Exhibit 99.1

Unaudited condensed consolidated interim statement of comprehensive income

         
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
         
2023
    
2022
    
2023
    
2022
  

 
Note
    
$’000
     $’000    
$’000
    
$’000
  
Operating expenses
                                      
Research and development
    
3
      
(7,088
)
    
(4,620
)
    
(21,570
)
    
(13,574
)
General and administration
    
3
      
(2,631
)
    
(2,006
)
    
(8,493
)
    
(7,808
)
Loss from operations
            
(9,719
)
    
(6,626
)
    
(30,063
)
    
(21,382
)
                                         
Finance income
    
4
      
2,438
      
-
      
6,049
      
-
  
Finance expense
    
4
      
(184
)
    
-
      
(534
)
    
-
  
Movement of expected credit loss
            
(17
)
    
-
      
1
      
-
  
Foreign exchange gain
     3
      
1,833
      
6,185
      
232
      
15,512
  
Total other income
            
4,070
      
6,185
      
5,748
      
15,512
  
                                         
Loss before tax
            
(5,649
)
    
(441
)
    
(24,315
)
    
(5,870
)
Tax charge/(credit)
            
-
      
-
      
-
      
-
  
Loss for the period
            
(5,649
)
    
(441
)
    
(24,315
)
    
(5,870
)
                                         
Other comprehensive expense
                                        
Items that may be reclassified to profit or loss
                                        
Fair value movement on marketable securities
            
(428
)
    
-
      
(1,216
)
    
-
  
Currency translation adjustment
            
(1,780
)
    
(6,464
)
    
(161
)
    
(15,779
)
Total comprehensive loss for the period
            
(7,857
)
    
(6,905
)
    
(25,692
)
    
(21,649
)
                                         
Attributable to owners:
                                        
Loss for the period
            
(5,649
)
    
(441
)
    
(24,315
)
    
(5,870
)
Total comprehensive loss for the period
            
(7,857
)
    
(6,905
)
    
(25,692
)
    
(21,649
)
                                         
Loss per share
                                        
Basic and diluted loss per share (in USD)
    
15
      
(0.11
)
    
(0.01
)
    
(0.47
)
    
(0.11
)

 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
1

graphic
GH RESEARCH PLC
Unaudited condensed consolidated interim statement of financial position
 
         
At September 30,
    
At December 31,
  
         
2023
    
2022
  

  Note
    
$’000
    
$’000
  
ASSETS
                      
Current assets
                      
Cash and cash equivalents
    
5
      
86,439
      
165,955
  
Other financial assets
    
5
      
55,494
      
-
  
Marketable securities
    
6
      
19,343
      
-
  
Other current assets
    
7
      
2,765
      
2,586
  
Total current assets
            
164,041
      
168,541
  
Non-current assets
                        
Marketable securities
    
6
      
67,449
      
85,724
  
Property, plant and equipment
    
8
      
1,078
      
97
  
Total non-current assets
            
68,527
      
85,821
  
Total assets
            
232,568
      
254,362
  
                         
LIABILITIES AND EQUITY
                        
Current liabilities
                        
Trade payables
    
9
      
2,707
      
1,868
  
Lease liability
    
10
      
260
      
-
  
Other current liabilities
    
11
      
3,167
      
2,678
  
Total current liabilities
            
6,134
      
4,546
  
Non-current liabilities
                        
Lease liability
    
10
      
661
      
-
  
Total non-current liabilities
            
661
      
-
  
Total liabilities
            
6,795
      
4,546
  
                         
Equity attributable to owners
                        
Share capital
            
1,301
      
1,301
  
Additional paid-in capital
            
291,448
      
291,448
  
Other reserves
            
2,888
      
2,595
  
Foreign currency translation reserve
            
(13,196
)
    
(13,035
)
Accumulated deficit
            
(56,668
)
    
(32,493
)
Total equity
            
225,773
      
249,816
  
Total liabilities and equity
            
232,568
      
254,362
  

 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
2

graphic
GH RESEARCH PLC
Unaudited condensed consolidated interim statement of changes in equity
 
   
Attributable to owners
  
   
Share capital
    
Additional
paid-in
capital
    
Other
reserves
    
Foreign
currency
translation
reserve
    
Accumulated
deficit
    
Total
  
   
$’000
    
$’000
    
$’000
    
$’000
    
$’000
    
$’000
  
At January 1, 2022
    
1,301
      
291,448
      
366
      
(5,903
)
    
(10,037
)
    
277,175
  
Loss for the period
    
-
      
-
      
-
      
-
      
(5,870
)
    
(5,870
)
Translation adjustment
    
-
      
-
      
-
      
(15,779
)
    
-
      
(15,779
)
Total comprehensive loss for the period
    
-
      
-
      
-
      
(15,779
)
    
(5,870
)
    
(21,649
)
Share-based compensation expense
    
-
      
-
      
1,212
      
-
      
-
      
1,212
  
Total transactions with owners
    
-
      
-
      
1,212
      
-
      
-
      
1,212
  
At September 30, 2022
    
1,301
      
291,448
      
1,578
      
(21,682
)
    
(15,907
)
    
256,738
  
                                                 
At January 1, 2023
    
1,301
      
291,448
      
2,595
      
(13,035
)
    
(32,493
)
    
249,816
  
Loss for the period
    
-
      
-
      
-
      
-
      
(24,315
)
    
(24,315
)
Other comprehensive expense
    
-
      
-
      
(1,216
)
    
(161
)
    
-
      
(1,377
)
Total comprehensive loss
    
-
      
-
      
(1,216
)
    
(161
)
    
(24,315
)
    
(25,692
)
Share-based compensation expense
    
-
      
-
      
1,649
      
-
      
-
      
1,649
  
Share option exercises
     -       -       (140 )     -       140       -  
Total transactions with owners
    
-
      
-
      
1,509
      
-
      
140
      
1,649
  
At September 30, 2023
    
1,301
      
291,448
      
2,888
      
(13,196
)
    
(56,668
)
    
225,773
  

 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
3

graphic
GH RESEARCH PLC
Unaudited condensed consolidated interim statement of cash flows
 
   
Nine Months Ended
September 30,
  
   
2023
    
2022
  
   
$’000
    
$’000
  
Cash flows from operating activities
                
Loss for the period
    
(24,315
)
    
(5,870
)
Depreciation
    
237
      
34
  
Share-based compensation expense
    
1,649
      
1,212
  
Finance expense
    
534
      
-
  
Finance income
    
(6,049
)
    
-
  
Movement of expected credit loss
    
(1
)
    
-
  
Foreign exchange gain
    
(232
)
    
(15,512
)
Movement in working capital
    
1,119
      
804
  
Cash flows used in operating activities
    
(27,058
)
    
(19,332
)
Finance expense paid
    
(466
)
    
-
  
Finance income received
    
2,273
      
-
  
Net cash used in operating activities
    
(25,251
)
    
(19,332
)
                 
Cash flows used in investing activities
                
Purchase of other financial assets
    
(54,000
)
    
-
  
Purchase of property, plant and equipment
    
(76
)
    
(49
)
Cash flows used in investing activities
    
(54,076
)
    
(49
)
                 
Cash flows used in financing activities
                
Payment of lease liability
    
(163
)
    
-
  
                 
Net decrease in cash and cash equivalents
    
(79,490
)
    
(19,381
)
Cash and cash equivalents at the beginning of the period
    
165,955
      
276,776
  
Impact of foreign exchange on cash and cash equivalents
    
(26
)
    
(456
)
Cash and cash equivalents at the end of the period
    
86,439
      
256,939
  

 
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
4

graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1.
Corporate information

GH Research PLC (the “Company”) was incorporated on March 29, 2021. The registered office of the Company is located at Joshua Dawson House, Dawson Street, Dublin 2, Ireland.

The Company and its subsidiary, GH Research Ireland Limited, (together the “Group” or “GH Research”) are a clinical-stage biopharmaceutical company dedicated to transforming the treatment of psychiatric and neurological disorders. Its initial focus is on developing the novel and proprietary mebufotenin (5-methoxy-N,N-dimethyltryptamine, or 5-MeO-DMT) therapies for the treatment of patients with Treatment Resistant Depression, or TRD. Its portfolio currently includes GH001, a proprietary inhalable mebufotenin product candidate, GH002, a proprietary intravenous mebufotenin product candidate, and GH003, a proprietary intranasal mebufotenin product candidate.

These unaudited condensed consolidated interim financial statements were presented to the board of directors and approved by them for issue on November 9, 2023.

2.
Basis of preparation, significant judgments, and accounting policies

Basis of preparation

Compliance with International Financial Reporting Standards
The unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2023, have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022, which were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These unaudited condensed consolidated interim financial statements are presented in U.S. dollar (“USD” or “$”), which is the Company’s functional currency and the Group’s presentation currency.

The financial information presented in this interim report does not represent full statutory accounts as defined by the Companies Act 2014. The statutory accounts of GH Research PLC for the year ended December 31, 2022, are expected to be filed with the Companies Registration Office by November 26, 2023.

New and amended IFRS standards
There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2023, that are relevant to the Group and that have had any material impact in the interim period. New standards, amendments to standards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant and are not listed here.
 
Going concern basis
GH Research is a clinical-stage biopharmaceutical company developing innovative therapeutics. The Group is exposed to all risks inherent in establishing and developing its business, including the substantial uncertainty that current projects will succeed. Research and development expenses have been incurred from the start of the Group’s activities, generating negative cash flows from operating activities since formation.
 
Since its incorporation, the Group has funded its growth through capital increases. The Group has no bank loans or other debt outstanding, except lease liabilities, as of September 30, 2023. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans.
 
As of September 30, 2023, the Group’s cash and cash equivalents amounted to $86.4 million (December 31, 2022: $166.0 million). The Group also held marketable securities of $86.8 million and other financial assets of $55.5 million as of September 30, 2023 (December 31, 2022: marketable securities of $85.7 million and other financial assets of $nil). The Group’s marketable securities are quoted in active markets and are an additional source of liquidity.
 
5
graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
The board of directors believes that the Group has sufficient financial resources available to cover its planned cash outflows for at least the next twelve months from the date of issuance of these unaudited condensed consolidated interim financial statements. The Group, therefore, continues to adopt the going concern basis in preparing its unaudited condensed consolidated interim financial statements.

Use of estimates and judgments
The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these unaudited condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are consistent with those that applied in the preparation of the consolidated financial statements for the year ended December 31, 2022.

Accounting policies
The accounting policies, presentation and methods of computation followed in the unaudited condensed consolidated interim financial statements are consistent with those applied in the Group’s most recent annual financial statements and have been applied consistently to all periods presented in the unaudited condensed consolidated interim financial statements except for the amendments and new accounting policies set out below.

Other financial assets
Other financial assets represent money market funds with a weighted average maturity of more than 90 days and are carried at fair value through profit or loss as the cash flows from these funds do not represent solely payments of principal and interest.

Leases and right-of-use assets
The Group recognizes a right-of-use (“ROU”) asset and a corresponding lease liability for all arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term leases) and low-value leases. Under IFRS 16 the Group recognizes a ROU asset and a lease liability at the lease commencement date at the present value of the future lease payments, discounted at the Group’s incremental borrowing rate. The ROU asset is subsequently depreciated using the straight-line method over the lease term within depreciation expenses and an interest expense on lease liabilities is recognized within finance expense in the Group’s unaudited condensed consolidated interim income statement. The interest expense is calculated based on the incremental borrowing rate of the Group.

For short-term or low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

Current and deferred income tax
The interim income tax expense is calculated based on the Company’s estimate of the weighted average effective annual income tax rate expected for the full year. The current and deferred income tax charge was $nil for the three and nine months ended September 30, 2023, and 2022, which is in line with the Company’s estimate for the full year. No deferred tax assets have been recognized as there is no certainty that sufficient taxable profits will be generated within the required timeframe to be able to utilize these tax loss carry-forwards in full.

6
graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
Segment reporting
Management considers the Group to have only a single segment: Research and Development (“R&D”). This is consistent with the way that information is reported internally within the Group for the purpose of allocating resources and assessing performance.

3.
Expenses by nature

The following table provides the consolidated statement of comprehensive income classification of our expense by nature:
 
   
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2023
    
2022
    
2023
    
2022
  
   
$’000
    
$’000
    
$’000
    
$’000
  
External research and development expenses
    
5,207
      
3,428
      
16,521
      
10,429
  
Employee expenses1
    
1,812
      
1,064
      
4,857
      
2,887
  
Depreciation
    
8
      
7
      
28
      
22
  
Other expenses
    
61
      
121
      
164
      
236
  
Total research and development expenses
    
7,088
      
4,620
      
21,570
      
13,574
  
                                 
External costs
    
1,725
      
1,464
      
5,834
      
6,145
  
Employee expenses2
    
834
      
537
      
2,450
      
1,651
  
Depreciation
    
72
      
5
      
209
      
12
  
Total general and administrative expenses
    
2,631
      
2,006
      
8,493
      
7,808
  
Total operating expenses
    
9,719
      
6,626
      
30,063
      
21,382
  

1 Included in employee expenses is share based compensation expense of $0.4 million and $1.0 million for the three and nine months ended September 30, 2023, respectively, relating to employees in our research and development department (three and nine months ended September 30, 2022, $0.2 million and $0.7 million, respectively).
 
2 Included in employee expenses is share based compensation expense of $0.2 million and $0.7 million for the three and nine months ended September 30, 2023, respectively, relating to employees in the general and administrative department (three and nine months ended September 30, 2022, $0.2 million and $0.5 million, respectively).
 
Foreign exchange gain
 
Foreign exchange gain of $1.8 million and $0.2 million in the three and nine months ended September 30, 2023 (gain of $6.2 million and $15.5 million in the three and nine months ended September 30, 2022), consist primarily of gains related to the translation of U.S. dollar cash and other financial assets balance into euro in the accounts of the Company’s subsidiary, GH Research Ireland Limited, whose functional currency is euro as explained in the Group’s consolidated financial statements for the year ended December 31, 2022.

At September 30, 2023, if the U.S. dollar had weakened/strengthened by 10% against the euro with all other variables held constant, the loss before tax for the nine months ended September 30, 2023, would have been $7.3 million higher/lower, mainly related to the translation of cash and other financial assets held in U.S. dollar in the Company’s subsidiary, GH Research Ireland Limited.

7
graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
4.
Finance income and expense

 
  
Three months ended
September 30,
    
Nine months ended
September 30,
  
 
  
2023
    
2022
    
2023
    
2022
  
 
  
$’000
    
$’000
    
$’000
    
$’000
  
Finance income
                                
Finance income on cash
    141       -       141       -  
Gain on cash equivalents and other financial assets at fair value through profit and loss
    
1,257
      
-
      
2,811
      
-
  
Interest income under effective interest rate method at fair value through other comprehensive income (“FVOCI”)
    
1,040
      
-
      
3,097
      
-
  
Finance income
    
2,438
      
-
      
6,049
      
-
  
 
                                
Finance expense
                                
Finance expense on investments
    
(168
)
    
-
      
(484
)
    
-
  
Finance expense on lease liability
    
(16
)
    
-
      
(50
)
    
-
  
Finance expense
    
(184
)
    
-
      
(534
)
    
-
  

5.
Cash and cash equivalents

   
September 30,
    
December 31,
  
   
2023
    
2022
  
   
$’000
    
$’000
  
Cash at bank and in hand
    
49,496
      
130,252
  
Cash equivalents
    
36,943
      
35,703
  
     
86,439
      
165,955
  

During the nine months ended September 30, 2023, an investment of $54.0 million was made in a money market fund. This investment has been classified as other financial assets and has a fair value of $55.5 million at September 30, 2023.

6.
Marketable securities

   
Marketable
securities
  
   
$’000
  
Fair value
        
At January 1, 2023
    
85,724
  
Additions
    
-
  
Accrued interest
    
3,097
  
Interest received
    
(814
)
Fair value movement
    
(1,215
)
At September 30, 2023
    
86,792
  

8
graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
The Group holds government and corporate listed bonds which comprise marketable securities measured at FVOCI. These marketable securities had a fair value of $86.8 million at September 30, 2023 (December 31, 2022: $85.7 million). The impairment loss allowance for expected credit losses at the reporting date was $0.1 million (December 31, 2022: $0.1 million). At September 30, 2023, the maturity of the Group’s marketable securities ranges from four months to four years. This maturity has been reflected in the allocation of current and non-current assets in the unaudited condensed consolidated interim statement of financial position.
 
The Group is exposed to credit risk on its cash and cash equivalents, other financial assets and marketable securities in the event of default of the counterparties. The Group’s cash balance is maintained with well established, highly rated financial institutions. The Group’s marketable securities are mainly comprised of investment grade bonds. The Group monitors the credit risk of its investments on a regular basis.
 
A reconciliation of the movement through OCI relating to marketable securities for the three and nine months ended September 30, 2023, is as follows:
 
   
Three months
ended September
30, 2023
 
   
$’000
  
At July 1, 2023
    
230
  
Revaluation adjustments
    
445
  
Movement of expected credit losses on assets measured at FVOCI
    
(17
)
At September 30, 2023
    
658
  

   
Nine months
ended September
30, 2023
  
   
$’000
  
At January 1, 2023
    
(558
)
Revaluation adjustments
    
1,215
  
Movement of expected credit losses on assets measured at FVOCI
    
1
  
At September 30, 2023
    
658
  

7.
Other current assets

Other current assets primarily represent prepayments and VAT receivable.

9
graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
8.
Property, plant and equipment

Property, plant and equipment increased to $1.1 million at September 30, 2023, from $0.1 million at December 31, 2022, an increase of $1.0 million. This was due to a lease for office space which the Group entered into during the period. The term of the lease is four years and nine months and annual cashflows associated with it are $0.3 million.
 
   
Right of Use
Asset - Office
  
   
$’000
  
At January 1, 2023
    
-
  
Additions
    
1,179
  
Depreciation expense
    
(185
)
Translation adjustment
    (27 )
At September 30, 2023
    
967
  

At the lease commencement date, a ROU asset was recognized at the present value of the future lease payments, discounted at the Group's incremental borrowing rate.

9.
Trade payables

Trade payables primarily represents amounts incurred for the provision of manufacturing, research and consulting services and legal and professional fees, which have been billed and are outstanding at the end of the period. Trade payables are due to be settled at different times within 12 months.

10.
Lease liability

At September 30, 2023, the Group’s lease liability amounted to $0.9 million relating to the lease of an office as explained in Note 8, “Property, plant and equipment”.

11.
Other current liabilities

Other current liabilities primarily represent accruals for operating expenses and employee tax payable.

12.
Contingencies

As of September 30, 2023, there were no material contingencies which required adjustment or disclosure in the unaudited condensed consolidated interim financial statements (2022: none).

13.
Share based compensation
 
Share Options
In June 2021, the Company adopted a share option plan referred to herein as the Share Option Plan under which grants of options are made to eligible participants. The Company had reserved 1,202,734 ordinary shares for future issuance under the Share Option Plan, which include ordinary shares pursuant to share-based equity awards issued to date. As of September 30, 2023, the Company has 466,918 ordinary shares available for the future issuance of share-based equity awards.
 
Under the Share Option Plan, the options may be settled only in ordinary shares of the Company. Therefore, the grants of share options under the Share Option Plan have been accounted for as equity-settled under IFRS 2. As such, the Company records a charge for the vested portion of award grants and for partially earned but non-vested portions of award grants.
 
During the three and nine months ended September 30, 2023, the Company granted the option to purchase 81,000 and 351,820 ordinary shares, respectively, to employees which were in line with the general terms of the Share Option Plan. During the three and nine months ended September 30, 2023, 19,000 and 97,499 share options were forfeited.
 
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graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
Of the 351,820 share options granted to employees during the nine months ended September 30, 2023, 175,000 share options were granted with a contractual term (expiration) of seven years from the grant date with an exercise price of $0.025 per share, with 1,000 of those share options granted in the three months ended September 30, 2023. A further 20,000 share options of those granted during the nine months ended September 30, 2023, vested immediately and had no service condition attached to them. Aside from the 175,000 share options identified above, all other share options granted to employees during the three and nine month period ending September 30, 2023, have a contractual term (expiration) of eight years from the grant date with the exercise price at the closing market price on the day prior to the grant.

During the three and nine months ended September 30, 2023, the Company granted the option to purchase 19,899 ordinary shares to members of the board of directors which vested on the date of grant and are subject to a two year service condition. These share options have a contractual term (expiration) of seven years from the grant date with an exercise price of $0.025 per share. During the three and nine months ended September 30, 2023, members of the board of directors exercised a total of 7,296 options at an exercise price of $2.05 per option. The shares relating to the exercise of these options were issued in October 2023.

The following table summarizes the share option awards outstanding as of September 30, 2023:
 
   
Weighted
Average exercise
price per share
in
USD
    
Number of
awards
    
Weighted
average
remaining
life
in years
  
At December 31, 2022
    
15.32
      
461,596
      
7.14
  
Granted
    
5.04
      
371,719
      
7.14
  
Forfeited
    
12.16
      
(97,499
)
    
7.00
  
Exercised
    2.05       (7,296 )     5.99  
At September 30, 20231
    
10.63
      
728,520
      
6.70
  
 
 1 93,033 of the awards outstanding as of September 30, 2023, were exercisable.
 
The weighted average grant date fair value of awards granted during the three and nine months ended September 30, 2023, was $8.63 and $8.18, respectively, per award.
 
The fair values of the options granted were determined on the date of the grant using the Black-Scholes option-pricing model. The Company used an independent valuation firm to assist in calculating the fair value of the award grants per participant.
 
The fair values of the options granted during the three and nine months ended September 30, 2023, were determined on the date of the grant using the following assumptions:
 
   
Three months ended
September 30, 2023
    
Nine months ended
September 30, 2023
  
Share price, in USD
    
10.84
      
9.53
  
Strike price, in USD - employees (weighted average)
    
10.97
      
5.32
  
Strike price, in USD – non-executive directors
    0.025       0.025  
Expected volatility
    
83%-87%

   
83%-88%

Award life (weighted average)
    
5.7
      
5.6
  
Expected dividends
    
-
      
-
  
Risk-free interest rate
    
4.11%-4.62%

   
3.50%-4.62%

 
The expected volatility was based on selected volatility determined by median values observed among other comparable public companies.
 
The award life is based on the time interval between the date of grant and the date during the life of the share option after which, when making the grant, the Company expected on average that participants would exercise their options.
 
As of September 30, 2023, Other Reserves within equity includes $3.5 million (December 31, 2022: $2.0 million) relating to the Group’s Share Option Plan. The amount of expense for all awards recognized for services received during the three months ended September 30, 2023 was $0.6 million (three months ended September 30, 2022: $0.4 million) and for the nine months ended September 30, 2023 was $1.6 million (nine months ended September 30, 2022: $1.2 million).
 
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graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
14.
Related party disclosures

Other than those transactions reported in Note 13, “Share based compensation”, there have been no other transactions in the three and nine months ended September 30, 2023, with related parties that had a material effect on the financial position or performance of the Group.

15.
Loss per share

 
Three months ended
September 30,
  
Nine months ended
September 30,
  
 
2023
  
2022
  
2023
  
2022
  
Loss attributable to shareholders (in $’000)
    
(5,649
)
    
(441
)
    
(24,315
)
    
(5,870
)
Weighted average number of shares in issue
    
52,020,849
      
52,020,849
      
52,020,849
      
52,020,849
  
Basic and diluted earnings/(loss) per share (in USD)
    
(0.11
)
    
(0.01
)
    
(0.47
)
    
(0.11
)

For the three and nine month period ended September 30, 2023 and September 30, 2022, basic and diluted loss per share are calculated on the weighted average number of shares issued and outstanding and exclude shares to be issued under the Share Option Plan, as the effect of including those shares would be anti-dilutive.

16.
Events after the reporting date

In August 2023, the Group submitted an Investigational New Drug Application (“IND”) for GH001 with the U.S. Food and Drug Administration (“FDA”) with the purpose to initiate a Phase 1 healthy volunteer clinical pharmacology trial where GH001 would be administered using the Group’s own proprietary aerosol delivery device.  In September 2023, the IND was placed on clinical hold by the FDA due to “21 CFR 312.42(b)(1)(iv): Insufficient information to assess risks to human subjects”. Post quarter end, the Group received a formal clinical hold letter from the FDA. Following the receipt of the formal clinical hold letter, the Group is currently assessing future costs associated with the steps to be undertaken to address the matters identified by the FDA to be in a position to provide the IND response submission and is also assessing the potential broader business impacts.


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