GH Research PLC

Well-capitalized clinical-stage biopharma in treatment-resistant depression with a long runway but an FDA clinical hold and no revenue.

Strengths

• Exceptional liquidity: ~$280M cash, 22.6-quarter runway (90.8th pct), debt-free, current ratio 34 (98th pct)
• Completed Phase 2b showing clinical activity in a large unmet-need TRD market

Risks

• Pre-revenue with ongoing losses (net loss $48M, accumulated deficit $154M); ROE -17%
• US IND on clinical hold pending toxicology/device data; controlled-substance scheduling and PFIC risk

Notable findings

• No interest coverageInterest coverage -131.14 (cannot cover interest)
• Cash burnNegative free cash flow (-43.7M)
• Material weakness• We previously identified and remediated material weaknesses in our internal control over financial reporting
• Strong balance sheetStrong balance sheet — $246M cash & investments, ~23 quarters of runway