GH Research PLC, listed as GHRS on the NASDAQ, has reported its financial results for Q3 2023, ending on September 30. The company’s financial highlights include:
- Cash, cash equivalents, and other financial assets, along with marketable securities, totaled $228.7 million by September 30, compared to $251.7 million by December 31, 2022.
- Cash and cash equivalents for the Europe-based company were $86.5 million by September 30, showing an almost 11% quarter-over-quarter decrease from the $96.9 million held by June 30. This also reflects a nearly 50% cut compared to the $166 million held by December 31, 2022.
The company also outlined its R&D and G&A expenses, indicating notable figures for both cost categories during the three and nine months of 2023. Additionally, the quarterly net loss and accumulated deficit were also articulated, providing a comprehensive overview of the financial landscape.
GH Research PLC stated its belief that its existing cash, cash equivalents, and other financial assets, along with marketable securities, will be sufficient to fund operating expenses and capital expenditure requirements into 2026, acting as a sturdy financial runway for the future.
- Phase 2b trial of the lead drug candidate GH001, a novel inhalable 5-MeO-DMT formulation for Treatment-Resistant Depression (TRD), received approval in seven European countries. The company aims to complete the study’s double-blind phase by Q3 2024, with topline data available in Q3/Q4 2024.
- An August-submitted Investigational New Drug Application (IND) for GH001 with the FDA encountered a clinical hold, necessitating specific actions from GH Research to address the regulatory requirements.
Furthermore, the company highlighted ongoing Phase 2a studies on GH001 in patients with bipolar II disorder and postpartum depression (PDD), as well as the anticipated completion of the Phase 1 study of GH002, the 5-MeO-DMT IV product candidate, in Q4 2023.
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