GHRS GH Research PLC
Price Chart
Executive Summary
GH Research reported financial results for 2025, highlighted by a strong Phase 2b trial for GH001 in treatment-resistant depression (TRD), meeting its primary endpoint with a placebo-adjusted MADRS reduction of -15.5 points (p<0.0001). The company ended the year with $280.7 million in cash, up from $182.6 million in 2024, despite a wider net loss of $48.3 million. It is now seeking FDA alignment on a global Phase 3 program to replicate these results, with trial initiation targeted for 2026.
Key Financial Metrics
Actionable Insight
The robust Phase 2b data and FDA clearance de-risk the path to Phase 3, making GHRS a compelling speculative long ahead of FDA alignment discussions. Monitor for official Phase 3 initiation timeline and any updates on the proprietary aerosol device development. The strong cash position supports at least 2–3 years of operations without immediate dilution risk.
Key Facts
- Phase 2b trial of GH001 in TRD met primary endpoint: -15.5 MADRS reduction vs placebo at Day 8 (p<0.0001)
- 57.5% remission rate (MADRS ≤10) on GH001 at Day 8 vs 0% on placebo
- 73% remission rate at 6 months in open-label extension with infrequent retreatment
- No treatment-related serious adverse events or suicidal behavior observed
- Cash, cash equivalents, and marketable securities: $280.7 million as of Dec 31, 2025, up from $182.6 million in 2024
- Net loss widened to $48.3 million ($0.79/share) from $39.0 million ($0.75/share) in 2024
- R&D expenses increased to $38.8M from $35.0M; G&A rose to $22.0M from $15.3M
- FDA cleared GH001 for U.S. clinical investigation, enabling U.S. enrollment
Financial Impact
Cash position increased by $98.1 million year-over-year despite higher operating losses, indicating strong capital efficiency and funding runway. Net loss increased 24% YoY, driven by higher R&D and G&A, but remains manageable against cash balance.
Risk Factors
- Phase 3 trial design may differ from Phase 2b, potentially affecting outcome reproducibility
- FDA may not align on pivotal program design or could impose additional requirements
- Future capital raises could dilute shareholders, though not immediately necessary
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3250011 |
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May 14, 2026
4w ago
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424B5
| $22.21 $21.77 | ▲ +1.98% | ▲ +1.26% | $21.12 (+4.91%) |
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May 14, 2026
4w ago
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6-K
| $22.21 $21.77 | ▼ −1.98% | ▼ −1.26% | $21.12 (−4.91%) |
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May 14, 2026
4w ago
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Press Release
| $22.21 $21.77 | ▼ −1.98% | ▼ −1.26% | $21.12 (−4.91%) |
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May 13, 2026
4w ago
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6-K
| $22.21 $21.77 | ▲ +1.98% | ▲ +1.26% | $21.12 (+4.91%) |
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Apr 29, 2026
6w ago
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424B5
| $19.16 $21.28 | ▼ −11.06% | ▼ −7.95% | $21.12 (−10.23%) |
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Apr 1, 2026
10w ago
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3
| $14.57 $15.72 | ▲ +7.89% | ▲ +4.27% | $21.12 (+44.96%) |
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Mar 25, 2026
11w ago
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Press Release
| $13.65 $14.72 | ▲ +7.84% | ▲ +8.08% | $21.12 (+54.73%) |
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Mar 5, 2026
14w ago
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Press Release
| $15.17 $15.52 | ▲ +2.31% | ▲ +4.54% | $21.12 (+39.22%) |
US Market Status
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