IRLAB Therapeutics AB 2024 AGM Report

On May 22, 2024, IRLAB Therapeutics AB convened its Annual General Meeting (AGM) in Gothenburg, Sweden. The meeting saw significant decisions being made concerning the company’s operations and governance.

Firstly, the AGM approved the income statements and balance sheets for the fiscal year 2023, including the consolidated versions. This acceptance ensures that the financial records accurately reflect the company's performance over the past year.

Regarding the allocation of the company’s earnings, it was decided that the total funds amounting to SEK 414,709,752 would be carried forward in their entirety, and no dividends would be disbursed for the 2023 financial year.

The AGM also resolved to discharge the board members and the managing director from liability for the actions conducted during the 2023 fiscal year. This decision clears them of any legal responsibility concerning their management of the company during that period.

In matters of election, the board members were re-elected, including Carola Lemne as Chair, and the appointment of Öhrlings PricewaterhouseCoopers AB (PwC) as the auditor was confirmed for the upcoming term. The re-elections signify continuity in the company’s leadership and auditing practices.

Remuneration for the board and auditor were also addressed. The Chair of the board will receive SEK 550,000, while other board members will get SEK 265,000 each. Additional remuneration was set for the audit and remuneration committees, with specific amounts allocated to committee chairs and members. Auditor's fees will be paid as per the invoices approved by the company.

The principles for the nomination committee's member appointments, which were established in the 2023 AGM, were reaffirmed with minor editorial adjustments. These principles will remain effective until further notice.

The remuneration report for 2023 was approved, providing a detailed account of how the remuneration guidelines were applied. This report includes the compensation of the CEO and details regarding the company's incentive programs, with no deviations from the established guidelines reported.

An amendment to the Articles of Association was adopted, permitting the board to decide on holding General Meetings digitally. This modernization facilitates broader participation and adaptability in future meetings.

The AGM authorized the board to issue new shares of series A, with subscription rights exclusively granted to Formue Nord Fokus A/S. This authorization aims to fulfill obligations under a loan agreement with Formue Nord, allowing up to 1,279,754 new shares to be issued at a specified price, with payments made through set-off claims.

Furthermore, the board received authorization to issue new shares, warrants, or convertibles up to 10,373,680 new shares, which could dilute existing shareholding by approximately 16.7%. This authorization will support financing the company's business operations, product development, acquisitions, and expanding the shareholder base.

Finally, comprehensive minutes and complete resolutions from the AGM will be available on the company's website, ensuring transparency and accessibility for shareholders and stakeholders.

IRLAB Therapeutics AB, rooted in Nobel Laureate Prof Arvid Carlsson's research, focuses on developing treatments for various stages of Parkinson's disease. Their projects include Mesdopetam (IRL790) and Pirepemat (IRL752), with promising progress in clinical stages. The company leverages its proprietary research platform, the Integrative Screening Process (ISP), and is listed on Nasdaq Stockholm.

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