GH Research (GHRS) investor relations material

Pipeline and financial position

• Lead candidate GH001 (mebufotenin for inhalation) targets treatment-resistant depression (TRD), postpartum depression, and bipolar II disorder, with Phase 2b completed and Phase 3 initiation planned for 2026.

• GH002 (mebufotenin for i.v. administration) is in early-stage trials for psychiatric disorders.

• Cash, cash equivalents, and marketable securities totaled $280.7 million as of December 31, 2025.

Clinical trial design and efficacy results

• Phase 2b trial in TRD used a randomized, double-blind, placebo-controlled design with an open-label extension (OLE).

• GH001 achieved a placebo-adjusted mean MADRS reduction of -15.5 at Day 8 (p<0.0001), with a large effect size (Cohen's d = -2.0).

• Remission rates were 57.5% at Day 8 and 73% at 6 months among OLE completers.

• Initial remitters had a 90% remission rate at 6 months; 43.5% of initial non-remitters achieved remission by 6 months.

• MADRS reduction was reproducible in both double-blind and OLE phases.

Comparative advantages and patient burden

• GH001 showed greater efficacy and faster onset compared to Spravato and other psychedelic therapies, with a median psychoactive experience of 11 minutes.

• 83% fewer treatment visits required over 6 months compared to Spravato (4 vs. 23 visits).

• No additional psychotherapy or therapist visits required.