IRLAB’s Q324 results highlighted progress across its clinical pipeline. Pirepemat cleared its final safety review and completed patient enrolment in the Phase IIb trial, making way for top-line readouts in Q125. IRL757 also made headway, reporting positive interim data from the first Phase I study and the initiation of a second study in older adults, triggering a US$2.5m (SEK26.6m) milestone payment from MSRD. Mesdopetam reported support from regulators in Germany and Portugal for the planned Phase III design, bolstering upcoming discussions with the EMA. This comes amid efforts by IRLAB towards securing a partner for Phase III, which it aims to launch in 2025. The period also saw two new patents for mesdopetam and pirepemat, extending patent protection to at least 2040. We expect funds at hand and inflows from the latest milestone payment to extend the cash runway into Q225 (Q125 previously), past top-line readouts for pirepemat and IRL757. Our valuation adjusts to SEK92.0/share, from SEK86.2/share.