (SEK)

 

 

(1.92)

1.76

(2.18)

(3.08)

(3.25)

Dividend per share (SEK)

 

 

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

 

Tangible assets

 

 

4,317

8,348

8,009

5,789

3,057

Intangible assets

 

 

82,010

42,661

46,862

46,862

46,862

Other non-current assets

 

 

0

0

0

0

0

Total non-current assets

 

 

86,327

51,009

54,871

52,651

49,919

Cash and equivalents

 

 

277,009

401,897

252,776

96,848

431,515

Inventories

 

 

0

0

0

0

0

Trade and other receivables

 

 

6,732

19,543

15,908

15,908

15,908

Other current assets

 

 

0

0

0

0

0

Total current assets

 

 

283,741

421,440

268,684

112,756

447,423

Non-current loans and borrowings

 

 

0

0

0

0

500,000

Non-current lease liabilities

 

 

1,270

3,566

381

381

381

Other non-current liabilities

 

 

0

0

0

0

0

Total non-current liabilities

 

 

1,270

3,566

381

381

500,381

Accounts payable

 

 

3,683

4,634

4,634

6,490

6,814

Non-current loans and borrowings

 

 

0

0

0

0

0

Current lease liabilities

 

 

1,657

3,034

3,595

3,595

3,595

Deferred Income

 

 

0

42,576

0

0

0

Other current liabilities

 

 

15,578

19,158

24,114

24,114

24,114

Total current liabilities

 

 

20,918

69,402

32,343

34,199

34,523

Equity attributable to company

 

 

347,880

399,481

290,830

130,827

(37,562)

 

 

 

 

 

 

 

 

CASH FLOW STATEMENT

 

 

 

 

 

 

 

Operating income

 

 

(91,458)

52,576

(113,109)

(159,918)

(168,385)

Depreciation and amortisation

 

 

2,256

3,474

4,779

2,220

2,731

Share based payments

 

 

0

0

0

0

0

Other adjustments

 

 

(195)

38,295

(297)

(85)

(4)

Movements in working capital

 

 

183

34,296

(33,985)

1,856

324

Cash from operations (CFO)

 

 

(89,214)

128,641

(142,612)

(155,927)

(165,333)

Capex

 

 

(394)

(708)

(2,876)

0

0

Acquisitions & disposals net

 

 

0

0

(500)

0

0

Other investing activities

 

 

0

0

0

0

0

Cash used in investing activities (CFIA)

 

 

(394)

(708)

(3,376)

0

0

Net proceeds from issue of shares

 

 

257,706

(180)

0

0

0

Movements in debt

 

 

(1,616)

(2,865)

(3,134)

0

500,000

Other financing activities

 

 

0

0

0

0

0

Cash from financing activities (CFF)

 

 

256,090

(3,045)

(3,134)

0

500,000

Cash and equivalents at beginning of period

 

 

110,527

277,009

401,897

252,775

96,848

Increase/(decrease) in cash and equivalents

 

 

166,482

124,888

(149,122)

(155,927)

334,667

Effect of FX on cash and equivalents

 

 

0

0

0

0

0

Cash and equivalents at end of period

 

 

277,009

401,897

252,775

96,848

431,515

Net (debt)/cash

 

 

277,009

401,897

252,776

96,848

(68,485)

Source: IRLAB company accounts, Edison Investment Research

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 2023 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 2023 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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