Core Insights - GH Research PLC (NASDAQ:GHRS) is recognized as a leading psychedelic stock for investment in 2026, focusing on developing psychedelic medicines for conditions such as depression and bipolar II disorder [1] Financial Performance - In 2025, GH Research reported R&D expenditures of $38.8 million and general and administrative expenses of $22.0 million, ending the year with $280.7 million in cash, cash equivalents, and marketable securities [4] Clinical Progress - The company completed a Phase 2b trial of its lead drug candidate GH001 for treatment-resistant depression, achieving its primary endpoint, and is now advancing to a global Phase 3 study while seeking FDA alignment on the study design [5] - GH Research also completed a Phase 1 study for its other drug candidate, GH002, in healthy volunteers [5] Analyst Ratings - Guggenheim raised its price target for GH Research from $29 to $34, maintaining a Buy rating based on the company's financial results and clinical updates [3]

Core Viewpoint - GH Research PLC has reported significant progress in its clinical development of GH001 for treatment-resistant depression (TRD), with promising Phase 2b trial results and a strong financial position as of the end of 2025 [1][2][5]. Business Update - The company completed its Phase 2b trial of GH001 in TRD and presented the full dataset at major conferences in 2025 [2]. - GH Research is seeking FDA alignment for its global Phase 3 pivotal program, which aims to replicate the Phase 2b study [2]. Clinical Trial Results - The Phase 2b trial achieved its primary endpoint with a placebo-adjusted Montgomery-Åsberg Depression Rating Scale (MADRS) reduction of -15.5 points at Day 8 (p<0.0001) [3]. - 57.5% of patients on GH001 achieved remission (MADRS ≤10) at Day 8 compared to 0% on placebo [3]. - The open-label extension showed a 73% remission rate at six months with infrequent retreatment visits and no mandated psychotherapy [3]. - Safety results were favorable, with no treatment-related serious adverse events reported [3]. Financial Highlights - As of December 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $280.7 million, up from $182.6 million in 2024 [5]. - Research and development expenses increased to $38.8 million in 2025 from $35.0 million in 2024, primarily due to technical development and employee expenses [6]. - General and administrative expenses rose to $22.0 million in 2025 from $15.3 million in 2024, driven by increased professional fees and employee expenses [7]. - The net loss for 2025 was $48.3 million, or $0.79 per share, compared to a net loss of $39.0 million, or $0.75 per share, in 2024 [8]. Product Development - GH001 is formulated for mebufotenin administration via a proprietary inhalation approach, with the potential to change TRD treatment [10]. - The company is also developing GH002, a mebufotenin product candidate for intravenous administration, having completed a Phase 1 trial in healthy volunteers [11].

Ultra-Rapid, Durable Remission in TRD with Minimal Clinic Burden GH Research PLC (Nasdaq: GHRS) March 2026 2026© GH Research PLC 1 Disclaimer Regarding Forward-Looking Statements This presentation has been prepared by GH Research PLC ("GH Research"). Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or GH Research or any director, employee, agent, or adviser of GH Research. This presentation does not purport to be all-inclusive ...

Core Insights - GH Research PLC reported financial results for Q3 2025, highlighting advancements in their treatment for depression and ongoing engagement with the FDA regarding their Investigational New Drug Application for GH001 [1][2]. Business Updates - GH001 Update: The company is addressing the last remaining topic from the FDA's clinical hold on their IND for GH001, with ongoing communication with the FDA [2]. - Phase 2b TRD Data: The full dataset from the Phase 2b clinical trial of GH001 in treatment-resistant depression (TRD) was reported, showing a significant reduction in depression scores [3][12]. - Remission Rate: The trial confirmed a 73% remission rate at 6 months with no serious adverse events reported during the trial [4][5]. Financial Highlights - Cash Position: As of September 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $293.9 million, an increase from $182.6 million at the end of 2024 [7][17]. - R&D Expenses: Research and development expenses for Q3 2025 were $10.6 million, up from $8.4 million in Q3 2024, primarily due to increased technical development costs [7][9]. - G&A Expenses: General and administrative expenses rose to $6.0 million in Q3 2025 from $4.2 million in Q3 2024, attributed to higher professional fees and employee expenses [10]. - Net Loss: The net loss for Q3 2025 was $14.0 million, or $0.23 per share, compared to a loss of $12.1 million, or $0.23 per share, in the same quarter of 2024 [10][16].

Core Insights - GH Research PLC is focused on developing innovative treatments for depression, particularly treatment-resistant depression (TRD) [15][16] - The company reported significant progress in its clinical trials, particularly with its lead product candidate GH001, which demonstrated a substantial reduction in depression scores [4][16] Business Updates - The FDA has communicated regarding the clinical hold on the Investigational New Drug Application (IND) for GH001, with only one topic remaining to be addressed [2] - A Phase 1 clinical trial for GH001 using a proprietary aerosol delivery device is ongoing in the UK, aimed at supporting the global program for GH001 [3] - The Phase 2b trial for GH001 in TRD met its primary endpoint with a significant placebo-adjusted reduction of -15.5 points in the Montgomery-Åsberg Depression Rating Scale (MADRS) [4][16] - An open-label extension analysis confirmed a 73% remission rate at 6 months with no serious adverse events reported [5][6][8] Financial Highlights - As of June 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $308.7 million, an increase from $182.6 million at the end of 2024 [11] - Research and development expenses for Q2 2025 were $9.0 million, a decrease from $9.8 million in the same quarter of 2024 [12] - General and administrative expenses rose to $5.7 million in Q2 2025 from $3.5 million in Q2 2024, primarily due to increased professional fees and employee expenses [13] - The net loss for Q2 2025 was $9.3 million, or $0.15 loss per share, compared to a net loss of $10.4 million, or $0.20 loss per share, in Q2 2024 [14] Future Plans - The company is on track to initiate its global pivotal program for GH001 in 2026 [10][8] - Plans for submitting an IND for GH002, another product candidate, are expected in Q4 2025 following a successful Phase 1 trial [9]

Core Insights - GH Research PLC is focused on developing innovative treatments for depression, particularly targeting treatment-resistant depression (TRD) [12] GH001 Update - The company submitted a complete response to the FDA regarding the clinical hold on its Investigational New Drug Application (IND) for GH001, with only one hold topic remaining related to respiratory tract histology findings in rats [2][3] - The primary endpoint of the Phase 2b clinical trial for GH001 was met, showing a significant placebo-adjusted reduction of -15.5 points in the Montgomery-Åsberg Depression Rating Scale (MADRS) total score on Day 8 (p<0.0001) [4][12] - The full analysis of the open-label extension (OLE) phase confirmed a 73% remission rate at 6 months, with 57.5% of patients achieving remission by Day 8 and 90% of those remaining in remission at month 6 [5][10] - Safety analysis indicated that 100% of patients from the double-blind part continued in the OLE, with no treatment-related serious adverse events reported [6][10] GH002 Update - GH Research PLC completed a Phase 1, dose-ranging clinical pharmacology trial of GH002, which was well-tolerated with no severe adverse events and demonstrated ultra-rapid psychoactive effects [8] - The pharmacokinetic profile of GH002 was found to be equivalent to that of GH001, with plans to submit an IND for GH002 in Q4 2025 [8] Global Pivotal Program Plans - The company is on track to initiate its global pivotal program in 2026, with planning ongoing since Q1 2025 [11][10] - A steering committee with key opinion leaders (KOLs) has been established to review Phase 2b results and assist in the design of the pivotal program [14]

Core Insights - GH Research PLC reported financial results for Q1 2025, highlighting significant advancements in its clinical trials for GH001, a treatment for treatment-resistant depression (TRD) [1][9]. Business Updates - The Phase 2b trial of GH001 in 81 patients with TRD has completed, achieving its primary endpoint with a significant placebo-adjusted reduction of -15.5 on the Montgomery-Åsberg Depression Rating Scale (MADRS) by Day 8 [2][3]. - A 57.5% remission rate was observed in patients treated with GH001 on Day 8, compared to 0% in the placebo group [3]. - Safety analysis for the open-label extension (OLE) has not been completed, but as of January 22, 2025, no serious adverse events (SAEs) were reported [4]. - In the OLE, 77.8% of completers were in remission at the 6-month visit, with a 91.7% remission rate for those who achieved remission on Day 8 [4]. - The company is preparing to submit a full response to the FDA regarding the clinical hold on the Investigational New Drug Application (IND) for GH001, with submission expected in mid-2025 [6][7]. Financial Highlights - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $315.3 million, up from $182.6 million as of December 31, 2024 [10]. - Gross proceeds from a public offering in Q1 2025 amounted to $150 million [10]. - Research and development expenses for Q1 2025 were $7.9 million, a decrease from $8.7 million in the same quarter of 2024 [11]. - General and administrative expenses increased to $4.9 million in Q1 2025 from $2.9 million in Q1 2024 [12]. - The net loss for Q1 2025 was $10.8 million, or $0.19 loss per share, compared to a net loss of $7.7 million, or $0.15 loss per share, in Q1 2024 [12]. Clinical Development - GH001 is being developed for various indications, including bipolar II disorder and postpartum depression, with ongoing proof-of-concept trials [5]. - The Phase 1 clinical pharmacology trial for GH001 using a proprietary aerosol delivery device is ongoing in the UK [8].

Core Insights - GH Research PLC reported financial results for the year ended December 31, 2024, and provided updates on its clinical programs and financial position [1] Business Updates - GH001, an inhalable mebufotenin product candidate, is in a Phase 2b trial for treatment-resistant depression (TRD) involving approximately 80 patients [2] - The trial met its primary endpoint with a significant placebo-adjusted reduction of -15.5 in the Montgomery-Åsberg Depression Rating Scale (MADRS) on Day 8 (p<0.0001) [3] - A 57.5% remission rate was observed in patients treated with GH001 on Day 8 compared to 0% in the placebo group (p<0.0001) [3] - Safety analysis for the ongoing open-label extension (OLE) has not been completed, but as of January 22, 2025, 77.8% of OLE completers were in remission at the 6-month visit [4] - The Phase 1 trial for the proprietary aerosol delivery device is ongoing in the UK [5] Regulatory Updates - The Investigational New Drug Application (IND) for GH001 was placed on clinical hold by the FDA, which requested additional inhalation toxicology studies and device design verification [6] - The company has completed the requested inhalation toxicology studies, showing no adverse findings in the respiratory tract of dogs [7][9] - A full response to the IND hold is on track for submission in mid-2025 [10] Clinical Trials - Two Phase 2a proof-of-concept trials for GH001 in postpartum depression (PPD) and bipolar II disorder (BDII) have been completed [11] - The PPD trial met its primary endpoint with a MADRS reduction of -35.4 points (96.3%) on Day 8, with 100% of patients in remission [12] - The BDII trial also met its primary endpoint with a MADRS reduction of -16.8 points (51.9%) on Day 8, with 33.3% of patients in remission [13] Financial Highlights - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $182.6 million, down from $222.7 million in 2023 [14] - Research and development expenses increased to $35.0 million in 2024 from $29.8 million in 2023, primarily due to clinical development activities [15] - General and administrative expenses rose to $15.3 million in 2024 from $11.4 million in 2023, driven by higher professional fees and increased headcount [16] - The net loss for 2024 was $39.0 million, or $0.75 loss per share, compared to a net loss of $35.6 million, or $0.68 loss per share, in 2023 [17]