GH Research Psychedelics Firm Q2 2023 Reports $238M Cash To Accelerate 5-MeO-DMT Programs Into 2026

GH Research PLC GHRS, a clinical-stage biopharma company developing novel mebufotenin (5-MeO-DMT) therapies for Treatment-Resistant Depression (TRD) and one of the highest trading psychedelics stocks listed in Nasdaq, shared its financial results and business updates for its second quarter ended June 30, 2023. 

In numbers:

• Cash and cash equivalents for $96.9 million by June 30 compared to the $166 million held by Dec. 31, 2022. 

• Still, management believes the current liquidity -which amounts to $238.1 million when including other financial assets as well as current and non-current marketable securities- will be “sufficient” to fund GH’s operating expenses and capital expenditure requirements into 2026.

• Three and six month R&D expenses of $7.2 million and $14.4 million, compared to $4.2 million and $9 million for the same respective periods in 2022.

• Three and six month G&A expenses of $2.7 million and $5.9 million compared to $2.5 million and $5.8 million for the same 2022 periods.

• Quarterly net loss of $7.7 million (or $0.15 loss per share), compared to a net profit of $334,000 (or $0.01 earnings per share) for the same quarter in 2022 owing to a foreign exchange gain non-existent in 2023.

• Six months net loss of $18.7 million vs. net loss of $5.4 million during the comparable period in 2022.

• Accumulated deficit of $51.2 million as of June 30, 2023 vs. $32.5 million by Dec. 31, 2022, constituting a 57.5% increase within the six-month period. 

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

Taking Novel 5-MeO-DMT Drugs Through The Clinical Funnel

The company’s lead product candidate, inhalable 5-MeO-DMT compound GH001, is undergoing a Phase 2b TRD trial following a Phase 1/2 trial in which 87.5% of TRD patients were brought into an “ultra-rapid” remission after a single dose.

The ongoing trial would enroll 80 European patients to determine the efficacy of GH001-s single-day Individualized Dosing Regimen (IDR) vs. placebo for the improvement of depressive symptoms one-week post-treatment.

GH001 is also undergoing a Phase 2a trial for postpartum depression (PPD) and a Phase 2a trial for bipolar II disorder with a current depressive episode (currently recruiting participants.)

Meanwhile, intravenous 5-MeO-DMT-based GH002 is undergoing a Phase 1 dose-ranging trial, and intranasal 5-MeO-DMT-based GH003 is currently in the preclinical stage.

Photo: Benzinga edit with photo by PopTika on Shutterstock and Harbin on Wikimedia Commons.