GH Research PLC (GHRS) annual cash flow statement — 7-year operating, investing & financing history
| Cash from Operations | -46.33M | -43.55M | -42.28M | -33.34M | -26.2M | -15.28M | -330K | -289K |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -49.37% | -3% | -26.84% | -27.24% | -71.43% | -4531.21% | -14.19% | - |
| Net Income | -56.41M | -48.26M | -38.96M | -35.59M | -22.46M | -9.2M | -446K | -310K |
| Depreciation & Amortization | 350K | 335K | 315K | 315K | 47K | 19K | 0 | 0 |
| Stock-Based Compensation | 1.88M | 0 | 1.17M | 2.29M | 1.67M | 366K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -5.92M | 0 | 0 |
| Other Non-Cash Items | 8.35M | 7.46M | -5M | -2M | -7.62M | 9K | 0 | 0 |
| Working Capital Changes | -495.64K | -3.09M | 188K | 1.65M | 2.16M | -559K | 116K | 21K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 43.35M | 46.17M | 65.14M | -54.1M | -84.69M | -104K | 0 | 0 |
| Capital Expenditures | -181.35K | -121K | -49K | -100K | -67K | -104K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -20.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -2.23M | 139.65M | -304K | -204K | 0 | 286.45M | 5.5M | 797K |
| Debt Issued (Net) | -63K | 0 | -304K | -219K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 3.43M | 139.85M | 0 | 15K | 0 | 309.2M | 5.5M | 797K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.6M | -197K | 0 | 0 | 0 | -22.75M | 0 | 0 |
| Net Change in Cash | -2.3M | 145.46M | 22.37M | -87.53M | -110.82M | 270.88M | 5.4M | 498K |
| Free Cash Flow | -46.51M | -43.67M | -42.33M | -33.44M | -26.27M | -15.39M | -330K | -289K |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -12.62% | -3.16% | -26.61% | -27.3% | -70.7% | -4562.73% | -14.19% | - |
| FCF per Share | -0.75 | -0.72 | -0.81 | -0.64 | -0.50 | -0.30 | -0.01 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.90x | 1.09x | 0.94x | 1.17x | 1.66x | 0.74x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, GHRS exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating between 0.56 and 1.25 over the last ten quarters, suggesting that non-cash items and working capital shifts significantly distort the underlying cash burn reality.
The divergence between net losses and operating cash flow indicates that the company's accounting losses are not perfectly aligned with actual cash outflows. Investors should monitor this ratio closely, as a consistent OCF/NI ratio near or above 1.0 would imply that the reported net loss is a reliable proxy for the actual cash depletion rate.
Based on the provided quarterly data, GHRS maintains a consistent negative free cash flow trajectory, with quarterly outflows reaching $10.7 million in 2026Q1, reflecting the heavy capital requirements inherent in the company's current clinical-stage development phase and the absence of any offsetting commercial revenue streams.
The lack of positive free cash flow is expected for a pre-revenue biotechnology firm, yet the trend warrants caution as the magnitude of outflows remains substantial. The stability of these outflows suggests a disciplined approach to R&D spending, but the absence of a clear path to cash generation necessitates ongoing capital market access.
According to recent SEC filings, GHRS experiences significant quarterly swings in working capital, ranging from a $3.0 million inflow in 2026Q1 to a $1.6 million outflow in 2025Q4, which complicates the predictability of the company's short-term cash requirements and overall liquidity management during trial progression.
These fluctuations appear to be driven by the timing of clinical trial payments and vendor settlements rather than operational efficiency. Such volatility suggests that the company's cash position may be subject to sudden, non-linear changes that are not directly tied to the core R&D burn rate.
As indicated by the quarterly data, the company has utilized stock-based compensation, peaking at $1.9 million in 2025Q2, which effectively masks the true economic cost of talent acquisition and potentially dilutes existing shareholders while providing a temporary, non-cash buffer to the reported net loss figures.
While SBC is a standard tool for biotech firms to preserve cash, it creates a disconnect between the reported net loss and the actual cash burn. Analysts should adjust for these non-cash expenses to better understand the true operational cost of maintaining the current clinical pipeline.
Quick answers to the most common questions about buying GHRS stock.
GH Research PLC (GHRS) generated $-43.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GH Research PLC (GHRS) reported negative free cash flow of $43.7M in 2025, indicating capital requirements exceeded cash from operations.
GH Research PLC (GHRS) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.