IRLAB Therapeutics - Pirepemat and platform potential come into focus
IRLAB successfully out-licensed its lead asset, mesdopetam, to Ipsen in FY21 and has shifted its operational focus on the upcoming initiation of the Phase IIb trial for pirepemat and progressing the rest of its preclinical pipeline. Mesdopetam will remain a key near-term value driver in our view and we now expect data from the Phase IIb/III PD-LIDs trial in H222, based on guidance from Ipsen. The balance sheet looks strong following the Ipsen deal and we forecast a cash runaway until at least 2024. We value IRLAB at SEK5.4bn or SEK105/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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