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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 2021 2022e 2023e
Sales 208 44 113
Sales growth (%) 51361,9 -79 158,7
EBITDA 56 -200 -139
EBITDA margin (%) 27 -457,9 -123,5
EBIT adj 53 -204 -143
EBIT adj margin (%) 25,3 -467,1 -127,1
Pretax profit 52 -204 -144
EPS rep 1 -3,85 -2,32
EPS growth (%) 152,1 -484,7 39,8
EPS adj 1 -3,85 -2,32
DPS 0 0 0
EV/EBITDA (x) 33,6 -7,1 -11,6
EV/EBIT adj (x) 35,8 -7 -11,3
P/E (x) 44 -8,7 -14,4
P/E adj (x) 44 -8,7 -14,4
EV/sales (x) 9,1 32,7 14,3
FCF yield (%) 5,6 -14 -6,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -7,1 1,7 3,3
Lease adj. FCF yield (%) 5,6 -14 -6,9
Lease adj. ND/EBITDA -7,2 1,7 3,3
SEKm 2021 2022e 2023e
Sales 208 44 113
COGS 0 0 0
Gross profit 208 44 113
Other operating items -152 -243 -252
EBITDA 56 -200 -139
Depreciation and amortisation -3 -4 -4
Of which leasing depreciation 0 0 0
EBITA 53 -204 -143
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 53 -204 -143
Net financial items -1 0 0
Pretax profit 52 -204 -144
Tax 0 0 0
Net profit 52 -204 -144
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 52 -204 -144
EPS 1 -3,85 -2,32
EPS Adj 1 -3,85 -2,32
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 (%) 27 -457,9 -123,5
EBITA margin (%) 25,3 -467,1 -127,1
EBIT margin (%) 25,3 -467,1 -127,1
Pretax margin (%) 24,9 -468 -127,5
Net margin (%) 24,9 -468 -127,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 51361,9 -79 158,7
EBITDA growth (%) 162,8 -456 30,2
EBIT growth (%) 157,5 -487,1 29,6
Net profit growth (%) 156,5 -493,8 29,5
EPS growth (%) 152,1 -484,7 39,8
Profitability 2021 2022 2023
ROE (%) 13,9 -54,7 -35,7
ROE Adj (%) 13,9 -54,7 -35,7
ROCE (%) 13,9 -53,7 -35,1
ROCE Adj(%) 13,9 -53,7 -35,1
ROIC (%) 134,8 -4860,9 -3421,8
ROIC Adj (%) 134,8 -4860,9 -3421,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 56 -200 -139
EBITDA Adj margin (%) 27 -457,9 -123,5
EBITDA lease Adj 56 -200 -139
EBITDA lease Adj margin (%) 27 -457,9 -123,5
EBITA Adj 53 -204 -143
EBITA Adj margin (%) 25,3 -467,1 -127,1
EBIT Adj 53 -204 -143
EBIT Adj margin (%) 25,3 -467,1 -127,1
Pretax profit Adj 52 -204 -144
Net profit Adj 52 -204 -144
Net profit to shareholders Adj 52 -204 -144
Net Adj margin (%) 24,9 -468 -127,5
SEKm 2021 2022e 2023e
EBITDA 56 -200 -139
Net financial items -1 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 55 -200 -140
Change in WC 73 -47 -4
Operating cash flow 129 -247 -144
CAPEX tangible fixed assets -1 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 128 -247 -144
Dividend paid 0 0 0
Share issues and buybacks 0 150 300
Lease liability amortisation 0 0 0
Other non cash items -54 43 -43
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Other intangible assets 43 43 43
Tangible fixed assets 8 8 8
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 51 51 51
Inventories 0 0 0
Receivables 20 20 20
Other current assets 0 0 0
Cash and liquid assets 402 348 461
Total assets 472 419 532
Shareholders equity 399 346 459
Minority 0 0 0
Total equity 399 346 459
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 7 7 7
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 66 66 66
Total liabilities and equity 472 419 532
Net IB debt -395 -341 -455
Net IB debt excl. pension debt -395 -341 -455
Net IB debt excl. leasing -402 -348 -461
Capital invested 4 4 4
Working capital -47 -47 -47
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2277 1767 2068
Net IB debt Adj -395 -341 -455
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1882 1426 1613
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 49,4 9,8 23,7
Working capital / sales (%) -14,3 -107,5 -41,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -99 -98,8 -99,1
Net debt / market cap (%) -17,2 -19,3 -22
Equity ratio (%) 84,6 82,6 86,3
Net IB debt adj. / equity (%) -99 -98,8 -99,1
Current ratio (%) 607,3 529,5 692,6
EBITDA / net interest (%) 7050,3 -49881,8 -34818,1
Net IB debt / EBITDA (%) -705,3 171,1 326,4
Net IB debt / EBITDA lease Adj (%) -717 174,4 331,1
Interest cover (%) 6605,2 -50881,8 -35818,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 52 53 62
Fully diluted shares Adj 52 53 62
EPS 1 -3,85 -2,32
Dividend per share Adj 0 0 0
EPS Adj 1 -3,85 -2,32
BVPS 7,72 6,52 7,4
BVPS Adj 6,9 5,72 6,71
Net IB debt / share -7,6 -6,4 -7,3
Share price 44,5 33,35 33,35
Market cap. (m) 2303 1767 2068
Valuation 2021 2022 2023
P/E 44 -8,7 -14,4
EV/sales 9,05 32,72 14,31
EV/EBITDA 33,6 -7,1 -11,6
EV/EBITA 35,8 -7 -11,3
EV/EBIT 35,8 -7 -11,3
Dividend yield (%) 0 0 0
FCF yield (%) 5,6 -14 -6,9
Lease adj. FCF yield (%) 5,6 -14 -6,9
P/BVPS 5,7 5,11 4,51
P/BVPS Adj 6,38 5,83 4,97
P/E Adj 44 -8,7 -14,4
EV/EBITDA Adj 33,6 -7,1 -11,6
EV/EBITA Adj 35,8 -7 -11,3
EV/EBIT Adj 35,8 -7 -11,3
EV/cap. employed 4,6 4 3,5
Investment ratios 2021 2022 2023
Capex / sales 0,3 0 0
Capex / depreciation 20,4 0 0
Capex tangibles / tangible fixed assets 8,5 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 41,6 47,9 47,9

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IRLAB Therapeutics - Company presentation with CEO Nicholas Waters
IRLAB Therapeutics - Company presentation with CEO Nicholas Waters

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 9.3 % 9.3 % 27 Jul 2022
Ancoria Insurance Public Ltd 7.4 % 7.4 % 27 Jul 2022
Rolf Karlsson 7.1 % 7.1 % 27 Jul 2022
Fjärde AP-fonden 6.8 % 6.8 % 27 Jul 2022
Daniel Johnsson 5.2 % 5.2 % 27 Jul 2022
Futur Pension 4.0 % 4.0 % 27 Jul 2022
Tredje AP-fonden 3.6 % 3.6 % 27 Jul 2022
Nordnet Pensionsförsäkring 3.3 % 3.3 % 27 Jul 2022
Philip Diklev 3.1 % 3.1 % 27 Jul 2022
Unionen 2.7 % 2.7 % 27 Jul 2022
Source: Holdings by Modular Finance AB