IRLAB Therapeutics (OMX: IRLAB-A)

Last close As at 20/04/2024

SEK12.70

−1.10 (−7.97%)

Market capitalisation

SEK658m

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, mesdopetam and pirepemat, are in late-stage clinical trials for the symptomatic treatment of Parkinson’s disease (PD).

PD is characterised by a triad of cardinal motor symptoms, although non-motor symptoms are as debilitating and remain undertreated. Despite substantial efforts to develop disease-modifying approaches in PD, symptomatic treatment remains the mainstay.

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Viktor Siewertz

    CFO

Balance Sheet

Forecast net cash (SEKm)

74.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (29.3) (0.4) 11.4
Relative (28.8) (8.7) 0.8
52 week high/low SEK19.6/SEK5.9

Financials

While IRLAB Therapeutics’ immediate focus is on advancing mesdopetam in levodopa-induced dyskinesia (PD-LID) following the recent green light from the FDA for its Phase III trial design, we expect the Parkinson’s disease-psychosis (PD-P) programme to be revived as the lead programme progresses towards commercialisation. We continue to see label expansion opportunities in this indication for IRLAB as we model a 2032 PD-P launch with a 20% probability of success (PoS). PD-P is a common occurrence, affecting 20–70% of PD patients. While the precise pathophysiology underlying PD-P is not yet fully understood, dementia, delirium and medication side effects are believed to be key contributors. Levodopa-induced changes in dopamine and D1-D3 receptor crosstalk have been linked to the condition, strengthening the case for D3 receptor antagonists, such as mesdopetam, as a potential treatment.

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2022A 61.3 (108.3) (113.1) (218.0) N/A N/A
2023A 5.7 (176.5) (177.8) (343.0) N/A N/A
2024E 0.0 (185.5) (191.3) (369.0) N/A N/A
2025E 0.0 (173.6) (189.7) (366.0) N/A N/A

Thematics

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