IRLAB Therapeutics: Anticipation builds as inflection points approach - Edison

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).

Länk till analysen i sin helhet: https://www.edisoninvestmentresearch.com/research/company/irlab-therapeutics

Länk till analysen i sin helhet: https://www.edisoninvestmentresearch.com/research/report/irlab-therapeutics717971/preview