IRLAB Therapeutics AB (publ)

Welcome to this live Q2 presentation by research company iLab addressing Parkinson and other CNS diseases. Presenting today is CEO Kristina Torfgård, Vice President Research and Development Niklas Waters and CFO Victor Sievert. After the presentation there will be a Q&A with equity analysts and viewers can ask their questions in the live chat. I hereby welcome CEO Kristina Torfgård and please go ahead with your presentation.

Thank you very much, Mattias. So this is our disclaimer and we are listed on Nasdaq Stockholm main market to remind about that. Very pleased to have you all listening in today. Can I have the first slide there? Thank you. Which is the agenda for today. So I will start with some news during the period. Hand over to Nicolas, EVP, head of R&D, to take you through the R&D update. And after that, we will hear Victor Sievers, our CFO, to take you through the financials. And then I will come back in there and talk and make some concluding words. And this will be then followed by a Q&A session, as you already heard. So we have had a very good period also this time. We are very excited about the progress we are doing with the projects. First here, I have summarized a couple of the key highlights that we think are very important for the company during the period and after. We have a new patent granted for Mestopetan, which is the SALT patent, which is used for the drug product for the candidates that we are developing and using in the studies. This patent will be extended until and through mid And this is specifically in the US, which makes that we have a really good impact in a huge market. And this is already granted in many of the other countries all over the world. So this will also strengthen our value proposition for the candidate. And we believe that this is also very important to bring in the ongoing discussions that we have regarding a partnership regarding Mestoputan. For 757 that we are developing together with MSR Jyotsuka, we were very pleased to see the data that we received from the repeated use study that we did in Healthy Volunteers. And we have already made the decision to continue into a study with individuals with Parkinson's and apathy. And we strengthened this, so we have progressed according to the plan. And we have to remind you that the program is fully financed by MSNRD and Otsuka through the proof of concept. Earlier this year, we presented data from our cortical enhancers, which is Peripamat 757 and 942 at an international conference, which is called Alzheimer's disease and Parkinson's disease. And there were huge interest about our cortical enhancers. And we really believe that we have groundbreaking data here for the candidates. And we will talk more about specifically Puripima there. And there we have the potential also for a new class of CNS drugs coming up. And then finally, during summer, we performed the right issue, which we were very pleased with the outcome from that. So in total, 150.5 million Swedish crowns we received before issue cost and the set of loans. And in total, we received around 60 million Swedish crowns in the company. This definitely strengthened our financial situation and also this is important in our ongoing discussions with potential partners to show that we have financing through I would say second half until second half of 2026. But also, we secured money for financing also two of our key projects, which is for Peripema to move forward with a couple of activities there, which we'll talk more about, and also for 11.17, that we are performing additional activities in manufacturing, I would say, substance for coming studies. So by that, I think it's time to hand over to Nicolas to take you through the R&D session.

Thank you, Kristina, and thank you all for listening today. Can I have the next slide, please? We'll start with a few words around Mesto på tam, and some very important progress in that program. Next, please. As you all remember, Mesto på tam is our most advanced project right now, and we have been working quite hard during the first half of this year in a kind of a boring aspect of it. It's de-risking the program. It sounds boring, but it means that we have ticked off a number of very important aspects for bringing this into the next step. Mestoputam, as we have talked about before, is a drug that has the potential to be an add-on on levodopa and to treat dyskinesia in Parkinson's disease. This is a problem for about 30% of all patients across the globe. It acts through inhibition of dopamine D3 receptors, today a recognized mechanism for treating dyskinesia. And we, as Kristina alluded to, we have developed the patent portfolio around the compound, and now we see that we could probably expect composition of matter-based exclusivity for the product in all the major markets across the globe towards the mid-40s. Next, please. At the Q1 presentation, we discussed the regulatory alignment that we have reached with the programme, and this is, of course, one of the most important aspects of the programme. That is that the regulatory agencies, both in the US and in EU, and across European local agencies, agree on the design of the programme, the endpoint structure of the programme, the additional studies that we should do in parallel with the phase three efficacy trials. So that's a very important de-risking aspect of the programme. And then there are a couple of other aspects of a program which are necessary for the value proposition. And as the foundation for any project of this kind, the protection, the exclusivity based on patents is an important, is perhaps the most important aspect. It defines the potential value of the program. And we have been very, very successful in developing a patent portfolio around Mestopetam. And the last pieces of this puzzle came in during Q2 this year with the granting of the SALT patent for, or actually a composition of matter patent for Mestopetam. It's SALT form, but also aspects of its production. This patent has been granted in all major markets across the globe, including China, Europe, South American countries, US, Canada, et cetera. And this means that we have exclusivity based on compositional matter, which is the strongest type of exclusivity and protection on the market. For this product, And depending on how we decide to use the granted patent term extensions, PTEs, we can see exclusivity to 43, 44, roughly, with the program. And this is an important aspect for the calculation of the, let's call it net present value of the program. Next, please. Another aspect which we have spent a lot of effort exploring, and that is the payer research that we've done for the product, both in the US and in the EU. And this work has led to the conclusion that payers see Mestopitan as something that could be used in the phase between adjustments of levodopa dosing which is the first thing you do when you see the occurrence of dyskinesia you usually start lowering the doses of levodopa or dividing the doses into more fractions during the day to keep a steady plasma concentration of levodopa that works to some extent for a while but eventually 30 And in some cases, even 40% of all patients actually get into dyskinesias, which are uncontrollable. And in those cases, you have to lower the dose of levodopa quite dramatically, which hampers the therapeutic effect. So what we see here is adding mestopatone will still allow for high doses or relatively high doses of levodopa without the complications, without the dyskinesias. And the positioning will be after these manipulations with levodopa and before going into the more expensive invasive treatments that are available for the late stage patients. And these late stage treatments are quite expensive. which means that we could actually get the premium pricing for Mestopiton, both in the US and Europe, according to the payer research we have done so far. And this is really interesting. And that also adds to the value proposition for the product. Next, please. PIR-Permat, a very interesting story around this program. We are the first company in the world, as far as we can see, to seriously address one of the biggest problems in Parkinson's. That is the mid to late stage occurrence of falling in these patients. So Piripimat is intended to treat falls, reduce the risk of falling, and we have taken this program from preclinical discovery all the way through a Phase II program, including a Phase IIb study, which we published earlier this year. Next, please. This is a first-in-class compound, exactly like Mestopatam, a first-in-class defining a new CNS class. acts through inhibition of alpha 2 receptors and serotonin 7 receptors and also here we have built a very strong patent portfolio with exclusivity reaching into the mid 2040s from where we stand today next please Falling is, as I said, one of the biggest problems. There is no treatment for it. There's lots of patients, about 45% of all patients fall recurrently. In the trials that we have conducted, if you go to the next slide, in the trials that we have explored, these are high fallers, patients that fall more than two to four times a month, actually. The cost of falling is huge. In general, if one looks at the cost of falling across the globe, and with a focus on the US, for instance, they spend roughly $80 billion a year for treating injuries related to falls. So this is the biggest problem also, not only in Parkinson's, but in elderly in general. What we saw in the Phase 2b study was, we've been through this before, we talked about it in the Q1 report, we see a clear efficacy with the drug. We reduced the falls in these high fallers with around 50%, which is highly clinically meaningful and really, really an interesting therapeutic effect of the drug. What we noticed in the trial is that this occurs in a specific plasma concentration range. And that is what we are now looking forward to. The next step for this program is to build the development strategy or development plan so that we can build in this finding into the development plan. And I'll come back to that issue a little bit later. uh so uh the plan is in place uh we are now preparing for the decision the internal decision to move forward to the next step and what we need to do is to produce some more mat of course but also to set the scene for this specific a specific trial intending to prove the the finding we got in the exploratory phase two studies. And that is to titrate patients into this perfect plasma concentration range and see the effect there. And that will be used then for the dosing strategy in the phase three program. The results that were generated in the phase two studies, phase two A, phase two B studies, has been extremely informative in terms of how we want to move forward. And that's the key with phase two studies. Another aspect of the programme, just as for Mestopaton, we are of course working hard with the patents and exclusivity for the programme. And the last puzzle basically in this game came in during the period. we have received a notice of allowance, which in principle means 100% likelihood of getting a granted patent also in Canada, which means that we now have exclusivity into the mid-40s for Piripimat as well. So that's 20 years from now. And this, of course, creates a huge value for the program. Another aspect of the programme is that during discussions with the physicians that participated in the trial after the trial, there has been a huge interest in being part of the writing committee for the publication. So we have now put together a pan-European expert group of Parkinson physicians, Parkinson doctors, uh to prepare the publication based on the face-to-be study and this is also an important puzzle in the business development activities that we are initiating now with the with this program next please 757, our successful phase one program. We have now decided to move this into patient studies, but we'll come back to that next slide. So this is also a novel first-in-class compound. We are focusing this towards neuropsychiatric aspects of Parkinson's disease, and we are looking initially at apathy. and we have designed a large study which will address that problem. This is an issue which is current in basically all neuropsychiatric disorders, with Parkinson's and Alzheimer's and other neurodegenerative disorders, of course. Between 20 and 90 percent of all patients in these populations experience apathy from time to time or persistently. With 757, we are addressing one of the hypotheses around the occurrence of apathy. That is the lack of connectivity between cortical and subcortical regions. The drug actually increases that activity in the brain. Next, please. During Q1, we have completed the phase one program, which was to a large extent funded by Michael J. Fox Foundation. And we are extremely grateful for that. That is a very, very fruitful collaboration, helping us to get this drug through phase one. On top of that, we also have this collaboration with MSRD, which is a branch of Otsuka. which will fund all the other activities. And the funding from Otsuka amounts to around 25 million dollars roughly during the course of the development of the program through the next trial. So the decisions that have been made during the quarter is that we have successfully completed all the preclinical safety toxicology and phase one activities needed to make a decision to go to the next step. So we have put together during the summer, when you're out swimming and bathing in the warm summer here in Sweden, we put together the file for application and that file is finalized. And we expect it to be submitted any day, today or tomorrow, actually, at IMA. And this is going to be a quite large study for the indication. We are planning for a 90-patient study, placebo, two different doses of 757. And this is an exploratory study where we are collecting a lot of information on various aspects, neuropsychiatric aspects, motor function aspects in this trial. With the data coming out from that trial will be the foundation for decisions to move this to the next step. But also during that period, Otsuka has the right to license the program. So there will be licensed discussions after the Phase 1b-2a study that we are conducting. Next, please. Preclinical programmes, we have two of those, 942 and 1117. Next, please. 942 is intended for cognitive deficits in Parkinson's disease and other neurological disorders. This is a huge problem. There are very few alternatives to treat cognitive deficits today. in this population and we think that 942 has a profile which is ideal for for parkinson patients new alzheimer patients and other patients with neurodegenerative disorders there's a quite large population available on the market about six million people have this complication For 1117, this is a really interesting program where we are looking at next generation treatment for the basic symptoms of Parkinson's. But next slide, please. We'll talk a few more words about 942. So this is a huge cognitive deficit. It's a huge unmet need, basically, in this population. About 12% of all adults over 65 have this problem. And 942... has a very broad efficacy profile across different modalities of cognitive deficits. And with this program, we see potential for both symptomatic and actually disease modification. Next, please. During the course of the first half this year, we have finalized the methodology for large-scale synthesis of the product. We have also produced API drug substance for the further studies. The studies that we are planning now are the IND enabling or the preclinical studies necessary for getting into phase one. And we expect to hopefully start those studies next fall and that is due to priorities in our in our pipeline and i'll come to that priority next slide please and we are between these two we are prioritizing the development of 1117 right now and this is a totally new strategy to treat the the basic symptoms of parkinson's disease the symptoms today treated with levodopa so about 85 to 95% of all diagnosed patients in the world get treatments with levodopa today. And 1117 acts on the same type of mechanisms like levodopa, but does not induce the complications seen by levodopa and is going to be a once daily treatment instead of up to six, eight times daily treatment. So what we've done during the course of the second half of the first half of this year, and we'll continue with that the second half of this year, that is to develop the large scale synthesis. This is, I wouldn't say complicated, but a very specific method to synthesize the compound. And this is a highly potent compound. So it needs specific sites to do that. And we are developing the API right now. And we are doing the preparations now for the regulatory studies to start phase one, which could be done during the course of next year, getting to phase one. Next, please. Sorry, go back one. One very important development during the course of the period, I should have mentioned that, we have done a series of preclinical long-term studies with 1117 addressing different aspects. And one specific aspect is the early discovery that we could treat uh in the preclinical molds we we can treat animals and we can see that you have a sustainable long-term effect on motor function improvements without the complications if we do parallel studies with when we do parallel studies we live dope i should say we see some efficacy but we also see the complications so the question we have tried to ask right now in the most recent study was why does 1117 not induce the complications? Why is it free of the complications? And that is to some extent revealed by this study that we are now going to publish during the course of the coming year, where we see that levodopa has a therapeutic effect but that is concomitant with complications and activation of certain genes in the basal ganglia, specifically two genes that are activated. And they are linked to the complications, fluctuations, dyskinesias and dyskinesias. 1117 does not induce these genes. That is really a key finding explaining the profile of 1117, the benefits of 1117. That was a fantastic study for us. We will publish this data in detail. Next, please, will be the finance report. handing over to Victor to actually finalize his work here at IRLAB with the last presentation of our finances.

Yes, thank you, Niklas. We can go straight to the next slide, please. Thank you. Cash position 54 million at the end of the quarter. In the leftmost graph, you can also see that we added a gray bar showing the net proceeds from the share issue that we concluded during Q3. But that is just to illustrate how it looks with that capital added. So about 56 million added after the set-off of loans and cost for the share issue. In the middle graph, we can see that the external costs that we have internally at i-Lab for our own programmes is continuing to decrease. And it's even more so because most of the cost for external studies occurred during April. So that was in May and June, there has been very little external clinical cost for i-Lab. However, the light grey bar indicates how much we put into IRL 757. And as you can see, that has increased, and that increase is due to the initiation of the coming study that we're doing in 757. So it has begun to draw some cost, and it will continue to cost quite a bit of money in the coming quarters. We still have a focus on cost control. We will continue with the 757, so we will still have quite a lot of cost, but that is mostly related to 757. And we also will retain competence in the organization, but we will try to keep the external costs as low as possible. That is the financial strategy, so to say, going forward. And we're still about 30 employees, 31 to be correct or exact. Next slide, please. These are the numbers in more detail. I won't go through them in detail, but of course, you have to take into account the cost that we have for the RL757 study, which affects our cost. But those costs are always mitigated by the same amount in net sales. So here you can say that we basically have, since we don't have any other net sales, we can see that we have about 24 million kronor as net sales. revenue, which is all from the Otsuka 757 collaboration. Next slide, please. And as Nicolas mentioned, this is my last quarterly presentation. This is actually my last week at i-Lab. And I just want to mention that I will continue to be committed to make a smooth transition first to my my successor, my interim successor, and then to the more long-term solution that I know that they are working on at the moment. So I will be there and make sure that everything runs as smooth as possible. But I also thought that this might be a good time to just see what happened with the company during the more than 12 years that I've been involved here. So the company started 2013 with two preclinical projects, which are now Mestopetam and Piripimat. They weren't even called Mestopetam and Piripimat at that time. They were 752 and 790. uh today we have five projects and uh three of those are in clinical stage and mr obama and peer up mart in late clinical stage so clinically and from a research point of view development point of view it has been a great journey We have also increased and strengthened our organization. In the beginning, we were a handful of people that were part-time employed, just committing their own time to make sure that this actually happened. And now we are 30 people with all kinds of competences and everybody highly skilled. From my point of view, we have been able to do 11 share issues, raising almost exactly 900 million kroner during this time, five share issues in the private setting before we took the company public in 2017, and six in the public setting afterwards. At the same time, we have raised uh more or less 700 million swedish kronor from bd activities which includes ipsum's mistopitam for mistopitam license and all the money they spent to advance that project and since it's now our project and our data that is actually money that has come to our benefit we have the research collaboration with msrd and the michael j fox foundations of course and also a few grants from Vinnova and other governmental grants. So to conclude my more than 12 years here, it has been a tremendous journey, not least proven by the numbers shown on this graph. so thank you very much it's been an honor working with all of you and having contact with all of your owners investors and everybody else that we've been working with during these years so christina

So before I continue with the concluding remarks, I would also like to extend my big thank you to Victor, who has been a key person in the company, as you have seen. You have contributed not only in the finance aspect, but you are also really good experience with your all legal experience and all legal work you have been doing. So that and the financial part, and all the contacts you have had both in Sweden and internationally regarding the market of financing. That has been very, very important. And so it feels a little bit sad to see you moving forward, leaving the company. But we know that you are looking forward to a new, very important role in another company. So that's good. And I also would like to comment that from Monday, 1st of September, we will have an interim CFO, Roy Jungnebrandt, who will take on this work until we have a permanent position for the CFO role. So I will continue with the concluding words. Here we have our quite impressive portfolio, I would say. And as you heard from Victor, many of these projects have been moving forward in great progress during all these 13 years. We have five candidates where Three of them are in clinical phase. As you can see, they are quite broad indications, covering many of the symptoms and complications that individuals living with Parkinson experience. We have also focused on one indication for everyone first. But we have the opportunity then to extend to a second indication for many of them, which is very good from a market perspective. So with that, I think we move on to the next slide, which is a little bit about the future. Of course, interesting to see what we can expect for value creation milestones coming up. For Mesto Beton, we are looking to initiate a phase three study, but as you are aware of, we are looking for a partner here, working very hard on that. For Piripermat, we have the fantastic data that we received during spring and we are working, as you heard from Nicolas, on the development program and planning to initiate another study that will be important for the phase three program and we have interest from bd perspective here also so we continue those discussions 757 Any day we will submit the application for starting the trial in Parkinson's patients with apathy. We see that the first subject will be dosed likely in Q4 this year. And then we have the preclinical programs 942, where we are moving forward a little bit slower than previously. And then we focus many resources and finance on the 1117s, where we are moving ahead to take that to be ready into phase one. So by that, I think I hand back over to you, Mattias, to take the Q&A session.

Christina, Nikolas and Victor. And it's time to welcome equity analyst Fredrik Thur at Redeye. Please go ahead with your questions, Fredrik.

Yes, hello and thank you. You mentioned this a bit, but regarding IRL 757, what are the remaining steps with the MSRD Otsukia program? And then, for example, if you could specify the timeline a bit. And then I was also wondering, is the plan always to out-license this program after this single final study, regardless if it's MSRD or Tukka or someone else?

The timing of the program is that we will now submit, or if it hasn't been done today, submit the application. Then it takes about three months or 60 to 90 days for EMA to make the decision. The file is extremely clean. This is a very, very nice product from a safety tolerability standpoint. perspective and toxicology. So we believe that this would be a smooth ride. That means that we can start the dosing in Q4. And the study is expected to take around 18 months to complete. So that's the timeline. So months from the start of dosing, basically. And that's normal in the space. And we are looking at, as I said, about 90 patients in the study or subjects in the study. From a practical collaborative perspective, the program is owned by IRLAB. All data that's generated is owned by IRLAB. And MSRD at Soka are generously offering us their expertise. And we have, let's call it monthly or biweekly almost meetings discussing the program, going through the data that we generate and work up the plans for the coming studies. And now we have land that fully. So the only thing now is the execution of the trial. And we are in the driver's seat there together with our CRO, who will do most of the work with the study. And then when we come out of the trial, there will be a decision whether this is worth going forward with or not, as for any program. And what Utsoka or MSRD have gained during the period is a lot of knowledge, specific knowledge, and also they have the right of first refusal, which means that a license negotiation will be initiated. However, Irlab has the right to opt out of any such offers or negotiations and negotiate with others if we want to during the period. But the ROFR still remains for a period after the execution of the trial. Does that respond to your question, Fredrik?

Yes, that was a good answer.

From a practical BD perspective, I think this is a very good setup, both for us and for MSR De Otsuka, because we know what we're going to do. We can prepare for those discussions. right now. And we have a very clear potential buyer of the program, which is usually for any biotech company, the big issue to find the right partner for a program. And here we have already established that partnership.

Got it. But a follow-up question, like the terms of a potential deal with MSRD Hatsuka, like say deal sizes and so on, is that something that has been discussed or is that

After the data. It will, of course, depend on the patient population, the specific indications that we pursued, etc. So numbers and such is not discussed at all yet. Got it.

So what I would like to add to this collaboration that might have already been clear through this presentation, but it's very important that already by the timing that we have recruited and starting to do the subject in this study, we will receive money, milestones payment, and that's related to a number of quarters after. So in total, we will receive the three million US dollar for milestones for this study.

And as we mentioned, the value of the collaboration for us is around $25 million, which we don't have to raise by other methods.

Yes. And on the second question about the Piriformat program, you mentioned that you had presented a poster about this therapeutic window and maybe interacted with the scientific community a bit. Can you say anything about that? Does it seem reasonable to find this therapeutic window in Piriformat? What's the feedback?

Yeah, absolutely. With the data we have, we know that we need to be somewhere between concentration A and concentration B, and that can be reached in a very specific dosing regimen. It's not rocket science. It's quite simple, but it needs to be done and it needs to be proved. We think that is an important step to move this so that we can use that dosing strategy or titration strategy for the phase three studies.

And you mentioned also scientific or the the study design for the next study we promote. It would be interesting to hear just what is the ambition of the study, like in terms of how big and how long is it to prove this relatively specific thing compared to the previous trial?

The efficacy and the effect size that we see in the phase 2b study, we do not expect this to be a very large study. So it's going to be a quite small study compared to placebo and the treatment, doing the same kind of dose increases in both arms basically. That is what we're looking at. It's a small trial, it's not a very expensive study.

And the duration compared to the previous trial is not the same or shorter?

Since we have fewer patients, much shorter. Recruitment time is always the limiting factor for any trial.

Got it. And yeah, business development is of course prioritized and it has taken a bit longer than maybe expected from the market. Can you update us a bit more on your discussions? Is there one program in particular that is of more interest or is it relatively broad? Or yeah, what can you say about ongoing discussions?

I can start off. So as you see, we have five candidates and I think we are lucky in that way because they are a huge interest for many of these. So it's not the only mess top of town that we have focusing on earlier. and we have been talking about peripamat 757 for obvious reason we are not talking right now because that's the msr but also for the preclinical assets as you probably have seen earlier this week or it might have been already last week it was a deal also by another smaller biopharma company and preclinical assets are quite nowadays also so it's a good interest that too

Yeah, nothing to add, basically, but from a boring risk reduction perspective. Of course, we have a very strong focus on Mesto-Opetan to get that on the roll for phase three. However, as Kristina mentions, we have a huge interest in all our other assets. And Pyrrhytmat is the next one to come out in discussions. We are putting that presentation together. We are working on the publication, we think that is a key part of the value proposition there.

And I can just comment also that when we performed the right issue, it was very clear that our focus now is really to do business with our assets. So that's really what we're focusing on the coming year here now.

Yeah, makes sense. A final question about, you mentioned about 1117 and this wide spree of complications that it doesn't activate certain genes, right? So is the hope to be able to treat patients indefinitely or what's the hope here? I mean, given that you otherwise have to move on to DBS or something.

Long-term treatment, but as for any development program, we have to focus initially on a specific population of patients. And we haven't discussed that publicly, what we're going to do, and we will come out with that when we have the protocols and the strategies finalized. But we are looking at continuous treatment with 1117. Switching from Levodopa to 1117 is an important aspect of the program.

One question I also had was about the ISP, the platform. You mentioned a few known preclinical assets, but are there other assets in the works? What could happen after these two assets? Is that post a bit now or is it an ongoing process to have more?

It's impossible to prevent scientists from discovering things. Once you put that snowball in motion, it grows. So, of course, there are ideas, but we have to be careful in what we lift and what we do. We want to make sure that we can commercialize products. We want to be sure that we can protect them with IP. So that's part of the very secretive work we are doing here. Having said that, I have to mention that 1117 has kind of gulped or engulfed the organization from a preclinical R&D perspective during the past two years. That program, it's not only 1117, there's analogs, etc. We have looked at carefully. So that program has basically been the main focus over the past year in combination with 942 to some extent. But when When we have completed that work, of course, we look at additional things that we can lift up.

Sounds good. That's all the questions I had. Thank you very much.

Thank you. We're at Red Eye for those questions and I will raise a few more. First of all, congratulations, Viktor Sivic, for your great work at R-Lab for 12 years and also for that last shared issue. What was the interest to participate?

Well, the interest was good. We had a really good roster of guarantors. So it was guaranteed to 85% and that is where it landed as well, which was according to expectation. So we're happy with the outcome.

Okay, thank you and good luck on your next career move. If we turn to the 1117, when do you expect to be able to present some results here? What's the timeline? Results from what? The first phase.

Yeah. The process now is production of API. completing the what's called IND enabling studies. These are TOC studies, safety studies. So we expect that that could be done during 26. And so somewhere in the turn, late next year or early 2027, we will start the phase one program for the asset. And the phase one program usually takes about a year to complete with reports, etc. Okay. And the important thing with 11.17 is that already in phase one, we may be able to include Parkinson's patients so we can get efficacy signals very early with this program. And that's one of the reasons we are actually pursuing that with priority right now. We can get clinical data much more rapidly than for any other asset.

Okay, that's very interesting. And I see that there has been a growing interest from investors. During 2025, you have grown your shareholder number by 11%. And if you were to explain to investors that are not medical experts regarding the IRL 757 that address apathy, how could you describe the study when it comes to what methods and what kind of data is it that you're collecting?

Yeah.

As I said in the presentation, we have placebo and two different doses. So that's the basics. 90 patients, that's 30 patients roughly per arm in this study. And we are collecting data relating to apathy, apathy scales. We are looking at other neuropsychiatric effects of the compound. We are looking at motor function. We're looking at specific neurophysiological effects relating to actually what happens with the eyes. There is a very tight connection between the neural pathways that we are trying to affect with 757 and pupil size. It may sound strange, but that's the case. So that's a very quick and effective way of measuring target engagement. And then we are looking at, let's call it strength in different types of limbs, in hands, etc. That's also coupled directly to activation of frontal cortical functions. And the purpose of 757 is to activate frontal cortical function. The protocol is not published. It will be soon public, but not yet. We haven't communicated anything about it. So there's a lot of aspects that we are measuring. And then, of course, pharmacokinetics, effects on various endpoints in blood, etc. So that we get a full picture of what this drug does to the body of these patients and what it does from an efficacy standpoint. And all that data will then be discussed after the phase 1b to 2a study.

Okay, thank you so much, Niklas. And Kristina, last question regarding partnering discussions besides MSDR or ZUKA. What can you tell us regarding ongoing discussions?

I think you can understand that this is quite sensitive. So what I can say is that we are moving ahead with discussions. There are a number of interesting partners from both sides. So the future will guidance. We will see. But it looks promising.

Okay. Thank you. That was all the questions for you today. Thank you so much for your participation and good luck going forward.

Thank you so much. And thanks for everyone calling in and for the interest in iLab.