IRLAB Publishes Interim Eeport for the Period January-March 2024

GOTHENBURG, SWEDEN / ACCESSWIRE / May 8, 2024 / IRLAB Therapeutics (STO:IRLAB-A)(FRA:6IRA) Gothenburg, Sweden, May 8, 2024 - IRLAB Therapeutics AB (Nasdaq Stockholm:IRLAB A), a company discovering and developing novel treatments for Parkinson's disease, today announced that the company's interim report for the period January-March 2024, has been published.

KEY HIGHLIGHTS DURING AND AFTER THE PERIOD

• Collaboration with MSRD/Otsuka, funding IRL757 through clinical Proof-of-Concept.
• Successful End-of-Phase 2-meeting with FDA for mesdopetam.
• New insights from the Phase IIb study with pirepemat.
• Regulatory approval to start Phase I with IRL757.

FINANCIAL OVERVIEW OF THE FIRST QUARTER

• Net sales: - (-)
• Operating profit: SEK -37.6m (SEK -59.5m)
• Earnings per share before and after dilution: SEK -0.75 (SEK -1.15)
• Cash and cash equivalents at the end of the period: SEK 73.1m (SEK 210.1m)
• Cash flow from operations: SEK -38.2m (SEK -41.5m)
• Share price at the end of period: SEK 15.60 (SEK 11.08)

Figures in brackets = same period 2023, unless otherwise stated.

PRESENTATION TO INVESTORS AND MEDIA
Wednesday, May 8, 2024, at kl. 10.00 CEST a presentation of the Q1 interim report will be held through a digital webcast. The presentation will be held in English, followed by a Q&A session.
Access via link: https://www.youtube.com/watch?v=xv4qL_nKV3s

COMMENTS FROM THE CEO
The new year has begun with an exceptionally positive development for the company and our projects. The collaboration agreement with the McQuade Center for Strategic Research and Development, MSRD, for IRL757 secures full funding of the project all the way through clinical Proof-of-Concept studies.

The deal with MSRD and the grant we received from MJFF gives us the conditions to run the business without further capital additions well past a potential license deal with mesdopetam and past the topline data in the Phase IIb study with pirepemat.

We have also conducted a successful End-of-Phase 2 meeting with the US FDA, which confirmed consensus regarding the design of the upcoming Phase III program for mesdopetam.

Furthermore, the ongoing Phase IIb trial of pirepemat (REACT-PD) has generated new insights into the severe Parkinson-related balance problems that often cause fall injuries, strengthening the possibilities of detecting treatment effects and providing more confident data-driven estimates of trial timelines.