Last close As at 05/08/2026
SEK1.39
▲ −0.01 (−0.43%)
Market capitalisation
SEK197m
Research: Healthcare
IRLAB Therapeutics has announced that it will receive a $2.5m milestone payment from the McQuade Center for Strategic Research and Development (MSRD), prompted by the dosing of the first participant in a second Phase I trial for IRL757, which is being developed for apathy. The aim of this study is to assess the pharmacokinetics (PK), safety and tolerability of single ascending oral doses of IRL757 in healthy older adults (>65 years) and it is expected to conclude in late-Q424. The first Phase I study assessing IRL757 in younger subjects is ongoing. It is financed by the Michael J Fox Foundation (MJFF) and is anticipated to be completed by end-2024. As part of the MSRD agreement, IRLAB has received $3m as an up-front payment and we believe the company is eligible for a further $3m in development milestones, following this new $2.5m payment. MSRD could also expand the collaboration, subject to negotiations.
IRLAB Therapeutics |
IRL757 progress prompts $2.5m milestone payment |
Clinical update |
Pharma and biotech |
8 October 2024 |
Share price performance
Business description
Analysts
IRLAB Therapeutics is a research client of Edison Investment Research Limited |
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IRLAB Therapeutics has announced that it will receive a $2.5m milestone payment from the McQuade Center for Strategic Research and Development (MSRD), prompted by the dosing of the first participant in a second Phase I trial for IRL757, which is being developed for apathy. The aim of this study is to assess the pharmacokinetics (PK), safety and tolerability of single ascending oral doses of IRL757 in healthy older adults (>65 years) and it is expected to conclude in late-Q424. The first Phase I study assessing IRL757 in younger subjects is ongoing. It is financed by the Michael J Fox Foundation (MJFF) and is anticipated to be completed by end-2024. As part of the MSRD agreement, IRLAB has received $3m as an up-front payment and we believe the company is eligible for a further $3m in development milestones, following this new $2.5m payment. MSRD could also expand the collaboration, subject to negotiations.
Year end |
Revenue (SEKm) |
PBT* |
EPS* |
DPS |
P/E |
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 |
75.6 |
(154.8) |
(2.98) |
0.0 |
N/A |
N/A |
12/25e |
27.5 |
(180.9) |
(3.49) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
On the heels of reporting an encouraging interim update for the first Phase I safety study for IRL757, IRLAB has now announced the initiation of the second clinical study for IRL757, triggering a $2.5m (c SEK26m) milestone payment from MSRD, which is funding the IRL757 programme to proof-of-concept. We believe the $2.5m milestone to be part of the $5.5m in development milestones IRLAB is eligible for as part of the initial agreement with MSRD. We note that MSRD holds the option to expand the collaboration and is eligible to receive low single-digit percentage royalties if the agreement is not extended. This second Phase I study is a single-centre, open-label trial to investigate the PK, safety and tolerability of single ascending oral doses of IRL757 in healthy individuals aged 65 and older. The trial is expected to be completed by the end of Q424. The other Phase I trial is evaluating IRL757 in younger subjects and is supported by the MJFF via a grant of over $2m. It is also anticipated to be concluded by end-2024. We await an update for both studies in Q125, potentially representing a near-term catalyst for IRLAB.
IRL757 has been designed to address apathy, a symptom characterised by indifference, resignation and a lack of responsiveness, widely seen in neurological conditions, such as Parkinson’s disease and Alzheimer’s disease. IRL757 is backed by preclinical data, which have shown promise in addressing various aspects of cognitive function and motivation. The candidate’s potential is believed to be associated with its ability to counteract disturbances in central nervous system signalling, understood to be an underlying cause of the condition.
As discussed in our previous note, the most significant upcoming inflection point for IRLAB will be securing a collaboration or out-licensing partnership for its lead asset mesdopetam. Further, top-line results from the Phase IIb pirepemat trial (expected from late-Q125) could be another important catalyst for investor attention.
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Research: TMT
CI Games outlined its updated strategy to 2028 at its H124 results. The strategy focuses on greater efficiencies to produce higher-quality games, while growing its audience base, and includes three major releases, two of which build on existing intellectual property (IP) franchises Lords of the Fallen (LotF) and Sniper Ghost Warrior (SGW). Centralised project management should result in greater efficiencies realised through cross-studio talent sharing and a more player-first focus. The interim results showed the positive contribution from the LotF 2023 release, with 162% revenue growth and a swing back to profitability with an EBITDA margin of 65% (H123: negative 1%). We believe key milestones will be partnership announcements, like the Epic Games deal for Project III, alongside game development updates.