IRLAB Therapeutics - Valuation uplift supported by IRL757
IRLAB Therapeutics is swiftly progressing with the Phase I trial for IRL757, with the first participant recently dosed following regulatory approval earlier this month. IRL757 is being developed for the treatment of apathy, a common symptom in neurological conditions such as Parkinson’s disease (PD) and Alzheimer’s disease (AD), but with limited treatment options. The Phase I study will include two parts – with single and multiple ascending doses – which IRLAB plans to complete within CY24. The clinical programme has been de-risked in terms of funding to proof-of-concept (PoC) with backing from the MJFF and MSRD. We update our valuation to reflect the potential contribution from IRL757 (with a conservative peak penetration of 5% and a probability of success of 7.5%). We also note IRLAB has drawn down the remaining SEK25m from the SEK50m debt facility, which we were already reflecting in our model. With these updates, our valuation rises to SEK4.56bn or SEK87.9/share, from SEK4.25bn or SEK81.9/share previously.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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