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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. 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.

Financials

SEKm 2022 2023e 2024e
Sales 44 113 82
Sales growth (%) -79 158,7 -27,1
EBITDA -200 -139 -177
EBITDA margin (%) -457,9 -123,5 -215,2
EBIT adj. -204 -143 -181
EBIT adj. margin (%) -467,1 -127,1 -220,1
Pretax profit -204 -144 -181
EPS -3,85 -2,32 -2,92
EPS growth (%) -484,7 -39,8 26,1
EPS adj. -3,85 -2,32 -2,92
DPS 0 0 0
EV/EBITDA (x) -8,5 -13,9 -11,9
EV/EBIT adj. (x) -8,3 -13,5 -11,7
P/E (x) -10 -16,6 -13,2
P/E adj. (x) -10 -16,6 -13,2
EV/sales (x) 38,92 17,12 25,69
FCF yield (%) -12,1 -6 -7,6
Le. adj. FCF yld. (%) -12,1 -6 -7,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,7 3,3 1,6
Le. adj. ND/EBITDA (x) 0 0 0
SEKm 2022 2023e 2024e
Sales 44 113 82
COGS N/A N/A N/A
Gross profit 44 113 82
Other operating items -243 -252 -259
EBITDA -200 -139 -177
Depreciation and amortisation -4 -4 -4
of which leasing depreciation 0 0 0
EBITA -204 -143 -181
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT -204 -143 -181
Net financial items 0 0 0
Pretax profit -204 -144 -181
Tax 0 0 0
Net profit -204 -144 -181
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders -204 -144 -181
EPS -3,85 -2,32 -2,92
EPS adj. -3,85 -2,32 -2,92
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 (%) -457,9 -123,5 -215,2
EBITA margin (%) -467,1 -127,1 -220,1
EBIT margin (%) -467,1 -127,1 -220,1
Pre-tax margin (%) -468 -127,5 -220,6
Net margin (%) -468 -127,5 -220,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -79 158,7 -27,1
EBITDA growth (%) -456 -30,2 27
EBITA growth (%) -487,1 -29,6 26,2
EBIT growth (%) -487,1 -29,6 26,2
Net profit growth (%) -493,8 -29,5 26,1
EPS growth (%) -484,7 -39,8 26,1
Profitability N/A N/A N/A
ROE (%) -54,7 -35,7 -49,2
ROE adj. (%) -54,7 -35,7 -49,2
ROCE (%) -54,1 -35,3 -48,7
ROCE adj. (%) -54,1 -35,3 -48,7
ROIC (%) -17652 -12426,1 -15725
ROIC adj. (%) -17652 -12426,1 -15725
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -200 -139 -177
EBITDA adj. margin (%) -457,9 -123,5 -215,2
EBITDA lease adj. -200 -139 -177
EBITDA lease adj. margin (%) -457,9 -123,5 -215,2
EBITA adj. -204 -143 -181
EBITA adj. margin (%) -467,1 -127,1 -220,1
EBIT adj. -204 -143 -181
EBIT adj. margin (%) -467,1 -127,1 -220,1
Pretax profit Adj. -204 -144 -181
Net profit Adj. -204 -144 -181
Net profit to shareholders adj. -204 -144 -181
Net adj. margin (%) -468 -127,5 -220,6
SEKm 2022 2023e 2024e
EBITDA -200 -139 -177
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 -47 -4 -4
Right-of-use asset N/A N/A N/A
Cash flow before change in WC -247 -144 -181
Total other fixed assets 0 0 0
Change in working capital 0 0 0
Fixed assets 51 51 51
Operating cash flow -247 -144 -181
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 348 461 280
Free cash flow -247 -144 -181
Total assets 419 532 350
Dividend paid N/A N/A N/A
Shareholders equity 346 459 277
Share issues and buybacks 150 300 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 346 459 277
Other non-cash items 43 -43 0
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 0
Total other long-term liabilities 0 0 0
Short-term debt N/A N/A N/A
Accounts payable 3 3 3
Other current liabilities 66 66 66
Total liabilities and equity 419 532 350
Net IB debt -344 -458 -276
Net IB debt excl. pension debt -344 -458 -276
Net IB debt excl. leasing -344 -458 -276
Capital employed 349 462 281
Capital invested 1 1 1
Working capital -50 -50 -50
Market cap. diluted (m) 2037 2384 2384
Net IB debt adj. -341 -455 -273
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 1696 1930 2111
Total assets turnover (%) 9,8 23,7 18,6
Working capital/sales (%) -114,4 -44,2 -60,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -99,7 -99,7 -99,6
Net debt / market cap (%) -16,9 -19,2 -11,6
Equity ratio (%) 82,6 86,3 79,2
Net IB debt adj. / equity (%) -98,8 -99,1 -98,5
Current ratio 5,3 6,93 4,31
EBITDA/net interest 498,8 348,2 442,1
Net IB debt/EBITDA (x) 1,7 3,3 1,6
Net IB debt/EBITDA lease adj. (x) 0 0 0
Interest coverage 508,8 358,2 452,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 53 62 62
Diluted shares adj. 53 62 62
EPS -3,85 -2,32 -2,92
Dividend per share 0 0 0
EPS adj. -3,85 -2,32 -2,92
BVPS 6,52 7,4 4,47
BVPS adj. 5,72 6,71 3,79
Net IB debt/share -6,44 -7,33 -4,41
Share price 38,5 38,5 38,5
Market cap. (m) 2037 2384 2384
P/E (x) -10 -16,6 -13,2
EV/sales (x) 38,92 17,12 25,69
EV/EBITDA (x) -8,5 -13,9 -11,9
EV/EBITA (x) -8,3 -13,5 -11,7
EV/EBIT (x) -8,3 -13,5 -11,7
Dividend yield (%) 0 0 0
FCF yield (%) -12,1 -6 -7,6
Le. adj. FCF yld. (%) -12,1 -6 -7,6
P/BVPS (x) 5,9 5,2 8,59
P/BVPS adj. (x) 6,73 5,73 10,15
P/E adj. (x) -10 -16,6 -13,2
EV/EBITDA adj. (x) -8,5 -13,9 -11,9
EV/EBITA adj. (x) -8,3 -13,5 -11,7
EV/EBIT adj. (x) -8,3 -13,5 -11,7
EV/CE (x) 4,9 4,2 7,5
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 47,88 47,92 47,92

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Media

IRLAB Therapeutics - Company presentation with CFO Viktor Siewertz & EVP & Head of R&D Nicholas Waters
IRLAB Therapeutics - Company presentation with CEO Richard Godfrey

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 9.5 % 9.5 % 24 Feb 2023
Daniel Johnsson 8.7 % 8.7 % 7 Mar 2023
Ancoria Insurance Public Ltd 7.4 % 7.4 % 24 Feb 2023
Rolf Karlsson 7.1 % 7.1 % 24 Feb 2023
Fjärde AP-fonden 6.7 % 6.7 % 24 Feb 2023
Unionen 3.9 % 3.9 % 24 Feb 2023
Nordnet Pensionsförsäkring 3.6 % 3.6 % 24 Feb 2023
Philip Diklev 2.9 % 2.9 % 24 Feb 2023
Marinvest Holding AB 2.3 % 2.3 % 24 Feb 2023
Clas Sonesson 1.5 % 1.5 % 24 Feb 2023
Source: Holdings by Modular Finance AB