Last close As at 05/08/2026
SEK1.39
▲ −0.01 (−0.43%)
Market capitalisation
SEK197m
Research: Healthcare
Researchers in China studying IRLAB’s lead asset, mesdopetam (IRL790) in a preclinical model for levodopa-induced dyskinesia in Parkinson’s disease (PD-LIDs) have noted that the treatment not only improved dyskinesia in the tested rodents but also potentially demonstrated neuroprotective (disease-modifying) properties by restoring or improving alterations in dendritic spine density in the implicated regions. We view the latter as a key observation, given that PD continues to be a progressive disease currently addressed with only symptomatic treatments. However, this data would need to be reproduced in larger clinical trials to be conclusive. Management may seek to test this in the upcoming Phase III trial, which we expect to start before the year-end, provided a development partner is finalised.
Written by
IRLAB Therapeutics |
Mesdopetam disease-modifying potential |
Clinical update |
Pharma and biotech |
17 June 2024 |
Share price performance
Business description
Analysts
IRLAB Therapeutics is a research client of Edison Investment Research Limited |
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Researchers in China studying IRLAB’s lead asset, mesdopetam (IRL790) in a preclinical model for levodopa-induced dyskinesia in Parkinson’s disease (PD-LIDs) have noted that the treatment not only improved dyskinesia in the tested rodents but also potentially demonstrated neuroprotective (disease-modifying) properties by restoring or improving alterations in dendritic spine density in the implicated regions. We view the latter as a key observation, given that PD continues to be a progressive disease currently addressed with only symptomatic treatments. However, this data would need to be reproduced in larger clinical trials to be conclusive. Management may seek to test this in the upcoming Phase III trial, which we expect to start before the year-end, provided a development partner is finalised.
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 |
32.6 |
(160.0) |
(3.08) |
0.0 |
N/A |
N/A |
12/25e |
0.0 |
(185.5) |
(3.58) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The preclinical study results were recently published in the esteemed scientific journal Frontiers in Aging Neuroscience. The study evaluated mesdopetam, a dopamine D3 receptor antagonist, in a preclinical mouse model for PD-LIDs. The experiment included 26 mice, of which PD lesions were induced in 20, while six remained in the control/sham group. Of the PD group, the 10 successfully remodelled mice were then equally divided into the LID (L-dopa) and LID+IRL790 (L-dopa plus mesdopetam) groups. The mice in all three arms were tested on the Abnormal Involuntary Movement Scale (AIMS) for seven days. It was noted that the mice in the LID+IRL790 group had lower AIMS scores than the LID arm, indicating greater efficacy in ameliorating LID-related motor disorders such as dyskinesia. The data also showed that IRL790 did not negatively influence the anti-parkinsonian effects of L-dopa, supporting the combination treatment. Notably, it was observed that dendritic spine density in the synaptic regions of dopaminergic neurons was higher in the LID+IRL790 group versus the LID group (closer to the control, non-PD group), indicating the potentially restorative/disease-modifying properties of mesdopetam. If reproduced in clinical studies, we expect this to be a differentiator for mesdopetam in PD-LIDs, with a significantly larger market potential.
We remind that following the positive outcome from end-of-Phase II meeting with the FDA in March 2024, mesdopetam is now Phase III-ready, with further development and subsequent commercialisation work to be undertaken by the licensing partner, for which discussions are ongoing. The Phase III study design has been crystalised and will recruit c 250 patients for a treatment duration of 12 weeks, at a dosage of 7.5mg BID. Management had previously communicated that, subject to any delays, a partner could be signed, and the Phase III trial could commence by end-2024. IRLAB’s second clinical asset, pirepemat, is currently in a Phase IIb trial, for which patient recruitment is due to be completed in Q324, with top-line results expected in Q424 or Q125. A third asset, IRL757, has recently entered Phase I clinical studies.
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Research: Metals & Mining
Since our initiation note in January, NioCorp has 1) raised c US$7.6m in debt and equity instruments, 2) de-listed from the Toronto Stock Exchange, 3) announced the results of a scoping study, which suggested that the adoption of a Railveyor system could lead to material savings in both capex and opex at its Elk Creek project as well as reducing the underground mine’s carbon footprint, and 4) announced that it has received a preliminary, non-binding indicative financing term sheet from the Export-Import Bank of the United States (EXIM) with respect to NioCorp’s application for US$800m in debt financing to develop the project. This note updates our valuation of NioCorp for all of the above as well as the construction of an aluminium-scandium master alloy line at the mine, the size and timing of future equity fund-raisings and rare earth oxide pricing assumptions.