During the quarter, IRLAB entered a development agreement with MSRD on IRL757 for the treatment of apathy. Under the agreement, IRLAB is eligible for an upfront (USD 3m) and milestone payments up to USD 5.5m. Furthermore, MSRD will finance development activitites until clinical proof-of-concept (PoC). Also in May, IRL757's Ph 1 study was initiated and IRLAB appointed a new CEO - Kristina Torfgård - starting from 1 August. Recently, IRLAB announced that the data safety monitoring board (DSMB) of pirepemat's React-PD study recommended continuation of the study. Regarding mesdopetam, IRLAB held partner discussions, prepared for interactions with regulatory authorities and conducted market research.
Financials
Cash flow from operations was SEK 107m (SEK -38.2m in Q1'24). Cash and cash equivalents came in at SEK 98.3m (SEK 73.1m in Q1'24). The upfront cash injection (USD 3m) from MSRD and the second tranche of the Formue loan (SEK 25m) extends the company's financial runway past the topline data readout of pirepemat's Ph 2b study (React-PD). Costs related to IRL757's Ph 1 have been partially paid for by the MJFF (~SEK 7m in H1'24). Additionally, IRLAB invoiced MSRD for other IRL757-related development costs (~SEK 55m).
Upcoming milestones
Upcoming milestones are the completion of patient enrolment and reporting of top-line results from the pirepemat Ph 2b study, which is expected in Q3'24e and Q1'25e, respectively. IRL757's Ph 1 study is expected to report results in Q1'25e. Finally, we expect to see progress with mesdopetam partnering discussions to move this IRLAB's lead programme forward into Ph 3. IRLAB will host a webcast today at 10:00 CEST.
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