GH Research Reports First Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
GH Research (Nasdaq: GHRS) reported Q1 2026 financial results and a clinical update. Phase 2b TRD data for GH001 were published in JAMA Psychiatry, with Day 8 remission rates of 53.9%-63.6% across subgroups. Enrolment in two Phase 1 studies (GH001-HV-106, GH001-HV-109) was completed and doses for the planned global Phase 3 TRD program were selected. The company is seeking FDA alignment and continues to target Phase 3 initiation in late 2026.
As of March 31, 2026, cash, cash equivalents and marketable securities were $267.3 million, with an additional $111.2 million in net cash proceeds received from an April 2026 underwritten offering. Q1 2026 R&D expenses were $12.4 million, G&A expenses were $6.4 million, and net loss was $19.0 million, or $0.31 per share.
Positive
- Phase 2b TRD results for GH001 published in JAMA Psychiatry with 53.9%-63.6% Day 8 remission rates
- Enrolment completed in GH001-HV-106 aerosol delivery device Phase 1 study; Phase 3 doses selected
- Enrolment completed in US IND-opening Phase 1 trial GH001-HV-109
- Targeted initiation of global GH001 Phase 3 pivotal TRD program in late 2026
- Cash, cash equivalents and marketable securities of $267.3 million at March 31, 2026
- Additional $111.2 million in net cash proceeds from April 2026 underwritten offering
Negative
- Cash, cash equivalents and marketable securities declined from $280.7 million to $267.3 million during Q1 2026
- R&D expenses increased to $12.4 million from $7.9 million year-over-year
- G&A expenses increased to $6.4 million from $4.9 million year-over-year
- Net loss widened to $19.0 million ($0.31 per share) from $10.8 million ($0.19 per share)
News Market Reaction – GHRS
On the day this news was published, GHRS gained 1.51%, reflecting a mild positive market reaction. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $21M to the company's valuation, bringing the market cap to $1.44B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 05 | Full-year results | Positive | -5.1% | Full-year 2025 results with strong cash and Phase 2b success in TRD. |
| Nov 06 | Q3 2025 earnings | Positive | -1.3% | Q3 2025 update with positive Phase 2b data and solid cash balance. |
| Aug 07 | Q2 2025 earnings | Positive | -0.4% | Q2 2025 results plus strong GH001 Phase 2b remission data and cash. |
| May 08 | Q1 2025 earnings | Positive | +5.2% | Q1 2025 results with Phase 2b success and solid cash position. |
| Feb 27 | Full-year 2024 | Neutral | -2.9% | Full-year 2024 update with trial progress but widening annual net loss. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across the last five earnings-style releases, shares often reacted modestly negative despite generally positive clinical and cash updates, with only one clearly positive post-earnings move.
Over the past year, GH Research’s earnings updates have paired solid cash balances with steady progress on GH001 for treatment-resistant depression. Prior releases highlighted cash between $182.6M and $315.3M, repeated Phase 2b success with strong MADRS-based remission, and plans for a global Phase 3 program in 2026. Yet, four of five earnings events saw small to moderate share price declines, framing today’s Q1 2026 results and business update within a history of cautious market reactions.
Key Terms
phase 2b medical
treatment-resistant depression medical
phase 3 pivotal medical
post-hoc analysis medical
anhedonia medical
bipolar II depression medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Phase 2b results in TRD published in JAMA Psychiatry
- GH001-HV-106 study enrolment completed; doses selected for the global Phase 3 pivotal program of GH001 in TRD
- GH001-HV-109 US IND-opening study enrolment completed
- Cash, cash equivalents and marketable securities of
$267.3 million as of March 31, 2026 - Net cash proceeds of an additional
$111.2 million from underwritten offering received in April 2026
DUBLIN, May 14, 2026 (GLOBE NEWSWIRE) -- GH Research PLC (Nasdaq: GHRS), a clinical-stage biopharmaceutical company dedicated to transforming the lives of patients by developing a practice-changing treatment in depression, today reported financial results for the quarter ended March 31, 2026, and provided a business update.
Business Updates
Scientific Presentations and Publications
In March 2026, the results of our Phase 2b trial in TRD (GH001-TRD-201) were published in JAMA Psychiatry. A post-hoc analysis reported alongside the publication demonstrated efficacy independent of the number of prior antidepressant treatment failures, with Day 8 remission rates of
In January 2026, data from our clinical trials in TRD and bipolar II depression were presented in three posters at the 64th Annual Meeting of the American College of Neuropsychopharmacology (ACNP).
An additional three posters have been accepted to the American Society of Clinical Psychopharmacology (ASCP) Annual Meeting 2026 in Miami (May 26–29), featuring data from our Phase 2b trial in TRD (GH001-TRD-201), including the post-hoc analysis of efficacy by prior antidepressant failure, secondary endpoints covering anxiety and quality of life, and impact on anhedonia.
Proprietary Aerosol Delivery Device Study and Dose Selection
We have completed enrolment in our Phase 1 clinical pharmacology trial in the UK, evaluating our proprietary aerosol delivery device for administration of GH001 in healthy volunteers (GH001-HV-106). We have selected the doses for our global Phase 3 pivotal program based on the results from this trial.
IND-Opening Study for GH001 in the United States
We have completed enrolment in our IND-opening Phase 1 trial of GH001 in healthy volunteers (GH001-HV-109) in the United States.
Global Pivotal Program Plans
We are seeking FDA alignment on the global Phase 3 pivotal program, which is intended to replicate the Phase 2b design. We continue to target initiation of our global pivotal program in late 2026.
“The first quarter of 2026 marks progress as planned toward our global GH001 Phase 3 pivotal program,” said Dr. Velichka Valcheva, Chief Executive Officer.
First Quarter 2026 Financial Highlights
Cash position
Cash, cash equivalents and marketable securities were
Research and development expenses
R&D expenses were
General and administrative expenses
G&A expenses were
Net loss
Net loss was
About GH Research PLC
GH Research PLC is a clinical-stage biopharmaceutical company dedicated to transforming the lives of patients by developing a practice-changing treatment in depression. GH Research PLC’s initial focus is on developing its novel and proprietary mebufotenin therapies for the treatment of patients with TRD.
About GH001
Our lead product candidate, GH001, is formulated for mebufotenin administration via a proprietary inhalation approach. Based on the observed clinical activity in our Phase 2b GH001-TRD-201 trial, where the primary endpoint was met with a Montgomery-Åsberg Depression Rating Scale (MADRS) reduction from baseline of -15.5 points compared with placebo on Day 8 (p<0.0001), we believe that GH001 has the potential to change the way TRD is treated today.
Forward-Looking Statements
This press release contains statements that are, or may be deemed to be, forward-looking statements. All statements other than statements of historical fact included in this press release, including statements regarding our plans and expectations with respect to the initiation, timing, progress and design of our global Phase 3 pivotal program for GH001; our plans and expectations with respect to seeking FDA alignment on the pivotal program design; our plans and expectations with respect to progressing development of GH002 including with respect to the timing, scope and likelihood of IND submission and approval with the FDA; our future results of operations and financial position, business strategy, product candidates, medical devices required to deliver these product candidates, research pipeline, ongoing and currently planned nonclinical studies and clinical trials, regulatory submissions and approvals and their effects on our business strategy, our expectations related to commencing trials in the United States, research and development costs, cash runway, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, the risk that we may not be able to initiate or complete our global Phase 3 pivotal program for GH001 on the timelines we are targeting or at all; the risk that we may not obtain FDA alignment on the pivotal program design on favorable terms or at all; the risk that future clinical trials of GH001 or clinical trials of GH002 or other product candidates we propose in future INDs are placed on clinical hold by the FDA; the risk that we may not be able to submit an IND for GH002, or to commence clinical trials in the United States on the timelines we are targeting; and those other risks described in our filings with the U.S. Securities and Exchange Commission from time to time. No assurance can be given that such future results, plans, or expectations or targets will be achieved. Such forward-looking statements contained in this press release speak only as of the date hereof. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this press release to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
Investor Relations
Julie Ryan
GH Research PLC
investors@ghres.com
| GH RESEARCH PLC Condensed Consolidated Interim Statement of Comprehensive Loss (Unaudited) (in thousands, except share and per share amounts) | ||
| Three months ended March 31, | ||
| 2026 | 2025 | |
| $’000 | $’000 | |
| Operating expenses | ||
| Research and development | (12,379) | (7,852) |
| General and administration | (6,370) | (4,880) |
| Loss from operations | (18,749) | (12,732) |
| Finance income | 2,194 | 2,759 |
| Finance expense | (84) | (178) |
| Movement of expected credit loss | 1 | (19) |
| Foreign exchange loss | (2,329) | (642) |
| Total other (loss)/income | (218) | 1,920 |
| Loss before tax | (18,967) | (10,812) |
| Tax charge/(credit) | - | - |
| Loss for the period | (18,967) | (10,812) |
| Other comprehensive income/(expense) | ||
| Items that may be reclassified to profit or loss | ||
| Fair value movement on marketable securities | (84) | 60 |
| Currency translation adjustment | 822 | 532 |
| Total comprehensive loss for the period | (18,229) | (10,220) |
| Attributable to owners: | ||
| Loss for the period | (18,967) | (10,812) |
| Total comprehensive loss for the period | (18,229) | (10,220) |
| Loss per share | ||
| Basic and diluted loss per share (in USD) | (0.31) | (0.19) |
| GH RESEARCH PLC Condensed Consolidated Interim Balance Sheet (Unaudited) (in thousands) | ||
| At March 31, | At December 31, | |
| 2026 | 2025 | |
| $’000 | $’000 | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 242,652 | 246,251 |
| Marketable securities | 24,673 | 34,457 |
| Other current assets | 4,907 | 5,268 |
| Total current assets | 272,232 | 285,976 |
| Non-current assets | ||
| Property, plant and equipment | 580 | 620 |
| Other non-current assets | 2,455 | 1,634 |
| Total non-current assets | 3,035 | 2,254 |
| Total assets | 275,267 | 288,230 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Trade payables | 5,212 | 3,773 |
| Lease liability | 357 | 365 |
| Other current liabilities | 6,246 | 4,242 |
| Total current liabilities | 11,815 | 8,380 |
| Non-current liabilities | ||
| Lease liability | 75 | 147 |
| Total non-current liabilities | 75 | 147 |
| Total liabilities | 11,890 | 8,527 |
| Equity attributable to owners | ||
| Share capital | 1,551 | 1,551 |
| Additional paid-in capital | 431,133 | 431,061 |
| Other reserves | 14,876 | 13,292 |
| Foreign currency translation reserve | (10,954) | (11,776) |
| Accumulated deficit | (173,229) | (154,425) |
| Total equity | 263,377 | 279,703 |
| Total liabilities and equity | 275,267 | 288,230 |
