Q1 report: building up IRL757

IRLAB Therapeutics - MSRD agreement early validation for IRL757

The McQuade Center for Strategic Research and Development (MSRD) has signed an exclusive R&D collaboration for Irlab’s pre-clinical candidate IRL757, following recent clearance by Swedish authorities to start clinical trials. This positive development provides early validation of IRLAB’s pre-clinical pipeline, in our view, and potential upside to our valuation provided there is clinical progress. Under the collaboration, MSRD will fund IRL757’s clinical development to proof-of-concept (PoC) in addition to paying Irlab US$3m in upfront payments and up to US$5.5m in development milestones. Note ...

IRL757 Ph 1 ready to start

Zalaris - Continuing contract momentum in FY24

Zalaris reported its ninth consecutive quarter of year-on-year revenue growth in Q124, up to a record NOK318m. New contract momentum has continued, while the net retention rate of existing clients within Managed Services was 109%, driven by an increase in upselling of additional services. Profitability is improving as the benefits from its EBIT improvement programme are bearing fruit alongside operational leverage. Zalaris’s strong contract momentum has led us to upgrade our revenue estimates by 1.9% to NOK1,275m for the year at an improved adjusted EBIT margin of 10.9%, more closely reflectin...

BlackRock Sustainable American Income Trust - Unique value/ESG fund at an attractive valuation

BlackRock Sustainable American Income Trust (BRSA) offers a unique opportunity to invest in a fund that focuses on both value and sustainability. The trust’s three managers, Tony DeSpirito, David Zhao and Lisa Yang, aim to deliver an attractive level of income and long-term capital growth from a portfolio of attractively valued, high-quality, dividend-paying companies, which have favourable ESG credentials either as leaders, improvers or ‘sustainability enablers’. BRSA’s managers are finding attractive opportunities due to the historically wide valuation gap between value stocks and the broad ...

Northern Data Group - Continued progress as a diversified HPC provider

Northern Data Group demonstrated progress made in Q124 alongside a capital markets day update, as it takes further steps in becoming a diversified high-performance computing (HPC) infrastructure solutions provider. It expects to deploy 20,000 NVIDIA H100 graphic processing units in FY24, cementing its position as Europe’s foremost AI hardware cluster. Key to this, 85% of its H100 capacity has already been sold. Management’s ambitious guidance is unchanged, expecting revenue of €200–240m in FY24 and €520–570m in FY25, with adjusted EBITDA growing from €50–80m in FY24 to €300–350m in FY25. The s...