GH Research (GHRS) Q2 2025 earnings summary

Executive summary

• Global pivotal program for lead depression treatment on track to begin in 2026, with regulatory engagement ongoing.

• Phase 2b trial of lead candidate in treatment-resistant depression met primary endpoint, showing significant efficacy and strong safety profile at 6 months.

• Cash position strengthened by Q1 2025 public offering, supporting ongoing R&D and pivotal program planning.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $308.7 million as of June 30, 2025, up from $182.6 million at year-end 2024.

• Net loss for Q2 2025 was $9.3 million ($0.15 per share), compared to $10.4 million ($0.20 per share) in Q2 2024.

• R&D expenses decreased to $9.0 million from $9.8 million year-over-year, while G&A expenses rose to $5.7 million from $3.5 million.

• Finance income increased to $3.1 million in Q2 2025 from $2.6 million in Q2 2024.

Outlook and guidance

• Global pivotal program initiation expected in 2026, with ongoing regulatory input and end-of-Phase 2 meeting preparation.

• IND submission for intravenous product candidate GH002 planned for Q4 2025.