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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Viktor Siewertz
CFO
Forecast net cash (SEKm)
74.2
Forecast gearing ratio (%)
N/A
% | 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 |
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 |