With the rapid expansion of the Internet of Things, the efficient sharing of the wireless medium by a large amount of simple transmitters is becoming essential. Scheduling-based solutions are inefficient for this setting, where small data units are broadcast sporadically by terminals that most of the time are idle. Modern random access has embraced the challenge and provides suitable slot-synchronous and asynchronous multiple access solutions based on replicating the packets and exploiting successive interference cancellation (SIC) at the receiver. In this work, we focus on asynchronous modern random access. Specifically, we derive an analytical approximation of the performance of irregular repetition ALOHA (IRA) in the so-called error floor region. Numerical results show the tightness of the derived approximation under various scenarios.