When the IR code is a valid RC5, RC5x or Nec code, it is possible to convert it to its Raw code representation.
Right-click on the IR Code text field and select Convert to raw.
Some codes (RC5 and RC5x) require a toggle bit.
If you did not specify a fixed value in the preferences, a dialog opens asking you the toggle bit value in order for the conversion to proceed.
When a raw code is recognized as representing an RC5 code, it appears in green in the IR Code text field and can then be converted to canonical format.
Right-click on the IR Code text field and select Convert to canonical.