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.

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