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World leader - developing new treatments for Parkinson's disease IRLAB, Q4 2025 ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Disclaimer This document, “IRLAB Therapeutics” (the “Presentation”), has been prepared by IRLAB Therapeutics AB (publ) (“IRLAB”) and is provided for informational purposes only. All information in this Presentation has been compiled in good faith by IRLAB. Neither IRLAB nor any of its directors, employees, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of any of the information or projections in the Presentation, or any other written or oral communication transmitted or made available at any time. IRLAB expressly disclaims any and all liability relating to or resulting from the use of such information or communication. The information contained in this Presentation is subject to change, completion or amendment without notice. Neither this Presentation nor its delivery to any person shall constitute an offer to license, sell or enter into any transaction or commercial agreement. This Presentation does not constitute advice or a recommendation regarding any securities and is not an offer to sell or a solicitation to buy any securities. Recipients shall be aware of the fact that IRLAB’s shares are listed at Nasdaq Stockholm Main Market. 2
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Today’s agenda 3 News in the period1 R&D update Financials Concluding remarks Q&A session 2 3 4 5 Kristina Torfgård, CEO Nicholas Waters, EVP Head of R&D Gustaf Albèrt, CFO ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Key highlights in and after Q4 2025 4 IRL757 study in PD and apathy approved to start in Europe, funded by MSRD Confirmation on next steps for pirepemat IRL757 progresses according to plan – fully funded through clinical PoC Market research confirms significant need for new treatments for LIDs - mesdopetam’s differentiated clinical profile is considered attractive Collaboration with Biomia initiated, utilizing the ISP platform to evaluate new CNS compounds. Strengthening the value of mesdoptam ©2026 IRLAB Therapeutics AB (publ), All rights reserved Strong support from leading international experts for pirepemat and its development strategy Expanding CNS drug discovery through strategic partnership
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R&D update 5
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IRL757 – treatmentof apathy • A novel first-in-class treatment for apathy in neurological disorders Apathy: loss of initiative, interest, and emotional expression/responsiveness Addressable population: 2-7 million people ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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IRL757 – R&D collaboration with MSRD/Otsuka 7 The collaboration funds all development of IRL757 through clinical proof-of- concept for the treatment of apathy in Parkinson's IRLAB • Receives up-front payment and activity-based milestone payments in total 8.5 MUSD • Executes the development activities • Retains ownership of product and IP MSRD/Otsuka • Funds the development activities during the term • May extend the collaboration beyond Proof- of-Concept, subject to new negotiations • In the event of no extension of the collaboration, MSRD/Otsuka receive low single digit royalty on future sales *The Phase I study was financed through a grant from The Michael J. Fox Foundation for Parkinson’s Research ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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IRL757 project progress in Q4 8 IRL757 has the potential to be the first drug in a new class to treat apathy in Parkinson’s and other neurological disorders • Funding to conduct the Phase I (SAD & MAD) study with IRL757 is secured through the Michael J. Fox Foundation • Collaboration with MSRD/Otsuka secures funding of IRL757 program through a large Phase Ib signal finding study in people living with PD and apathy - the LIFT-PD study Status • In late December-25 the regulatory application for the clinical trial in individuals with Parkinson's disease and apathy was approved by the European Medicines Agency (EMA) and local ethics committees across Europe • Following the regulatory approval, LIFT-PD was activated and clinics across Europe have been initiated • Recruitment into the study was initiated during Jan-26 and screening is now ongoing at the clinics ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Mesdopetam IRL790 Treating levodopa-induced dyskinesias (PD-LIDs) through a novel mechanism – Dopamine D3 receptor antagonism ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Mesdopetam: a differentiated treatment with ideal profile for the PD-LIDs market 10 Successful completion of key development milestones; • Mesdopetam - an NCE with novel MoA for the treatment of PD-LIDs • Targets an untapped market- the large untreated population of LIDS patients • HCP & KOL research: • 100% of respondents rated mesdopetam as a clear advance over SoC • Payor research: • Strong rating as a clinically meaningful advance over SoC • Indicate premium pricing in the US and in Europe • FDA & EMA: Regulatory alignment on Phase III program • Patents providing long exclusivity; Global patent strategy, maximized composition of matter-based exclusivity: 2044 in US, 2045 in Europe Life Cycle Management to expand market & “Pipeline-in-a-Pill” opportunities • Parkinson disease psychosis • Prevention of levodopa- induced dyskinesia • Optimization of levodopa treatment without driving dyskinesia • Tardive dyskinesia ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Among patients experiencing troublesome/disabling dyskinesia only some receive treatment – leaving most with no option 1. Movement Disorders Clinical Practice2024; 11(7): 830–849. doi: 10.1002/mdc3.14056 2. Clarivate Epidemiology Database, Parkinson's Disease, 2025 12 Population with troublesome/ disabling dyskinesia1, 2 US ≈204,000 EU5 ≈272,000 ≈22.5% US + EU ≈ 100 000 ≈ 77.5 % of all patients with troublesome dyskinesia are untreated US + EU ≈ 370,000 77.5 % of all patients with troublesome/disabling dyskinesia are untreated • Targeted population in the mesdopetam development program ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Mesdopetam fills the gap between current levodopa based and invasive treatments 13 DBS (65 kUSD) Duodopa (75-125 kUSD 28 kGBP/yr) Produodopa (120 kUSD 31 kGBP/yr) Mesdopetam Targets individuals currently lacking treatment. Potential to delay invasive treatments. PD Disease severity Pharmacological treatments Invasive treatments Levodopa adjustments + other concomitant treatments ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Pirepemat IRL752 • A treatment to reduce falls in Parkinson’s (PD-Falls) • Full program from preclin through a randomized, placebo- controlled dose-finding Phase IIb clinical trial completed ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Pirepemat provides significant reduction of fall rate at optimal plasma concentrations 15 • Phase IIb study in patients with a history of frequent falls • Pirepemat 300 mg, 600 mg or placebo for three months • Highly clinically meaningful and statistically significant effect (p<0.05 vs. placebo) • Adverse event profile consistent with previous studies Prespecified PKPD analyses showed that a medium plasma concentration range of pirepemat reduced fall rate by 51.5% vs. baseline (P<0.05 vs. placebo) ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Development update Q4 16©2026 IRLAB Therapeutics AB (publ), All rights reserved • Development of large-scale manufacturing method ongoing • International external Scientific Advisory Board (KOLs) advise on the interpretation of REACT-PD results and pirepemat’s further development • The rationale and mechanism of action of pirepemat consistent with the biphasic concentration-response profile observed in REACT-PD • The reduction in falls by pirepemat is considered to be highly clinically meaningful • Falls should be the primary focus of future clinical trials • Preparations for a clinical study to optimize individual dosage • Strengthened development plan in place and regulatory strategy consultations initiated • Pan-European expert group is preparing a publication of the Phase IIb study results • REACT–PD study results accepted for presentation at AD/PD 2026 Congress
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Preclinical projects IRL942 Clinical candidate - Improve cognitive function IRL1117 Clinical candidate - Once-daily oral treatment of Parkinson’s without troublesome complications ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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IRL942 project progress in Q4 18©2026 IRLAB Therapeutics AB (publ), All rights reserved IRL942 • Has the potential to be the first drug in a new class to improve the cognitive function in people living with Parkinson’s and other neurological disorders Status • GMP manufacturing of the drug substance and development of the method for drug product production completed • IRL942 shows a unique ability to activate frontal circuits and improve cognitive function in preclinical models • Potential for both symptomatic relief and disease modification in neurological indications
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IRL1117 – potential to be the first drug in a new class to treat Parkinson’s project progress in Q4 19©2026 IRLAB Therapeutics AB (publ), All rights reserved IRL1117 • A potent dopamine D1 and D2 receptor agonist with potential to replace levodopa • Long-term studies show that IRL1117 provides full anti-Parkinson's effect without activating genes linked to the well known motor fluctuations and thus, IRL1117 does not cause such motorcomplications Status • Development of large-scale drug substance manufacturing (CMC) ongoing • During the period, an external laboratory conducted important preparatory studies with IRL1117. The studies adress safety aspects, confirm long-term effect of IRL1117 and necessary DMPK data for phase I submission • Thus, the preparations for the preclinical regulatory studies for the start of Phase I clinical studies are underway
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Financial highlights Q4 2025
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Financial highlights 21 • Cash position SEK 82 million. • Partnering costs continue at higher level as the IRL757 study advances. • External clinical cost lower, focusing on IRL1117 and pirepemat. • Other costs continue to decrease as a result of cost control, prudent spending and re-negotiation of agreements. • Headcount remains stable at around 30 employees, with personnel costs at the same level as previous periods. Focus to retain competence in the organization to support BD-activities, IRL757 study execution and Biomia (ISP) project. Partnering cost: Cost for entering licensing agreements and costs which are covered by a corresponding revenue from partners. Gray bars indicate cash flow from share issues or licensing agreements ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Financial summary 22 Q1-Q4 2025 Q1-Q4 2024 Operating Income, SEK 62.8m 114.1m Operating profit, SEK -93.4m -75.1m Earnings per share before and after dilution, SEK -1.64 -1.60 Cash and cash equivalents, SEK 81.9m 66.9m Cash flow from operating activities, SEK - 55.2m - 65.6m Average number of employees 31 31 Share price at the end of the period, SEK 1.97 10.15 ©2026 IRLAB Therapeutics AB (publ), All rights reserved Q1-Q4 2025 Q1-Q4 2024 Net Sales, SEK 57.5m 94.6m Other op. Income, SEK 5.3m 19.5m Operating Income, SEK 62.8m 114.1m
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Concluding remarks
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24 Mesdopetam (IRL790) Discovery Preclinical Phase I Phase IIa Phase IIb Phase III Parkinson’s disease levodopa- induced dyskinesia (PD-LIDs) D3 antagonist Parkinson’s disease Psychosis D3 antagonist Pirepemat (IRL752) Parkinson’s disease in falls PFC enhancer Parkinson’s disease Dementia PFC enhancer IRL757 Apathy in neurology IRL1117 Parkinson’s disease treatment 2026: Projected start of Phase III study program Next major event 2026: Decision on long term strategy - prepare for next study 2026: IND enabling studies Phase II ready Phase IIb Phase IIa Preclinical Phase III ready Phase Ib Q1 2026: First patient dosed Mid 2027: Read out IRL942 Cognitive impairment in neurology next step: IND enabling studiesPreclinical World leading portfolio of development programs for Parkinson’s disease ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Driving Business Development Forward 25 Awareness of IRLAB and our development pipeline is increasing Continuous and frequent dialogue with potential partners Partnering opportunities being evaluated across the portfolio Following the successful collaboration deal for IRL757 - focus is on mesdopetam and pirepemat ©2026 IRLAB Therapeutics AB (publ), All rights reserved Broadened initiative to drive business development implemented Awareness of IRLAB and our development pipeline is increasing Continuous and frequent dialogue with potential partners Following the successful collaboration deal for IRL757 - focus is on mesdopetam and pirepemat Broadened initiative to drive business development implemented Partnering opportunities being evaluated across the portfolio Awareness of IRLAB and our development pipeline is increasing Continuous and frequent dialogue with potential partners Following the successful collaboration deal for IRL757 - focus is on mesdopetam and pirepemat Broadened initiative to drive business development implemented
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IRLAB’s strategic priorities: 26 • Partnerships and financing - continue and deepen discussions with potential collaborators, licensees, and investors to secure funding for development programs and support the company’s long-term growth. • IRL757 - execute the ongoing Phase Ib clinical study (LIFT-PD) in close collaboration with MSRD/Otsuka and evaluate the results to guide the next steps in development. • Mesdopetam - secure funding for the Phase III program through strategic partnerships or licensing agreements. • Pirepemat - decision regarding the long-term development strategy and prepare for the next clinical study. • IRL1117 - advance preclinical development activities with the goal of making the project Phase I-ready ©2026 IRLAB Therapeutics AB (publ), All rights reserved
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Contact: Kristina Torfgård, CEO, kristina.torfgard@irlab.se Nicholas Waters, EVP and Head of R&D, nicholas.waters@irlab.se Gustaf Albèrt, CFO, gustaf.albert@irlab.se IRLAB discovers and develops a portfolio of transformative treatments for all stages of Parkinson’s disease. The company originates from Nobel Laureate Prof Arvid Carlsson’s research group and the discovery of a link between brain neurotransmitter disorders and brain diseases. Mesdopetam (IRL790), under development for treating levodopa-induced dyskinesias, has completed Phase IIb and is in preparation for Phase III. Pirepemat (IRL752), currently in Phase IIb, is being evaluated for its effect on balance and fall frequency in Parkinson’s disease. IRL757, a compound being developed for the treatment of apathy in neurodegenerative disorders, is in Phase I. In addition, the company is also developing two preclinical programs, IRL942 and IRL1117, towards Phase I studies. IRLAB’s pipeline has been generated by the company’s proprietary systems biology-based research platform Integrative Screening Process (ISP). Headquartered in Sweden, IRLAB is listed on Nasdaq Stockholm (IRLAB A). Website: irlab.se | Follow us on LinkedIn >