0001140361-24-011866 | 20-F | XBRL Viewer

Class A Ordinary Shares [Member]

126,218

Number of shares redeemed (in shares)

25,000

Redeemed par value (in euros per share) | € / shares

€ 1

Number of shares cancelled (in shares)

25,000

Number of shares cancelled, per value (in euros per share) | € / shares

€ 1

Class A Ordinary Shares [Member] | Initial Public Offering [Member]

Issuance of shares (in shares)

625,000

GH Research Ireland Limited [Member] | Ordinary Shares [Member]

Number of ordinary shares after redesignation (in shares)

2,108,159

GH Research Ireland Limited [Member] | Series B Preferred Shares [Member]

Issuance of shares (in shares)

5,270,400

Key Management [Member] | Share Option Expiration Period Three [Member]

Number of options vested (in shares)

19,899

Vesting condition

2 years

Number of options exercised (in shares)

7,296

Key Management [Member] | Ordinary Shares [Member]

Key Management [Member] | Ordinary Shares [Member] | Share Option, Expiration Period One [Member]

122,399

Key Management [Member] | Ordinary Shares [Member] | Share Option, Expiration Period Two [Member]

72,399

Other current liabilities [Abstract]

50,000

[1]	Share information presented as of January 1, 2021 is prior to the incorporation of GH Research PLC and relates solely to GH Ireland Research Limited and does not give effect to the 2.50-for-one share consolidation described below.

Other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Current Liabilities

	Year ended December 31,
	2023		2022
	$’000		$’000
Accruals		2,325		2,366
Social security payable		340		217
Other		203		95
		2,868		2,678

Leases, Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease Liabilities [Abstract]
Lease liability	$ 1,000
Interest expense on lease liabilities	100	$ 0
Maturity Analysis of Lease Payments on an Undiscounted Basis [Abstract]
Undiscounted lease payable	1,080
Lease expenses for short-term leases	100	$ 100	$ 100
Less Than One Year [Member]
Maturity Analysis of Lease Payments on an Undiscounted Basis [Abstract]
Undiscounted lease payable	360
One to Two Years [Member]
Maturity Analysis of Lease Payments on an Undiscounted Basis [Abstract]
Undiscounted lease payable	288
Two to Three Years [Member]
Maturity Analysis of Lease Payments on an Undiscounted Basis [Abstract]
Undiscounted lease payable	288
Three to Four Years [Member]
Maturity Analysis of Lease Payments on an Undiscounted Basis [Abstract]
Undiscounted lease payable	$ 144

Property, plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	$ 97
Property, plant and equipment, ending balance	$ 1,069	$ 97
Lease term	4 years 9 months
Cash outflow for leases	$ 300
Research and Development Expenses [Member]
Property, plant and equipment [Abstract]
Depreciation expense	35	33	$ 15
General and Administration Expenses [Member]
Property, plant and equipment [Abstract]
Depreciation expense	300	14	4
Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	163	101
Additions	1,279	67
Exchange difference	16	(5)
Property, plant and equipment, ending balance	1,458	163	101
Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	(66)	(19)
Additions	315	47
Exchange difference	8	0
Property, plant and equipment, ending balance	(389)	(66)	(19)
ROU Assets [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0
Property, plant and equipment, ending balance	946	0
ROU Assets [Member] \| Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Additions	1,179	0
Exchange difference	19	0
Property, plant and equipment, ending balance	1,198	0	0
ROU Assets [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	0	0
Additions	247	0
Exchange difference	5	0
Property, plant and equipment, ending balance	(252)	0	0
Computer Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	82
Property, plant and equipment, ending balance	115	82
Computer Equipment [Member] \| Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	119	55
Additions	90	67
Exchange difference	(1)	(3)
Property, plant and equipment, ending balance	208	119	55
Computer Equipment [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	(37)	(9)
Additions	54	28
Exchange difference	2	0
Property, plant and equipment, ending balance	(93)	(37)	(9)
Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	5
Property, plant and equipment, ending balance	8	5
Office Equipment [Member] \| Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	8	8
Additions	10	0
Exchange difference	(2)	0
Property, plant and equipment, ending balance	16	8	8
Office Equipment [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	(3)	(1)
Additions	5	2
Exchange difference	0	0
Property, plant and equipment, ending balance	(8)	(3)	(1)
Medical Devices [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	10
Property, plant and equipment, ending balance	0	10
Medical Devices [Member] \| Cost [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	36	38
Additions	0	0
Exchange difference	0	(2)
Property, plant and equipment, ending balance	36	36	38
Medical Devices [Member] \| Accumulated Depreciation [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, beginning balance	(26)	(9)
Additions	9	17
Exchange difference	1	0
Property, plant and equipment, ending balance	$ (36)	$ (26)	$ (9)

Cash and cash equivalents (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents [Abstract]
Cash at bank and in hand	$ 41,390	$ 130,252
Cash equivalents	37,030	35,703
Cash and cash equivalents	78,420	165,955	$ 276,776	$ 5,895
Investment of money market fund	54,000
Other financial assets	$ 55,615	$ 0

Marketable securities

12 Months Ended

Dec. 31, 2023

Marketable securities [Abstract]

Marketable securities

10. Marketable securities

	Year ended December 31,
	2023			2022
Fair value	$’000			$’000
At January 1		85,724			—
Additions		—			84,621
Accrued interest		4,138			858
Interest received		(1,101	)		(192	)
Fair value movement		(94	)		437
At December 31		88,667			85,724

Marketable securities had a fair value of $88.7 million at December 31, 2023 (2022: $85.7 million). The impairment loss allowance for expected credit loss (“ECL”) at the reporting date was $0.1 million (2022 $0.1 million). The overall movement through OCI is shown in the table below.

	Year ended December 31,
	2023			2022
	$’000			$’000
Revaluation adjustments		(94	)		437
Movement of ECL on assets measured at FVOCI		(1	)		121
Fair value movement on marketable securities through OCI		(95	)		558

Marketable securities at FVOCI have stated interest rates of 0.25% to 3.75% (2022: 0.25% to 3.75%) and mature in 2 months to 3 years’ time.

Basis of preparation, significant judgments, and accounting policies, Going Concern (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Going concern basis [Abstract]
Bank loan or other debts outstanding	$ 0
Cash and cash equivalents	78,420	$ 165,955	$ 276,776	$ 5,895
Marketable securities	88,700	85,700
Other financial assets	$ 55,615	$ 0

Share based compensation

12 Months Ended

Dec. 31, 2023

Share based compensation [Abstract]

Share based compensation

17. Share-based compensation

Share Options

In June 2021, the Company adopted a share option plan referred to herein as the Share Option Plan under which grants of options are made to eligible participants. The Company had reserved 1,202,734 ordinary shares for future issuance under the Share Option Plan, which includes ordinary shares pursuant to share-based equity awards issued to date. As of December 31, 2023, the Company has 404,718 ordinary shares available for the future issuance of share-based equity awards (2022: 741,138 shares, 2021:1,045,547 shares).

Under the Share Option Plan, the options may be settled only in ordinary shares of the Company. Therefore, the grants of share options under the Share Option Plan have been accounted for as equity-settled under IFRS 2. As such, the Company records a charge for the vested portion of award grants and for partially earned but non-vested portion of award grants.

During the year ended December 31, 2023, the Company granted the option to purchase 420,820 ordinary shares (2022: 304,409 shares,2021:149,891 shares), respectively, to employees which were in line with the general terms of the Share Option Plan as described above. During the year ended December 31, 2023, 104,299 share options (2022: nil, 2021: nil) were forfeited.

Of the 420,820 share options granted to employees during the year ended December 31, 2023, 175,000 share options were granted with a contractual term (expiration) of seven years from the grant date with an exercise price of $0.025 per share. A further 20,000 share options, of those granted during the year ended December 31, 2023, vested immediately and had no service condition attached to them. Aside from the 175,000 share options identified above, all other share options granted to employees during the year ended December 31, 2023 have a contractual term (expiration) of eight years from the grant date with the exercise price at the closing market price on the day prior to the grant.

During the year ended December 31, 2023, the Company granted the option to purchase 19,899 ordinary shares to members of the Board of Directors which vested on the date of grant and are subject to a two-year service condition. These share options have a contractual term (expiration) of seven years from the grant date with an exercise price of $0.025 per share. During the year ended December 31, 2023, members of the Board of Directors exercised a total of 7,296 share options at an exercise price of $2.05 per option. The shares relating to the exercise of these options were issued in October 2023. The weighted average share price of shares exercised during the year ended December 31, 2023, was $9.90.

The following table summarizes the share option awards outstanding as of December 31, 2023, 2022 and 2021:

	Average exercise price per share in USD		Number of awards			Weighted average remaining life in years
At December 31, 2020		—		—			—
Granted		15.80		157,187			7.62
At December 31, 2021		15.80		157,187			7.62
Granted		14.10		304,409			7.41
At December 31, 2022		15.32		461,596			7.14
Granted		5.41		440,719			7.05
Forfeited		12.02		(104,299	)		6.77
Exercised		2.05		(7,296	)		5.74
At December 31, 2023⁽¹⁾		10.35		790,720			6.57

⁽¹⁾112,244 of the awards outstanding as of December 31, 2023 were exercisable (2022: nil, 2021: nil).

The weighted average grant date fair value of awards granted during the year ended December 31, 2023 was $7.72 (2022: $9.92, 2021: $14.44) per award.

The fair values of the options granted were determined on the date of the grant using the Black-Scholes option-pricing model. The Company used an independent valuation firm to assist in calculating the fair value of the award grants per participant.

The fair values of the options granted during the years ended December 31, 2023, 2022 and 2021 were determined on the date of the grant using the following assumptions:

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2021
Share price, in USD		5.32 – 13.15			9.46 – 19.42			15.00 – 23.74
Strike price, in USD – employees (weighted average)		5.66			14.10			18.45
Strike price, in USD – non-executive directors		0.025			—			2.05
Expected volatility		83% - 88	%		87% - 92	%		90% - 95	%
Award life (weighted average)		5.6			6			5.95
Expected dividends		—			—			—
Risk-free interest rate		3.50% - 4.77	%		1.74% - 3.69	%		0.97% - 1.25	%

The expected volatility was based on selected volatility determined by median values observed among other comparable public companies.

The award life is based on the time interval between the date of grant and the date during the life of the share option after which, when making the grant, the Company expected on average that participants would exercise their options.

As of December 31, 2023, Other Reserves within equity includes $4.2 million (December 31,2022, $2.0 million) relating to the Group’s Share Option Plan . The amount of expense for all awards recognized for services received during the year ended December 31, 2023 was $2.3 million (2022: $1.7 million, 2021: $0.4 million).

Expenses by nature

12 Months Ended

Dec. 31, 2023

Expenses by nature [Abstract]

Expenses by nature

3. Expenses by nature

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

	Year ended December 31,
	2023		2022		2021
	$’000		$’000		$’000
Research and development
External research and development expenses		22,777		16,019		6,602
Employee expenses ⁽¹⁾		6,771		4,119		1,419
Depreciation		35		33		14
Other expenses		238		313		518
Total research and development expenses		29,821		20,484		8,553

General and administrative
External costs		7,692		7,785		5,618
Employee expenses ⁽²⁾		3,429		2,271		924
Depreciation		280		14		5
Total general and administrative expenses		11,401		10,070		6,547
Total operating expenses		41,222		30,554		15,100

⁽¹⁾Included in employee expenses is share-based compensation expense of $1.4 million, $1.0 million and $0.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, relating to employees in the research and development department.

⁽²⁾Included in employee expenses is share-based compensation expense of $0.9 million, $0.7 million and $0.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, relating to employees in the general and administrative department.

Income tax (Details) - USD ($) $ in Thousands	12 Months Ended
Income tax (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expected Tax Charge/(Credit) and Reconciles to Actual Tax Charge/(Credit) [Abstract]
Loss before tax	$ 35,587	$ 22,456	$ 9,202
Tax credit calculated at the domestic tax rate 12.5%	(4,448)	(2,807)	(1,150)
Tax effects of [Abstract]
Losses for which no deferred tax asset was recognized	4,200	2,625	1,150
Income taxed at a higher rate of tax	118	0	0
Other permanent differences	130	182	0
Tax charge/(credit)	$ 0	$ 0	$ 0
Domestic tax rate	12.50%	12.50%	12.50%

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Other current assets (Tables)

12 Months Ended

Dec. 31, 2023

Other current assets [Abstract]

Other Current Assets

	Year ended December 31,
	2023		2022
	$’000		$’000
Prepaid expenses		2,232		2,449
VAT receivable		178		90
Other		119		47
		2,529		2,586

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Per Share [Abstract]
Loss attributable to shareholders	$ (35,587)	$ (22,456)	$ (9,202)
Weighted average number of shares in issue (in shares)	52,022,588	52,020,849	43,683,296
Basic loss per share (in dollars per share)	$ (0.68)	$ (0.43)	$ (0.21)
Diluted loss per share (in dollars per share)	$ (0.68)	$ (0.43)	$ (0.21)

Employee expenses

12 Months Ended

Dec. 31, 2023

Employee expenses [Abstract]

Employee expenses

4. Employee expenses

	Year ended December 31,
	2023		2022		2021
	$’000		$’000		$’000
Salary and related expenses		7,219		4,337		1,862
Social security costs		690		382		115
Shared based compensation expense		2,291		1,671		366
		10,200		6,390		2,343

Information relating to the Share Option Plan is set out in note 17 “Share-based compensation”. During the year ended December 31, 2023, $0.1 million was recognized as an expense relating to defined contribution pension plans (2022: $0.04 million).

Income tax

12 Months Ended

Dec. 31, 2023

Income tax [Abstract]

Income tax

6. Income tax

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,
	2023			2022			2021
	$’000			$’000			$’000
Loss before tax		35,587			22,456			9,202
Tax credit calculated at the domestic tax rate 12.5%		(4,448	)		(2,807	)		(1,150	)
Tax effects of:
Losses for which no deferred tax asset was recognized		4,200			2,625			1,150
Income taxed at a higher rate of tax		118			—			—
Other permanent differences		130			182			—
Tax charge/(credit)		—			—			—

Events after the reporting date	12 Months Ended
Events after the reporting date	Dec. 31, 2023
Events after the reporting date [Abstract]
Events after the reporting date	21. Events after the reporting date There were no events after the reporting date requiring disclosure in the Group’s consolidated financial statements.

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents [Abstract]

Cash and cash equivalents

	Year ended December 31,
	2023		2022
	$’000		$’000
Cash at bank and in hand		41,390		130,252
Cash equivalents		37,030		35,703
		78,420		165,955

Loss per share (Tables)

12 Months Ended

Dec. 31, 2023

Loss per share [Abstract]

Loss and Earnings Per Share

The basic loss per share is calculated by dividing the loss for the year attributable to shareholders by the weighted average number of shares in issue during the financial year as follows:

	Year ended December 31,
	2023			2022			2021
Loss attributable to shareholders (in $’000)		(35,587	)		(22,456	)		(9,202	)
Weighted average number of shares in issue		52,022,588			52,020,849			43,683,296
Basic and diluted loss per share (in USD)		(0.68	)		(0.43	)		(0.21	)

Trade payables	12 Months Ended
Trade payables	Dec. 31, 2023
Trade payables [Abstract]
Trade payables	12. Trade payables Trade payables primarily represents amounts incurred for the provision of manufacturing, research and consulting services and legal and professional fees, which are outstanding at the end of the year. Trade payables are due to be settled at different times within 12 months.

Related party disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Key Management Compensation

Key management is comprised of executive officers and the Board of Directors who served during the reporting period.

	Year ended December 31,
	2023		2022		2021
	$’000		$’000		$’000
Salary and related expenses		1,421		893		687
Shared-based compensation expense		590		338		163
		2,011		1,231		850

Leases, Right-of-Use Assets (Details) $ in Thousands	12 Months Ended
Leases, Right-of-Use Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Right-of-Use Assets [Abstract]
Incremental borrowing rate	6.00%
Office Buildings [Member]
Movement in Right-of-Use Asset [Abstract]
Beginning balance	$ 0
Additions to right of use assets	1,179
Depreciation charge	(247)
Exchange difference	14
Ending balance	$ 946

Consolidated statement of comprehensive income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Research and development	$ (29,821)	$ (20,484)	$ (8,553)
General and administration	(11,401)	(10,070)	(6,547)
Loss from operations	(41,222)	(30,554)	(15,100)
Finance income	8,978	1,166	0
Finance expense	(723)	(123)	(9)
Movement of expected credit loss	1	(121)	0
Foreign exchange (loss)/gain	(2,621)	7,176	5,907
Total other income	5,635	8,098	5,898
Loss before tax	(35,587)	(22,456)	(9,202)
Tax charge/(credit)	0	0	0
Loss for the year	(35,587)	(22,456)	(9,202)
Items that may be reclassified to profit or loss
Fair value movement on marketable securities	(95)	558	0
Currency translation adjustment	2,528	(7,132)	(6,103)
Total comprehensive loss for the year	(33,154)	(29,030)	(15,305)
Attributable to owners:
Loss for the year	(35,587)	(22,456)	(9,202)
Total comprehensive loss for the year	$ (33,154)	$ (29,030)	$ (15,305)
Loss per share
Basic loss per share (in dollars per share)	$ (0.68)	$ (0.43)	$ (0.21)
Diluted loss per share (in dollars per share)	$ (0.68)	$ (0.43)	$ (0.21)

Other current liabilities

12 Months Ended

Dec. 31, 2023

Other current liabilities [Abstract]

Other current liabilities

13. Other current liabilities

	Year ended December 31,
	2023		2022
	$’000		$’000
Accruals		2,325		2,366
Social security payable		340		217
Other		203		95
		2,868		2,678

Other current liabilities mainly comprise accruals for operating expenses and employee tax payable and are expected to be settled within one year.

Share based compensation, Share Option Awards Outstanding (Details)

12 Months Ended

Dec. 31, 2023

$ / shares

Dec. 31, 2022

$ / shares

Dec. 31, 2021

$ / shares

Weighted average exercise price [Abstract]

Outstanding at beginning of period (in dollars per share) | $ / shares

$ 15.32

$ 15.8

$ 0

Granted (in dollars per share) | $ / shares

5.41

14.1

15.8

Forfeited (in dollars per share) | $ / shares

12.02

Exercise price (in dollars per share) | $ / shares

2.05

Outstanding at end of period (in dollars per share) | $ / shares

$ 10.35

^[1]

$ 15.32

$ 15.8

Number of options [Abstract]

Outstanding at beginning of period (in shares) | shares

461,596

157,187

Granted (in shares) | shares

440,719

304,409

157,187

Forfeited (in shares) | shares

(104,299)

Exercised (in shares) | shares

(7,296)

Outstanding at end of period (in shares) | shares

790,720

^[1]

461,596

157,187

Weighted average remaining life [Abstract]

Outstanding weighted average remaining life in years

6 years 6 months 25 days

^[1]

7 years 1 month 20 days

7 years 7 months 13 days

Granted weighted average remaining life in years

7 years 18 days

7 years 4 months 28 days

7 years 7 months 13 days

Forfeited weighted average remaining life in years

6 years 9 months 7 days

Exercised weighted average remaining life in years

5 years 8 months 26 days

Number of option exercisable (in shares) | shares

112,244

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 7.72

$ 9.92

$ 14.44

[1]	112,244 of the awards outstanding as of December 31, 2023 were exercisable (2022: nil, 2021: nil).

Loss per share

12 Months Ended

Dec. 31, 2023

Loss per share [Abstract]

Loss per share

20. Loss per share

The basic loss per share is calculated by dividing the loss for the year attributable to shareholders by the weighted average number of shares in issue during the financial year as follows:

	Year ended December 31,
	2023			2022			2021
Loss attributable to shareholders (in $’000)		(35,587	)		(22,456	)		(9,202	)
Weighted average number of shares in issue		52,022,588			52,020,849			43,683,296
Basic and diluted loss per share (in USD)		(0.68	)		(0.43	)		(0.21	)

For the years ended December 31, 2023, 2022 and 2021, basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and exclude shares to be issued under the Share Option Plan, as the effect of including those shares would be anti-dilutive.

Corporate information	12 Months Ended
Corporate information	Dec. 31, 2023
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 Joshua Dawson House, Dawson Street, 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 7, 2024.

Share based compensation, Fair Values of the Options Granted (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) yr $ / shares	Dec. 31, 2022 USD ($) yr $ / shares	Dec. 31, 2021 USD ($) yr $ / shares
Weighted average assumptions [Abstract]
Award life (weighted average) \| yr	5.6	6	5.95
Expected dividends	0.00%	0.00%	0.00%
Other reserves within equity on consolidated statement \| $	$ 4,651	$ 2,595
Expense for awards recognized \| $	2,291	1,671	$ 366
Share Option Plan [member]
Weighted average assumptions [Abstract]
Other reserves within equity on consolidated statement \| $	$ 4,200	$ 2,000
Bottom of Range [Member]
Weighted average assumptions [Abstract]
Share price (in dollars per share)	$ 5.32	$ 9.46	$ 15
Expected volatility	83.00%	87.00%	90.00%
Risk-free interest rate	3.50%	1.74%	0.97%
Top of Range [Member]
Weighted average assumptions [Abstract]
Share price (in dollars per share)	$ 13.15	$ 19.42	$ 23.74
Expected volatility	88.00%	92.00%	95.00%
Risk-free interest rate	4.77%	3.69%	1.25%
Employees [Member]
Weighted average assumptions [Abstract]
Strike price (in dollars per share)	$ 5.66	$ 14.1	$ 18.45
Non-executive Directors [Member]
Weighted average assumptions [Abstract]
Strike price (in dollars per share)	$ 0.025	$ 0	$ 2.05

Consolidated statement of changes in equity - USD ($)
$ in Thousands

Total

Share Capital [Member]

Additional Paid-in Capital [Member]

Other Reserves [Member]

Foreign Currency Translation Reserve [Member]

Accumulated Deficit [Member]

Beginning balance at Dec. 31, 2020

$ 5,666

$ 871

^[1]

$ 5,430

^[1]

$ 0

$ 200

$ (835)

Changes in equity

Loss for the year

(9,202)

Translation adjustment

(6,103)

Total comprehensive loss for the year

(15,305)

(6,103)

(9,202)

Total transactions with owners

366

Corporate reorganization

(160)

160

Issue of share capital

286,448

590

285,858

286,814

430

286,018

366

Ending balance at Dec. 31, 2021

277,175

1,301

291,448

366

(5,903)

(10,037)

Changes in equity

Loss for the year

(22,456)

Translation adjustment

(7,132)

Other comprehensive (loss)/income

(6,574)

558

(7,132)

Total comprehensive loss for the year

(29,030)

558

(7,132)

(22,456)

Total transactions with owners

1,671

1,671

Ending balance at Dec. 31, 2022

249,816

1,301

291,448

2,595

(13,035)

(32,493)

Changes in equity

Loss for the year

(35,587)

Translation adjustment

2,528

Other comprehensive (loss)/income

2,433

(95)

2,528

Total comprehensive loss for the year

(33,154)

(95)

2,528

(35,587)

2,291

Total transactions with owners

(140)

140

2,306

2,151

140

Ending balance at Dec. 31, 2023

$ 218,968

$ 1,301

$ 291,463

$ 4,651

$ (10,507)

$ (67,940)

[1]	Share information presented as of January 1, 2021 is prior to the incorporation of GH Research PLC and relates solely to GH Ireland Research Limited and does not give effect to the 2.50-for-one share consolidation described below.

Marketable securities (Tables)

12 Months Ended

Dec. 31, 2023

Marketable securities [Abstract]

Marketable Securities Measured at FVOCI

	Year ended December 31,
	2023			2022
Fair value	$’000			$’000
At January 1		85,724			—
Additions		—			84,621
Accrued interest		4,138			858
Interest received		(1,101	)		(192	)
Fair value movement		(94	)		437
At December 31		88,667			85,724

Overall Movement through OCI

	Year ended December 31,
	2023			2022
	$’000			$’000
Revaluation adjustments		(94	)		437
Movement of ECL on assets measured at FVOCI		(1	)		121
Fair value movement on marketable securities through OCI		(95	)		558

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2023
Contingencies [Abstract]
Contingencies	16. Contingencies As of December 31, 2023, there were no material contingencies which required adjustment to or disclosure in the Group’s financial statements (2022: none).

Financial risk management, Foreign Exchange Risk (Details) € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)
Foreign exchange rates [abstract]
Cash, cash equivalents and other financial assets	$ 134,035	$ 165,955
Foreign exchange (loss)/gain	(2,621)	7,176	$ 5,907
10% Weakened / Strengthened in Exchange Rate [Member]
Foreign exchange rates [abstract]
Loss before tax higher/lower related to translation of cash and other financial assets held	6,400	8,500
In USD [Member] \| Currency Risk [member]
Foreign exchange rates [abstract]
Cash, cash equivalents and other financial assets	133,816	162,266
In Euro [Member] \| Currency Risk [member]
Foreign exchange rates [abstract]
Cash, cash equivalents and other financial assets	207	3,675		€ 187		€ 3,446
In GBP [Member] \| Currency Risk [member]
Foreign exchange rates [abstract]
Cash, cash equivalents and other financial assets	$ 12	$ 14			£ 10		£ 11

Finance income and expense

12 Months Ended

Dec. 31, 2023

Finance Income and Expense [Abstract]

Net finance income/(expense)

5. Finance income and expense

	Year ended December 31,
	2023			2022			2021
	$’000			$’000			$’000
Finance income
Finance income on cash, cash equivalents and other financial assets		1,890			—			—
Gain on cash equivalents and other financial assets at FVTPL		2,950			308			—
Interest income under effective interest rate method at FVOCI		4,138			858			—
Finance income		8,978			1,166			—

Finance expense
Finance expense on investment		(660	)		(123	)		—
Interest expense		(63	)		—			(9	)
Finance expense		(723	)		(123	)		(9	)

Share capital and reserves, Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Share capital and reserves [Abstract]
Other reserves	$ 4,651	$ 2,595
Foreign currency translation reserve	$ (10,507)	$ (13,035)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

14. Leases

As explained in Note 11, “Property, plant and equipment”, during the year ended December 31, 2023, the Group entered into a lease for an office space. The right-of-use asset relating to this lease has been included in property, plant and equipment. At the lease commencement date, the right-of-use asset was recognized at the present value of the future lease payments, discounted at the Group’s incremental borrowing rate which was calculated as 6%. Movement in the right-of-use asset during the year ended December 31, 2023, is shown below.

	Office Buildings
	$’000
2023
Balance at January 1		—
Additions to right of use assets		1,179
Depreciation charge		(247	)
Exchange difference		14
Balance at December 31		946

At December 31, 2023, the Group’s lease liability was $1.0 million. Interest expense of $0.1 million was recognized on lease liabilities in the year ended December 31, 2023 (2022: $nil). The following table sets out the maturity analysis of lease payments, on an undiscounted basis.

	Maturity Analysis
	$’000
At December 31, 2023
Less than one year		360
One to two years		288
Two to three years		288
Three to four years		144
Total undiscounted lease payable		1,080

Lease expenses for short-term leases were $0.1 million for the year ended December 31, 2023 (2022: $0.1 million, 2021: $0.1 million).

Related party disclosures

12 Months Ended

Dec. 31, 2023

Related party disclosures

19. Related party disclosures

On April 8, 2021, GH Research Ireland Limited issued 5,270,400 Series B preferred shares (which were redesignated into 2,108,159 ordinary shares prior to the closing of the IPO) to directors and entities affiliated with directors.

On June 4, 2021, GH Research PLC granted the option to purchase 126,218 ordinary shares (which were redesignated into 50,487 ordinary shares prior to the closing of the IPO) to key management.

On June 24, 2021, GH Research PLC redeemed 25,000 A ordinary shares of €1.00 each at par and, following the redemption, cancelled the 25,000 A ordinary shares of €1.00 each, see note 15, “Share capital and reserves” for details.

On June 29, 2021, GH Research PLC issued 625,000 ordinary shares from the initial public offering to entities affiliated with directors.

During the year ended December 31, 2023, GH Research PLC granted the option to purchase 122,399 ordinary shares to key management. Of the 122,399 share options granted during the year ended December 31, 2023, 72,399 share options were granted with a contractual term (expiration) of seven years from the grant date and an exercise price of $0.025 per share. The remaining 50,000 share options were granted with a contractual term (expiration) of eight years from the grant date and an exercise price at the closing market price on the day prior to the grant. 19,899 share options vested on the date of grant, subject to a two-year service condition. In the same period, 7,296 share options were exercised by related parties. For further information, see Note 17 “Share-based compensation”.

Key Management Compensation

Key management are those persons who have the authority and responsibility for planning, directing and controlling the activities of the Group. Key management is comprised of executive officers and the Board of Directors who served during the reporting period.

	Year ended December 31,
	2023		2022		2021
	$’000		$’000		$’000
Salary and related expenses		1,421		893		687
Shared-based compensation expense		590		338		163
		2,011		1,231		850

Basis of preparation, significant judgments, and accounting policies, Research and Development Tax Credits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Research and development tax credits [Abstract]
Percentage of research and development tax credit	25.00%
Research and development tax credits	$ 0.1
Remaining unrecognized tax credit of research and development	$ 1.3

Share capital and reserves, Share Capital (Details)
$ in Thousands

12 Months Ended

Jun. 29, 2021

Jun. 24, 2021

May 27, 2021

USD ($)

Apr. 08, 2021

Mar. 29, 2021

Dec. 31, 2023

USD ($)

Dec. 31, 2021

USD ($)

Beginning balance (in shares) | shares

52,020,849

75,923,079

^[1]

Beginning balance

$ 249,816

$ 5,666

Share exchange (in shares) | shares

Share exchange

$ 0

Share consolidation (in shares) | shares

(60,781,276)

Share option exercises (in shares) | shares

$ 286,448

7,296

Ending balance (in shares) | shares

$ 15

52,028,145

52,020,849

Ending balance

$ 218,968

$ 277,175

Stock split ratio

2.5

Initial Public Offering [Member]

11,499,999

Share Capital [Member]

Beginning balance

$ 1,301

$ 871

^[1]

Share exchange

(160)

Share consolidation

590

Share Capital [Member] | Initial Public Offering [Member]

Ending balance

1,301

Additional Paid-in Capital [Member]

288

Beginning balance

291,448

5,430

^[1]

Share exchange

$ (160)

160

Share consolidation

285,858

Additional Paid-in Capital [Member] | Initial Public Offering [Member]

Ending balance

$ 291,463

291,448

$ 167,340

Ordinary Shares [Member]

Redemption (in shares) | shares

(25,000)

Ordinary Shares [Member] | Share Capital [Member]

70,000,000

25,000

Stock split ratio

2.5

Redemption

$ 0

Ordinary Shares [Member] | Additional Paid-in Capital [Member]

Redemption

Series A Preferred Shares [Member]

$ 0

Series B Preferred Shares [Member]

5,923,079

Series B Preferred Shares [Member] | Share Capital [Member]

25,379,047

Series B Preferred Shares [Member] | Additional Paid-in Capital [Member]

$ 302

Property, plant and equipment [Abstract]

$ 118,518

[1]	Share information presented as of January 1, 2021 is prior to the incorporation of GH Research PLC and relates solely to GH Ireland Research Limited and does not give effect to the 2.50-for-one share consolidation described below.

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment

11. Property, plant and equipment

	Computer Equipment $’000			Office Equipment $’000		Medical Devices $’000			ROU Assets $’000		Total $’000
Cost
At January 1, 2022		55			8		38			—		101
Additions		67			—		—			—		67
Exchange difference		(3	)		—		(2	)		—		(5	)
At December 31, 2022		119			8		36			—		163

Accumulated Depreciation
At January 1, 2022		9			1		9			—		19
Charge for the year		28			2		17			—		47
Exchange difference		—			—		—			—		—
At December 31, 2022		37			3		26			—		66

Net Book Amount
At December 31, 2022		82			5		10			—		97

Cost
At January 1, 2023	119		8		36	—	163
Additions	90		10		—	1,179	1,279
Exchange difference	(1	)	(2	)	—	19	16
At December 31, 2023	208		16		36	1,198	1,458

Accumulated Depreciation
At January 1, 2023	37		3		26	—	66
Charge for the year	54		5		9	247	315
Exchange difference	2		—		1	5	8
At December 31, 2023	93		8		36	252	389

Net Book Amount
At December 31, 2023	115		8		—	946	1,069

Depreciation expense of $35 thousand (2022: $33 thousand, 2021: $15 thousand) has been charged in research and development expenses and $0.3 million (2022: $14 thousand, 2021: $4 thousand) in general and administration expenses.

The increase in property, plant and equipment was due to a lease for office space which the Group entered into in the year ended December 31, 2023. The term of the lease is four years and nine months and annual cash flows associated with it are $0.3 million.

Marketable securities, Overall Movement through OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Overall movement through OCI [Abstract]
Revaluation adjustments	$ (94)	$ 437
Movement of ECL on assets measured at FVOCI	(1)	121
Fair value movement on marketable securities through OCI	$ (95)	$ 558	$ 0
Bottom of Range [Member]
Overall movement through OCI [Abstract]
Marketable securities at FVOCI interest rates	0.25%	0.25%
Marketable securities at FVOCI maturity period	2 months
Top of Range [Member]
Overall movement through OCI [Abstract]
Marketable securities at FVOCI interest rates	3.75%	3.75%
Marketable securities at FVOCI maturity period	3 years

Financial risk management, Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Bank Bond	Dec. 31, 2022 USD ($)
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	$ 121	$ 0
Movement in impairment allowance during the year	(1)	121
Closing impairment allowance	$ 120	$ 121

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [Abstract]

Property, Plant and Equipment

	Computer Equipment $’000			Office Equipment $’000		Medical Devices $’000			ROU Assets $’000		Total $’000
Cost
At January 1, 2022		55			8		38			—		101
Additions		67			—		—			—		67
Exchange difference		(3	)		—		(2	)		—		(5	)
At December 31, 2022		119			8		36			—		163

Accumulated Depreciation
At January 1, 2022		9			1		9			—		19
Charge for the year		28			2		17			—		47
Exchange difference		—			—		—			—		—
At December 31, 2022		37			3		26			—		66

Net Book Amount
At December 31, 2022		82			5		10			—		97

Cost
At January 1, 2023	119		8		36	—	163
Additions	90		10		—	1,179	1,279
Exchange difference	(1	)	(2	)	—	19	16
At December 31, 2023	208		16		36	1,198	1,458

Accumulated Depreciation
At January 1, 2023	37		3		26	—	66
Charge for the year	54		5		9	247	315
Exchange difference	2		—		1	5	8
At December 31, 2023	93		8		36	252	389

Net Book Amount
At December 31, 2023	115		8		—	946	1,069

Other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other current assets [Abstract]
Prepaid expenses	$ 2,232	$ 2,449
VAT receivable	178	90
Other	119	47
Other current assets	$ 2,529	$ 2,586

Financial risk management

12 Months Ended

Dec. 31, 2023

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.

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, cash equivalents and other financial assets are denominated in the following currencies:

	2023		2023		2022		2022
	Local Currency ‘000		$’000		Local Currency ‘000		$’000
In USD		133,816		133,816		162,266		162,266
In Euro		187		207		3,446		3,675
In GBP		10		12		11		14
				134,035				165,955

The Group is exposed to foreign exchange risk in respect of its subsidiary as its functional currency is euro. The subsidiary holds significant cash deposits and other financial assets 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, 2023, the Group recognized a foreign exchange loss of $2.6 million (2022: gain of $7.2 million, 2021: gain of $5.9 million). The foreign exchange loss primarily relates to the U.S. dollar cash and other financial assets holding of its subsidiary and the associated weakening of the U.S. dollar compared to euro during the year. Movement in foreign exchange rates could positively or negatively affect the Group and the effect could be material. These foreign exchange movements are largely offset by related movements within Other Comprehensive Income.

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. Other financial assets are denominated in U.S. dollar but are held in an entity whose functional currency is not the U.S. dollar and as such are subject to foreign exchange risk.

At December 31, 2023, 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 $6.4 million higher / lower (2022: $8.5 million higher / lower), mainly related to the translation of cash and other financial assets 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”. This would be offset by an equivalent amount within Other Comprehensive Income.

Credit risk

The Group is exposed to credit risk on our cash, cash equivalents, other financial assets and marketable securities. The Group’s cash balance is maintained with well established, highly rated financial institutions. As of December 31, 2023, the cash balance is held at three banks that have a minimum S&P’s credit rating of A-. At December 31, 2023, 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.

At December 31, 2023, the Group holds investments in investment grade bonds and in money market funds (“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 considers 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, 2023. 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,
	2023			2022
	$’000			$’000
Opening impairment allowance		121			—
Movement in impairment allowance during the year		(1	)		121
Closing impairment allowance		120			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, 2023, 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 $0.7 million higher / lower (2022: $1.1 million higher/ lower), 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. All financial liabilities, aside from lease liabilities as included in Note 14 “Leases”, are due within one year from the balance sheet date.

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 $’000		FVTPL $’000
Financial assets measured at fair value
Marketable securities		88,667		—
Cash equivalents		—		37,030
Other financial assets		—		55,615
		88,667		92,645

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, other financial assets and cash equivalents are 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”.

Consolidated statement of financial position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 78,420	$ 165,955
Other financial assets	55,615	0
Marketable securities	27,525	0
Other current assets	2,529	2,586
Total current assets	164,089	168,541
Non-current assets
Marketable securities	61,142	85,724
Property, plant and equipment	1,069	97
Total non-current assets	62,211	85,821
Total assets	226,300	254,362
Current liabilities
Trade payables	3,490	1,868
Lease liability	343	0
Other current liabilities	2,868	2,678
Total current liabilities	6,701	4,546
Non-current liabilities
Lease liability	631	0
Total non-current liabilities	631	0
Total liabilities	7,332	4,546
Equity attributable to owners
Share capital	1,301	1,301
Additional paid-in capital	291,463	291,448
Other reserves	4,651	2,595
Foreign currency translation reserve	(10,507)	(13,035)
Accumulated deficit	(67,940)	(32,493)
Total equity	218,968	249,816
Total liabilities and equity	$ 226,300	$ 254,362

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 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, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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	52,028,145
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
Document Financial Statement Error Correction [Flag]	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

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Movement in Right-of-Use Asset

Movement in the right-of-use asset during the year ended December 31, 2023, is shown below.

	Office Buildings
	$’000
2023
Balance at January 1		—
Additions to right of use assets		1,179
Depreciation charge		(247	)
Exchange difference		14
Balance at December 31		946

Maturity Analysis of Lease Payments on an Undiscounted Basis

The following table sets out the maturity analysis of lease payments, on an undiscounted basis.

	Maturity Analysis
	$’000
At December 31, 2023
Less than one year		360
One to two years		288
Two to three years		288
Three to four years		144
Total undiscounted lease payable		1,080

Cash and cash equivalents

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents [Abstract]

Cash and cash equivalents

8. Cash and cash equivalents

	Year ended December 31,
	2023		2022
	$’000		$’000
Cash at bank and in hand		41,390		130,252
Cash equivalents		37,030		35,703
		78,420		165,955

Cash equivalents comprise an investment in a money market fund which is held at fair value through profit and loss. The fair value of cash equivalents is calculated by multiplying the net asset value per unit by the investment held at the reporting date.

During the year ended December 31, 2023, an investment of $54.0 million was made in a money market fund. This investment has been classified as other financial assets, as the cash flows from these funds do not represent solely payments of principal and interest, and has a fair value of $55.6 million at December 31, 2023.

Deferred income taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income taxes [Abstract]
Deferred tax assets	$ 0	$ 0
Unused Net Losses [Member]
Deferred income taxes [Abstract]
Deferred tax assets	$ 65,000	$ 30,000

Basis of preparation, significant judgments, and accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

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

Estimated Useful Lives of 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

Basis of preparation, significant judgments, and accounting policies

12 Months Ended

Dec. 31, 2023

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, 2023, 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 aside from the measurement at fair value of all investments in money market funds and marketable securities and the measurement of share-based payments at initial date of award.

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 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, 2023, are expected to be filed with the Companies Registration Office by November 26, 2024.

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, 2023, that are relevant to the Group and that have had any material 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, except lease liabilities, as of December 31, 2023. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans.

As of December 31, 2023, the Group’s cash and cash equivalents amounted to $78.4 million (December 31, 2022: $166.0 million). The Group also held marketable securities of $88.7 million and other financial assets of $55.6 million as of December 31, 2023 (December 31, 2022: marketable securities of $85.7 million and other financial assets of $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.

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.

Prepaid and Accrued Research and Development Expenses

The Group has entered into various research and development contracts with research institutions and other companies. As part of preparing the consolidated financial statements, the Group is required to estimate the prepaid and accrued research and development expenses. This process involves reviewing open contracts, communicating with our personnel to identify services which have been performed on the Group’s behalf and estimating the level of service which has been performed and the associated cost relating to that service when the Group has not yet been invoiced or otherwise notified of actual costs. Estimates of our prepaid and accrued research and development expenses are made at each balance sheet date based on the facts and circumstances known at the time. The estimate of prepaid and accrued research and development expenses is dependent, in part, upon the receipt of timely and accurate information from CROs and other third party-service providers. Although the Group does not expect the estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed may vary and may result in reporting that is too high or too low in any particular period.

Deferred tax balances and the valuation of tax operating losses

During the period from incorporation of GH Research Ireland Limited to December 31, 2023, 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 7, “Deferred income taxes”).

Material 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 and most of its expenses incurred 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 statements 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.

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 in money market funds, 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, adjusted for directly attributable transaction costs, with the exception of financial assets at fair value through profit and loss (“FVTPL”), which are measured at fair value 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 are 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 Other Comprehensive Income, (“OCI”). Interest income, using the effective interest rate 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 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.

Other financial assets represent money market funds with a weighted average maturity of more than 90 days and are carried at fair value through profit or loss as the cash flows from these funds do not represent solely payments of principal and interest.

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

Leases and right-of-use assets

The Group recognizes a right-of-use (“ROU”) 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. Under IFRS 16, the Group recognizes a ROU asset and a lease liability at the lease commencement date at the present value of the future lease payments, discounted at the Group’s incremental borrowing rate. The ROU asset is subsequently depreciated using the straight-line method over the lease term within depreciation expenses and an interest expense on lease liabilities is recognized within finance expense in the Group’s consolidated statement of comprehensive income. The interest expense is calculated based on the incremental borrowing rate of the Group.

For short-term or low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

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.

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.

Finance income and expense

The Group’s finance income and expense includes:

•

Interest income on cash and cash equivalents, other financial assets and marketable securities;

•

Interest expense; and

•

Net gain or loss on financial assets classified at FVTPL.

Interest income or expense is recognized using the effective interest rate method. The effective interest rate is the rate that discounts estimated future cash receipts through the expected life of the financial instrument to the gross carrying value of the financial asset. Amounts received from money market funds, other than those related to the sale of units, are recognized when the right to payment is established which generally occurs on receipt of the related funds.

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 income 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 tax 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 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.

As a Group, we carry out extensive research and development activities and have assessed whether those activities qualify for a credit under the Irish research and development tax legislation. Based on that analysis, claims for research and development tax credits have been filed by the Group for the year ended December 31, 2022 and 2021. To December 31, 2023, the research and development tax credit is calculated at 25% of qualifying expenditure. To date, the Group has received $0.1 million of research and development tax credits which has been recognized as a deduction from research and development expenses. At December 31, 2023, a balance of $1.3 million remains unrecognized. Judgment was applied in this determination. A claim for research and development tax credits for the year ended December 31, 2023, will be assessed in due course.

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.

Deferred income taxes	12 Months Ended
Deferred income taxes	Dec. 31, 2023
Deferred income taxes [Abstract]
Deferred income taxes	7. Deferred income taxes At December 31, 2023, the Group had unused net losses of $65.0 million (2022: $30.0 million). Deferred tax assets have not been recognized in respect of these losses because it is not sufficiently certain that the Group will generate sufficient taxable profits to be able to utilize these loss carry-forwards. The Group held investments in money market funds and marketable securities during the year ended December 31, 2023. A deferred tax asset has not been recognized in respect of unrealized capital losses resulting from movements in the fair value of these instruments at December 31, 2023, as there is no certainty that the Group will generate sufficient capital profits in the future to be able to utilize these losses.

Basis of preparation, significant judgments, and accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

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

Basis of preparation

Compliance with International Financial Reporting Standards

New and amended IFRS standards

Going concern basis

Use of estimates and judgments

Functional currency

Share-based compensation expense

Prepaid and Accrued Research and Development Expenses

Deferred tax balances and the valuation of tax operating losses

Consolidation

Foreign currency translation

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

Cash and cash equivalents

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

financial asset at amortized cost;

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

financial asset at FVTPL.

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.

•

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.

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

Leases and right-of-use assets

For short-term or low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

Trade payables and other current liabilities

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