Exhibit 99.1
graphic
GH RESEARCH PLC

Unaudited condensed consolidated interim statement of comprehensive income

         
Three Months Ended
March 31,
  
         
2024
    
2023
  

 
Note
    
$’000
     $’000  
Operating expenses
                      
Research and development
  
3
      
(8,658
)
    
(7,306
)
General and administration
  
3
      
(2,870
)
    
(3,113
)
Loss from operations
          
(11,528
)
    
(10,419
)
                       
Finance income
  
4
      
2,670
      
1,489
  
Finance expense
  
4
      
(179
)
    
(171
)
Movement of expected credit loss
          
50
      
(199
)
Foreign exchange gain/(loss)
          
1,321
      
(1,637
)
Total other income/(expense)
          
3,862
      
(518
)
                       
Loss before tax
          
(7,666
)
    
(10,937
)
Tax charge/(credit)
          
-
      
-
  
Loss for the period
          
(7,666
)
    
(10,937
)
                       
Other comprehensive (expense)/income
                      
Items that may be reclassified to profit or loss
                      
Fair value movement on marketable securities
          
(543
)
    
724
  
Currency translation adjustment
          
(1,289
)
    
1,676
  
Total comprehensive loss for the period
          
(9,498
)
    
(8,537
)
                       
Attributable to owners:
                      
Loss for the period
          
(7,666
)
    
(10,937
)
Total comprehensive loss for the period
          
(9,498
)
    
(8,537
)
                       
Loss per share
                      
Basic and diluted loss per share (in USD)
  
13
      
(0.15
)
    
(0.21
)

 
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 March 31,
    
At December 31,
  
         
2024
    
2023
  

  Note
    

$’000
    

$’000
  
ASSETS
                      
Current assets
                      
Cash and cash equivalents
  
5
      
77,483
      
78,420
  
Other financial assets
            
51,346
      
55,615
  
Marketable securities
  
6
      
29,029
      
27,525
  
Other current assets
  
7
      
2,618
      
2,529
  
Total current assets
            
160,476
      
164,089
  
Non-current assets
                        
Marketable securities
  
6
      
56,132
      
61,142
  
Property, plant and equipment
            
975
      
1,069
  
Total non-current assets
            
57,107
      
62,211
  
Total assets
            
217,583
      
226,300
  
                         
LIABILITIES AND EQUITY
                        
Current liabilities
                        
Trade payables
  
8
      
3,554
      
3,490
  
Lease liability
            
336
      
343
  
Other current liabilities
  
9
      
3,385
      
2,868
  
Total current liabilities
            
7,275
      
6,701
  
Non-current liabilities
                        
Lease liability
            
561
      
631
  
Total non-current liabilities
            
561
      
631
  
Total liabilities
            
7,836
      
7,332
  
                         
Equity attributable to owners
                        
Share capital
            
1,301
      
1,301
  
Additional paid-in capital
            
291,463
      
291,463
  
Other reserves
            
4,293
   
4,651
  
Foreign currency translation reserve
            
(11,796
)
    
(10,507
)
Accumulated deficit
            
(75,514
)
    
(67,940
)
Total equity
            
209,747
      
218,968
  
Total liabilities and equity
            
217,583
      
226,300
  

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

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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, 2023
    
1,301
      
291,448
      
2,595
      
(13,035
)
    
(32,493
)
    
249,816
  
Loss for the period
    
-
      
-
      
-
      
-
      
(10,937
)
    
(10,937
)
Other comprehensive income
    
-
      
-
      
724
      
1,676
      
-
      
2,400
  
Total comprehensive loss for the period
    
-
      
-
      
724
      
1,676
      
(10,937
)
    
(8,537
)
Share-based compensation expense
    
-
      
-
      
551
      
-
      
-
      
551
  
Total transactions with owners
    
-
      
-
      
551
      
-
      
-
      
551
  
At March 31, 2023
    
1,301
      
291,448
      
3,870
      
(11,359
)
    
(43,430
)
    
241,830
  
                                                 
At January 1, 2024
    
1,301
      
291,463
      
4,651
      
(10,507
)
    
(67,940
)
    
218,968
  
Loss for the period
    
-
      
-
      
-
      
-
      
(7,666
)
    
(7,666
)
Other comprehensive expense
    
-
      
-
      
(543
)
    
(1,289
)
    
-
      
(1,832
)
Total comprehensive loss for the period
    
-
      
-
      
(543
)
    
(1,289
)
    
(7,666
)
    
(9,498
)
Share-based compensation expense
    
-
      
-
      
277
      
-
      
-
      
277
  
Transfer of share options
     -       -       (92 )     -       92       -  
Total transactions with owners
    
-
      
-
      
185
      
-
      
92
      
277
  
At March 31, 2024
    
1,301
      
291,463
      
4,293
      
(11,796
)
    
(75,514
)
    
209,747
  

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

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GH RESEARCH PLC
Unaudited condensed consolidated interim statement of cash flows
 
   
Three months ended
March 31,
  
   
2024
    
2023
  
   
$’000
    
$’000
  
Cash flows from operating activities
                
Loss for the period
    
(7,666
)
    
(10,937
)
Depreciation
    
80
      
77
  
Share-based compensation expense
    
277
      
551
  
Finance income
    
(2,670
)
    
(1,489
)
Finance expense
    
179
      
171
  
Movement of expected credit loss
    
(50
)
    
199
  
Foreign exchange (gain)/loss
    
(1,321
)
    
1,637
  
Movement in working capital
    
557
      
2,473
  
Cash flows used in operating activities
    
(10,614
)
    
(7,318
)
Finance expense paid
    
(169
)
    
(246
)
Finance income received
    
1,187
      
679
  
Net cash used in operating activities
    
(9,596
)
    
(6,885
)
                 
Cash flows from/(used in) investing activities
                
Purchase of other financial assets
    
-
      
(54,000
)
Purchase of property, plant and equipment
    
(12
)
    
(22
)
Proceeds from sale of other financial assets
     5,000       -  
Proceeds from redemptions and disposals of marketable securities
     3,800       -  
Cash flows from/(used in) investing activities
    
8,788
      
(54,022
)
                 
Cash flows used in financing activities
                
Payment of lease liability
    
(71
)
    
(70
)
                 
Net decrease in cash and cash equivalents
    
(879
)
    
(60,977
)
Cash and cash equivalents at the beginning of the period
    
78,420
      
165,955
  
Impact of foreign exchange on cash and cash equivalents
    
(58
)
    
104
  
Cash and cash equivalents at the end of the period
    
77,483
      
105,082
  

 
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 May 3, 2024.

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 months ended March 31, 2024 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, 2023, which were prepared in accordance with IFRS Accounting Standards as adopted 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, 2023, are expected to be filed with the Companies Registration Office by November 26, 2024.

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, 2024 that are relevant to the Group and that have had any material impact in the interim period. The review of the impact of new standards on the Group’s financial statements, including the recently issued IFRS 18 “Presentation and Disclosure in Financial Statements”, which is not yet effective and which has not been early adopted by the Group is ongoing. There are no other amendments to standards and interpretations that are not yet effective which have been deemed relevant to the Group.
 
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 March 31, 2024. As a result, the Group is not exposed to liquidity risk through requests for early repayment of loans.
 
As of March 31, 2024, the Group’s cash and cash equivalents amounted to $77.5 million (December 31, 2023: $78.4 million). The Group also held marketable securities of $85.2 million and other financial assets of $51.3 million as of March 31, 2024 (December 31, 2023: marketable securities of $88.7 million and other financial assets of $55.6 million). The marketable securities held by the Group 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, 2023.

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.

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 months ended March 31, 2024 and 2023, 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.


 Research and development tax credits

As explained in the Group’s consolidated financial statements for the year ended December 31, 2023, an amount of $1.3 million had remained unrecognized with respect to research and development tax credit claims for the year ended December 31, 2022 and 2021. In the period to March 31, 2024, an amount of $0.8 million has been received by the Group which has been recognized as a deduction from research and development expenses under the Group’s relevant accounting policy. At March 31, 2024, a balance of $0.5 million remains unrecognized as it has been concluded that reasonable assurance has not been achieved. Judgment was applied in this determination.

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
March 31,
  
   
2024
    
2023
  
   
$’000
    
$’000
  
External research and development expenses
    
7,047
      
5,825
  
Employee expenses1
    
1,548
      
1,419
  
Depreciation
    
6
      
10
  
Other expenses
    
57
      
52
  
Total research and development expenses
    
8,658
      
7,306
  
                 
External costs
    
1,915
      
2,270
  
Employee expenses2
    
881
      
776
  
Depreciation
    
74
      
67
  
Total general and administrative expenses
    
2,870
      
3,113
  
Total operating expenses
    
11,528
      
10,419
  

1Included in employee expenses is share based compensation expense of $0.2 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively, relating to employees in the research and development department.
 
2 Included in employee expenses is share based compensation expense of $0.1 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively, relating to employees in the general and administrative department.
 
Foreign exchange gain/loss
 
Foreign exchange gain of $1.3 million for the three months ended March 31, 2024 (foreign exchange loss of $1.6 million for the three months ended March 31, 2023) consists primarily of gains (2023: losses) related to the translation of the 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, 2023.
 
At March 31, 2024, 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 three months ended March 31, 2024, would have been $5.6 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. This would be offset by an equivalent amount within Other Comprehensive Income.

7
graphic
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     558       -  
Gain on cash equivalents and other financial assets at fair value through profit and loss (“FVTPL”)
    
1,057
      
465
  
Interest income under effective interest rate method at fair value through other comprehensive income (“FVOCI”)
    
1,055
      
1,024
  
Finance income
    
2,670
      
1,489
  
 
                
Finance expense
                
Finance expense on investments
    
(166
)
    
(153
)
Finance expense on lease liability
    
(13
)
    
(18
)
Finance expense
    
(179
)
    
(171
)

5.
Cash and cash equivalents

   
March 31,
    
December 31,
  
   
2024
    
2023
  
   
$’000
    
$’000
  
Cash at bank and in hand
    
39,026
      
41,390
  
Cash equivalents
    
38,457
      
37,030
  
     
77,483
      
78,420
  

During the three months ended March 31, 2024, proceeds of $5.0 million were received from the sale of a portion of other financial assets and proceeds of $3.8 million were received from the redemption of marketable securities.

6.
Marketable securities

   
Marketable
securities
  
   
$’000
  
Fair value
        
At January 1, 2024
    
88,667
  
Accrued interest
    
1,055
  
Interest received
    
(268
)
Redemptions and disposals of marketable securities
     (3,800 )
Revaluation adjustment
    
(493
)
At March 31, 2024
    
85,161
  

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 $85.2 million at March 31, 2024 (December 31, 2023: $88.7 million). During the period to March 31, 2024, a number of marketable securities were redeemed. This resulted in proceeds of $3.8 million in the period. The impairment loss allowance for expected credit losses at the reporting date was $0.1 million (December 31, 2023: $0.1 million). At March 31, 2024, the maturity of the Group’s marketable securities ranges from one month to three 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 movement through OCI for the three months ended March 31, 2024, and March 31, 2023, is shown in the table below:
 
 
Three Months Ended March 31,
 
    2024     2023  
   
$’000
     $'000 
 
Revaluation adjustments
     (493 )    
525
  
Movement of expected credit losses on assets measured at FVOCI
     (50 )    
199
  
Movement on marketable securities through OCI
     (543 )    
724
  

7.
Other current assets

Other current assets primarily represent prepayments.

9
graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
8.
Trade payables

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

9.
Other current liabilities

Other current liabilities primarily represent accruals for operating expenses and employee tax payable and are expected to be settled within one year.

10.
Contingencies

As of March 31, 2024, there were no material contingencies which required adjustment or disclosure in the unaudited condensed consolidated interim financial statements (2023: none).

11.
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 March 31, 2024, the Company has 368,741 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 months ended March 31, 2024, the Company granted the option to purchase 68,000 ordinary shares to employees which were in line with the general terms of the Share Option Plan. All share options granted during the three months ended March 31, 2024, had a contractual term (expiration) of eight years from the grant date with an exercise price at the closing market price on the day prior to the grant.
 
The following table summarizes the share option awards outstanding as of March 31, 2024:
 
   
Average exercise
price per share
in
USD
    
Number of
awards
    
Weighted
average
remaining
life
in years
  
At December 31, 2023
    
10.35
      
790,720
      
6.57
  
Granted
    
6.96
      
68,000
      
7.81
  
Forfeited
    
12.82
      
(32,023
)
    
6.12
  
At March 31, 20241
    
9.98
      
826,697
      
6.45
  
 
1 149,207 of the awards outstanding as of March 31, 2024, were exercisable.
 
The weighted average grant date fair value of awards granted during the three months ended March 31, 2024, was $5.21 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 months ended March 31, 2024 and 2023 were determined on the date of the grant using the following assumptions:
 
   
Three Months Ended
March 31, 2024
    
Three Months Ended
March 31, 2023
  
Share price, in USD
    
5.80 - 8.00
      
8.77 - 10.40
  
Strike price, in USD – employees (weighted average)
    
6.96
      
9.66
  
Expected volatility
    
87% - 88%

   
87%

Award life (weighted average)
    
6
      
6
  
Expected dividends
    
-
      
-
  
Risk-free interest rate
    
3.82% - 4.26%
   
3.63% - 4.22%
 
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 March 31, 2024, Other Reserves within equity includes $4.4 million (December 31, 2023: $4.2 million) relating to the Group’s Share Option Plan. Balances which relate to forfeited awards which had previously vested are transferred from Other Reserves to Accumulated Deficit. The amount of expense for all awards recognized for services received during the three months ended March 31, 2024 was $0.3 million (three months ended March 31, 2023: $0.6 million). 
 
10
graphic
GH RESEARCH PLC
 
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
12.
Related party disclosures

There have been no transactions in the three months ended March 31, 2024 and ended March 31, 2023 with related parties that had a material effect on the financial position or performance of the Group.

13.
Loss per share

   
Three Months Ended
March 31,
  
   
2024
    
2023
  
Loss attributable to shareholders (in $’000)
    
(7,666
)
    
(10,937
)
Weighted average number of shares in issue
    
52,028,145
      
52,020,849
  
Basic and diluted loss per share (in USD)
    
(0.15
)
    
(0.21
)

For the three months ended March 31, 2024 and 2023, 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.
 
14.
Events after the reporting date

There were no events after the reporting date requiring disclosure in the Group’s consolidated financial statements.

11