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SENASTE
Management presented its quarterly earnings, adding context to the recent capital markets day (CMD), highlighting IRLAB’s strategic focus on continuing with further development of mesdopetam after securing full rights from Ipsen (in August). As a reminder, management shared detailed analysis of the Phase IIb trial in August 2023, which indicated statistically significant secondary endpoints. All eyes are now on the end-of-Phase II (EoP2) meeting with the FDA (possibly in H124) which, if favourable, could lead to the anticipated Phase III trial. Management also reported a positive interim review of the Phase IIb pirepemat study data in July 2023 and remains on track to share top-line results in Q224. At end-Q323, IRLAB had net cash of SEK118.8m, which we estimate will provide a runway through H124. Our valuation of IRLAB is SEK4.51bn or SEK87.0 per share.
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