GH Research (GHRS) Q1 2026 earnings summary

Executive summary

• Published Phase 2b results in TRD in JAMA Psychiatry, showing strong efficacy across patient subgroups.

• Completed enrolment in key Phase 1 and IND-opening studies for GH001, advancing toward global Phase 3 pivotal program.

• Presented and accepted multiple scientific posters at major neuropsychopharmacology conferences.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $267.3 million as of March 31, 2026, down from $280.7 million at year-end 2025.

• Net cash proceeds of $111.2 million from an underwritten offering received in April 2026.

• R&D expenses rose to $12.4 million for Q1 2026 from $7.9 million in Q1 2025, mainly due to increased technical and clinical development costs.

• General and administrative expenses increased to $6.4 million from $4.9 million year-over-year, primarily due to higher professional fees.

• Net loss widened to $19.0 million ($0.31 per share) for Q1 2026, compared to $10.8 million ($0.19 per share) in Q1 2025.

Outlook and guidance

• Targeting initiation of the global Phase 3 pivotal program for GH001 in late 2026, pending FDA alignment.

• Plans to progress development of GH002 and pursue further regulatory submissions.