IRLAB Therapeutics - Timeline refresh with numerous inflection points

IRLAB has reported FY23 results and provided operational and regulatory updates, including an end-of-Phase II (EoP2) meeting with the FDA for mesdopetam and extended patent protection for pirepemat to at least 2038. Management continues to progress its preclinical assets, including IRL757 (Phase I ready, with clinical entry expected in Q224 with support from the Michael J Fox Foundation, MJFF), as well as IRL942 and IRL1117 (both expected to be Phase I ready by end 2024). The SEK111.3m cash position at end FY23, with the drawdown of the remaining SEK25m of the SEK55m financing facility, should provide headroom through Q324. The backing of the MJFF and the recent financing align with our updated clinical progression and launch timelines and are reflected in our adjusted valuation of SEK4.04bn or SEK77.9/share (from SEK4.51bn or SEK87.0/share previously).

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