SCHEDULE 13G/A 0000921895-22-000509 0000918923 XXXXXXXX LIVE 2 Ordinary Shares, nominal value $0.025 per share 03/31/2025 0001855129 GH Research PLC G3855L106 JOSHUA DAWSON HOUSE DAWSON STREET DUBLIN 2 L2 RY95 Rule 13d-1(d) BIOTECHNOLOGY VALUE FUND L P a DE 0.00 4599019.00 0.00 4599019.00 4599019.00 N 7.4 PN BVF I GP LLC a DE 0.00 4599019.00 0.00 4599019.00 4599019.00 N 7.4 OO BIOTECHNOLOGY VALUE FUND II LP a DE 0.00 3605399.00 0.00 3605399.00 3605399.00 N 5.8 PN BVF II GP LLC a DE 0.00 3605399.00 0.00 3605399.00 3605399.00 N 5.8 OO Biotechnology Value Trading Fund OS LP a E9 0.00 619881.00 0.00 619881.00 619881.00 N 1.0 PN BVF Partners OS Ltd. a E9 0.00 619881.00 0.00 619881.00 619881.00 N 1.0 CO BVF GP HOLDINGS LLC a DE 0.00 8204418.00 0.00 8204418.00 8204418.00 N 13.2 OO BVF PARTNERS L P/IL a DE 0.00 8827712.00 0.00 8827712.00 8827712.00 N 14.2 IA PN BVF INC/IL a DE 0.00 8827712.00 0.00 8827712.00 8827712.00 N 14.2 CO LAMPERT MARK N a X1 0.00 8827712.00 0.00 8827712.00 8827712.00 N 14.2 IN GH Research PLC Joshua Dawson House, Dawson Street, Dublin 2 DO2 D02 RY95, Ireland Biotechnology Value Fund, L.P. ("BVF") BVF I GP LLC ("BVF GP") Biotechnology Value Fund II, L.P. ("BVF2") BVF II GP LLC ("BVF2 GP") Biotechnology Value Trading Fund OS LP ("Trading Fund OS") BVF Partners OS Ltd. ("Partners OS") BVF GP Holdings LLC ("BVF GPH") BVF Partners L.P. ("Partners") BVF Inc. Mark N. Lampert ("Mr. Lampert") Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Biotechnology Value Fund, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF I GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund II, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF II GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Trading Fund OS LP PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF Partners OS Ltd. PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF GP Holdings LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Partners L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Mark N. Lampert 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund, L.P. Delaware BVF I GP LLC Delaware Biotechnology Value Fund II, L.P. Delaware BVF II GP LLC Delaware Biotechnology Value Trading Fund OS LP Cayman Islands BVF Partners OS Ltd. Cayman Islands BVF GP Holdings LLC Delaware BVF Partners L.P. Delaware BVF Inc. Delaware Mark N. Lampert United States Y As of the close of business on March 31, 2025, (i) BVF beneficially owned 4,599,019 Shares, (ii) BVF2 beneficially owned 3,605,399 Shares and (iii) Trading Fund OS beneficially owned 619,881 Shares. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 4,599,019 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 3,605,399 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 619,881 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 8,204,418 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 8,827,712 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in a certain Partners managed account (the "Partners Managed Account"), including 3,413 Shares held in the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 8,827,712 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 8,827,712 Shares beneficially owned by BVF Inc. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Accounts, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities. The following percentages are based on 62,028,145 Shares outstanding, which is the total number of Shares outstanding as of February 15, 2025, as disclosed in the Issuer's Form 20-F filed with the Securities and Exchange Commission on February 27, 2025. As of the close of business on March 31, 2025, (i) BVF beneficially owned approximately 7.4% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 5.8% of the outstanding Shares, (iii) Trading Fund OS beneficially owned approximately 1.0% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 7.4% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 5.8% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own approximately 1.0% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 13.2% of the outstanding Shares and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 14.2% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account). See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. Y N BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF2 GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account. Y N See Exhibit 99.1 to the Schedule 13G/A filed with the Securities and Exchange Commission on February 14, 2024. Y Y BIOTECHNOLOGY VALUE FUND L P /s/ Mark N. Lampert 05/15/2025 BVF I GP LLC /s/ Mark N. Lampert 05/15/2025 BIOTECHNOLOGY VALUE FUND II LP /s/ Mark N. Lampert 05/15/2025 BVF II GP LLC /s/ Mark N. Lampert 05/15/2025 Biotechnology Value Trading Fund OS LP /s/ Mark N. Lampert 05/15/2025 BVF Partners OS Ltd. /s/ Mark N. Lampert 05/15/2025 BVF GP HOLDINGS LLC /s/ Mark N. Lampert 05/15/2025 BVF PARTNERS L P/IL /s/ Mark N. Lampert 05/15/2025 BVF INC/IL /s/ Mark N. Lampert 05/15/2025 LAMPERT MARK N /s/ Mark N. Lampert 05/15/2025