0001140361-23-010814 | 20-F | XBRL Viewer

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40530
Entity Registrant Name	GH Research PLC
Entity Central Index Key	0001855129
Entity Incorporation, State or Country Code	L2
Entity Address, Address Line One	Joshua Dawson House
Entity Address, Address Line Two	Dawson Street
Entity Address, City or Town	Dublin 2
Entity Address, Postal Zip Code	D02 RY95
Entity Address, Country	IE
Title of 12(b) Security	Ordinary shares, nominal value $0.025 per share
Trading Symbol	GHRS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	52,020,849
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Firm ID	1366
Auditor Name	PricewaterhouseCoopers
Auditor Location	Dublin, Ireland
Business Contact [Member]
Entity Addresses [Line Items]
Contact Personnel Name	Theis Terwey, PD Dr. med.
Entity Address, Address Line One	Joshua Dawson House
Entity Address, Address Line Two	Dawson Street
Entity Address, City or Town	Dublin 2
Entity Address, Postal Zip Code	D02 RY95
Entity Address, Country	IE
Country Region	353
City Area Code	1
Local Phone Number	437 8334

Basis of preparation, significant judgments, and accounting policies

12 Months Ended

Dec. 31, 2022

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, 2022, 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 comparative balances are presented on that basis. The financial information presented prior to the incorporation of GH Research PLC, including the comparative financial information for the year ended December 31, 2020, relates 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, 2022, are expected to be filed with the Companies Registration Office by November 26, 2023.

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, 2022, 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, 2022. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans.

As of December 31, 2022, the Group’s cash and cash equivalents amounted to $166.0 million (2021: $276.8 million). The Group also held marketable securities of $85.7 million as of December 31, 2022, (2021: $nil). The Group’s marketable securities are quoted in active markets and are an additional source of liquidity.

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 15, “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 judgments, 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 judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are as follows:

Functional currency

As explained in this note and in note 18, 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 17, 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, 2022, 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 exchange gain or loss 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 represent cash held in bank current accounts with original maturities of less than three months and investments which are readily convertible to a known amount of cash and are subject to insignificant changes in value. Cash and cash equivalents are carried at amortized cost or, in the case of investments, at fair value through profit or loss as the cash flows from these funds do not represent solely payments of principal and interest. The Group’s determination of its investments as cash equivalents requires judgment, which includes assessing the ability to readily convert an instrument into cash.

The Group’s cash balance is maintained with well established, highly rated financial institutions. The majority of the cash balance is held in U.S. dollars.

Financial assets

A financial asset is recognized in the statement of financial position when the Group becomes a party to its contractual provisions. At initial recognition, a financial asset is measured at fair value (plus, in the case of a financial asset at fair value through profit and loss (“FVTPL”), directly attributable transaction costs) and is assigned one of the following classifications for the purpose of subsequent measurement:

financial asset at amortized cost;

financial asset at fair value through other comprehensive income (“FVOCI”); or

financial asset at FVTPL.

The Group determines the appropriate classification based on the contractual cash flow characteristics of the financial asset and the objective of the business model within which the financial asset is held. In determining the business model for a group of financial assets, the Group considers factors such as, how performance is evaluated and reported within the Group, the risks that impact performance and how they are managed, and the expected frequency, value and timing of sales of financial assets.

In considering the contractual cash flow characteristics of a financial asset, the Group determines whether the contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal outstanding. In making this determination, the Group assesses whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows such that it would not meet this condition.

Financial assets are derecognized when the Group’s contractual rights to the cash flows from the financial asset expire, are extinguished or transferred to a third party.

Marketable securities represent the Group’s investment portfolio, which is mainly comprised of investment grade bonds. At initial recognition, marketable securities are measured at fair value and subsequently at FVOCI when both of the following conditions are met:

•

The asset has contractual terms that give rise to cash flows on specified dates that are solely payments of principal and interest on the principal outstanding; and

•

The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling those assets.

Purchases and sales of instruments are recognized on the trade date with gains and losses arising from changes in fair value included in OCI. Interest income, using the effective interest method, is recognized in the income statement. An impairment loss allowance is recognized for expected credit losses (“ECL”). The impairment loss allowance does not reduce the carrying value of the asset but an amount equal to the allowance is recognized in other comprehensive income, or OCI, as an accumulated impairment amount, with corresponding impairment gains or losses recognized in the income statement. On derecognition, the cumulative gain or loss previously recognized in OCI is reclassified to the income statement.

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 15, “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.

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.

Net finance income/(expense)

The Group’s finance income and expense includes interest income, interest expense, the net gain or loss on financial assets classified at FVTPL and impairment charges relating to expected credit losses on investments in marketable securities.

Interest income is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the gross carrying value of the financial asset.

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.

Research and development tax credits

Research and development tax credits are available to the Group under the tax laws in Ireland based on qualifying research and development spend as defined under those tax laws. Research and development tax credits are recognized at their fair value where there is reasonable assurance that the tax credits will be received and the Group will comply with all conditions attaching to them. Upon recognition, the tax credits are deducted from the relevant operating expenses amount, if the related amounts were previously expensed as incurred, or deducted in arriving at the carrying value of the related asset, if the related costs had been capitalized.

Contingencies

The Group assesses the likelihood of any adverse outcomes as a contingency, including legal matters. Provisions for such contingencies are recorded where it is probable that a liability will be incurred and the amount of that loss can be reliably estimated. A contingent liability is disclosed where the existence of the obligation will only be confirmed by future events, or where the amount of the obligation cannot be measured reliably.

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, 2022

Financial risk management [Abstract]

Financial risk management

18. Financial risk management

Financial risk factors

The Board of Directors currently reviews the Group’s cash forecast and liquidity requirements. The Group’s activities expose it to a variety of financial risks including foreign exchange risk, credit risk, interest rate risk and liquidity risk.

Cash and cash equivalents are spread across a number of highly-rated financial institutions. Cash and cash equivalents are included in the statement of consolidated financial position at amortized cost or, in the case of investments in money market funds, at fair value through profit or loss.

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:

	2022		2022		2021		2021
	Local Currency ‘000		$’000		Local Currency ‘000		$’000
In USD		162,266		162,266		276,447		276,447
In Euro		3,446		3,675		290		329
In GBP		11		14		—		—
				165,955				276,776

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, 2022, the Group recognized a foreign exchange gain of $7.2 million (2021: $5.9 million). The foreign exchange gain was primarily related to the translation of the U.S. dollar cash balance in the accounts of the subsidiary into its functional currency which is the euro 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 2022, 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. All marketable securities are denominated in U.S. dollar and are not subject to foreign exchange risk as they are held in an entity whose functional currency is the U.S. dollar.

At December 31, 2022, 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 $8.5 million higher / lower (2021: $10.0 million higher / lower), mainly related to the translation of the U.S. dollar cash balance in the accounts of the subsidiary into its functional currency which is euro as explained in note 2, “Basis of preparation, significant judgments, and accounting policies”.

Credit risk

The Group is exposed to credit risk on our cash and cash equivalents and marketable securities. The Group’s cash balance is maintained with well established, highly rated financial institutions. As of December 31, 2022, the cash balance is held at three banks that have a minimum S&P’s credit rating of A-. At December 31, 2022, the amount reflected in the statement of financial position for cash and cash equivalents represents the Group’s maximum exposure to credit risk for these instruments.

In the year ended December 31, 2022, the Group has invested in investment grade bonds and in a money market fund (“the Portfolio”). These investments are exposed to credit risk in the event of default of the counterparty. The Group does not invest in equity instruments or derivatives and none of the bonds are individually above 3% of the value of the Portfolio.

The Group’s marketable securities, measured at FVOCI, are subject to the expected credit loss model. The Group provides for expected credit losses as prescribed by IFRS 9 for its assets held at FVOCI. The expected credit loss model under IFRS 9 requires the calculation of “12 month expected credit losses” for financial assets. Those are the losses based on defaults which are possible within 12 months of the reporting date. This is required unless the asset is not considered to be of low credit risk at the reporting date and is deemed to have had a significant increase in credit risk since initial recognition. If that is the case, lifetime expected credit losses should be recorded. Management consider low credit risk for existing marketable securities to be an investment grade credit rating with at least one major rating agency. Assets held at FVOCI are considered to have low credit risk when they have a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the short term. The Group’s current policy is to invest primarily in investment grade securities. After a downgrade, compliance with this restriction is restored in a timely manner. The credit risk for the Group’s marketable securities is considered to be low as of December 31, 2022. The impairment allowance recognized during the period was calculated based on 12 month expected credit losses and reconciles to the opening impairment allowance as follows:

	Year ended December 31,
	2022		2021
	$’000		$’000
Opening impairment allowance		—		—
Increase in impairment allowance during the year		121		—
Closing impairment allowance		121		—

The impairment allowance is based on assumptions around probability of default, loss given default, exposure at default and the discount rate. Judgment is used in making these assumptions and selecting the inputs to the expected credit losses calculation, based on any historical experience and current market conditions, as well as forward looking estimates at the end of the reporting period.

Interest rate risk

Interest rate risk is the risk of a change in the price of a financial instrument due to fluctuations in interest rates, leading to a financial loss. The Group is exposed to interest rate risk on its marketable securities. Although the bonds pay interest at a fixed rate, the value of the Group’s marketable securities would decrease in the short term in the event of an interest rate increase in alternative investments.

As of December 31, 2022, if interest rates had increased / decreased by 50 basis points, with all other variables held constant, the Group’s total comprehensive loss would have been $1.1 million higher / lower (2021: $nil), due to the movement in the fair value of the Group’s marketable securities.

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 capital 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 a reasonable approximation of fair value for the following financial assets and liabilities:

●

Cash

●

Other current assets

●

Trade payables and other current liabilities

The following table shows the carrying amounts and fair values of financial assets. The table does not include fair value information for financial assets or financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

	Carrying amount
	FVOCI		FVTPL
Financial assets measured at fair value
Marketable securities		85,724		—
Cash equivalents		—		35,703
		85,724		35,703

Fair value methodology

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2: Inputs other than quoted market prices within Level 1 that are observable for the asset, either directly or indirectly.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

The fair value of marketable securities and cash equivalents is based on quoted market prices representing Level 1 inputs.

Fair value – share-based compensation

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 17, “Share-based compensation”.

Basis of preparation, significant judgments, and accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
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, 2022, 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 comparative balances are presented on that basis. The financial information presented prior to the incorporation of GH Research PLC, including the comparative financial information for the year ended December 31, 2020, relates 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, 2022, are expected to be filed with the Companies Registration Office by November 26, 2023. 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, 2022, 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, 2022. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans. As of December 31, 2022, the Group’s cash and cash equivalents amounted to $166.0 million (2021: $276.8 million). The Group also held marketable securities of $85.7 million as of December 31, 2022, (2021: $nil). The Group’s marketable securities are quoted in active markets and are an additional source of liquidity. 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 15, “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 judgments, 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 judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are as follows: Functional currency As explained in this note and in note 18, 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 17, 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, 2022, 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.
Research and development tax credits	Research and development tax credits Research and development tax credits are available to the Group under the tax laws in Ireland based on qualifying research and development spend as defined under those tax laws. Research and development tax credits are recognized at their fair value where there is reasonable assurance that the tax credits will be received and the Group will comply with all conditions attaching to them. Upon recognition, the tax credits are deducted from the relevant operating expenses amount, if the related amounts were previously expensed as incurred, or deducted in arriving at the carrying value of the related asset, if the related costs had been capitalized.

Label

Element

Value

Number of shares cancelled, par value

ghrs_NumberOfSharesCancelledParValue

€ 1

Number of shares cancelled

ghrs_NumberOfSharesCancelled

25,000

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

Share-based compensation expense included in employees expenses for employees in general and administrative department

ghrs_ShareBasedCompensationExpenseIncludedInEmployeesExpensesForEmployeesInGeneralAndAdministrativeDepartment

€ 700,000

Share-based compensation expense included in employees expenses for employees in general and administrative department

ghrs_ShareBasedCompensationExpenseIncludedInEmployeesExpensesForEmployeesInGeneralAndAdministrativeDepartment

€ 200,000

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,
	2022		2021		2020
	$’000		$’000		$’000
Lease expenses for short-term leases		101		76		5

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

Disclosure of cash and cash equivalents [Table Text Block]

ghrs_DisclosureOfCashAndCashEquivalentsTableTextBlock

	Year ended December 31,
	2022		2021
	$’000		$’000
Cash at bank and in hand		130,252		276,776
Cash equivalents		35,703		—
		165,955		276,776

Key Management personnel compensation salaries and related expenses

ghrs_KeyManagementPersonnelCompensationSalariesAndRelatedExpenses

€ 893,000

Key Management personnel compensation salaries and related expenses

ghrs_KeyManagementPersonnelCompensationSalariesAndRelatedExpenses

687,000

Key Management personnel compensation salaries and related expenses

ghrs_KeyManagementPersonnelCompensationSalariesAndRelatedExpenses

€ 5,000

Number of Segment

ghrs_NumberOfSegment

General and administrative expense allocation depreciation

ghrs_GeneralAndAdministrativeExpenseAllocationDepreciation

€ 14,000

General and administrative expense allocation depreciation

ghrs_GeneralAndAdministrativeExpenseAllocationDepreciation

5,000

General and administrative expense allocation depreciation

ghrs_GeneralAndAdministrativeExpenseAllocationDepreciation

Share-based compensation expense included in employees expenses for employees in research and development department

ghrs_ShareBasedCompensationExpenseIncludedInEmployeesExpensesForEmployeesInResearchAndDevelopmentDepartment

1,000,000

Share-based compensation expense included in employees expenses for employees in research and development department

ghrs_ShareBasedCompensationExpenseIncludedInEmployeesExpensesForEmployeesInResearchAndDevelopmentDepartment

€ 200,000

Disclosure of Employee expenses [Table Text Block]

ghrs_DisclosureOfEmployeeExpensesTableTextBlock

	Year ended December 31,
	2022		2021		2020
	$’000		$’000		$’000
Salary and related expenses		4,337		1,862		4
Social security costs		382		115		1
Shared based compensation expense		1,671		366		—
		6,390		2,343		5

Authorized share capital, value

ghrs_AuthorizedShareCapitalValue

€ 25,000

Lease term

ghrs_LeaseTerm

5 years

Disclosure of employee expenses [Text Block]

ghrs_DisclosureOfEmployeeExpensesTextBlock

4. Employee expenses

	Year ended December 31,
	2022		2021		2020
	$’000		$’000		$’000
Salary and related expenses		4,337		1,862		4
Social security costs		382		115		1
Shared based compensation expense		1,671		366		—
		6,390		2,343		5

Information relating to the Share Option Plan is set out in note 17 “Share-based compensation”.

Area of office space leased

ghrs_AreaOfOfficeSpaceLeased

391

General and administrative expense allocation employee expenses

ghrs_GeneralAndAdministrativeExpenseAllocationEmployeeExpenses

€ 2,271,000

^[1]

General and administrative expense allocation employee expenses

ghrs_GeneralAndAdministrativeExpenseAllocationEmployeeExpenses

924,000

^[1]

General and administrative expense allocation employee expenses

ghrs_GeneralAndAdministrativeExpenseAllocationEmployeeExpenses

€ 5,000

^[1]

Disclosure of other current liabilities [Table Text Block]

ghrs_DisclosureOfOtherCurrentLiabilitiesTableTextBlock

	Year ended December 31,
	2022		2021
	$’000		$’000
Accruals		2,366		1,698
Social security payable		217		96
Other		95		72
		2,678		1,866

Dividend payable ordinary shares per share

ghrs_DividendPayableOrdinarySharesPerShare

€ 0

Dividend payable ordinary shares per share

ghrs_DividendPayableOrdinarySharesPerShare

Dividend payable ordinary shares per share

ghrs_DividendPayableOrdinarySharesPerShare

€ 0

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

ghrs_DisclosureOfDetailedInformationAboutOtherCurrentAssetsTableTextBlock

	Year ended December 31,
	2022		2021
	$’000		$’000
Prepaid expenses		2,449		3,008
VAT receivable		90		48
Other		47		10
		2,586		3,066

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,
	2022			2021			2020
	$’000			$’000			$’000
Loss before tax		22,456			9,202			446
Tax credit calculated at the domestic tax rate 12.5%		(2,807	)		(1,150	)		(56	)
Tax effects of:
Losses for which no deferred tax asset was recognized		2,625			1,150			56
Other permanent differences		182			—			—
Tax charge/(credit)		—			—			—

Increase (decrease) through issue and share exchange

ghrs_IncreaseDecreaseThroughIssueAndShareExchange

Number of shares converted to ordinary shares

ghrs_NumberOfSharesConvertedToOrdinaryShares

5,923,079

Number of shares converted to ordinary shares

ghrs_NumberOfSharesConvertedToOrdinaryShares

25,379,047

Research and development expense allocation other expenses

ghrs_ResearchAndDevelopmentExpenseAllocationOtherExpenses

€ 313,000

Research and development expense allocation other expenses

ghrs_ResearchAndDevelopmentExpenseAllocationOtherExpenses

518,000

Research and development expense allocation other expenses

ghrs_ResearchAndDevelopmentExpenseAllocationOtherExpenses

€ 0

Number of shares converted

ghrs_NumberOfSharesConverted

5,923,079

Number of shares converted

ghrs_NumberOfSharesConverted

25,379,047

General and administrative expense allocation external costs

ghrs_GeneralAndAdministrativeExpenseAllocationExternalCosts

€ 7,785,000

General and administrative expense allocation external costs

ghrs_GeneralAndAdministrativeExpenseAllocationExternalCosts

5,618,000

General and administrative expense allocation external costs

ghrs_GeneralAndAdministrativeExpenseAllocationExternalCosts

€ 103,000

Increase (decrease) through issue and redemption of shares

ghrs_IncreaseDecreaseThroughIssueAndRedemptionOfShares

25,000

Increase (decrease) through issue and redemption of shares

ghrs_IncreaseDecreaseThroughIssueAndRedemptionOfShares

25,000

Weighted average remaining contractual life of granted share options

ghrs_WeightedAverageRemainingContractualLifeOfGrantedShareOptions

7 years 7 months 13 days

Weighted average remaining contractual life of granted share options

ghrs_WeightedAverageRemainingContractualLifeOfGrantedShareOptions

7 years 4 months 28 days

Research and development expense allocation external costs

ghrs_ResearchAndDevelopmentExpenseAllocationExternalCosts

€ 16,019,000

Research and development expense allocation external costs

ghrs_ResearchAndDevelopmentExpenseAllocationExternalCosts

6,602,000

Research and development expense allocation external costs

ghrs_ResearchAndDevelopmentExpenseAllocationExternalCosts

€ 338,000

Number of shares redeemed

ghrs_NumberOfSharesRedeemed

25,000

Research and development expense allocation depreciation

ghrs_ResearchAndDevelopmentExpenseAllocationDepreciation

€ 33,000

Research and development expense allocation depreciation

ghrs_ResearchAndDevelopmentExpenseAllocationDepreciation

14,000

Research and development expense allocation depreciation

ghrs_ResearchAndDevelopmentExpenseAllocationDepreciation

€ 0

Increase (decrease) in share consolidation

ghrs_IncreaseDecreaseInShareConsolidation

(60,781,276)

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,
	2022		2021		2020
	$’000		$’000		$’000
Research and development
External research and development expenses		16,019		6,602		338
Employee expenses ⁽¹⁾		4,119		1,419		—
Depreciation		33		14		—
Other expenses		313		518		—
Total research and development expenses		20,484		8,553		338

General and administrative
External costs		7,785		5,618		103
Employee expenses ⁽²⁾		2,271		924		5
Depreciation		14		5		—
Total general and administrative expenses		10,070		6,547		108
Total operating expenses		30,554		15,100		446

⁽¹⁾Included in employee expenses is share-based compensation expense of $1.0 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively, relating to employees in the research and development department.

⁽²⁾Included in employee expenses is share-based compensation expense of $0.7 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively, relating to employees in the general and administrative department.

Conversion, par value per share

ghrs_ConversionParValuePerShare

€ 0.01

Conversion, par value per share

ghrs_ConversionParValuePerShare

€ 0.01

Number of shares redesignated

ghrs_NumberOfSharesRedesignated

2,108,159

Number of shares redesignated

ghrs_NumberOfSharesRedesignated

50,487

Marketable securities at fair value through other comprehensive income of interest rates

ghrs_MarketableSecuritiesAtFairValueThroughOtherComprehensiveIncomeOfInterestRates

0.25%

Marketable securities at fair value through other comprehensive income of interest rates

ghrs_MarketableSecuritiesAtFairValueThroughOtherComprehensiveIncomeOfInterestRates

3.75%

Marketable securities at fair value through other comprehensive income of interest rates

ghrs_MarketableSecuritiesAtFairValueThroughOtherComprehensiveIncomeOfInterestRates

0.00%

Share consolidation, conversion of shares

ghrs_ShareConsolidationConversionOfShares

40,520,850

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

ghrs_NumberOfOrdinarySharesAvailableForFutureIssuanceOfShareBasedEquityAwards

741,138

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

ghrs_NumberOfOrdinarySharesAvailableForFutureIssuanceOfShareBasedEquityAwards

1,045,547

Marketable securities at fair value through other comprehensive income of maturity period

ghrs_MarketableSecuritiesAtFairValueThroughOtherComprehensiveIncomeOfMaturityPeriod

1 year

Marketable securities at fair value through other comprehensive income of maturity period

ghrs_MarketableSecuritiesAtFairValueThroughOtherComprehensiveIncomeOfMaturityPeriod

4 years

Research and development expense allocation employee expenses

ghrs_ResearchAndDevelopmentExpenseAllocationEmployeeExpenses

€ 4,119,000

^[2]

Research and development expense allocation employee expenses

ghrs_ResearchAndDevelopmentExpenseAllocationEmployeeExpenses

1,419,000

^[2]

Research and development expense allocation employee expenses

ghrs_ResearchAndDevelopmentExpenseAllocationEmployeeExpenses

^[2]

Share consolidation, value

ghrs_ShareConsolidationValue

Share consolidation, value

ghrs_ShareConsolidationValue

€ 0

Share based compensation arrangement by share based payment award vesting period

ghrs_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingPeriod

3 years

Share-based payment arrangement award vesting rights percentage

ghrs_ShareBasedPaymentArrangementAwardVestingRightsPercentage

25.00%

Number of options vested in share-based payment arrangement

ghrs_NumberOfOptionsVestedInShareBasedPaymentArrangement

60,032

Number of options vested in share-based payment arrangement

ghrs_NumberOfOptionsVestedInShareBasedPaymentArrangement

7,296

Additions for financial assets measured at fair value through other comprehensive income

ghrs_AdditionsForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome

€ 84,621,000

Additions for financial assets measured at fair value through other comprehensive income

ghrs_AdditionsForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome

€ 0

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

Number of options granted to purchase shares

ghrs_NumberOfOptionsGrantedToPurchaseShares

126,218

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

ghrs_WeightedAverageGrantDateFairValueOfOptionsGrantedInShareBasedPaymentArrangement

€ 9.92

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

ghrs_WeightedAverageGrantDateFairValueOfOptionsGrantedInShareBasedPaymentArrangement

€ 14.44

Share option award granted period

ghrs_ShareOptionAwardGrantedPeriod

8 years

Purchase of marketable securities

ghrs_PurchaseOfMarketableSecurities

€ 84,621,000

Purchase of marketable securities

ghrs_PurchaseOfMarketableSecurities

Purchase of marketable securities

ghrs_PurchaseOfMarketableSecurities

Accrued interest for financial assets measured at fair value through other comprehensive income

ghrs_AccruedInterestForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome

858,000

Accrued interest for financial assets measured at fair value through other comprehensive income

ghrs_AccruedInterestForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome

€ 0

Number of shares redeemed, par value

ghrs_NumberOfSharesRedeemedParValue

€ 1

Lease expense relating to short-term leases

ghrs_LeaseExpenseRelatingToShortTermLeases

€ 101,000

Lease expense relating to short-term leases

ghrs_LeaseExpenseRelatingToShortTermLeases

76,000

Lease expense relating to short-term leases

ghrs_LeaseExpenseRelatingToShortTermLeases

€ 5,000

Cancelled shares

ghrs_CancelledShares

25,000

Redemption amount

ghrs_RedemptionAmount

€ 25,000

[1]	Included in employee expenses is share-based compensation expense of $0.7 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively, relating to employees in the general and administrative department.
[2]	Included in employee expenses is share-based compensation expense of $1.0 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively, relating to employees in the research and development department.

Corporate information	12 Months Ended
Corporate information	Dec. 31, 2022
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” or GH Research). 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 mebufotenin (5-methoxy-N,N-dimethyltryptamine, or 5-MeO-DMT) therapies for the treatment of patients with Treatment Resistant Depression, or TRD. Its portfolio currently includes GH001, a proprietary inhalable mebufotenin product candidate, GH002, a proprietary intravenous mebufotenin product candidate, and GH003, a proprietary intranasal mebufotenin 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 15 “Share capital and reserves”. These consolidated financial statements were presented to the Board of Directors and approved by them for issue on March 9, 2023.

Basis of preparation, significant judgments, and accounting policies, Going Concern (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Going concern basis [Abstract]
Marketable securities	$ 0	$ 0

Net finance income/(expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance expense [Abstract]
Expected credit losses on marketable securities at FVOCI	$ (121)	$ 0	$ 0
Finance expenses on investment	$ (123)	$ 0	$ 0

Financial risk management, Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Bank Bond	Dec. 31, 2021 USD ($)
Financial risk management [Abstract]
Number of banks cash balance held \| Bank	3
Number of bonds valued on portfolio \| Bond	0
Percentage of value of portfolio	3.00%
Impairment Allowance Recognized for Credit Losses [Roll Forward]
Opening impairment allowance	$ 0	$ 0
Increase in impairment allowance during the year	121	0
Closing impairment allowance	$ 121	$ 0

Financial risk management, Interest rate risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial risk management [Abstract]
Gains (losses) on exchange differences on interest rate swaps, before tax	$ 1.1	$ 0.0

Basis of preparation, significant judgments, and accounting policies, Share Conversion and Consolidation (Details)			12 Months Ended
	Jun. 24, 2021	May 27, 2021	Dec. 31, 2022
Share conversion and consolidation [Abstract]
Stock split conversion ratio	2.5	2.5	2.5