IRLAB Therapeutics AB (publ)

IRLAB-A.ST

Biotechnology · Healthcare

Price

kr 1.72

+0.00 (+0.12%)

Market Cap

kr 251.5M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count rising — dilution

+29.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 51.7M (2021) → 67.0M (2025)

Winston Score History

The full picture

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.

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

kr 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

21.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~5 months

kr 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

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

24.4%

Thin — 24.4% gross margin

Profit after running costs

Operating Margin

24.4%

Excellent — 24.4% operating margin

Return on the money invested

ROCE

-85.7%

Weak — -85.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-6.6%

Shrinking sales (-6.6% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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