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Third party research

IRLAB Therapeutics: Q2 report - ABG

IRLAB Therapeutics

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

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No material updates, presentation today at 10:00 CETCash at SEK 322.6m, runway for 12 more monthsPh 2b PD-LIDs results YE’22e next material milestone

Mesdopetam Ph 2b PD-LIDs trial readout in YE’22eNo material updates during the quarter, as expected. During the quarter, IRLAB’s strengthened its portfolio acquiring the “know-how” linked to the development and patents of the P003 project. The deal included a SEK 0.5m cash payment and a directed issue of 120.000 new class A shares. Moreover, IRLAB announced the appointment of Richard Godfrey as new CEO, who stepped into his new role on 1 July. Former CEO Nicholas Waters was appointed new Executive Vice President and Head of R&D, a role in which he will be focused on advancing IRLAB’s clinical pipeline programmes. After the reported period, IRLAB announced the expansion of its Ph 2b PD-LIDs trial with mesdopetam to 154 pts (140) aiming to generate stronger data to support the follow-up Ph 3 study. Enrollment of the Ph 2b trial is expected to be completed during Q3’22, followed by top-line data by YE’22e.

FinancialsCash flow from operating activities came in at SEK -44m (SEK -32.8m in Q1’22). Cash and cash equivalents amounted SEK 322.6m (SEK 368m in Q1’22). IRLAB has an estimated cash runway to cover 12 more months.

Share price implicationsWith no major news in the report, we expect a neutral share price reaction today. The main upcoming milestone is the top-line data from the mesdopetam Ph 2b trial in PD-LIDs by YE’22e. IRLAB will host a presentation today at 10:00 CET viewable at: https://youtu.be/NHxs1EViwIM.

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