GH Research PLC(GHRS) - 2025 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2025, GH Research reported a loss from operations of $16,565,000, compared to a loss of $12,621,000 for the same period in 2024, representing a 31.5% increase in losses year-over-year[1] - Total comprehensive loss for the nine months ended September 30, 2025, was $33,250,000, compared to $30,014,000 for the same period in 2024, an increase of 7.4%[1] - The company reported a basic and diluted loss per share of $0.56 for the nine months ended September 30, 2025, compared to $0.58 for the same period in 2024[1] - Loss attributable to shareholders for the three months ended September 30, 2025, was $14,020,000, compared to $12,114,000 for the same period in 2024[52] - For the nine months ended September 30, 2025, the loss attributable to shareholders was $34,121,000, compared to $30,159,000 for the same period in 2024[52] - Basic and diluted loss per share for the three months ended September 30, 2025, remained at $(0.23), consistent with the same period in 2024[52] - Basic and diluted loss per share for the nine months ended September 30, 2025, was $(0.56), slightly improved from $(0.58) in 2024[52] Revenue and Expenses - Research and development expenses for the nine months ended September 30, 2025, were $27,377,000, up from $26,810,000 in 2024, indicating a 2.1% increase[1] - For the three months ended September 30, 2025, total operating expenses were $16.6 million, an increase of 31% compared to $12.6 million for the same period in 2024[27] - Research and development expenses for the nine months ended September 30, 2025, were $27.4 million, slightly up from $26.8 million in the same period of 2024[27] - The company recognized $0.9 million and $2.5 million in research and development tax credits for the three and nine months ended September 30, 2025, respectively, compared to $1.2 million and $2.0 million for the same periods in 2024[21] - The company incurred cash flows used in operating activities of $39,439,000 for the nine months ended September 30, 2025, compared to $35,907,000 for the same period in 2024, reflecting an increase of 7.1%[6] Assets and Equity - Cash and cash equivalents increased significantly to $249,654,000 as of September 30, 2025, compared to $100,791,000 at the end of 2024, reflecting a 147.5% increase[2] - Total assets rose to $302,022,000 as of September 30, 2025, from $188,273,000 at December 31, 2024, marking a 60.4% increase[2] - The total equity attributable to owners increased to $291,397,000 as of September 30, 2025, from $178,951,000 at December 31, 2024, representing a 62.7% increase[2] - As of September 30, 2025, Other Reserves within equity increased to $10.5 million from $4.9 million as of December 31, 2024[50] Shareholder Information - The total number of outstanding shares increased to 62,029,395 as of September 30, 2025, from 52,028,145 at December 31, 2024[41] - The weighted average number of shares in issue increased to 62,029,395 for the three months ended September 30, 2025, from 52,028,145 in 2024[52] - The weighted average exercise price of share options outstanding as of September 30, 2025, was $3.75, with 2,564,414 awards remaining[46] - The expense for share options recognized during the three months ended September 30, 2025, was $2.3 million, compared to $0.3 million for the same period in 2024[50] Financing Activities - The company completed a public offering on February 6, 2025, raising net proceeds of $139.8 million by issuing 10,000,000 ordinary shares at $15.00 per share[9] - The company completed a public offering on February 6, 2025, issuing 10 million shares at $15.00 per share, resulting in net proceeds of $139.8 million[40] Other Financial Information - Marketable securities held by the company amounted to $44,231,000 as of September 30, 2025, down from $62,446,000 at December 31, 2024[15] - Finance income for the nine months ended September 30, 2025, was $8.6 million, compared to $7.8 million for the same period in 2024[32] - The company reported a foreign exchange gain of $1.6 million for the nine months ended September 30, 2025, compared to a loss of $0.1 million for the same period in 2024[30] Compliance and Events - There were no related party transactions with a material effect on the financial position or performance of the Group during the period[51] - No events after the reporting date required disclosure in the Group's consolidated financial statements[53]