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IRLAB Therapeutics (OMX: IRLAB-A)

Last close As at 19/07/2024

SEK15.55

▲ −0.25 (−1.58%)

Market capitalisation

SEK806m

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.

Latest Insights

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Healthcare | Update

IRLAB Therapeutics — Anticipation builds as inflection points approach

Healthcare | Flash note

IRLAB Therapeutics — Pirepemat passes Phase IIb DSMB safety hurdle

Healthcare | Flash note

IRLAB Therapeutics — Mesdopetam disease-modifying potential

Healthcare | Update

IRLAB Therapeutics — Valuation uplift supported by IRL757
IRLAB Therapeutics_resized
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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 19.2 17.8 99.4
Relative 16.2 11.2 66.9
52 week high/low SEK19.6/SEK5.9

Financials

IRLAB continued to progress its pipeline in Q224 and met key milestones, such as the clinical entry of IRL757 with non-dilutive backing from the Michael J Fox Foundation (MJFF) and the McQuade Center for Strategic Research and Development (MSRD). These partnerships provide external validation and de-risk the development plan (to proof of concept). After a supportive review from the independent data and safety monitoring board (DSMB), the pirepemat trial is on track to complete patient recruitment in Q324 (top-line results due in Q125) and mesdopetam may enter Phase III trials in Q424/Q125, pending successful partnership discussions. Cash of SEK98.3m at end Q224, supported by the US$3m (c SEK32m) MSRD upfront payment and the SEK25m debt facility drawdown, should provide an operational runway into Q125. Our valuation remains largely unchanged at SEK4.47bn or SEK86.2/share (from SEK4.56bn or SEK87.9/share).

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 75.6 (147.0) (154.8) (298.0) N/A N/A
2025E 27.5 (172.9) (180.9) (349.0) N/A N/A

Research

Flash note

Healthcare

IRLAB Therapeutics — Pirepemat passes Phase IIb DSMB safety hurdle

Flash note

Healthcare

IRLAB Therapeutics — Mesdopetam disease-modifying potential

Healthcare

Update

IRLAB Therapeutics — Anticipation builds as inflection points approach
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Thematics

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