IRLAB Therapeutics: Positive signs for mesdopetam in Q1 update - Edison

IRLAB Therapeutics has reported Q123 results, providing a financial update and highlighting its near-term strategic priorities. The company intends to present further comprehensive data from the Phase IIb mesdopetam study in FY23, while discussions with Ipsen continue regarding the next clinical steps for the drug. Patient recruitment in the PD-Falls Phase IIb pirepemat study continues as planned, with patient enrolment expected by end FY23. We see this as a positive indicator that IRLAB is on track to deliver top-line results in H124. In light of the quarterly results, we have made adjustments to our forecasts and estimate that IRLAB’s net cash position of SEK210.1m at end March is sufficient to fund operations to the end of Q124. The company’s lower net cash position has been offset slightly by rolling our model forward. Our valuation is virtually unchanged at SEK4.90bn or SEK94.7/share (previously SEK4.84bn or SEK93.3/share)

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