Irish Biotech Firm GH Research Sees Cash Decline in Q2, Advances Psychedelic Drug Trials

Irish psychedelic biotech firm GH Research PLC GHRS reported its financial results for the second quarter ended June 30, 2024.

Q2 2024 Financial Highlights

• Cash, cash equivalents, other financial assets and marketable securities were $204.5 million as of June 30, 2024, compared to cash, cash equivalents, other financial assets and marketable securities of $222.7 million as of December 31, 2023.
• Research and development expenses were $9.8 million for the quarter ended June 30, 2024, compared to $7.2 million for the same quarter in 2023.
• General and administrative expenses were $3.5 million for the quarter ended June 30, 2024, compared to $2.7 million for the same quarter in 2023.
• The net loss was $10.4 million, or $0.20 loss per share, for the quarter that ended June 30, 2024, compared to the $7.7 million or $0.15 loss per share for the same quarter in 2023.

Read Also: GH Research: This European Biotech Company Reports Full Year 2023 Financial Results And Business Updates

Business Update

The Dublin-based clinical-stage biopharmaceutical company, which researches treatments for psychiatric and neurological disorders, also provided updates on its business.

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GH Research has two DMT-related drugs that are currently undergoing clinical trials, both based on mebufotenin (5-MeO-DMT), a Schedule I psychedelic which is considered illegal in the U.S.

GH001, the company's proprietary inhaled mebufotenin product candidate, is being investigated in a multi-center, randomized, double-blind, placebo-controlled Phase 2b trial in roughly 80 patients with treatment-resistant depression (TRD) (GH001-TRD-201) at approximately 20 sites across seven European countries.

GH Research said it continues to recruit according to plan and expects to complete the double-blind phase of this trial in the third quarter of 2024 as well as the 6-month open-label extension in the first quarter of 2025.

With GH002, its proprietary intravenous mebufotenin (5-MeO-DMT) product candidate, GH Research recently completed a Phase 1, dose-ranging clinical pharmacology trial in healthy volunteers (GH002-HV-105).

The trial showed that GH002 was well-tolerated and produced potent pharmacodynamic (PD) effects, as assessed by psychoactive effect intensity, with an ultra-rapid onset and short-duration psychoactive experience.

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