Last close As at 05/08/2026
SEK1.39
▲ −0.01 (−0.43%)
Market capitalisation
SEK197m
Research: Healthcare
IRLAB Therapeutics has announced an encouraging update for the ongoing Phase I trial for IRL757, which is being developed as a potential treatment for apathy. The single ascending dose (SAD) portion of the study has been successfully completed, with the initial data showing good absorption and exposure in the body, as well as a desirable safety and tolerability profile. The next step will be the multiple ascending dose (MAD) portion of the study, which management notes should be completed by end-2024. We view the update as a positive sign that the trial is progressing as planned, and believe that the top-line results (expected in Q125) could represent an important catalyst for IRLAB.
IRLAB Therapeutics |
IRL757 starts strong in Phase I |
Clinical update |
Pharma and biotech |
3 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 an encouraging update for the ongoing Phase I trial for IRL757, which is being developed as a potential treatment for apathy. The single ascending dose (SAD) portion of the study has been successfully completed, with the initial data showing good absorption and exposure in the body, as well as a desirable safety and tolerability profile. The next step will be the multiple ascending dose (MAD) portion of the study, which management notes should be completed by end-2024. We view the update as a positive sign that the trial is progressing as planned, and believe that the top-line results (expected in Q125) could represent an important catalyst for IRLAB.
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.
IRL757 has been designed to address apathy, a common symptom that impairs the quality of life for patients suffering from neurological conditions, such as Parkinson’s disease (PD) and Alzheimer’s disease (AD). While precise estimates can vary, apathy has an approximate prevalence of 20–70% in PD patients and 20– 90% in AD patients, and as there are currently no approved treatments for apathy, we believe this could translate to a sizeable opportunity for IRLAB. We highlight that the company has received backing from external groups to support this programme. The Michael J Fox Foundation is financing the ongoing Phase I trial via a US$2m (c SEK22m) grant and the McQuade Center for Strategic Research and Development (MSRD) will fund further R&D activities through to proof-of-concept (PoC) in return for low single-digit royalties. As part of the agreement with the MSRD, IRLAB received an upfront payment of US$3m (c SEK32m) in H124 and is eligible for a further US$5.5m in development milestones. We also note the possibility of the collaboration extending beyond PoC, contingent on negotiations.
According to the latest update, the SAD part of the Phase I study has been completed, demonstrating that IRL757 is well absorbed, provides good exposure and has thus far been observed to be safe. IRLAB will now proceed with the MAD part of the study, which should be completed within 2024, before a top-line readout in Q125.
IRLAB has several other upcoming inflection points beyond IRL757. Lead asset mesdopetam (for levodopa-induced dyskinesias, PD-LIDs) is a Phase III-ready candidate, for which management is focused on securing a collaboration or out-licensing partner. We estimate this could be finalised within H224, prior to the launch of twin Phase III trials from late-2024 to early-2025 (for further details, please see our prior update note). Second asset pirepemat (to improve balance and reduce falls in PD patients, PD-Falls) is currently involved in a Phase IIb trial, which recently completed enrolment. Top-line results from this study are expected in late-Q125, and could also represent an upcoming catalyst for IRLAB.
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Research: Investment Companies
Tetragon Financial Group (Tetragon) reported a 1.3% return on equity (RoE) in H124, with its net asset value (NAV) per share increasing by 1.9% in US dollar total return (TR) terms, and further 3.8% to end-August. The portfolio continued to generate solid cash flow, predominantly from collateralised loan obligation (CLO) structures and through fees from asset management businesses, which Tetragon recycled back into the portfolio (mostly public stocks) and was a net investor in the period. Tetragon continues distributions to shareholders, with a dividend yield of 4.3% (above the peer average and on top of share repurchases). As a result, Tetragon increased the amount drawn on its revolving credit facility and its leverage at end-August 2024 stood at record-level of 13.1% of NAV.