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Irlab: Pirepemat and platform potential come into focus - Edison

IRLAB successfully out-licensed its lead asset, mesdopetam, to Ipsen in FY21 and has shifted its operational focus on the upcoming initiation of the Phase IIb trial for pirepemat and progressing the rest of its preclinical pipeline. Mesdopetam will remain a key near-term value driver in our view and we now expect data from the Phase IIb/III PD-LIDs trial in H222, based on guidance from Ipsen. The balance sheet looks strong following the Ipsen deal and we forecast a cash runaway until at least 2024. We value IRLAB at SEK5.4bn or SEK105/share.

IRLAB successfully out-licensed its lead asset, mesdopetam, to Ipsen in FY21 and has shifted its operational focus on the upcoming initiation of the Phase IIb trial for pirepemat and progressing the rest of its preclinical pipeline. Mesdopetam will remain a key near-term value driver in our view and we now expect data from the Phase IIb/III PD-LIDs trial in H222, based on guidance from Ipsen. The balance sheet looks strong following the Ipsen deal and we forecast a cash runaway until at least 2024. We value IRLAB at SEK5.4bn or SEK105/share.
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