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Third party research

Irlab: All steady as key catalyst approaches - Edison

IRLAB Therapeutics

This is a third party research report and does not necessarily reflect our views or values

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The Phase IIb trial of mesdopetam (partnered with Ipsen) in levodopa-induced dyskinesias in Parkinson’s disease (PD-LIDs) remains a key value driver for IRLAB and top-line data is on track to be reported around the year end 2022. Following the Ipsen deal in 2021, the company has, in our view, further demonstrated the utility of its Integrative Screening Process, progressing pirepemat into Phase IIb trials in PD-related falls and selecting two new preclinical candidates (IRL942 and IRL757). The company recorded SEK32.5m in revenue in H122, primarily relating to the Ipsen licensing agreement and services provided. R&D expenses over the period rose to SEK75.7m (85% of total operating costs) from SEK38.5m in H121, as pirepemat Phase IIb clinical trials commenced and preparations for Phase I trials with preclinical assets began. At end-H122, IRLAB had net cash of SEK322.6m which, at the current burn rate (H122: SEK77.8m) we anticipate will fund the company into FY24. We value IRLAB at SEK6.40bn or SEK123.7per share (previously SEK6.13bn or SEK118.5/share).
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