Detailed financial statements for GH Research PLC (GHRS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
GH Research PLC is a clinical-stage biopharmaceutical firm dedicated to creating novel therapies for psychiatric and neurological conditions. The company primarily concentrates on developing 5-Methoxy-N,N-Dimethyltryptamine (5-MeO-DMT) treatments, specifically targeting patients with treatment-resistant depression (TRD).
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $27.75, GHRS has negative trailing earnings (P/E not meaningful) and an ROE of -20.86%. Market capitalisation stands at $1.9B.
Balance sheet quality for GHRS: current ratio of 34.1, net cash position of $280.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $335000 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -$335000 |
| Research & Development | $296000 | $338000 | $8.6M | $20.5M | $29.8M | $35.0M | $38.7M |
| Selling, General & Admin | $14000 | $108000 | $6.5M | $10.1M | $11.1M | $15.0M | $21.6M |
| Operating Expenses | $310000 | $446000 | $15.1M | $30.6M | $41.2M | $50.3M | $60.3M |
| Operating Income | -$310000 | -$446000 | -$15.1M | -$30.6M | -$41.2M | -$50.3M | -$60.7M |
| EBITDA | 0 | 0 | -$9.2M | -$22.4M | -$35.2M | -$38.6M | -$47.5M |
| Interest Expense | 0 | 0 | $9000 | $723000 | $717000 | $462999 | |
| Pre-tax Income | -$310000 | -$446000 | -$9.2M | -$22.5M | -$35.6M | -$39.0M | -$48.3M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$310000 | -$446000 | -$9.2M | -$22.5M | -$35.6M | -$39.0M | -$48.3M |
| EPS | $-0.01 | $-0.01 | $-0.18 | $-0.14 | $-0.68 | $-0.75 | $-0.79 |
| EPS (Diluted) | $-0.01 | $-0.01 | $-0.18 | $-0.14 | $-0.68 | $-0.75 | $-0.79 |
| Shares Outstanding (Diluted) | $28.0M | $30.4M | $52.0M | $52.0M | $52.0M | $52.0M | $61.0M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $498000 | $5.9M | $276.8M | $166.0M | $78.4M | $100.8M | $246.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | $83.1M | $48.5M | $34.5M |
| Receivables | 0 | $6000 | $48000 | $90000 | $178000 | $1.7M | $1.3M |
| Inventory | 0 | 0 | $3.0M | 0 | 0 | 0 | 0 |
| Total Current Assets | $504000 | $5.9M | $279.8M | $168.5M | $164.1M | $154.2M | $286.0M |
| Property, Plant & Equipment | 0 | 0 | $82000 | $97000 | $1.1M | $748000 | $620000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $504000 | $5.9M | $279.9M | $254.4M | $226.3M | $188.3M | $288.2M |
| Accounts Payable | $93000 | $1000 | $883000 | $1.9M | $3.5M | $3.7M | $3.8M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $104000 | $246000 | $2.7M | $4.5M | $6.7M | $9.0M | $8.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $104000 | $246000 | $2.7M | $4.5M | $7.3M | $9.3M | $8.5M |
| Retained Earnings | -$389000 | -$835000 | -$10.0M | -$32.5M | -$67.9M | -$106.4M | -$154.4M |
| Total Equity | $400000 | $5.7M | $277.2M | $249.8M | $219.0M | $179.0M | $279.7M |
| Total Debt | 0 | 0 | 0 | 0 | $974000 | $624000 | $512000 |
| Net Debt | -$498000 | -$5.9M | -$276.8M | -$166.0M | -$160.6M | -$148.7M | -$280.2M |
| Working Capital | $400000 | $5.7M | $277.1M | $164.0M | $157.4M | $145.3M | $277.6M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$310000 | -$446000 | -$9.2M | -$22.5M | -$35.6M | -$39.0M | -$48.3M |
| Depreciation & Amortization | 0 | 0 | $19000 | $47000 | $315000 | $315000 | $335000 |
| Stock-based Compensation | 0 | 0 | $366000 | $1.7M | $2.3M | $1.2M | 0 |
| Change in Working Capital | $21000 | $116000 | -$559000 | $2.2M | $1.6M | $188000 | -$3.1M |
| Operating Cash Flow | -$289000 | -$330000 | -$15.3M | -$26.2M | -$33.3M | -$42.3M | -$43.6M |
| Capital Expenditure | 0 | 0 | -$104000 | -$67000 | -$100000 | -$49000 | -$121000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$289000 | -$330000 | -$15.4M | -$26.3M | -$33.4M | -$42.3M | -$43.7M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -43.9% | -1963.2% | -144.0% | -58.5% | -9.5% | -23.9% | |
| EPS Growth (YoY) | -32.4% | -1124.5% | +22.2% | -385.7% | -10.3% | -5.3% | |
| Shares Change (YoY) | +8.5% | +71.3% | +0.0% | +0.0% | +0.0% | +17.3% | |
| FCF Growth (YoY) | -14.2% | -4562.7% | -70.7% | -27.3% | -26.6% | -3.2% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.01 | $-0.01 | $-0.30 | $-0.50 | $-0.64 | $-0.81 | $-0.72 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $28.0M | $30.4M | $52.0M | $52.0M | $52.0M | $52.0M | $61.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -20.86% |
| Return on Invested Capital | -19.85% |
| Return on Assets | -16.72% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 28.70 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -1734.23 | -1309.52 | -129.61 | -69.43 | -8.53 | -9.33 | -16.08 |
| P/B | 1347.50 | 103.18 | 4.38 | 2.02 | 1.38 | 2.04 | 2.77 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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