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GH Research PLC

Recommendation: Speculative Buy

Entry Date Symbol Recommendation Entry Price (USD) Target 1 (USD) Target 2 (USD) Holding Duration Position Status Return(%)*
28 Jul, 25 GHRS Speculative Buy USD 14.5 USD 15.23 USD 16.1 2 days Closed 5.38%

*Return(%) represent the percentage change between the entry price and exit price of the recommendation.

Fundamentals

  • Previous Close 15.82
  • Market Cap712.78M
  • Volume142968
  • P/E Ratio-
  • Dividend Yield-%
  • EBITDA-42.01000M
  • Revenue TTM0.00000M
  • Revenue Per Share TTM-
  • Gross Profit TTM 0.00000M
  • Diluted EPS TTM-0.62

Data Powered by EOD Historical Data (“EODHD”).

Company Overview

GH Research PLC, together with its subsidiary GH Research Ireland Limited, engages in developing various therapies to treat psychiatric and neurological disorders. It is involved in the development of 5-Methoxy-N,N-Dimethyltryptamine (5-MeO-DMT) therapies for the treatment of patients with treatment-resistant depression (TRD). The company's lead program is GH001, an inhalable mebufotenin product candidate, currently under Phase 2b clinical trial for the treatment of patients with TRD, as well as Phase 2a clinical trials for the treatment of Bipolar II disorder and postpartum depression. It is also involved in the development of GH002, an intravenous mebufotenin product candidate for IV administration, currently under Phase 1 clinical trials for the treatment of psychiatric or neurological disorder; and GH003, an intranasal mebufotenin product candidate for nasal administration, which is currently in preclinical development with a focus on psychiatric and neurological disorders. The company was founded in 2018 and is based in Dublin, Ireland.

Key Positives

Reduced R&D Spending: Research and development expenses decreased by 9.2%, from USD 8.7 million in Q1 FY2024 to USD 7.9 million in Q1 FY2025, reflecting lower clinical development activity and tax credit recognition

Cash Position Strengthened: Cash, cash equivalents, financial assets, and marketable securities increased by 73%, from USD 182.6 million in Q1 FY2024 to USD 315.3 million in Q1 FY2025, supported by a USD 150 million public offering

Key Negatives

Higher G&A Costs: General and administrative expenses surged by 69%, from USD 2.9 million to USD 4.9 million, largely driven by increased professional fees and employee-related costs

Rising Net Loss: Net loss increased by 40%, from USD 7.7 million in Q1 FY2024 to USD 10.8 million in Q1 FY2025, primarily due to a rise in operating expenses

Key Investment Risks

The most significant investment risk for GH Research lies in its continued dependency on resolving the FDA clinical hold on GH001, which could delay or impede the initiation of pivotal trials and U.S. market entry

Recommendation Summary

Technical Summary

Entry Price Support* Target 1** Target 2**
14.5 13.34 15.23 16.1

Data Source: REFINITIV, Analysis: StockNextt

*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.

**Target prices may vary by ±0.5% depending on market volatility.

Key Reasons for Speculative Buy

  • Robust Clinical Efficacy in Treatment-Resistant Depression (TRD): GH Research PLC has demonstrated strong clinical efficacy with its lead candidate, GH001, in the treatment of Treatment-Resistant Depression (TRD). The Phase 2b trial revealed a statistically significant reduction in depression severity, as measured by the Montgomery–Åsberg Depression Rating Scale (MADRS), with a mean reduction of -15.5 points by Day 8 compared to placebo (p<0.0001). Notably, 57.5% of patients achieved remission (MADRS ≤10) by Day 8, and this figure rose to 73.0% by Month 6 among open-label extension (OLE) completers. The treatment effect size (Cohen’s d = -2.0) suggests a large and clinically meaningful impact.
  • Favorable Safety and Tolerability Profile: The safety data associated with GH001 remain favorable. No serious adverse events (SAEs) were reported in the double-blind or open-label phases. Most treatment-emergent adverse events (TEAEs), such as nausea and paresthesia, were mild to moderate and resolved within 24 hours in 93% of cases. Importantly, 99% of patients were discharge-ready within one hour of dosing, highlighting the brief psychoactive window of GH001 and its operational convenience in clinical settings.
  • Operational Progress on Pivotal Program Readiness: The company is actively preparing for its pivotal program in TRD, anticipated to commence in 2026. Site selection across the US, EU, and Rest of World (RoW) regions is in progress, alongside contract research organization (CRO) engagement and regulatory consultation. Engagements with the FDA and EMA are ongoing to address outstanding investigational new drug (IND) queries. GH001 remains on partial clinical hold in the US due to rat-specific respiratory tract histology findings; however, no additional device or toxicology concerns remain, and the company is optimistic about resolving the final issue.
  • Diversified Pipeline with Additional Indications and Delivery Platforms: In addition to TRD, GH Research has completed Phase 2a proof-of-concept trials for GH001 in postpartum depression (PPD) and bipolar II disorder. Its intravenous counterpart, GH002, is also advancing, with a completed Phase 1 study and pharmacokinetic equivalence established. This dual-pathway strategy – combining inhaled and intravenous formulations – positions the company to address broader psychiatric indications with flexibility in clinical application and patient targeting.
  • Financial Resilience and Capital Position: As of March 31, 2025, GH Research reported a robust cash and investments position of USD 315.3 million. This strong capital base supports the company’s operational runway through its next phases of clinical development, including pivotal trials and associated regulatory milestones. No debt obligations were reported, and the company maintains full ownership of its intellectual property, with layered protections via regulatory exclusivity, patents, and complex formulation technologies.
  • Competitive Positioning and Differentiation: GH001 presents substantial advantages over existing TRD therapies such as Spravato®. In head-to-head indicative comparisons, GH001 demonstrated higher remission rates (Day 2: 70% vs. 15.1%; Day 8: 57.5% vs. 10.1%) and required significantly fewer treatments (4 vs. 23 visits over 6 months). Additionally, the median duration of psychoactive effect with GH001 was only 11 minutes—much shorter than Spravato (2-3 hours) and other psychedelics (up to 6–8 hours), offering meaningful operational efficiencies in outpatient care.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Buy’ rating has been given to GH Research PLC (NASDAQ: GHRS) at the closing market price of USD 14.50 as of July 25,2025.

Key Financials in Pictures

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Data Powered by EOD Historical Data (“EODHD”).

Peer Comparison

Sector: Healthcare Industry: Biotechnology

Company Change (USD) Price (USD) Trailing PE (x) Forward PE (x) Price Sales TTM (x) Price to Book Value (x) Enterprise Value to EBITDA (x)
GHRS
GH Research PLC		 0.10 0.63% 15.92 - - - 2.66 -11.9745
NVO
Novo Nordisk A/S		 -8.435 14.31% 50.49 41.58 31.15 2.13 32.99 2.11 4.70
NONOF
Novo Nordisk A/S		 -8.56 14.49% 50.50 41.06 31.25 2.08 33.11 2.11 4.70
VRTX
Vertex Pharmaceuticals Inc		 -6.635 1.41% 465.38 29.67 24.33 10.38 5.83 9.33 20.00
REGN
Regeneron Pharmaceuticals Inc		 4.00 0.53% 759.02 29.07 20.12 7.57 3.82 6.95 19.42

Data Powered by EOD Historical Data (“EODHD”).

Disclosures:

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on July 28, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.

Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.

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