GH Research PLC (GHRS)

Price$28.23Cached quoteAs of 2026-09-05 09:48 UTC

AI: Fair-priced

Price checkThe market already discounts real clinical promise, while substantial Phase 3 and commercialization risk remains.

GH Research PLC trades on Nasdaq as GHRS. Recent market data imply an equity value near $1.9 billion and an enterprise value around $1.5 billion after subtracting net cash. That is a meaningful valuation for a company with no product revenue, but GH001 has unusually strong mid-stage depression data and a clear late-stage path. The stock also sits toward the upper end of its 52-week range, so further upside increasingly depends on successful Phase 3 execution rather than simple balance-sheet re-rating.

Big pictureCash is strong today, but late-stage trials will raise spending before any commercial revenue arrives.

At June 30, GH Research held $362.7 million of cash, equivalents and marketable securities, with marketable securities invested in investment-grade bonds, while financial debt was negligible. First-half operating cash use was $25.7 million and second-quarter net loss was $15.1 million, giving substantial near-term liquidity at the current burn. Management nevertheless expects expenses to rise materially as clinical and device work advances. Depression demand itself is not very cyclical, but this stock is highly exposed to biotech funding cycles, regulatory milestones and trial readouts.

Business strengthGH001 combines strong randomized efficacy, short treatment sessions, regulatory progress and improving patent protection.

The 81-patient randomized Phase 2b trial met its primary endpoint with a 15.5-point placebo-adjusted MADRS improvement at Day 8; MADRS is a standard depression-severity scale. Day 8 remission was 57.5% with GH001 versus 0% with placebo, with no severe or serious adverse events in the controlled period. In July, FDA feedback indicated the chemistry, manufacturing, controls and inhalation-device plans appeared Phase 3 ready. U.S. and European patents also strengthened protection around mebufotenin use in depression.

What could change the storyPhase 3 replication could unlock major value; setbacks, competition or future dilution could erase it quickly.

The bull case assumes Phase 3 reproduces the large treatment effect, the brief psychoactive session translates into workable clinic economics, and regulators accept a differentiated rapid-acting TRD therapy. The bear case assumes efficacy shrinks in larger trials, safety or device requirements slow approval, or competitors win adoption first. Capital allocation is another swing factor: the April equity offering added about $111.2 million net, but increased the share count, and a $200 million at-the-market program remains available. More equity would extend runway but dilute existing owners.

AI: News

Phase 3 readiness advancesFDA feedback reduced a key development hurdle while cash remained ample for the planned pivotal program.

On August 6, GH Research reported second-quarter results and disclosed July written FDA feedback that its chemistry, manufacturing, controls and proprietary-device plans appeared ready for Phase 3. The company had also completed two Phase 1 studies supporting dose selection and U.S. development. Cash, equivalents and marketable securities totaled $362.7 million at June 30, while the quarter produced a $15.1 million net loss. Management continued to target Phase 3 initiation during 2026.

Postpartum data publishedPeer-reviewed postpartum data showed rapid remission, but the small open-label study still needs confirmation.

On June 4, GH Research announced publication of its Phase 2a postpartum-depression study in The Journal of Clinical Psychiatry. Ten patients received GH001 in an open-label, single-arm trial; all reached remission within two hours and remained in remission through Day 8, while no serious adverse events were reported. The result broadens the potential clinical story beyond treatment-resistant depression, but the tiny uncontrolled sample means larger randomized studies are necessary before assigning much standalone value.

Equity raise closesA large equity raise materially strengthened liquidity while reminding investors that clinical-stage growth can dilute ownership.

On April 30, GH Research completed an underwritten offering of 6,527,779 ordinary shares, generating about $111.2 million of net proceeds. Management said the funds would support clinical and technical development, pre-commercialization work, working capital and other corporate needs. The financing reduced near-term funding risk ahead of Phase 3, but it also expanded the share base. In May, the company added an at-the-market program allowing up to $200 million of additional equity sales, with none sold by June 30.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$0	$0	$0	$0	—	—	—
Research & development	$38.8M	$35.0M	$29.8M	$20.5M	$8.6M	$338,000	$296,000
Operating expenses	$60.7M	$50.3M	$41.2M	$30.6M	$15.1M	$446,000	$310,000
Operating income	−$60.7M	−$50.3M	−$41.2M	−$30.6M	−$15.1M	−$446,000	−$310,000
EBITDA	−$60.4M	−$50.0M	−$40.9M	−$30.5M	−$15.1M	−$446,000	−$310,000
Net income	−$48.3M	−$39.0M	−$35.6M	−$22.5M	−$9.2M	−$446,000	−$310,000
Basic EPSper basic share	-$0.79	-$0.75	-$0.68	-$0.43	-$0.21	-$0.02	-$0.01
Diluted EPSper diluted share	-$0.79	-$0.75	-$0.68	-$0.43	-$0.21	-$0.02	-$0.01

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of GHRS
Holder	Shares held
Schonharting Florian	14.82M
Lynx1 Capital Management LP	13.26M
BVF INC/IL	8.65M
RA CAPITAL MANAGEMENT, L.P.	7.64M
FMR LLC	5.98M
RTW INVESTMENTS, LP	5.93M
Deep Track Capital, LP	3.33M
Avoro Capital Advisors LLC	1.8M
Foresite Capital Management VI LLC	940.49K
Jefferies Financial Group Inc.	712.3K
BlackRock, Inc.	480.29K
UBS Group AG	477.41K
MILLENNIUM MANAGEMENT LLC	323.4K
BRAIDWELL LP	207.24K
BOOTHBAY FUND MANAGEMENT, LLC	202.1K
JANE STREET GROUP, LLC	169.95K
HighVista Strategies LLC	158.77K
Trexquant Investment LP	153.77K
GOLDMAN SACHS GROUP INC	148.67K
Halle Magnus Clemensen	118.35K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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