IRLAB Therapeutics - Mesdopetam top-line data readout approaches
IRLAB Therapeutics has reported Q322 results, providing an operational and financial update that are largely in line with our estimates. Patient recruitment for the critical Phase IIb mesdopetam trial in Parkinson’s disease levodopa-induced dyskinesias (PD-LIDs) concluded in September 2022. We view this as a positive indicator for the company being on track to deliver top-line readouts by around the end of FY22. The Q322 net loss of SEK23.9m, in line with previous quarters, brought the net loss for the first nine months of FY22 (9M22) to SEK80.2m. At end-Q322, IRLAB had net cash of SEK291.7m which, at the current quarterly burn rate (Q322: SEK30.1m), we expect will fund operations well into FY24. We value IRLAB at SEK6.72bn or SEK129.8/share (previously SEK6.40bn or SEK123.7/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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