GH Research PLC received an updated ownership disclosure showing that investment manager Lynx1 Capital Management LP and Weston Nichols together beneficially own 10,406,575 ordinary shares. This represents 16.8% of GH Research’s ordinary shares, based on 62,029,395 shares outstanding as of September 30, 2025.
The shares are held through the Lynx1 Master Fund LP and a managed account, with Lynx1 and Nichols sharing voting and dispositive power over the stake. They certify that the position was not acquired to change or influence control of GH Research, indicating a passive investment intent under Schedule 13G rules.
Positive
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Insights
Lynx1 and Weston Nichols disclose a sizable but passive 16.8% stake in GH Research.
Lynx1 Capital Management LP and Weston Nichols report beneficial ownership of 10,406,575 GH Research ordinary shares, equal to 16.8% of the class based on 62,029,395 shares outstanding as of September 30, 2025. Voting and dispositive power are shared, concentrated in a single institutional complex.
The filing uses Schedule 13G, and the certification states the shares were not acquired or held to change or influence control. That signals a passive holder status rather than an activist approach. Actual implications for governance depend on how this stake is exercised in future votes, though no specific actions or plans are indicated in this disclosure.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
GH Research PLC
(Name of Issuer)
Ordinary Shares, nominal value $0.025 per share
(Title of Class of Securities)
G3855L106
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
G3855L106
1
Names of Reporting Persons
Lynx1 Capital Management LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,406,575.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,406,575.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,406,575.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
16.8 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
G3855L106
1
Names of Reporting Persons
Weston Nichols
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,406,575.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,406,575.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,406,575.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
This statement is filed by:
Lynx1 Capital Management LP (the "Investment Manager"), a Delaware limited partnership, and the investment manager to Lynx1 Master Fund LP (the "Lynx1 Fund") and a managed account, with respect to the ordinary shares, nominal value $0.025 per share ("Ordinary Shares"), of GH Research PLC, an Irish public limited company (the "Company"), directly held by the Lynx1 Fund and the managed account; and
Mr. Weston Nichols ("Mr. Nichols"), the sole member of Lynx1 Capital Management GP LLC, the general partner of the Investment Manager, with respect to the Ordinary Shares directly held by the Lynx1 Fund and the managed account.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)
Address or principal business office or, if none, residence:
Lynx1 Capital Management LP
D81 Calle C
Suite 301, PMB 1202
Dorado, PR, 00646-2051
Weston Nichols
c/o Lynx1 Capital Management LP
D81 Calle C
Suite 301, PMB 1202
Dorado, PR, 00646-2051
(c)
Citizenship:
Investment Manager - Delaware
Mr. Nichols - United States of America
(d)
Title of class of securities:
Ordinary Shares, nominal value $0.025 per share
(e)
CUSIP No.:
G3855L106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 62,029,395 Ordinary Shares outstanding as of September 30, 2025, as reported in Exhibit 99.1 to the Company's Report of Foreign Issuer on Form 6-K, filed with the Securities and Exchange Commission on November 6, 2025.
(b)
Percent of class:
16.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a). The Lynx1 Fund has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Ordinary Shares reported herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Lynx1 Capital Management LP
Signature:
/s/ Weston Nichols
Name/Title:
By: Lynx1 Capital Management GP LLC, General Partner, By: Weston Nichols, Sole Member
What stake does Lynx1 Capital Management hold in GH Research (GHRS)?
Lynx1 Capital Management LP and Weston Nichols report owning 10,406,575 GH Research ordinary shares, representing 16.8% of the class. This gives them a significant minority position, with shared voting and dispositive power over the reported stake.
Is the Lynx1 position in GH Research (GHRS) an activist or passive stake?
The investors certify the GH Research shares were not acquired to change or influence control. Filing on Schedule 13G and this certification together indicate a passive investment intent rather than an activist or control-seeking position at this time.
How was the 16.8% ownership in GH Research (GHRS) calculated?
The 16.8% figure is based on 10,406,575 ordinary shares beneficially owned versus 62,029,395 GH Research ordinary shares outstanding as of September 30, 2025, as reported in the company’s Form 6-K Exhibit 99.1 filed on November 6, 2025.
Who actually holds the GH Research (GHRS) shares reported by Lynx1?
The ordinary shares are directly held by Lynx1 Master Fund LP and a managed account. Lynx1 Capital Management LP, as investment manager, and Weston Nichols, through control of the general partner, share voting and dispositive power over these holdings.
Does Lynx1’s 16.8% GH Research (GHRS) stake give it control of the company?
A 16.8% stake is significant but does not constitute majority control. The filing also states the securities were not acquired to change or influence control, indicating the position is a sizable but non-controlling, passive ownership interest in GH Research.
What type of security in GH Research (GHRS) is owned by Lynx1?
Lynx1 and Weston Nichols beneficially own GH Research’s ordinary shares with a nominal value of $0.025 per share. These ordinary shares are the company’s primary equity class referenced in the Schedule 13G/A ownership disclosure.
