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GHRS

GH Research PLC

GHRS

GH Research PLC • NASDAQ
$15.16 ▲ 2.78% (+0.41)
Market Cap $940.37 M
52w High $20.50
52w Low $6.72
Dividend Yield 0%
P/E -20.77
Volume 129.81K
Outstanding Shares 62.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $16.446M ▲ $-14.02M ▼ 0% $-0.23 ▼ $-13.91M ▼
Q2-2025 $0 $14.704M ▲ $-9.289M ▲ 0% $-0.15 ▲ $-9.198M ▲
Q1-2025 $0 $12.732M ▼ $-10.812M ▼ 0% $-0.19 ▼ $-10.726M ▼
Q4-2024 $0 $12.944M ▲ $-8.802M ▲ 0% $-0.17 ▲ $-8.714M ▲
Q3-2024 $0 $12.621M $-12.114M 0% $-0.23 $-12.023M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $288.507M ▼ $302.022M ▼ $10.625M ▲ $291.397M ▼
Q2-2025 $291.535M ▲ $313.428M ▼ $10.249M ▲ $303.179M ▼
Q1-2025 $291.347M ▲ $320.454M ▲ $10.24M ▲ $310.214M ▲
Q4-2024 $149.324M ▼ $188.273M ▼ $9.322M ▼ $178.951M ▼
Q3-2024 $150.037M $199.611M $10.245M $189.366M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.02M ▼ $-14.442M ▼ $10.439M ▼ $968.648K ▲ $-4.219M ▼ $-14.483M ▼
Q2-2025 $-9.289M ▲ $-8.967M ▼ $15.71M ▲ $-1.073M ▼ $8.919M ▼ $-9.026M ▼
Q1-2025 $-10.812M ▼ $-8.573M ▲ $11.838M ▼ $140.858M ▲ $144.163M ▲ $-8.577M ▲
Q4-2024 $-8.802M ▲ $-10.446M ▲ $21.331M ▲ $-59K ▲ $10.732M ▲ $-10.471M ▲
Q3-2024 $-12.114M $-12.307M $15.284M $-60K $2.928M $-12.311M

Five-Year Company Overview

Income Statement

Income Statement GH Research is still a pure R&D story with no product sales yet, so its income statement is entirely driven by research and operating expenses. Losses have been steady but relatively contained over the last few years, which suggests disciplined cost control for a clinical-stage biotech rather than aggressive spending. Earnings per share have moved deeper into negative territory as trials and development work expanded, which is typical at this stage and mainly reflects investment in the pipeline rather than operational underperformance.

Balance Sheet

Balance Sheet The balance sheet is simple and fairly clean. The company holds a meaningful amount of cash relative to its overall size and has no financial debt, which reduces balance-sheet risk. Assets are largely made up of cash, and equity remains positive, though it has been gradually eroded by ongoing losses. Overall, the company still looks funded for a period of continued development, but the trend points to an eventual need for fresh capital if no partnerships or revenues emerge.

Cash Flow

Cash Flow Cash flows show a consistent outflow from operating activities, driven by research and development and overhead, with virtually no spending on physical assets. Free cash flow is negative but relatively stable, indicating a predictable cash burn pattern rather than sudden spikes. This means the main cash question is how long existing resources can support trial progress before the company needs to raise new funds, a standard consideration for clinical-stage biotech firms.

Competitive Edge

Competitive Edge GH Research occupies a focused niche in psychedelic-based treatments for hard‑to‑treat depression, with an emphasis on ultra‑rapid symptom relief and a streamlined, single‑day treatment model. Its early clinical results look notably strong versus typical expectations in this space, which, if confirmed in larger trials, could support a differentiated position. A broad European patent around its core compound and formulations adds a potential moat, although legal disputes and pushback on patent claims, especially in the U.S., weaken the certainty of that protection. The company also faces an increasingly crowded competitive field in psychedelic mental health therapies, along with regulatory, reimbursement, and stigma hurdles common to this area.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of GH Research’s story. The company is building a family of products around the same active compound delivered in different ways—inhaleable, intravenous, and intranasal—which could allow tailored treatments for different settings and patient needs. Its lead candidate has already generated promising mid‑stage data in treatment‑resistant depression and early signals in related mood disorders, making the upcoming Phase 2b and later Phase 3 paths especially important. At the same time, the FDA clinical hold tied to the delivery device underscores that the development path is not straightforward; success depends not just on the molecule but also on getting the device, regulatory strategy, and manufacturing right.

Summary

GH Research is a classic early‑stage biotech: no commercial revenues yet, a manageable but persistent cash burn, and a balance sheet anchored by cash and no debt. The core value driver is its novel, rapid‑acting depression treatment platform, backed by encouraging early clinical data and meaningful, though contested, intellectual property. The main opportunities lie in confirming efficacy in larger trials, resolving regulatory holds, and broadening the pipeline across indications and delivery routes. The main risks are scientific (trial outcomes), regulatory (approvals and device issues), legal (IP disputes), and financial (eventual need to refill the cash buffer). How these factors evolve over the next couple of years will largely determine the company’s long‑term position and potential impact in treating severe depression.

NEWS

November 6, 2025 · 7:00 AM UTC

GH Research Reports Third Quarter 2025 Financial Results and Provides Business Updates

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October 9, 2025 · 7:00 AM UTC

GH Research Announces Novel Therapies Symposium Presentation and Posters at the 2025 ECNP Congress

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