GH Research reports $111.2 million net proceeds from April 2026 share offering

The April offering

GH Research PLC (GHRS) completed an underwritten offering of 6,527,779 ordinary shares in April 2026 at $18.00 per share. Its unaudited interim financial statements, filed on Form 6-K on August 6, 2026 and approved by the board that day, estimate net proceeds of $111.2 million after underwriting discounts and directly attributable transaction costs.

The 6-K does not name the underwriters, a placement agent or any legal counsel. It also says the group has no bank loans or other debt outstanding, apart from lease liabilities.

Ordinary shares outstanding rose from 62,029,395 at December 31, 2025 to 68,642,287 at June 30, 2026. Of the increase, 6,527,779 came from the offering and 85,113 from option exercises.

Cash and the half-year loss

Cash and cash equivalents were $345.1 million at June 30, 2026, against $246.3 million at December 31, 2025. Marketable securities were $17.6 million, down from $34.5 million. Share issuances brought in $118,039 thousand in the six months, and transaction costs took $6,028 thousand.

The loss for the six months was $34,113 thousand, against $20,101 thousand a year earlier. Research and development expense was $24,778 thousand, up from $16,810 thousand, and general and administration expense was $13,426 thousand, up from $10,626 thousand. The second-quarter loss was $15,146 thousand, against $9,289 thousand. Loss per share was $0.53, compared with $0.33.

Net cash used in operating activities was $25,691 thousand for the half. Finance income fell to $4,851 thousand from $5,833 thousand. The group reported a foreign exchange loss of $601 thousand for the six months, compared with a gain of $1.9 million a year earlier.

The board believes the group has sufficient financial resources to cover planned cash outflows for at least the next twelve months. The interim report prepares the accounts on a going-concern basis, as the company has always funded its growth through capital increases.

Programs and the trial timeline

GH Research is a clinical-stage company developing mebufotenin therapies for treatment-resistant depression. Its candidates are GH001, an inhalable mebufotenin product, and GH002, an intravenous mebufotenin product. The company describes its aim as a practice-changing treatment.

The interim report gives no clinical results, and it gives no timeline for trial readouts or regulatory filings. Its disclosures are financial. The company says there were no material contingencies and no events after the reporting date requiring disclosure.

Options and dilution

At June 30, 2026, 2,701,739 share options were outstanding at a weighted average exercise price of $3.87, and 998,920 were exercisable. In the six months, the group granted 219,050 options, of which 149,450 carry an exercise price of $0.025. The weighted average share price of options exercised in the period was $19.36.

The share option plan may issue up to 3,721,251 shares, leaving 925,853 available for future awards.

Full-year 2025 figures

The 20-F filed March 5, 2026 gives the full-year numbers. Research and development expense was $38.8 million in 2025, up from $35.0 million in 2024. The net loss was $48.3 million, against $39.0 million. Cash used in operations was $43.6 million, against $42.3 million.

At the end of 2025, cash and cash equivalents were $246.3 million, against $100.8 million at the end of 2024. Short-term investments were nil at the end of 2025, compared with $19.4 million a year earlier.

Critical read

The April offering is the reason cash rose. The six-month loss was higher than a year earlier, and both research and general spending rose. The group has no approved product and reports no trial result, so the cash balance funds development the interim report does not describe in detail.

The statutory accounts for 2025 are expected to be filed with the Companies Registration Office by November 26, 2026.

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