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IRLAB Therapeutics

IRLAB Therapeutics

IRLAB is a Swedish biotech company listed on the Nasdaq Stockholm Main Market. The company is focused on the discovery and development of novel drugs for neurological diseases, with a primary focus on Parkinson’s disease. IRLAB is currently in mid-stage clinical trials for its two lead drug candidates: mesdopetam (for levodopa-induced dyskinesia in Parkinson’s disease, which has been out-licensed to Ipsen), and pirepemat (for reducing falls in Parkinson’s disease). IRLAB’s clinical and pre-clinical candidate drugs all stem from its proprietary drug discovery platform, ISP.

Clinical development failure is IRLAB’s greatest risk. The clinical success of competing compounds could also pose a risk, by lowering the unmet medical need or changing the current standard of care. Commercial risks include a failure to demonstrate sufficiently relevant clinical improvements, and/or a failure to out-license its drug candidates to potential partners.

SEKm 2023 2024e 2025e
Sales 113 82 141
Sales growth (%) 158,7 -27,1 71,5
EBITDA -139 -177 -126
EBITDA margin (%) -123,5 -215,2 -89,5
EBIT adj. -143 -181 -130
EBIT adj. margin (%) -127,1 -220,1 -92,4
Pretax profit -144 -181 -131
EPS -2,32 -2,92 -2,11
EPS growth (%) -39,8 26,1 -28
EPS adj. -2,32 -2,92 -2,11
DPS 0 0 0
EV/EBITDA (x) -4,7 -4,7 -7,6
EV/EBIT adj. (x) -4,5 -4,6 -7,4
P/E (x) -7,7 -6,1 -8,5
P/E adj. (x) -7,7 -6,1 -8,5
EV/sales (x) 5,76 10,11 6,82
FCF yield (%) -13 -16,4 -11,8
Le. adj. FCF yld. (%) -13 -16,4 -11,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,3 1,6 1,1
Le. adj. ND/EBITDA (x) 0 0 0
SEKm 2023 2024e 2025e
Sales 113 82 141
COGS N/A N/A N/A
Gross profit 113 82 141
Other operating items -252 -259 -267
EBITDA -139 -177 -126
Depreciation and amortisation -4 -4 -4
of which leasing depreciation 0 0 0
EBITA -143 -181 -130
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT -143 -181 -130
Net financial items 0 0 0
Pretax profit -144 -181 -131
Tax 0 0 0
Net profit -144 -181 -131
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders -144 -181 -131
EPS -2,32 -2,92 -2,11
EPS adj. -2,32 -2,92 -2,11
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -123,5 -215,2 -89,5
EBITA margin (%) -127,1 -220,1 -92,4
EBIT margin (%) -127,1 -220,1 -92,4
Pre-tax margin (%) -127,5 -220,6 -92,6
Net margin (%) -127,5 -220,6 -92,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 158,7 -27,1 71,5
EBITDA growth (%) -30,2 27 -28,7
EBITA growth (%) -29,6 26,2 -28
EBIT growth (%) -29,6 26,2 -28
Net profit growth (%) -29,5 26,1 -28
EPS growth (%) -39,8 26,1 -28
Profitability N/A N/A N/A
ROE (%) -35,7 -49,2 -61,5
ROE adj. (%) -35,7 -49,2 -61,5
ROCE (%) -35,3 -48,7 -59,9
ROCE adj. (%) -35,3 -48,7 -59,9
ROIC (%) -12426,1 -15725 -4878,9
ROIC adj. (%) -12426,1 -15725 -4878,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -139 -177 -126
EBITDA adj. margin (%) -123,5 -215,2 -89,5
EBITDA lease adj. -139 -177 -126
EBITDA lease adj. margin (%) -123,5 -215,2 -89,5
EBITA adj. -143 -181 -130
EBITA adj. margin (%) -127,1 -220,1 -92,4
EBIT adj. -143 -181 -130
EBIT adj. margin (%) -127,1 -220,1 -92,4
Pretax profit Adj. -144 -181 -131
Net profit Adj. -144 -181 -131
Net profit to shareholders adj. -144 -181 -131
Net adj. margin (%) -127,5 -220,6 -92,6
SEKm 2023 2024e 2025e
EBITDA -139 -177 -126
Goodwill N/A N/A N/A
Net financial items 0 0 0
Other intangible assets 43 43 43
Paid tax 0 0 0
Tangible fixed assets 8 8 8
Non-cash items -4 -4 -4
Right-of-use asset N/A N/A N/A
Cash flow before change in WC -144 -181 -131
Total other fixed assets 0 0 0
Change in working capital 0 0 0
Fixed assets 51 51 51
Operating cash flow -144 -181 -131
Inventories N/A N/A N/A
Capex tangible fixed assets 0 0 0
Receivables 20 20 20
Capex intangible fixed assets N/A N/A N/A
Other current assets N/A N/A N/A
Acquisitions and Disposals 0 0 0
Cash and liquid assets 461 280 149
Free cash flow -144 -181 -131
Total assets 532 350 220
Dividend paid N/A N/A N/A
Shareholders equity 459 277 147
Share issues and buybacks 300 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 1
Total equity 459 277 147
Other non-cash items -43 0 -4
Long-term debt 4 4 4
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 0 0 3
Total other long-term liabilities 0 0 0
Short-term debt N/A N/A N/A
Accounts payable 3 3 N/A
Other current liabilities 66 66 66
Total liabilities and equity 532 350 220
Net IB debt -458 -276 -143
Net IB debt excl. pension debt -458 -276 -143
Net IB debt excl. leasing -458 -276 -146
Capital employed 462 281 154
Capital invested 1 1 4
Working capital -50 -50 -47
Market cap. diluted (m) 1104 1104 1104
Net IB debt adj. -455 -273 -143
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 649 830 961
Total assets turnover (%) 23,7 18,6 49,4
Working capital/sales (%) -44,2 -60,7 -34,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -99,7 -99,6 -97,2
Net debt / market cap (%) -41,5 -25 -12,9
Equity ratio (%) 86,3 79,2 66,8
Net IB debt adj. / equity (%) -99,1 -98,5 -97,2
Current ratio 6,93 4,31 2,55
EBITDA/net interest 348,2 442,1 315,3
Net IB debt/EBITDA (x) 3,3 1,6 1,1
Net IB debt/EBITDA lease adj. (x) 0 0 0
Interest coverage 358,2 452,1 325,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 62 62 62
Diluted shares adj. 62 62 62
EPS -2,32 -2,92 -2,11
Dividend per share 0 0 0
EPS adj. -2,32 -2,92 -2,11
BVPS 7,4 4,47 2,37
BVPS adj. 6,71 3,79 1,68
Net IB debt/share -7,33 -4,41 -2,3
Share price 17,8 17,8 17,8
Market cap. (m) 1104 1104 1104
P/E (x) -7,7 -6,1 -8,5
EV/sales (x) 5,76 10,11 6,82
EV/EBITDA (x) -4,7 -4,7 -7,6
EV/EBITA (x) -4,5 -4,6 -7,4
EV/EBIT (x) -4,5 -4,6 -7,4
Dividend yield (%) 0 0 0
FCF yield (%) -13 -16,4 -11,8
Le. adj. FCF yld. (%) -13 -16,4 -11,7
P/BVPS (x) 2,41 3,98 7,51
P/BVPS adj. (x) 2,65 4,7 10,58
P/E adj. (x) -7,7 -6,1 -8,5
EV/EBITDA adj. (x) -4,7 -4,7 -7,6
EV/EBITA adj. (x) -4,5 -4,6 -7,4
EV/EBIT adj. (x) -4,5 -4,6 -7,4
EV/CE (x) 1,4 3 6,3
Investment ratios N/A N/A N/A
Capex/sales (%) 0 0 0
Capex/depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 47,92 47,92 47,92

Equity research

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Media

IRLAB Therapeutics - Fireside chat with CFO Viktor Siewertz
IRLAB Therapeutics - Company presentation with Interim CEO Gunnar Olsson

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 9.4 % 9.4 % 26 Mar 2024
Daniel Johnsson 8.7 % 8.7 % 26 Mar 2024
Ancoria Insurance Public Ltd 7.4 % 7.4 % 26 Mar 2024
Rolf Karlsson 7.1 % 7.1 % 26 Mar 2024
Fjärde AP-fonden 6.7 % 6.7 % 26 Mar 2024
Unionen 3.9 % 3.9 % 26 Mar 2024
Nordnet Pensionsförsäkring 3.7 % 3.7 % 26 Mar 2024
Philip Diklev 2.8 % 2.8 % 26 Mar 2024
Marinvest Holding AB 2.3 % 2.3 % 26 Mar 2024
Hans Victor 2.0 % 2.0 % 26 Mar 2024
Source: Holdings by Modular Finance AB