0001140361-26-021153
SEC filingGH Research PLC reported Q1 2026 net loss of $19.0 million with increased R&D expenses, completed key GH001 clinical trial enrollments, and held $267.3 million in cash and marketable securities as of March 31, 2026.
GH Research PLC, a clinical-stage biopharmaceutical company focused on mebufotenin therapies for treatment-resistant depression (TRD), reported widening losses in Q1 2026 amid ramped-up investment in its lead candidate GH001. Net loss expanded to $19.0 million ($0.31 per share) from $10.8 million ($0.19 per share) year-over-year, driven by a 57% surge in R&D expenses to $12.4 million, primarily from GH001 technical development, clinical trial costs, and employee expenses, partially offset by lower nonclinical spending. GH001-specific R&D rose $3.3 million, reflecting progress toward Phase 3, while expenses for GH002 declined. G&A costs climbed 31% to $6.4 million due to elevated professional fees supporting growth. Despite higher opex, net finance income of $2.1 million and a $2.3 million FX loss shaped the bottom line. Cash reserves stood robust at $267.3 million (cash $242.7M + marketable securities $24.7M), down from $280.7 million year-end, bolstered by $111.2 million net proceeds from an April ordinary share offering. Operating cash burn increased to $10.7 million from $8.6 million. Key milestones included completing enrollment in the UK Phase 1 GH001-HV-106 trial for the proprietary aerosol device, selecting Phase 3 doses, finishing the US IND-opening GH001-HV-109 study, and publishing Phase 2b GH001-TRD-201 results in JAMA Psychiatry, highlighting 53.9%-63.6% Day 8 remission rates across subgroups. The company targets FDA alignment and late-2026 initiation of a global Phase 3 program replicating the Phase 2b design, with sufficient liquidity for at least 12 months.