GH Research 2022 R&D Expenses Grow 138% To $20.5M, What About Net Loss?

GH Research PLC GHRS released its financial results for the full year ended December 31, 2022, revealing R&D expenses were $20.5 million, a 138% increase compared to $8.6 million for the full year 2021. The increase was primarily due to increased activities relating to our technical development, clinical trials and increased employee expenses to support these activities.

Full Year 2022 Financial Highlights

• Cash, cash equivalents and marketable securities were $251.7 million as of December 31, 2022, compared to cash of $276.8 million as of December 31, 2021. Marketable securities are comprised of investment grade bonds. The company believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements into 2026.

• G&A expenses were $10.1 million for the year ended December 31, 2022, compared to $6.5 million for the full year 2021. The increase was primarily due to higher insurance costs, an increase in professional costs as well as increased employee expenses.

• Net loss was $22.5 million, or $0.432 loss per share, for the year ended December 31, 2022, compared to $9.2 million, or $0.211 loss per share, for the full year 2021.

The company has recently initiated its multi-center, randomized, double-blind, placebo-controlled Phase 2b trial of GH001 in treatment-resistant depression. GH001 is the company’s proprietary inhalable mebufotenin (5-MeO-DMT) product candidate.

GH Research expects to recruit approximately 80 patients for this trial across several European countries. The primary objective will be to determine the efficacy of its single-day individualized dosing regimen of GH001 compared with placebo in improving depressive symptoms as assessed by the mean change from baseline in Montgomery-Åsberg depression rating scale at the end of the 7-day double-blind phase. The double-blind phase will be followed by a 6-month open-label extension phase where all patients can receive treatment with the GH001 as-needed, based on the patient’s clinical status.

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Photo: Benzinga edit with photos by anaterate and sergeitokmakov on Pixabay