Exhibit 99.1
 |
|
| GH RESEARCH PLC |
Unaudited condensed consolidated interim statement of comprehensive loss
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||||||
|
2025
|
2024
|
2025 | 2024 | |||||||||||||||||
| Note | $’000 | $’000 | $’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
|
|
|
||||||||||||||||||
|
Total other income
|
|
|
||||||||||||||||||
|
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)
|
15
|
(
|
)
|
(
|
)
|
( |
) | ( |
) | |||||||||||
|
|
|
| GH RESEARCH PLC |
Unaudited condensed consolidated interim statement of financial position
|
At June 30,
|
At December 31,
|
|||||||||||
|
2025
|
2024
|
|||||||||||
| Note |
$’000
|
$’000
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current assets
|
||||||||||||
|
Cash and cash equivalents
|
5
|
|
|
|||||||||
|
Other financial assets
|
5 |
|
|
|||||||||
|
Marketable securities
|
6
|
|
|
|||||||||
|
Other current assets
|
7
|
|
|
|||||||||
|
Total current assets
|
|
|
||||||||||
|
Non-current assets
|
||||||||||||
|
Marketable securities
|
6
|
|
|
|||||||||
|
Property, plant and equipment
|
|
|
||||||||||
|
Other non-current assets
|
8 |
|||||||||||
|
Total non-current assets
|
|
|
||||||||||
|
Total assets
|
|
|
||||||||||
|
LIABILITIES AND EQUITY
|
||||||||||||
|
Current liabilities
|
||||||||||||
|
Trade payables
|
9
|
|
|
|||||||||
|
Lease liability
|
|
|
||||||||||
|
Other current liabilities
|
10 |
|
|
|||||||||
|
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
|
|
|
||||||||||
|
|
|
| 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, 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 June 30, 2024
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
|
At January 1, 2025
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
|
Loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
|
Other comprehensive (expense)/income
|
|
|
(
|
)
|
|
|
|
|||||||||||||||||
|
Total comprehensive loss for the period
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||||||||
|
Share-based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
|
Transfer of share options
|
( |
) | ||||||||||||||||||||||
|
Share option exercises
|
( |
) | ||||||||||||||||||||||
|
Issue of share capital
|
||||||||||||||||||||||||
|
Total transactions with owners
|
|
|
|
|
|
|
||||||||||||||||||
|
At June 30, 2025
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
|
|
|
| GH RESEARCH PLC |
Unaudited condensed consolidated interim statement of cash flows
|
Six months ended
June 30,
|
||||||||
|
2025
|
2024
|
|||||||
|
$’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
|
(
|
)
|
(
|
)
|
||||
|
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 investing activities
|
||||||||
|
Purchase of property, plant and equipment
|
(
|
)
|
(
|
)
|
||||
|
Proceeds from sale of other financial assets
|
||||||||
|
Proceeds from redemptions and disposals of marketable securities
|
||||||||
|
Cash flows from investing activities
|
|
|
||||||
|
Cash flows from financing activities
|
||||||||
|
Payment of lease liability
|
(
|
)
|
(
|
)
|
||||
|
Proceeds from equity public offering
|
||||||||
|
Transaction costs from equity public offering
|
( |
) | ||||||
| Net cash flows from/(used in) financing activities |
( |
) | ||||||
|
Net increase 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
|
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 is a clinical-stage biopharmaceutical company dedicated to transforming the lives of patients by developing a practice-changing treatment
in depression. Its initial focus is on developing the novel and proprietary mebufotenin therapies for the treatment of patients with Treatment Resistant Depression, or TRD. Its portfolio currently includes GH001, a proprietary inhalable
mebufotenin product candidate and GH002, a proprietary intravenous mebufotenin product candidate.
On February 6, 2025, the Company completed a public offering on the Nasdaq Global Market (“Nasdaq”) in which it issued and sold an aggregate of 10,000,000 ordinary shares at $15.00 per share. The net proceeds of the offering were $139.8 million, after deducting underwriting discounts and directly attributable transaction costs of $10.2 million.
These unaudited condensed consolidated interim financial statements were presented to the board of directors and approved by them for issue on August 7, 2025.
| 2. |
Basis of preparation, significant judgments, and accounting policies
|
Basis of preparation
Compliance with International Financial Reporting Standards
The unaudited condensed consolidated interim financial statements for the three and six
months ended June 30, 2025, have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial
statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024, which were prepared in accordance with IFRS Accounting Standards as adopted by the International Accounting Standards
Board (“IASB”). These unaudited condensed consolidated interim financial statements are presented in U.S. dollar (“USD” or “$”), 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, 2024, are expected to be filed with the Companies Registration Office by November 26, 2025.
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, 2025, 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 which are not yet effective and which have not been early adopted by the Group is ongoing. This includes IFRS 18 “Presentation and Disclosure in Financial Statements”. IFRS 18 will replace IAS 1 “Presentation of financial statements”, introducing new
requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items
in the financial statements, its impact on presentation and disclosure is expected to be extensive. Management is currently assessing the detailed implications of applying the new standard on the Group’s financial statements.
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 June 30, 2025. As a result, the Group is not exposed to liquidity risk through requests for early repayment of
loans.
As of June 30, 2025, the Group’s cash and cash equivalents amounted to $253.9
million (December 31, 2024: $100.8 million). The Group also held marketable securities of $54.8 million and other financial assets of $ as of June 30,
2025, (December 31, 2024: marketable securities of $62.4 million and other financial assets of $19.4 million). The marketable securities held by the Group are quoted in active markets and are an additional source of liquidity.
5
|
|
|
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 as follows:
Share-based
compensation expense
In preparing the share based-compensation expense in prior periods, the expected volatility assumption was based on selected volatility
determined by median values observed among other comparable public companies.
In preparing the share-based compensation expense for these unaudited condensed consolidated interim financial statements, the Group has
used a blended rate taking into account its own historical volatility alongside other comparable public companies. This change has been made due to the historical share price information now available for the Group. Judgment has been applied,
for all periods presented, in the selection of comparable public companies and of the relevant period of observation used to determine the values.
Research and development tax credits
In the three and six months ended June 30, 2025, an amount of $0.4 million and $1.6 million, respectively, have been
recognized relating to research and development tax credits (three and six months ended June 30, 2024, $ and $0.8 million, respectively). Included in this amount is an estimate of the claim for the year ended December 31, 2024, and for the six months ended
June 30, 2025.
A portion of the research and development tax credit claimed remains unrecognized at June 30, 2025, as management has assessed that some
uncertainty remains and therefore, reasonable assurance has not been achieved. Reasonable assurance is achieved using internal experience, judgment and assistance from our professional advisors. If the portion of the research and development
tax credit which remains unrecognized at June 30, 2025, increased or decreased by 5 %, this would not have a material impact on the
financial statements.
Aside from those highlighted above, 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, 2024.
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 $ for the three and six months ended June 30, 2025 and 2024, 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
|
|
|
GH RESEARCH PLC
|
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
Segment reporting
Management considers the Group to have only a
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 loss classification of our expense by nature:
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
|
2025
|
2024
|
2025 | 2024 | |||||||||||||
|
$’000
|
$’000
|
$’000 | $’000 | |||||||||||||
|
External research and development expenses
|
|
|
||||||||||||||
|
Employee expenses1, 3
|
|
|
||||||||||||||
|
Depreciation
|
|
|
||||||||||||||
|
Other expenses
|
|
|
||||||||||||||
|
Total research and development expenses
|
|
|
||||||||||||||
|
External costs
|
|
|
||||||||||||||
|
Employee expenses2, 3
|
|
|
||||||||||||||
|
Depreciation
|
|
|
||||||||||||||
|
Total general and administrative expenses
|
|
|
||||||||||||||
|
Total operating expenses
|
|
|
|
|
||||||||||||
1Included in employee expenses is a share based compensation
expense of $0.8 million and $1.5 million for
the three and six months ended June 30, 2025 ,
respectively, relating to employees in the research and development department (three and six months ended June 30, 2024, credit of $0.1 million and expense
of $0.1 million, respectively).
2Included in employee
expenses is share based compensation expense of $1.0 million and $2.0 million for the three and six months ended June 30, 2025, respectively, relating to employees in the general and administrative department (three and six months ended
June 30, 2024, credit of $8 thousand and expense $0.1 million, respectively).
3Includes termination expenses incurred in the period.
Foreign exchange gain
Foreign exchange gain of $2.5 million for the three months ended June 30, 2025 (foreign exchange gain of $0.5
million for the three months ended June 30, 2024), and foreign exchange gain of $1.9 million for the six months ended June 30, 2025
(foreign exchange gain of $1.8 million for the six months ended June 30, 2024) consists primarily of gains and losses related to the
translation of the Group’s assets and liabilities from their denominated currencies into the functional currency of each entity.
7
|
|
|
GH RESEARCH PLC
|
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
| 4. |
Finance income and expense
|
|
|
Three months ended
June 30,
|
Six months ended
June 30,
|
||||||||||||||
|
|
2025
|
2024
|
2025 | 2024 | ||||||||||||
|
|
$’000
|
$’000
|
$’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
|
| June 30, |
December 31,
|
|||||||
| 2025 |
2024 |
|||||||
| $’000 | $’000 |
|||||||
|
Cash at bank and in hand
|
|
|||||||
|
Cash equivalents
|
|
|||||||
|
|
||||||||
During the six months ended June 30, 2025, proceeds of $19.6 million were received from the sale of
other financial assets which were used to fund the operating activities of the Group, and proceeds of $8.0 million were received from the redemption of marketable securities, which includes accrued interest. On redemption of the marketable
securities, the funds are invested in cash equivalents.
| 6. |
Marketable securities
|
|
Marketable
securities
|
||||
|
$’000
|
||||
|
Fair value
|
||||
|
At January 1, 2025
|
|
|||
|
Accrued interest
|
|
|||
|
Interest received
|
(
|
)
|
||
|
Redemptions and disposals of marketable securities
|
( |
) | ||
|
Revaluation adjustment
|
(
|
)
|
||
|
At June 30, 2025
|
|
|||
At June 30, 2025, the Group’s marketable securities mature at varying dates within the next two years .
8
|
|
|
GH RESEARCH PLC
|
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
The movement through OCI for the three and six months ended June 30, 2025, and June 30, 2024, is shown in the table below:
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
| 2025 | 2024 | 2025 |
2024 |
|||||||||||||
|
$’000
|
$’000
|
$’000
|
$’000
|
|||||||||||||
|
Revaluation adjustments
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
Movement of expected credit losses on assets measured at FVOCI
|
( |
) | ( |
) | ||||||||||||
|
Movement on marketable securities through OCI
|
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| 7. |
Other current assets
|
Other current assets primarily represent prepayments and research
and development tax credit receivable.
| 8. |
Other non-current assets
|
Other non-current assets represent research and development tax credit receivable.
| 9. |
Trade payables
|
Trade payables primarily represents amounts incurred for the provision of manufacturing, research and consulting services 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.
| 10. |
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.
|
11.
|
Share capital
|
On February 6, 2025, GH Research PLC completed a public offering on the Nasdaq in which it issued and sold an aggregate of 10,000,000 ordinary shares at $15.00 per share. The net
proceeds of the public offering were $139.8 million, after deducting underwriting discounts and directly attributable transaction
costs of $10.2 million.
|
Number of
outstanding
shares
|
||||
|
At December 31, 2024
|
|
|||
|
Share issue from public offering
|
|
|||
| Share option exercise |
||||
|
At June 30, 2025
|
|
|||
| 12. |
Contingencies
|
As of
June 30, 2025, there were no material contingencies which required adjustment or disclosure in the unaudited condensed consolidated interim financial statements (2024: 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 initially reserved 1,202,734 ordinary shares for future issuance under the Share Option Plan, which includes ordinary
shares pursuant to share-based equity awards issued to date. As of June 30, 2025, the total number of ordinary shares which may be issued under the Share Option Plan was 3,721,251 and the Company has 1,242,042 ordinary shares
available for the future issuance of share-based equity awards.
9
|
|
|
GH RESEARCH PLC
|
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
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 six months ended June 30, 2025, the Company granted the
option to purchase 565,200 and 637,000
ordinary shares which were in line with the general terms of the Share Option Plan. Of the share options granted in the three and six months ended June 30, 2025, 480,000 and 495,000 share options, respectively, were granted which vest 25 three years . The contractual term (expiration) of these share options is seven years from the grant date with an exercise price of $0.025 .
All other share options granted during the three and six months ended June 30, 2025, vest 25 three years and are subject to a two year service condition. The contractual term (expiration) of these share options is eight years from the grant date with an exercise price of the closing market price on the day prior to the grant.
The following table summarizes the share option awards outstanding as of June 30, 2025:
|
Average exercise
price per share
in
USD
|
Number of
awards
|
Weighted
average remaining
life
in years
|
||||||||||
|
At December 31, 2024
|
|
|
|
|||||||||
|
Granted
|
|
|
|
|||||||||
|
Forfeited
|
|
(
|
)
|
|
||||||||
| Exercised |
( |
) | ||||||||||
|
At June 30, 20251
|
|
|
|
|||||||||
1 287,464 of the awards outstanding as of June 30, 2025, were exercisable.
The weighted average grant date fair value of awards granted during the three and six months ended June 30, 2025, was $10.68 and $10.32 per award, respectively.
The fair values of the options granted were determined on the date of the grant using the Black-Scholes option-pricing model. The fair values of the options granted
during the three and six months ended June 30, 2025, were determined on the date of the grant using the following assumptions:
|
Three months ended
June 30, 2025 |
Six months ended
June 30, 2025 |
|||||||
|
Share price, in USD
|
|
|
||||||
|
Strike price, in USD (weighted average)
|
|
|
||||||
|
Expected volatility
|
|
|
|
|
||||
|
Award life (weighted average)
|
|
|
||||||
|
Expected dividends
|
|
|
||||||
|
Risk-free interest rate
|
|
|
||||||
As explained in note 2 “Basis of preparation, significant judgments, and accounting policies” the expected volatility for the three and six months ended June 30,
2025, is based on a blended rate of historical volatility observed among other comparable public companies and the Company’s own historical volatility. The expected volatility for the three and six months ended June 30, 2024, was based on
selected volatility determined by median values observed among other comparable public companies.
10
|
|
|
GH RESEARCH PLC
|
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
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 June 30, 2025, Other Reserves within equity includes $8.1 million (December 31, 2024: $4.9
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 June 30, 2025, was $1.9 million (three months ended June 30, 2024: credit of $0.1 million) and for the six months ended June 30, 2025, was an expense of $3.5 million (six months ended June 30, 2024: expense of $0.1 million).
| 14. |
Related party disclosures
|
Other than share options granted to key management of 480,000
in the three months ended June 30, 2025, there have been no transactions in the three or six months ended June 30, 2025 (three or six months ended June 30, 2024: nil) with related parties that had a material effect on the financial position or
performance of the Group.
| 15. |
Loss per share
|
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
|
2025
|
2024 | 2025 |
2024 |
|||||||||||||
|
Loss attributable to shareholders (in $’000)
|
(
|
)
|
(
|
)
|
( |
) | ( |
) | ||||||||
|
Weighted average number of shares in issue
|
|
|||||||||||||||
|
Basic and diluted loss per share (in USD)
|
(
|
)
|
(
|
)
|
( |
) | ( |
) | ||||||||
For the three months ended June 30, 2025, and the six months ended June 30, 2025, and 2024, 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 July 2025, the Group received a communication from the U.S. Food and Drug Administration (FDA)
relating to its complete response to the clinical hold of its Investigational New Drug Application (IND) for GH001. The status of the IND remains unchanged, and the Group continues to work to resolve the clinical hold.
11