0001140361-22-011275 | 20-F | XBRL Viewer

Corporate information	12 Months Ended
Dec. 31, 2021
Corporate information [Abstract]
Corporate information	1. Corporate information GH Research PLC (the “Company”) was incorporated on March 29, 2021. The registered office of the Company is located at 28 Baggot Street Lower, Dublin 2, Ireland. The company controls one wholly-owned subsidiary: GH Research Ireland Limited, which was incorporated in Dublin, Ireland on October 16, 2018. The Company and its subsidiary form the GH Research Group (the “Group”). The Group is a clinical-stage biopharmaceutical company dedicated to transforming the treatment of psychiatric and neurological disorders. Its initial focus is on developing the novel and proprietary 5-MeO-DMT therapies for the treatment of patients with Treatment Resistant Depression, or TRD. Its portfolio currently includes GH001, a proprietary inhalable 5-MeO-DMT product candidate, GH002, a proprietary injectable 5-MeO-DMT product candidate, and GH003, a proprietary intranasal 5-MeO-DMT product candidate. On March 29, 2021, GH Research PLC was incorporated under the laws of Ireland to become the ultimate holding company for GH Research Ireland Limited pursuant to a corporate reorganization, which is described in further detail in note 13 “Share capital and reserves”. These consolidated financial statements were presented to the board of directors and approved by them for issue on March 28, 2022.

Basis of preparation, significant judgments, and accounting policies

12 Months Ended

Dec. 31, 2021

Basis of preparation, significant judgments, and accounting policies [Abstract]

Basis of preparation, significant judgments, and accounting policies

2. Basis of preparation, significant judgments, and accounting policies

Basis of preparation

Compliance with International Financial Reporting Standards

The consolidated financial statements for the year ended December 31, 2021, have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements are presented in U.S. dollar (“USD” or “$”), which is the Company’s functional currency and the Group’s presentation currency. The financial statements have been prepared under the historical cost convention.

The incorporation of GH Research PLC was accounted for as a capital reorganization applying the predecessor accounting method. Under predecessor accounting, the Group carries forward the predecessor carrying values of the net assets and liabilities assumed as previously reflected in the financial statements of GH Research Ireland Limited and the comparatives are presented on that basis. The financial information presented prior to the incorporation of GH Research PLC, including the comparative financial information for the years ended December 31, 2020 and 2019, relate solely to GH Research Ireland Limited.

The financial information presented in this report does not represent full statutory accounts as defined by the Companies Act 2014. The statutory accounts of GH Research PLC for the year ended December 31, 2021, are expected to be filed with the Companies Registration Office by November 26, 2022.

New and amended IFRS standards

There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2021, that are relevant to the Group and that have had any impact on the consolidated financial statements. New standards, amendments to standards and interpretations that are not yet effective have been deemed by the Group as currently not relevant and are not listed here.

Going concern basis

GH Research is a clinical-stage biopharmaceutical company developing innovative therapeutics. The Group is exposed to all risks inherent in establishing and developing its business, including the substantial uncertainty that current projects will succeed. Research and development expenses have been incurred from the start of the Group’s activities, generating negative cash flows from operating activities since formation.

Since its incorporation, the Group has funded its growth through capital increases. The Group has no bank loans or other debt outstanding as of December 31, 2021. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans.

As of December 31, 2021, the Group’s cash and cash equivalents amounted to $276.8 million (2020: $5.9 million).

The board of directors believes that the Group has sufficient financial resources available to cover its planned cash outflows for at least the next twelve months from the date of issuance of these consolidated financial statements. The Group, therefore, continues to adopt the going concern basis in preparing its consolidated financial statements.

Share conversion and consolidation

On May 27, 2021, the Company effected the conversion of its Series A preferred shares and Series B preferred shares into ordinary shares and it effected a 2.50-to-one share consolidation of its outstanding shares (see note 13, “Share capital and reserves”). Accordingly, all share and per share amounts for all financial years presented in these consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this share consolidation.

Use of estimates and judgments

The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these consolidated financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty included those that applied to the financial statements of GH Research Ireland Limited for the year ended December 31, 2020 and 2019, and are as follows:

Functional currency

As explained in this note and in note 3, the functional currency of the subsidiary, GH Research Ireland Limited, is euro. Judgment was applied in the determination that euro was the appropriate functional currency of the subsidiary. The principal consideration supporting this decision was made by reference to the current activities the subsidiary undertakes which is the execution of clinical trials for which the costs are primarily in euro. Judgment was also applied in the determination that the U.S. dollar is the functional currency of the parent company with the principal considerations being that most of the expenses incurred and all funding raised are in U.S. dollars.

Share-based compensation expense

As explained in note 15, the expected volatility assumption used was based on selected volatility determined by median values observed among other comparable public companies. Judgment was applied in the selection of comparable public companies and of the relevant period of observation used to determine the median values.

Deferred tax balances and the valuation of tax operating losses

During the period from incorporation of GH Research Ireland Limited to December 31, 2021, the Group has incurred losses, which are a potential benefit in the event that the Group reports a taxable profit in the future. In preparing these financial statements, the Group has assessed that the likelihood of a taxable profit is currently not sufficiently certain for these potential benefits to be recognized as a deferred tax asset. This assessment is based on the status of the research into the Group’s principal investigational product and the significant challenges that remain before operating profits can be assured (refer to note 8, “Deferred income taxes”).

Significant accounting policies

Consolidation

The consolidated financial statements incorporate the financial statements of the Company and its subsidiary, GH Research Ireland Limited. Subsidiaries are all entities over which the Company has control. Control is achieved when the Company has power over an entity, is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. All intercompany transactions have been eliminated.

Foreign currency translation

The functional currency of the Company is the U.S. dollar given it is listed on NASDAQ and its fundraising activities are in U.S. dollars. The functional currency of its subsidiary, GH Research Ireland Limited, is euro due to its expenses being mainly incurred in euro. These consolidated financial statements are presented in U.S. dollar which is the Group’s presentation currency.

Items included in the financial statement of the Company’s subsidiary are measured using the currency of the primary economic environment in which the entity operates which is the euro.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the consolidated statement of financial position date. The subsidiary is holding a U.S. cash balance and, as a result of the accounting treatment, when it is translated to euro in the subsidiary accounts, it results in a foreign currency translation difference in the income statement. On consolidation, the subsidiary’s assets and liabilities in foreign currencies are retranslated and the resulting foreign currency difference goes through the foreign currency translation reserve.

Share capital issuances are translated into U.S. dollars at the exchange rate prevailing when the contractual commitment is made. Foreign currency differences can arise on translation where the cash inflows are received in a different period to the contractual commitment.

Cash and cash equivalents

Cash and cash equivalents represents cash held on bank current accounts and is carried at amortized cost.

Property, plant and equipment

Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets, which are as follows:

	Estimated Useful Life

IT equipment	3 years
Office equipment	3 years
Medical equipment	2 years

Trade payables and other current liabilities

Trade payables and other current liabilities are recognized initially at fair value and subsequently measured at amortized cost.

Share-based compensation expense

The fair value of options granted under the share option plan is recognized as a share-based compensation expense with a corresponding increase in equity. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

Share capital and additional paid-in capital

Share capital

Share capital represents the nominal value of outstanding shares (see note 13, “Share capital and reserves”).

Additional paid-in capital

Amounts of contribution in excess of nominal value are accounted for as additional paid-in capital. Incremental costs directly attributable to equity transactions such as the issue of new capital shares are shown in equity as a deduction, net of tax, from the proceeds within additional paid-in capital. Transaction costs that relate to equity and non-equity transactions are allocated to those transactions using a basis of allocation that is rational and consistent with similar transactions. If the equity instruments are not subsequently issued, the transaction costs would be expensed.

Leases and right-of-use assets

The Group recognizes a right-of-use asset and a corresponding lease liability for all arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term leases) and low-value leases. For these short-term and low-value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Currently all of the Group’s lease arrangements comply with the criteria for exception.

Research and development expenses

Research and development expenses consist of costs incurred in performing research and development activities, including salaries, share-based compensation and benefits, travel, and external costs of outside vendors engaged to conduct clinical development activities, clinical trials, technical development activities and the cost to manufacture clinical trial materials.

Research expenditure is recognized as an expense in the year in which it is incurred. Internal development expenditure is capitalized only if it meets the recognition criteria of IAS 38 “Intangible Assets”. Where regulatory and other uncertainties are such that the criteria are not met the expenditure is recognized in the statement of comprehensive income. When certain criteria are met, the Group may capitalize and amortize on a straight-line basis over its estimated useful life, internal development expenditures. To date, the Group has not capitalized any R&D expenses.

General and administrative expenses

General and administrative expenses relate to the administration of the Group including salaries, share-based compensation and benefits, travel and external costs including legal and professional fees.

Current and deferred income tax

The tax expense for the financial year comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case the related tax is recognized in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date where the Group generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Taxes on income are accrued in the same financial year as the revenues and expenses to which they relate. Current income tax assets and liabilities for the current financial year are measured at the amount expected to be recovered from or paid to the taxation authorities.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences or the unused tax losses can be utilized. Deferred income tax assets from tax credit carry-forwards are recognized to the extent that the national tax authority confirms the eligibility of such a claim and that the realization of the related tax benefit through future taxable profits is probable.

Segment reporting

Management considers the Group to have only a single segment: Research and Development (“R&D”). This is consistent with the way that information is reported internally within the Group for the purpose of allocating resources and assessing performance.

Loss per share

Basic loss per share is calculated by dividing the net loss attributable to shareholders by the weighted average number of shares in issue during the year.

Financial risk management

12 Months Ended

Dec. 31, 2021

Financial risk management [Abstract]

Financial risk management

3. Financial risk management

Financial risk factors

The board of directors currently reviews the Group’s cash forecast and liquidity requirements. It considers that other financial risks are currently inconsequential to the Group’s activities and outlook. More sophisticated tools for financial risk management will be implemented once such risks are deemed consequential.

Foreign exchange risk

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the U.S. dollar, euro and pounds sterling. Transaction exposure arises because the amount of local currency paid or received in transactions denominated in foreign currencies may vary due to changes in exchange rates. Foreign exchange risk arises from:

-	forecast expenses denominated in a currency other than the entity’s functional currency; and

-	recognized assets and liabilities denominated in a currency other than the entity’s functional currency.

The Group’s cash and cash equivalents are denominated in the following currencies:

	2021		2021		2020		2020
	Local Currency ’000		$’000		Local Currency ’000		$’000
In USD		276,447		276,447		—		—
In Euro		290		329		4,826		5,895
				276,776				5,895

The Group is exposed to foreign exchange risk in its subsidiary as its functional currency is euro. The subsidiary holds significant cash deposits denominated in U.S. dollar. Accordingly, future changes in the exchange rates of euro and the U.S. dollar will expose the Group to currency gains or losses that will impact the reported amounts of assets, liabilities, income and expenses and the impact could be material.

For the year ended December 31, 2021, the Group recognized a foreign exchange gain of $5.9 million (2020: $nil). The foreign exchange gain was primarily related to the U.S. dollar cash holding of its subsidiary and the associated strengthening of the U.S. dollar compared to euro during the year. While the Group benefited from changes in foreign exchange rates in 2021, it is possible that foreign exchange losses could occur. Any occurrences of foreign exchange losses would negatively affect the Group and the effect could be material.

The Group does not believe there is currently a need to enter into specific contracts to reduce the exposure to changes in foreign exchange rates, such as by entering into options or forward contracts. The Group may in the future consider using options or forward contracts to manage currency transaction exposures.

At December 31, 2021, if the U.S. dollar had weakened / strengthened by 10% against the euro with all other variables held constant, the loss before tax for the year would have been $10 million higher / lower, mainly related to the translation of cash held in U.S. dollar in the Company’s subsidiary, GH Research Ireland Limited, whose functional currency is euro as explained in note 2, “Basis of preparation, significant judgments, and accounting policies”(2020: $nil higher / lower).

Credit risk

The Group is not currently exposed to significant credit risk except on its cash and cash equivalents. The Group’s cash balance is maintained with well established, highly rated financial institutions. As of December 31, 2021, the cash balances are held at one bank that has S&P’s credit rating of BBB+. The Group does not invest in equity instruments or derivatives.

Liquidity risk

Liquidity risk is the risk that the Group may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can do so only on terms that are materially disadvantageous. Prudent liquidity risk management implies maintaining sufficient cash to cover working capital requirements. Cash is monitored by the Group’s management.

Funding and liquidity risks are reviewed regularly by the board of directors and management. The Group funds its capital requirements through capital raising.

Capital management

The Group considers equity as equivalent to the IFRS equity on the balance sheet (including share capital, additional paid-in capital and all other equity reserves attributable to the owners of the Company). The Group has no interest-bearing debt.

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to provide returns to its shareholders through advancing our investigational pharmaceutical product candidates towards regulatory approval.

Fair value estimation

The carrying amount is considered to be identical to the fair value for the following financial assets and liabilities:

Cash and cash equivalents

Other current assets

Trade payables and other current liabilities

There were no significant changes in the business or economic circumstances that affect the fair value of the Group’s financial assets and financial liabilities.

Fair values must be estimated on an ongoing basis with regard to awards under the Share Option Plan. The approach to valuation follows the grant date fair value principle and the key input factors are described for the share-based compensation awards in note 15, “Share-based compensation”.

Basis of preparation, significant judgments, and accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
Basis of preparation, significant judgments, and accounting policies [Abstract]
Basis of preparation	Basis of preparation Compliance with International Financial Reporting Standards The consolidated financial statements for the year ended December 31, 2021, have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements are presented in U.S. dollar (“USD” or “$”), which is the Company’s functional currency and the Group’s presentation currency. The financial statements have been prepared under the historical cost convention. The incorporation of GH Research PLC was accounted for as a capital reorganization applying the predecessor accounting method. Under predecessor accounting, the Group carries forward the predecessor carrying values of the net assets and liabilities assumed as previously reflected in the financial statements of GH Research Ireland Limited and the comparatives are presented on that basis. The financial information presented prior to the incorporation of GH Research PLC, including the comparative financial information for the years ended December 31, 2020 and 2019, relate solely to GH Research Ireland Limited. The financial information presented in this report does not represent full statutory accounts as defined by the Companies Act 2014. The statutory accounts of GH Research PLC for the year ended December 31, 2021, are expected to be filed with the Companies Registration Office by November 26, 2022. New and amended IFRS standards There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2021, that are relevant to the Group and that have had any impact on the consolidated financial statements. New standards, amendments to standards and interpretations that are not yet effective have been deemed by the Group as currently not relevant and are not listed here. Going concern basis GH Research is a clinical-stage biopharmaceutical company developing innovative therapeutics. The Group is exposed to all risks inherent in establishing and developing its business, including the substantial uncertainty that current projects will succeed. Research and development expenses have been incurred from the start of the Group’s activities, generating negative cash flows from operating activities since formation. Since its incorporation, the Group has funded its growth through capital increases. The Group has no bank loans or other debt outstanding as of December 31, 2021. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans. As of December 31, 2021, the Group’s cash and cash equivalents amounted to $276.8 million (2020: $5.9 million). The board of directors believes that the Group has sufficient financial resources available to cover its planned cash outflows for at least the next twelve months from the date of issuance of these consolidated financial statements. The Group, therefore, continues to adopt the going concern basis in preparing its consolidated financial statements. Share conversion and consolidation On May 27, 2021, the Company effected the conversion of its Series A preferred shares and Series B preferred shares into ordinary shares and it effected a 2.50-to-one share consolidation of its outstanding shares (see note 13, “Share capital and reserves”). Accordingly, all share and per share amounts for all financial years presented in these consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this share consolidation.
Use of estimates and judgments	Use of estimates and judgments The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these consolidated financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty included those that applied to the financial statements of GH Research Ireland Limited for the year ended December 31, 2020 and 2019, and are as follows: Functional currency As explained in this note and in note 3, the functional currency of the subsidiary, GH Research Ireland Limited, is euro. Judgment was applied in the determination that euro was the appropriate functional currency of the subsidiary. The principal consideration supporting this decision was made by reference to the current activities the subsidiary undertakes which is the execution of clinical trials for which the costs are primarily in euro. Judgment was also applied in the determination that the U.S. dollar is the functional currency of the parent company with the principal considerations being that most of the expenses incurred and all funding raised are in U.S. dollars. Share-based compensation expense As explained in note 15, the expected volatility assumption used was based on selected volatility determined by median values observed among other comparable public companies. Judgment was applied in the selection of comparable public companies and of the relevant period of observation used to determine the median values. Deferred tax balances and the valuation of tax operating losses During the period from incorporation of GH Research Ireland Limited to December 31, 2021, the Group has incurred losses, which are a potential benefit in the event that the Group reports a taxable profit in the future. In preparing these financial statements, the Group has assessed that the likelihood of a taxable profit is currently not sufficiently certain for these potential benefits to be recognized as a deferred tax asset. This assessment is based on the status of the research into the Group’s principal investigational product and the significant challenges that remain before operating profits can be assured (refer to note 8, “Deferred income taxes”).
Consolidation	Consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiary, GH Research Ireland Limited. Subsidiaries are all entities over which the Company has control. Control is achieved when the Company has power over an entity, is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. All intercompany transactions have been eliminated.

Basis of preparation, significant judgments, and accounting policies, Going Concern (Details)			12 Months Ended
Jun. 24, 2021	May 27, 2021	Dec. 31, 2021
Share Conversion and Consolidation [Abstract]
Stock split conversion ratio	2.50	2.50	2.50

Label

Element

Value

General and administrative expense allocation external costs

ghrs_GeneralAndAdministrativeExpenseAllocationExternalCosts

$ 5,623,000

^[1]

General and administrative expense allocation external costs

ghrs_GeneralAndAdministrativeExpenseAllocationExternalCosts

103,000

^[1]

General and administrative expense allocation external costs

ghrs_GeneralAndAdministrativeExpenseAllocationExternalCosts

$ 14,000

^[1]

Re-designated of share capital (in shares)

ghrs_ReDesignatedOfShareCapitalInShares

2,153,847

Re-designated of share capital (in shares)

ghrs_ReDesignatedOfShareCapitalInShares

215,385

Re-designated of share capital (in shares)

ghrs_ReDesignatedOfShareCapitalInShares

10,151,618

Lease expense relating to short-term leases

ghrs_LeaseExpenseRelatingToShortTermLeases

$ 76,000

Lease expense relating to short-term leases

ghrs_LeaseExpenseRelatingToShortTermLeases

5,000

Lease expense relating to short-term leases

ghrs_LeaseExpenseRelatingToShortTermLeases

$ 0

Number of shares redeemed, par value

ghrs_NumberOfSharesRedeemedParValue

$ 1.00

Share price per share

ghrs_SharePricePerShare

$ 0.025

Share price per share

ghrs_SharePricePerShare

0.01

Share price per share

ghrs_SharePricePerShare

0.01

Share price per share

ghrs_SharePricePerShare

0.01

Share price per share

ghrs_SharePricePerShare

0.025

Share price per share

ghrs_SharePricePerShare

$ 16.00

Redemption amount

ghrs_RedemptionAmount

$ 25,000

Increase (decrease) through issue and redemption of shares

ghrs_IncreaseDecreaseThroughIssueAndRedemptionOfShares

25,000

Increase (decrease) through issue and redemption of shares

ghrs_IncreaseDecreaseThroughIssueAndRedemptionOfShares

25,000

Number of shares converted

ghrs_NumberOfSharesConverted

(5,923,079)

Number of shares converted

ghrs_NumberOfSharesConverted

(25,379,047)

Key Management personnel compensation salaries and related expenses

ghrs_KeyManagementPersonnelCompensationSalariesAndRelatedExpenses

$ 687,000

Key Management personnel compensation salaries and related expenses

ghrs_KeyManagementPersonnelCompensationSalariesAndRelatedExpenses

5,000

Key Management personnel compensation salaries and related expenses

ghrs_KeyManagementPersonnelCompensationSalariesAndRelatedExpenses

General and administrative expense allocation employee expenses

ghrs_GeneralAndAdministrativeExpenseAllocationEmployeeExpenses

924,000

^[2]

General and administrative expense allocation employee expenses

ghrs_GeneralAndAdministrativeExpenseAllocationEmployeeExpenses

5,000

^[2]

General and administrative expense allocation employee expenses

ghrs_GeneralAndAdministrativeExpenseAllocationEmployeeExpenses

$ 0

^[2]

Number of shares redeemed

ghrs_NumberOfSharesRedeemed

25,000

Dividend payable ordinary shares per share

ghrs_DividendPayableOrdinarySharesPerShare

$ 0

Dividend payable ordinary shares per share

ghrs_DividendPayableOrdinarySharesPerShare

$ 0

Disclosure of other current liabilities [Table Text Block]

ghrs_DisclosureOfOtherCurrentLiabilitiesTableTextBlock

	Year ended December 31,
	2021		2020
	$’000		$’000
Accruals		1,698		242
Social security payable		96		3
Other		72		—
		1,866		245

Increase (decrease) in share consolidation

ghrs_IncreaseDecreaseInShareConsolidation

(60,781,276)

Conversion, par value per share

ghrs_ConversionParValuePerShare

$ 0.01

Conversion, par value per share

ghrs_ConversionParValuePerShare

$ 0.01

Number of shares converted to ordinary shares

ghrs_NumberOfSharesConvertedToOrdinaryShares

5,923,079

Number of shares converted to ordinary shares

ghrs_NumberOfSharesConvertedToOrdinaryShares

25,379,047

Disclosure of detailed information about expected tax charge/(credit) and reconciles to actual tax charge/(credit) [Table Text Block]

ghrs_DisclosureOfDetailedInformationAboutExpectedTaxChargeCreditAndReconcilesToActualTaxChargeCreditTableTextBlock

The Group’s expected tax charge/(credit) of $nil for each year is based on the applicable tax rate in Ireland and reconciles to the actual tax charge/(credit) as follows:

	Year ended December 31,
	2021			2020			2019
	$’000			$’000			$’000
Loss before tax		9,202			446			310
Tax credit calculated at the domestic tax rate 12.5%		(1,150	)		(56	)		(39	)
Tax effects of:
Losses for which no deferred tax asset was recognized		1,150			56			39
Tax charge/(credit)		—			—			—

Share consolidation, value

ghrs_ShareConsolidationValue

$ 0

Share consolidation, value

ghrs_ShareConsolidationValue

$ 0

Weighted average grant date fair value of options granted in share-based payment arrangement

ghrs_WeightedAverageGrantDateFairValueOfOptionsGrantedInShareBasedPaymentArrangement

$ 14.44

Number of shares redesignated

ghrs_NumberOfSharesRedesignated

2,108,159

Number of shares redesignated

ghrs_NumberOfSharesRedesignated

50,487

Vesting requirements for share based payment arrangement award vesting period

ghrs_VestingRequirementsForShareBasedPaymentArrangementAwardVestingPeriod

2 years

Vesting requirements for share based payment arrangement award vesting period

ghrs_VestingRequirementsForShareBasedPaymentArrangementAwardVestingPeriod

2 years

Lease expenses for short-term leases [Table Text Block]

ghrs_LeaseExpensesForShortTermLeasesTableTextBlock

The Group incurred lease expenses for short-term leases as follows:

	Year ended December 31,
	2021		2020		2019
	$’000		$’000		$’000
Lease expenses for short-term leases		76		5		—

Number of shares cancelled, par value

ghrs_NumberOfSharesCancelledParValue

$ 1.00

Disclosure of detailed information about expenses by nature [Table Text Block]

ghrs_DisclosureOfDetailedInformationAboutExpensesByNatureTableTextBlock

The following table provides the consolidated statement of comprehensive income classification of our expense by nature:

	Year ended December 31,
	2021		2020		2019
	$’000		$’000		$’000
Research and development
External costs ⁽¹⁾		7,134		338		296
Employee expenses ⁽²⁾		1,419		—		—
Total research and development expenses		8,553		338		296

General and administrative
External costs ⁽¹⁾		5,623		103		14
Employee expenses ⁽²⁾		924		5		—
Total general and administrative expenses		6,547		108		14
Total operating expenses		15,100		446		310

⁽¹⁾Includes depreciation expense (see note 10, “Property, plant and equipment”).

⁽²⁾Includes share-based compensation expense (see note 15, “Share-based compensation”).

Research and development expense allocation external costs

ghrs_ResearchAndDevelopmentExpenseAllocationExternalCosts

$ 7,134,000

^[1]

Research and development expense allocation external costs

ghrs_ResearchAndDevelopmentExpenseAllocationExternalCosts

338,000

^[1]

Research and development expense allocation external costs

ghrs_ResearchAndDevelopmentExpenseAllocationExternalCosts

$ 296,000

^[1]

Disclosure of detailed information about other current assets [Table Text Block]

ghrs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsTableTextBlock

	Year ended December 31,
	2021		2020
	$’000		$’000
Prepaid expenses		3,008		6
VAT receivable		48		6
Other		10		5
		3,066		17

Number of shares cancelled

ghrs_NumberOfSharesCancelled

25,000

Research and development expense allocation employee expenses

ghrs_ResearchAndDevelopmentExpenseAllocationEmployeeExpenses

$ 1,419,000

^[2]

Research and development expense allocation employee expenses

ghrs_ResearchAndDevelopmentExpenseAllocationEmployeeExpenses

^[2]

Research and development expense allocation employee expenses

ghrs_ResearchAndDevelopmentExpenseAllocationEmployeeExpenses

$ 0

^[2]

Number of options granted to purchase shares

ghrs_NumberOfOptionsGrantedToPurchaseShares

126,218

Authorized share capital, value

ghrs_AuthorizedShareCapitalValue

$ 25,000

Number of options vested in share-based payment arrangement

ghrs_NumberOfOptionsVestedInShareBasedPaymentArrangement

7,296

Number of ordinary shares available for future issuance of share-based equity awards

ghrs_NumberOfOrdinarySharesAvailableForFutureIssuanceOfShareBasedEquityAwards

1,045,547

Weighted average remaining contractual life of granted share options

ghrs_WeightedAverageRemainingContractualLifeOfGrantedShareOptions

7 years 7 months 13 days

Share-based payment arrangement award vesting rights percentage

ghrs_ShareBasedPaymentArrangementAwardVestingRightsPercentage

25.00%

Number of Segment

ghrs_NumberOfSegment

Disclosure of employee expenses [Text Block]

ghrs_DisclosureOfEmployeeExpensesTextBlock

5. Employee expenses

	Year ended December 31,
	2021		2020		2019
	$’000		$’000		$’000
Salary and related expenses		1,862		4		—
Social security costs		115		1		—
Shared based compensation expense		366		—		—
		2,343		5		—

This increase is primarily due to the increased hiring of personnel across our functions to support the requirements of increased clinical activities and becoming a public company. A shared based compensation expense of $366 thousand has been recognized for the year ended December 31, 2021 relating to the Share Option Plan as set out in note 15.

Share based compensation arrangement by share based payment award vesting period

ghrs_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingPeriod

3 years

Cancelled shares

ghrs_CancelledShares

25,000

Increase (decrease) through issue and share exchange

ghrs_IncreaseDecreaseThroughIssueAndShareExchange

Share consolidation, conversion of shares

ghrs_ShareConsolidationConversionOfShares

40,520,850

Share option award granted period

ghrs_ShareOptionAwardGrantedPeriod

8 years

Disclosure of Employee expenses [Table Text Block]

ghrs_DisclosureOfEmployeeExpensesTableTextBlock

	Year ended December 31,
	2021		2020		2019
	$’000		$’000		$’000
Salary and related expenses		1,862		4		—
Social security costs		115		1		—
Shared based compensation expense		366		—		—
		2,343		5		—

[1]	Includes depreciation expense (see note 10, “Property, plant and equipment”).
[2]	Includes share-based compensation expense (see note 15, “Share-based compensation”).