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IRLAB Therapeutics AB (publ)

IRLAB-A.ST

Biotechnology · Healthcare

Price

kr 1.24

-0.03 (-2.05%)

Market Cap

kr 107.7M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Winston Score below 40. The stock fails on most of our quality checks.

IRLAB Therapeutics is a Swedish biotech company that develops new medicines for brain diseases, with a focus on Parkinson's disease. Its main drug candidates are pirepemat and mesdopetam, which are designed to reduce movement problems and other symptoms that current Parkinson's treatments do not handle well. The company sells nothing yet — it is still in clinical trials, meaning it is testing whether its drugs are safe and effective in human patients.

IRLAB makes no product revenue today. It is funded through grants, licensing deals, and investor capital, which is typical for early-stage drug developers. The company is based in Gothenburg, Sweden, and operates primarily in Europe, though clinical work spans multiple countries. Its negative margins reflect heavy spending on research with no approved product on the market yet. The key risk is clinical failure — if its drug trials do not produce strong results, the company could struggle to attract the partnerships or funding needed to survive.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+802.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+116.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$131M/ year

↓ Declining (-20% vs prior year)

227.6% of revenue

12.6x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

20.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 months

$51M cash & investments

Short runway — potential dilution ahead through share issuance

Strong grower

IRLAB Therapeutics AB (publ) is growing revenue at 803% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

24.4%

Thin — 24.4% gross margin

Operating Margin

24.4%

Excellent — 24.4% operating margin

ROCE

14.3%

Good — 14.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-6.6%

Shrinking sales (-6.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-97.6%

Burning cash (-97.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.68

Moderate — manageable debt (0.68)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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