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|
GH RESEARCH PLC |
Three Months Ended
March 31,
|
|||||||||||
2024
|
2023
|
||||||||||
Note
|
$’000
|
$’000 | |||||||||
Operating expenses
|
|||||||||||
Research and development
|
3
|
(
|
)
|
(
|
)
|
||||||
General and administration
|
3
|
(
|
)
|
(
|
)
|
||||||
Loss from operations
|
(
|
)
|
(
|
)
|
|||||||
Finance income
|
4
|
|
|
||||||||
Finance expense
|
4
|
(
|
)
|
(
|
)
|
||||||
Movement of expected credit loss
|
|
(
|
)
|
||||||||
Foreign exchange gain/(loss)
|
|
(
|
)
|
||||||||
Total other income/(expense)
|
|
(
|
)
|
||||||||
Loss before tax
|
(
|
)
|
(
|
)
|
|||||||
Tax charge/(credit)
|
|
|
|||||||||
Loss for the period
|
(
|
)
|
(
|
)
|
|||||||
Other comprehensive (expense)/income
|
|||||||||||
Items that may be reclassified to profit or loss
|
|||||||||||
Fair value movement on marketable securities
|
(
|
)
|
|
||||||||
Currency translation adjustment
|
(
|
)
|
|
||||||||
Total comprehensive loss for the period
|
(
|
)
|
(
|
)
|
|||||||
Attributable to owners:
|
|||||||||||
Loss for the period
|
(
|
)
|
(
|
)
|
|||||||
Total comprehensive loss for the period
|
(
|
)
|
(
|
)
|
|||||||
Loss per share
|
|||||||||||
Basic and diluted loss per share (in USD)
|
13
|
(
|
)
|
(
|
)
|
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|
GH RESEARCH PLC |
At March 31,
|
At December 31,
|
|||||||||||
2024
|
2023
|
|||||||||||
Note |
|
$’000
|
|
$’000
|
||||||||
ASSETS
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
5
|
|
|
|||||||||
Other financial assets
|
|
|
||||||||||
Marketable securities
|
6
|
|
|
|||||||||
Other current assets
|
7
|
|
|
|||||||||
Total current assets
|
|
|
||||||||||
Non-current assets
|
||||||||||||
Marketable securities
|
6
|
|
|
|||||||||
Property, plant and equipment
|
|
|
||||||||||
Total non-current assets
|
|
|
||||||||||
Total assets
|
|
|
||||||||||
LIABILITIES AND EQUITY
|
||||||||||||
Current liabilities
|
||||||||||||
Trade payables
|
8
|
|
|
|||||||||
Lease liability
|
|
|
||||||||||
Other current liabilities
|
9
|
|
|
|||||||||
Total current liabilities
|
|
|
||||||||||
Non-current liabilities
|
||||||||||||
Lease liability
|
|
|
||||||||||
Total non-current liabilities
|
|
|
||||||||||
Total liabilities
|
|
|
||||||||||
Equity attributable to owners
|
||||||||||||
Share capital
|
|
|
||||||||||
Additional paid-in capital
|
|
|
||||||||||
Other reserves
|
|
|
||||||||||
Foreign currency translation reserve
|
(
|
)
|
(
|
)
|
||||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||||||
Total equity
|
|
|
||||||||||
Total liabilities and equity
|
|
|
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|
GH RESEARCH PLC |
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, 2023
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
Loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
||||||||||||||||||
Total comprehensive loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Share-based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
Total transactions with owners
|
|
|
|
|
|
|
||||||||||||||||||
At March 31, 2023
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
At January 1, 2024
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
Loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Other comprehensive expense
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||
Total comprehensive loss for the period
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||
Share-based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
Transfer of share options
|
( |
) | ||||||||||||||||||||||
Total transactions with owners
|
|
|
|
|
|
|
||||||||||||||||||
At March 31, 2024
|
|
|
|
(
|
)
|
(
|
)
|
|
![]() |
|
GH RESEARCH PLC |
Three months ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
$’000
|
$’000
|
|||||||
Cash flows from operating activities
|
||||||||
Loss for the period
|
(
|
)
|
(
|
)
|
||||
Depreciation
|
|
|
||||||
Share-based compensation expense
|
|
|
||||||
Finance income
|
(
|
)
|
(
|
)
|
||||
Finance expense
|
|
|
||||||
Movement of expected credit loss
|
(
|
)
|
|
|||||
Foreign exchange (gain)/loss
|
(
|
)
|
|
|||||
Movement in working capital
|
|
|
||||||
Cash flows used in operating activities
|
(
|
)
|
(
|
)
|
||||
Finance expense paid
|
(
|
)
|
(
|
)
|
||||
Finance income received
|
|
|
||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from/(used in) investing activities
|
||||||||
Purchase of other financial assets
|
|
(
|
)
|
|||||
Purchase of property, plant and equipment
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of other financial assets
|
||||||||
Proceeds from redemptions and disposals of marketable securities
|
||||||||
Cash flows from/(used in) investing activities
|
|
(
|
)
|
|||||
Cash flows used in financing activities
|
||||||||
Payment of lease liability
|
(
|
)
|
(
|
)
|
||||
Net decrease in cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents at the beginning of the period
|
|
|
||||||
Impact of foreign exchange on cash and cash equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents at the end of the period
|
|
|
![]() |
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
|
1. |
Corporate information
|
2. |
Basis of preparation, significant judgments, and accounting policies
|
![]() |
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
![]() |
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
3. |
Expenses by nature
|
Three Months Ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
$’000
|
$’000
|
|||||||
External research and development expenses
|
|
|
||||||
Employee expenses1
|
|
|
||||||
Depreciation
|
|
|
||||||
Other expenses
|
|
|
||||||
Total research and development expenses
|
|
|
||||||
External costs
|
|
|
||||||
Employee expenses2
|
|
|
||||||
Depreciation
|
|
|
||||||
Total general and administrative expenses
|
|
|
||||||
Total operating expenses
|
|
|
![]() |
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
4. |
Finance income and expense
|
|
Three Months Ended
March 31,
|
|||||||
|
2024
|
2023
|
||||||
|
$’000
|
$’000
|
||||||
Finance income
|
||||||||
Finance income on cash, cash equivalents and other financial assets | ||||||||
Gain on cash equivalents and other financial assets at fair value through profit and loss (“FVTPL”)
|
|
|
||||||
Interest income under effective interest rate method at fair value through other comprehensive income (“FVOCI”)
|
|
|
||||||
Finance income
|
|
|
||||||
|
||||||||
Finance expense
|
||||||||
Finance expense on investments
|
(
|
)
|
(
|
)
|
||||
Finance expense on lease liability
|
(
|
)
|
(
|
)
|
||||
Finance expense
|
(
|
)
|
(
|
)
|
5. |
Cash and cash equivalents
|
March 31,
|
December 31,
|
|||||||
2024
|
2023
|
|||||||
$’000
|
$’000
|
|||||||
Cash at bank and in hand
|
|
|
||||||
Cash equivalents
|
|
|
||||||
|
|
6. |
Marketable securities
|
Marketable
securities
|
||||
$’000
|
||||
Fair value
|
||||
At January 1, 2024
|
|
|||
Accrued interest
|
|
|||
Interest received
|
(
|
)
|
||
Redemptions and disposals of marketable securities
|
( |
) | ||
Revaluation adjustment
|
(
|
)
|
||
At March 31, 2024
|
|
![]() |
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
Three Months Ended March 31,
|
||||||||
2024 | 2023 | |||||||
$’000
|
$'000 |
|||||||
Revaluation adjustments
|
( |
) |
|
|||||
Movement of expected credit losses on assets measured at FVOCI
|
( |
) |
|
|||||
Movement on marketable securities through OCI
|
( |
) |
|
7. |
Other current assets
|
![]() |
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
8. |
Trade payables
|
9. |
Other current liabilities
|
10. |
Contingencies
|
11. |
Share based compensation
|
Average exercise
price per share
in
USD
|
Number of
awards
|
Weighted
average remaining
life
in years
|
||||||||||
At December 31, 2023
|
|
|
|
|||||||||
Granted
|
|
|
|
|||||||||
Forfeited
|
|
(
|
)
|
|
||||||||
At March 31, 20241
|
|
|
|
Three Months Ended
March 31, 2024
|
Three Months Ended
March 31, 2023
|
|||||||
Share price, in USD
|
|
|
||||||
Strike price, in USD – employees (weighted average)
|
|
|
||||||
Expected volatility
|
|
|
|
|
||||
Award life (weighted average)
|
|
|
||||||
Expected dividends
|
|
|
||||||
Risk-free interest rate
|
|
|
![]() |
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
12. |
Related party disclosures
|
13. |
Loss per share
|
Three Months Ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
Loss attributable to shareholders (in $’000)
|
(
|
)
|
(
|
)
|
||||
Weighted average number of shares in issue
|
|
|
||||||
Basic and diluted loss per share (in USD)
|
(
|
)
|
(
|
)
|
14. |
Events after the reporting date
|