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IRLAB Therapeutics has reported Q322 results, providing an operational and financial update that are largely in line with our estimates. Patient recruitment for the critical Phase IIb mesdopetam trial in Parkinson’s disease levodopa-induced dyskinesias (PD-LIDs) concluded in September 2022. We view this as a positive indicator for the company being on track to deliver top-line readouts by around the end of FY22. The Q322 net loss of SEK23.9m, in line with previous quarters, brought the net loss for the first nine months of FY22 (9M22) to SEK80.2m. At end-Q322, IRLAB had net cash of SEK291.7m which, at the current quarterly burn rate (Q322: SEK30.1m), we expect will fund operations well into FY24. We value IRLAB at SEK6.72bn or SEK129.8/share (previously SEK6.40bn or SEK123.7/share).
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