IRLAB Therapeutics - Progress across the pipeline in Q324
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.IRLAB Therapeutics AB is a Sweden-based research and development company. It focuses on illnesses in the central nervous system and primarily on development of drugs to assist patients with Parkinson's disease. The Company possesses a research platform Integrative Screening Process (ISP), which aims to discover and develop drug candidates for the treatment of brain diseases. The Company operates projects on both clinical phase and preclinical phases. The primary projects are IRL790 and IRL752, both on clinical phase. The IRL790 project is a psychomotor stabilizer for the treatment of levodopa (L-dopa) amino acid that dyskinesia induces in Parkinson's Disease (PD-LIDs) and Parkinson Disease psychosis (PD-Psychosis). The IRL752 project aims at cortical enhancement for the treatment of Parkinson Disease Dementia (PD-D) and Behavioral and Psychological Symptoms of Dementia (BPSD).
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