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IRLAB Therapeutics

IRLAB Therapeutics

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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 (PD). IRLAB is currently in mid-stage development for its two lead drug candidates: mesdopetam (for levodopa-induced dyskinesia in PD), and pirepemat (for reducing falls in PD). A third asset (IRL757) is currently in early development (Ph 1). IRLAB’s clinical and pre-clinical candidate drugs all stem from its proprietary ISP drug discovery platform.

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.

Financials

SEKm 2023 2024e 2025e
Sales 6 189 411
Sales growth (%) -90,7 3195,6 118,3
EBITDA -176 -7 160
EBITDA margin (%) -3084,8 -3,5 39
EBIT adj. -181 -11 156
EBIT adj. margin (%) -3160,2 -6 38
Pretax profit -178 -19 156
EPS -3,43 -0,37 3,01
EPS growth (%) 56,8 -89,2 -914,4
EPS adj. -3,43 -0,37 3,01
DPS 0 0 0
EV/EBITDA (x) -3,4 -92,4 2,9
EV/EBIT adj. (x) -3,3 -54,6 2,9
P/E (x) -3,8 -35,5 4,4
P/E adj. (x) -3,8 -35,5 4,4
EV/sales (x) 104,15 3,26 1,12
FCF yield (%) -24,3 -2,5 23,4
Le. adj. FCF yld. (%) -24,3 -2,5 23,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,5 10 -1,4
Le. adj. ND/EBITDA (x) 0 0 0
SEKm 2023 2024e 2025e
Sales 6 189 411
COGS N/A N/A N/A
Gross profit 6 189 411
Other operating items -182 -195 -251
EBITDA -176 -7 160
Depreciation and amortisation -4 -5 -4
of which leasing depreciation 0 0 0
EBITA -181 -11 156
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT -181 -11 156
Net financial items 3 -8 0
Pretax profit -178 -19 156
Tax 0 0 0
Net profit -178 -19 156
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders -178 -19 156
EPS -3,43 -0,37 3,01
EPS adj. -3,43 -0,37 3,01
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 (%) -3084,8 -3,5 39
EBITA margin (%) -3160,2 -6 38
EBIT margin (%) -3160,2 -6 38
Pre-tax margin (%) -3109,1 -10,2 37,9
Net margin (%) -3109,1 -10,2 37,9
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -90,7 3195,6 118,3
EBITDA growth (%) 62,9 -96,2 -2507,3
EBITA growth (%) 59,8 -93,8 -1487,5
EBIT growth (%) 59,8 -93,8 -1487,5
Net profit growth (%) 56,8 -89,2 -914,4
EPS growth (%) 56,8 -89,2 -914,4
Profitability N/A N/A N/A
ROE (%) -87,5 -18 89,3
ROE adj. (%) -87,5 -18 89,3
ROCE (%) -82,3 -6,3 77,8
ROCE adj. (%) -82,3 -6,3 77,8
ROIC (%) -535,5 -38 499,1
ROIC adj. (%) -535,5 -38 499,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -176 -7 160
EBITDA adj. margin (%) -3084,8 -3,5 39
EBITDA lease adj. -176 -7 160
EBITDA lease adj. margin (%) -3084,8 -3,5 39
EBITA adj. -181 -11 156
EBITA adj. margin (%) -3160,2 -6 38
EBIT adj. -181 -11 156
EBIT adj. margin (%) -3160,2 -6 38
Pretax profit Adj. -178 -19 156
Net profit Adj. -178 -19 156
Net profit to shareholders adj. -178 -19 156
Net adj. margin (%) -3109,1 -10,2 37,9
SEKm 2023 2024e 2025e
EBITDA -176 -7 160
Goodwill N/A N/A N/A
Net financial items 3 -8 0
Other intangible assets 47 47 47
Paid tax 0 0 0
Tangible fixed assets 7 7 7
Non-cash items 0 -2 -1
Right-of-use asset N/A N/A N/A
Cash flow before change in WC -173 -16 159
Total other fixed assets 0 0 0
Change in working capital 9 0 0
Fixed assets 54 54 54
Operating cash flow -165 -17 159
Inventories N/A N/A N/A
Capex tangible fixed assets 0 0 0
Receivables 12 11 11
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 111 117 222
Free cash flow -165 -17 159
Total assets 177 182 287
Dividend paid N/A N/A N/A
Shareholders equity 116 97 253
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 1
Total equity 116 97 253
Other non-cash items -1 -4 -6
Long-term debt 25 51 0
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 0 0 2
Total other long-term liabilities 0 0 0
Short-term debt N/A N/A N/A
Accounts payable 3 2 N/A
Other current liabilities 34 32 32
Total liabilities and equity 177 182 287
Net IB debt -87 -66 -220
Net IB debt excl. pension debt -87 -66 -220
Net IB debt excl. leasing -87 -66 -222
Capital employed 140 147 255
Capital invested 29 30 32
Working capital -24 -23 -21
Market cap. diluted (m) 679 679 679
Net IB debt adj. -84 -64 -220
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 596 615 459
Total assets turnover (%) 2,3 105,1 175,6
Working capital/sales (%) -357,4 -12,6 -5,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -74,9 -68,6 -87,2
Net debt / market cap (%) -12,8 -9,8 -32,4
Equity ratio (%) 65,4 53,2 88
Net IB debt adj. / equity (%) -72,3 -66,5 -87,2
Current ratio 3,36 3,72 7,23
EBITDA/net interest 60,3 0,8 400,9
Net IB debt/EBITDA (x) 0,5 10 -1,4
Net IB debt/EBITDA lease adj. (x) 0 0 0
Interest coverage 892,7 0,9 390,9
SEKm 2023 2024e 2025e
Shares outstanding adj. 52 52 52
Diluted shares adj. 52 52 52
EPS -3,43 -0,37 3,01
Dividend per share 0 0 0
EPS adj. -3,43 -0,37 3,01
BVPS 2,23 1,86 4,87
BVPS adj. 1,33 0,96 3,97
Net IB debt/share -1,61 -1,24 -4,25
Share price 13,1 13,1 13,1
Market cap. (m) 679 679 679
P/E (x) -3,8 -35,5 4,4
EV/sales (x) 104,15 3,26 1,12
EV/EBITDA (x) -3,4 -92,4 2,9
EV/EBITA (x) -3,3 -54,6 2,9
EV/EBIT (x) -3,3 -54,6 2,9
Dividend yield (%) 0 0 0
FCF yield (%) -24,3 -2,5 23,4
Le. adj. FCF yld. (%) -24,3 -2,5 23,5
P/BVPS (x) 5,87 7,03 2,69
P/BVPS adj. (x) 9,86 13,66 3,3
P/E adj. (x) -3,8 -35,5 4,4
EV/EBITDA adj. (x) -3,4 -92,4 2,9
EV/EBITA adj. (x) -3,3 -54,6 2,9
EV/EBIT adj. (x) -3,3 -54,6 2,9
EV/CE (x) 4,2 4,2 1,8
Investment ratios N/A N/A N/A
Capex/sales (%) 5,1 0 0
Capex/depreciation 0,1 0 0
Capex tangibles / tangible fixed assets 4,4 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 64,69 69,06 59,95

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Media

IRLAB Therapeutics - Company presentation with CEO Kristina Torfgård
IRLAB Therapeutics - Company presentation with CEO Gunnar Olsson

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Main shareholders - IRLAB Therapeutics

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 9.4 % 9.4 % 27 Nov 2024
Daniel Johnsson 8.7 % 8.7 % 27 Nov 2024
Ancoria Insurance Public Ltd 7.4 % 7.4 % 27 Nov 2024
Rolf Karlsson 7.1 % 7.1 % 27 Nov 2024
Fjärde AP-fonden 6.7 % 6.7 % 27 Nov 2024
Unionen 3.9 % 3.9 % 27 Nov 2024
Nordnet Pensionsförsäkring 3.8 % 3.8 % 27 Nov 2024
Philip Diklev 3.0 % 3.0 % 27 Nov 2024
Marinvest Holding AB 2.3 % 2.3 % 27 Nov 2024
Hans Victor 2.0 % 2.0 % 27 Nov 2024
Source: Holdings by Modular Finance AB