GH Research (NASDAQ: GHRS) CEO reports sizeable option grants and vesting

Rhea-AI Filing Summary

GH Research PLC Chief Executive Officer Velichka Valcheva reported her existing holdings of share options over the company’s ordinary shares. These options cover 50,000 underlying shares at an exercise price of $10.83 per share expiring on August 22, 2031, and 35,000 underlying shares at $7.59 per share expiring on February 1, 2032.

She also holds two larger grants, each over 300,000 underlying ordinary shares with a $0.025 exercise price, expiring on November 25, 2031, and May 16, 2032. For each grant, 25% vested on a specified date, with the remaining 75% vesting in equal monthly installments over three years.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Valcheva Velichka

Role Chief Executive Officer

Type	Security	Shares	Price	Value
holding	Share Options (Right to Buy)	--	--	--
holding	Share Options (Right to Buy)	--	--	--
holding	Share Options (Right to Buy)	--	--	--
holding	Share Options (Right to Buy)	--	--	--

Holdings After Transaction: Share Options (Right to Buy) — 50,000 shares (Direct)

Footnotes (1)

1. The share options vested as to 25% on August 22, 2024, and the remaining share options vest in equal monthly installments for three years thereafter. The share options vested as to 25% on February 1, 2025, and the remaining share options vest in equal monthly installments for three years thereafter. The share options vested as to 25% on November 25, 2025, and the remaining share options vest in equal monthly installments for three years thereafter. The share options vested as to 25% on May 16, 2026, and the remaining share options vest in equal monthly installments for three years thereafter.

Key Figures

Option grant 1: 50,000 shares at $10.83 Option grant 2: 35,000 shares at $7.59 Option grant 3: 300,000 shares at $0.025 +4 more

7 metrics

Option grant 1 50,000 shares at $10.83 Exercise price; expiration August 22, 2031

Option grant 2 35,000 shares at $7.59 Exercise price; expiration February 1, 2032

Option grant 3 300,000 shares at $0.025 Exercise price; expiration November 25, 2031

Option grant 4 300,000 shares at $0.025 Exercise price; expiration May 16, 2032

Total underlying shares 685,000 shares Underlying ordinary shares across all reported options

Initial vesting for grant 1 25% on August 22, 2024 Remaining 75% vests monthly over three years

Initial vesting for grant 2 25% on February 1, 2025 Remaining 75% vests monthly over three years

Key Terms

Share Options (Right to Buy), Ordinary Shares, vested as to 25%, equal monthly installments, +1 more

5 terms

Share Options (Right to Buy) financial

"security_title: "Share Options (Right to Buy)""

Ordinary Shares financial

"underlying_security_title: "Ordinary Shares""

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

vested as to 25% financial

"The share options vested as to 25% on August 22, 2024"

equal monthly installments financial

"remaining share options vest in equal monthly installments for three years thereafter"

exercise price financial

"conversion_or_exercise_price: "10.8300""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Valcheva Velichka

(Last) (First) (Middle)

C/O GH RESEARCH PLC, JOSHUA DAWSON HOUSE

DAWSON STREET

(Street)

DUBLIN D02 RY95

(City) (State) (Zip)

IRELAND

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
GH Research PLC [ GHRS ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share Options (Right to Buy)	(1)	08/22/2031	Ordinary Shares	50,000	$10.83	D
Share Options (Right to Buy)	(2)	02/01/2032	Ordinary Shares	35,000	$7.59	D
Share Options (Right to Buy)	(3)	11/25/2031	Ordinary Shares	300,000	$0.025	D
Share Options (Right to Buy)	(4)	05/16/2032	Ordinary Shares	300,000	$0.025	D

Explanation of Responses:

1. The share options vested as to 25% on August 22, 2024, and the remaining share options vest in equal monthly installments for three years thereafter.

2. The share options vested as to 25% on February 1, 2025, and the remaining share options vest in equal monthly installments for three years thereafter.

3. The share options vested as to 25% on November 25, 2025, and the remaining share options vest in equal monthly installments for three years thereafter.

4. The share options vested as to 25% on May 16, 2026, and the remaining share options vest in equal monthly installments for three years thereafter.

	/s/ Velichka Valcheva	04/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the GHRS Form 3 filing show about the CEO’s holdings?

The Form 3 shows GH Research CEO Velichka Valcheva holds several share option grants over ordinary shares. These include smaller tranches at higher exercise prices and two large 300,000-share grants at $0.025, all with long-dated expirations and time-based vesting schedules.

How many GHRS shares are covered by the CEO’s reported share options?

The CEO’s reported share options cover 685,000 underlying ordinary shares in total. This includes 50,000 shares at $10.83, 35,000 at $7.59, and two separate 300,000-share grants at $0.025, each with its own expiration date and vesting terms.

What are the exercise prices of Velichka Valcheva’s GH Research share options?

Velichka Valcheva’s options have exercise prices of $10.83, $7.59, and $0.025 per share. The higher-priced options relate to smaller grants, while the two 300,000-share grants carry the lowest $0.025 exercise price, potentially offering greater leverage if the stock trades significantly higher.

When do the GHRS CEO’s reported share options expire?

The reported options expire between 2031 and 2032. The 50,000-share grant expires on August 22, 2031, one 300,000-share grant on November 25, 2031, the 35,000-share grant on February 1, 2032, and the second 300,000-share grant on May 16, 2032.

How do Velichka Valcheva’s GH Research options vest over time?

Each option grant vests 25% on a specific initial vesting date, then the remaining 75% in equal monthly installments over three years. This structure encourages longer-term service, as full vesting occurs gradually and is tied to continued tenure after the first vesting date.