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Redeye updates its view of IRLAB following the Q2 report and additional Mesdopetam data. We argue that the risk reward of future development of Mesdopetam depends on regulatory feedback from the FDA. Regardless, we argue that there is plenty of value in the company beyond Mesdopetam, including the independent asset Pirepemat (with phase IIb readout expected in 2024) and the research engine ISP.
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