GH Research PLC (GHRS) annual income statement — 7-year revenue, gross profit & net income history
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 268K | 335K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -268K | -335K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - |
| Operating Expenses | 66.42M | 60.34M | 50.31M | 41.22M | 30.55M | 15.1M | 446K | 310K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 23.07M | 21.61M | 15M | 11.12M | 10.06M | 6.54M | 108K | 14K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 43.27M | 38.73M | 35.02M | 29.82M | 20.48M | 8.55M | 338K | 296K |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 75K | 0 | 294K | 280K | 14K | 5K | 0 | 0 |
| Operating Income | -66.69M | -60.68M | -50.31M | -41.22M | -30.55M | -15.1M | -446K | -310K |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -20.6% | -22.05% | -34.92% | -102.34% | -3285.65% | -43.87% | - |
| EBITDA | -66.34M | -60.34M | -50M | -40.91M | -30.51M | -15.08M | 0 | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -29.55% | -20.69% | -22.22% | -34.09% | -102.29% | - | - | - |
| D&A (Non-Cash Add-back) | 350K | 335K | 315K | 315K | 47K | 19K | 446K | 310K |
| EBIT | -58.73M | -60.68M | -38.91M | -35.52M | -22.46M | -9.19M | -446K | -310K |
| Net Interest Income | 1.96M | 2.16M | 1.91M | 1.17M | 0 | -8.99K | 0 | 0 |
| Interest Income | 2.32M | 2.63M | 2.63M | 1.89M | - | 9 | 0 | 0 |
| Interest Expense | 369K | 463K | 717K | 723K | - | 9K | 0 | 0 |
| Other Income/Expense | 10.27M | 12.42M | 11.35M | 5.63M | 8.1M | 5.9M | 0 | 0 |
| Pretax Income | -56.41M | -48.26M | -38.96M | -35.59M | -22.46M | -9.2M | -446K | -310K |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -56.41M | -48.26M | -38.96M | -35.59M | -22.46M | -9.2M | -446K | -310K |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -33.98% | -23.86% | -9.48% | -58.47% | -144.03% | -1963.23% | -43.87% | - |
| Net Income (Continuing) | -56.41M | -48.26M | -38.96M | -35.59M | -22.46M | -9.2M | -446K | -310K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.91 | -0.79 | -0.75 | -0.68 | -0.14 | -0.18 | -0.01 | -0.01 |
| EPS Growth % | -16.46% | -5.33% | -10.29% | -385.71% | 22.22% | -1124.49% | -32.43% | - |
| EPS (Basic) | - | -0.79 | -0.75 | -0.68 | -0.14 | -0.18 | -0.01 | -0.01 |
| Diluted Shares Outstanding | 62.03M | 61.04M | 52.03M | 52.02M | 52.02M | 52.02M | 30.37M | 28M |
| Basic Shares Outstanding | 62.03M | 61.04M | 52.03M | 52.02M | 52.02M | 52.02M | 30.37M | 28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As reported in financial statements, GHRS has seen R&D expenses climb to $12.4 million in 2026Q1, reflecting a consistent upward trend in clinical trial investment that now significantly outpaces the $6.3 million in quarterly SG&A costs incurred during the same period.
The steady rise in R&D spending suggests an intensification of late-stage clinical activities, which is a necessary but capital-intensive phase for the company. Investors should monitor whether the current trajectory of SG&A growth indicates premature scaling of administrative functions before the company has established a clear commercial pathway.
Based on GHRS's reported figures, the company's operating loss widened to $18.7 million in 2026Q1, demonstrating that the firm remains in a pre-revenue phase where operating expenses continue to scale without any corresponding offset from top-line growth or gross profit generation.
The lack of operating leverage is expected for a clinical-stage biotech, yet the widening gap between R&D investment and operational output warrants caution. The absence of revenue means that every dollar spent on operations directly impacts the cash runway, making cost discipline critical as the company approaches pivotal trial milestones.
According to recent SEC filings, GHRS has utilized stock-based compensation to manage talent costs, with figures reaching $1.9 million in 2025Q2, which complicates the assessment of true cash-based operational burn and introduces potential dilution risks for existing shareholders in the long term.
While stock-based compensation is a standard tool for preserving cash in early-stage firms, the variability in these charges suggests that management's approach to equity-based incentives is reactive rather than fixed. Analysts should adjust net loss figures to account for these non-cash expenses to better understand the underlying cash burn rate.
As indicated by the quarterly data, the company's net loss has trended toward $19.0 million in 2026Q1, raising questions about the long-term sustainability of the current burn rate if clinical trial timelines are extended or if regulatory hurdles necessitate additional, unplanned expenditures.
Short-term observers might focus on the $246 million cash position as a buffer, but this capital is finite and subject to rapid depletion during Phase 3 trials. The lack of commercial revenue means the company is entirely reliant on its existing balance sheet, making it vulnerable to any delays that could force a dilutive capital raise in unfavorable market conditions.
Quick answers to the most common questions about buying GHRS stock.
For fiscal year 2025, GH Research PLC (GHRS) reported total revenue of $0.0M.
GH Research PLC (GHRS) reported a net loss of $48.3M for the fiscal year ending 2025.