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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GH Research PLC | NASDAQ:GHRS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.37 | 2.78% | 13.70 | 9.57 | 16.28 | 14.205 | 13.47 | 13.47 | 37,519 | 01:00:00 |
Form 20-F
|
☒
|
Form 40-F
|
Exhibit No.
|
Description
|
Unaudited Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2023
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Press release dated November 9, 2023
|
|
Corporate Presentation for November 2023
|
|
101.INS
|
Inline XBRL Instance Document
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
GH Research PLC
|
||
Date: November 9, 2023
|
||
By:
|
/s/ Julie Ryan
|
|
Name:
|
Julie Ryan
|
|
Title:
|
Vice President, Finance
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||||||
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
|
3 |
|
|
|
|
|||||||||||||||
Total other income
|
|
|
|
|
||||||||||||||||
Loss before tax
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Tax charge/(credit)
|
|
|
|
|
||||||||||||||||
Loss for the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Other comprehensive expense
|
||||||||||||||||||||
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 |
At September 30,
|
At December 31,
|
|||||||||||
2023
|
2022
|
|||||||||||
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
|
8
|
|
|
|||||||||
Total non-current assets
|
|
|
||||||||||
Total assets
|
|
|
||||||||||
LIABILITIES AND EQUITY
|
||||||||||||
Current liabilities
|
||||||||||||
Trade payables
|
9
|
|
|
|||||||||
Lease liability
|
10
|
|
|
|||||||||
Other current liabilities
|
11
|
|
|
|||||||||
Total current liabilities
|
|
|
||||||||||
Non-current liabilities
|
||||||||||||
Lease liability
|
10
|
|
|
|||||||||
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 |
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, 2022
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
Loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Translation adjustment
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||
Total comprehensive loss for the period
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||
Share-based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
Total transactions with owners
|
|
|
|
|
|
|
||||||||||||||||||
At September 30, 2022
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
At January 1, 2023
|
|
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
Loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Other comprehensive expense
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||
Total comprehensive loss
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||
Share-based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
Share option exercises |
( |
) | ||||||||||||||||||||||
Total transactions with owners
|
|
|
|
|
|
|
||||||||||||||||||
At September 30, 2023
|
|
|
|
(
|
)
|
(
|
)
|
|
GH RESEARCH PLC |
Nine Months Ended
September 30,
|
||||||||
2023
|
2022
|
|||||||
$’000
|
$’000
|
|||||||
Cash flows from operating activities
|
||||||||
Loss for the period
|
(
|
)
|
(
|
)
|
||||
Depreciation
|
|
|
||||||
Share-based compensation expense
|
|
|
||||||
Finance expense
|
|
|
||||||
Finance income
|
(
|
)
|
|
|||||
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 used in investing activities
|
||||||||
Purchase of other financial assets
|
(
|
)
|
|
|||||
Purchase of property, plant and equipment
|
(
|
)
|
(
|
)
|
||||
Cash flows 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
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
$’000
|
$’000
|
$’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
September 30,
|
Nine months ended
September 30,
|
||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
|
$’000
|
$’000
|
$’000
|
$’000
|
||||||||||||
Finance income
|
||||||||||||||||
Finance income on cash |
||||||||||||||||
Gain on cash equivalents and other financial assets at fair value through profit and loss
|
|
|
|
|
||||||||||||
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
|
September 30,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
$’000
|
$’000
|
|||||||
Cash at bank and in hand
|
|
|
||||||
Cash equivalents
|
|
|
||||||
|
|
6. |
Marketable securities
|
Marketable
securities
|
||||
$’000
|
||||
Fair value
|
||||
At January 1, 2023
|
|
|||
Additions
|
|
|||
Accrued interest
|
|
|||
Interest received
|
(
|
)
|
||
Fair value movement
|
(
|
)
|
||
At September 30, 2023
|
|
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
Three months
ended September
30, 2023
|
||||
$’000
|
||||
At July 1, 2023
|
|
|||
Revaluation adjustments
|
|
|||
Movement of expected credit losses on assets measured at FVOCI
|
(
|
)
|
||
At September 30, 2023
|
|
Nine months
ended September
30, 2023
|
||||
$’000
|
||||
At January 1, 2023
|
(
|
)
|
||
Revaluation adjustments
|
|
|||
Movement of expected credit losses on assets measured at FVOCI
|
|
|||
At September 30, 2023
|
|
7. |
Other current assets
|
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
8. |
Property, plant and equipment
|
Right of Use
Asset - Office
|
||||
$’000
|
||||
At January 1, 2023
|
|
|||
Additions
|
|
|||
Depreciation expense
|
(
|
)
|
||
Translation adjustment |
( |
) | ||
At September 30, 2023
|
|
9. |
Trade payables
|
10. |
Lease liability
|
11. |
Other current liabilities
|
12. |
Contingencies
|
13. |
Share based compensation
|
GH RESEARCH PLC
|
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)
|
Weighted
Average exercise
price per share
in
USD
|
Number of
awards
|
Weighted
average remaining
life
in years
|
||||||||||
At December 31, 2022
|
|
|
|
|||||||||
Granted
|
|
|
|
|||||||||
Forfeited
|
|
(
|
)
|
|
||||||||
Exercised |
( |
) | ||||||||||
At September 30, 20231
|
|
|
|
Three months ended
September 30, 2023
|
Nine months ended
September 30, 2023
|
|||||||
Share price, in USD
|
|
|
||||||
Strike price, in USD - employees (weighted average)
|
|
|
||||||
Strike price, in USD – non-executive directors |
||||||||
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)
|
14. |
Related party disclosures
|
15. |
Loss per share
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Loss attributable to shareholders (in $’000)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Weighted average number of shares in issue
|
|
|
|
|
||||||||||||
Basic and diluted earnings/(loss) per share (in USD)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
16. |
Events after the reporting date
|
• |
continue to develop and conduct clinical trials, including in expanded geographies such as the United States, for GH001, our inhalable mebufotenin product candidate, GH002, our intravenous mebufotenin product candidate, and GH003, our
intranasal mebufotenin product candidate for our initial indications and additional indications;
|
• |
continue both the technical development and expansion of our external manufacturing capabilities for our current product candidates GH001, GH002 and GH003 and of the medical devices required to deliver these product candidates, such as
our proprietary aerosol delivery device for GH001;
|
• |
initiate and continue research and development, including nonclinical, clinical, and discovery efforts for any future product candidates;
|
• |
seek to identify additional product candidates;
|
• |
seek regulatory approvals for our product candidates GH001, GH002 and GH003, including the medical devices required to deliver these product candidates, such as our proprietary aerosol delivery device, or any other product candidates
that successfully complete clinical development;
|
• |
add operational, financial and management information systems and personnel, including personnel to support our product candidate and device development and help us comply with our obligations as a public company;
|
• |
hire and retain additional personnel, such as clinical, quality control, scientific, commercial, sales, marketing and administrative personnel;
|
• |
continue to prepare, file, prosecute, maintain, protect and enforce our intellectual property rights and claims;
|
• |
establish sales, marketing, distribution, manufacturing, supply chain and other commercial infrastructure in the future to commercialize various products for which we may obtain regulatory approval;
|
• |
comply with ongoing regulatory requirements for products approved for commercial sale, if ever;
|
• |
adapt to ongoing changes in global economic conditions, including but not limited to continuing inflation, disruptions in global supply chains and labor markets and geopolitical risks and global hostilities, including any direct or
indirect economic impacts resulting from Russia’s invasion of Ukraine, or the ongoing military conflict between Israel and Hamas and any resulting conflicts in the region;
|
• |
acquire or in-license other product candidates, medical devices to deliver our product candidates, and other technologies; and
|
• |
incur increased costs as a result of operating as a public company.
|
|
Three Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
Operating Expenses:
|
||||||||||||
Research and development
|
(7,088
|
)
|
(4,620
|
)
|
(2,468
|
)
|
||||||
General and administrative
|
(2,631
|
)
|
(2,006
|
)
|
(625
|
)
|
||||||
Loss from operations
|
(9,719
|
)
|
(6,626
|
)
|
(3,093
|
)
|
||||||
Net finance income1
|
2,237
|
—
|
2,237
|
|||||||||
Foreign exchange gain
|
1,833
|
6,185
|
(4,352
|
)
|
||||||||
Loss for the period
|
(5,649
|
)
|
(441
|
)
|
(5,208
|
)
|
1
|
Net finance income for the three months ended September 30, 2023, comprises finance income, finance expense and expected credit losses.
|
|
Three Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
External research and development expenses
|
(5,207
|
)
|
(3,428
|
)
|
(1,779
|
)
|
||||||
Employee expenses1
|
(1,812
|
)
|
(1,064
|
)
|
(748
|
)
|
||||||
Depreciation
|
(8
|
)
|
(7
|
)
|
(1
|
)
|
||||||
Other expenses
|
(61
|
)
|
(121
|
)
|
60
|
|||||||
Research and development
|
(7,088
|
)
|
(4,620
|
)
|
(2,468
|
)
|
1
|
Includes share-based compensation expense of $0.4 million and $0.2 million for the three months ended September 30, 2023 and 2022, respectively.
|
|
Three Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
GH001
|
(4,298
|
)
|
(2,748
|
)
|
(1,550
|
)
|
||||||
GH002
|
(400
|
)
|
(475
|
)
|
75
|
|||||||
GH003
|
(19
|
)
|
-
|
(19
|
)
|
|||||||
Related to multiple product candidates (GH001, GH002 and GH003) 1
|
(2,371
|
)
|
(1,397
|
)
|
(974
|
)
|
||||||
Research and development
|
(7,088
|
)
|
(4,620
|
)
|
(2,468
|
)
|
1
|
Includes expenses that relate to any combination of GH001, GH002 and/or GH003.
|
|
Three Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
External costs
|
(1,725
|
)
|
(1,464
|
)
|
(261
|
)
|
||||||
Employee expenses1
|
(834
|
)
|
(537
|
)
|
(297
|
)
|
||||||
Depreciation
|
(72
|
)
|
(5
|
)
|
(67
|
)
|
||||||
General and administrative
|
(2,631
|
)
|
(2,006
|
)
|
(625
|
)
|
1
|
Includes share-based compensation expense of $0.2 million and $0.2 million for the three months ended September 30, 2023 and 2022, respectively.
|
|
Nine Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
Operating Expenses:
|
||||||||||||
Research and development
|
(21,570
|
)
|
(13,574
|
)
|
(7,996
|
)
|
||||||
General and administrative
|
(8,493
|
)
|
(7,808
|
)
|
(685
|
)
|
||||||
Loss from operations
|
(30,063
|
)
|
(21,382
|
)
|
(8,681
|
)
|
||||||
Net finance income1
|
5,516
|
—
|
5,516
|
|||||||||
Foreign exchange gain
|
232
|
15,512
|
(15,280
|
)
|
||||||||
Loss for the period
|
(24,315
|
)
|
(5,870
|
)
|
(18,445
|
)
|
1
|
Net finance income for the nine months ended September 30, 2023, comprises finance income, finance expense and expected credit losses.
|
|
Nine Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
External research and development expenses
|
(16,521
|
)
|
(10,429
|
)
|
(6,092
|
)
|
||||||
Employee expenses1
|
(4,857
|
)
|
(2,887
|
)
|
(1,970
|
)
|
||||||
Depreciation
|
(28
|
)
|
(22
|
)
|
(6
|
)
|
||||||
Other expenses
|
(164
|
)
|
(236
|
)
|
72
|
|||||||
Research and development
|
(21,570
|
)
|
(13,574
|
)
|
(7,996
|
)
|
1
|
Includes share-based compensation expense of $1.0 million and $0.7 million for the nine months ended September 30, 2023 and 2022, respectively.
|
|
Nine Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
GH001
|
(12,913
|
)
|
(7,751
|
)
|
(5,162
|
)
|
||||||
GH002
|
(1,528
|
)
|
(987
|
)
|
(541
|
)
|
||||||
GH003
|
(161
|
)
|
-
|
(161
|
)
|
|||||||
Related to multiple product candidates (GH001, GH002 and GH003) 1
|
(6,968
|
)
|
(4,836
|
)
|
(2,132
|
)
|
||||||
Research and development
|
(21,570
|
)
|
(13,574
|
)
|
(7,996
|
)
|
1
|
Includes expenses that relate to any combination of GH001, GH002 and/or GH003.
|
|
Nine Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
External costs
|
(5,834
|
)
|
(6,145
|
)
|
311
|
|||||||
Employee expenses1
|
(2,450
|
)
|
(1,651
|
)
|
(799
|
)
|
||||||
Depreciation
|
(209
|
)
|
(12
|
)
|
(197
|
)
|
||||||
General and administrative
|
(8,493
|
)
|
(7,808
|
)
|
(685
|
)
|
1
|
Includes share-based compensation expense of $0.7 million and $0.5 million for the nine months ended September 30, 2023 and 2022, respectively.
|
|
Nine Months Ended
September 30
|
|||||||||||
|
2023
|
2022
|
Change
|
|||||||||
(in USD thousands)
|
||||||||||||
Net cash flows used in operating activities
|
(25,251
|
)
|
(19,332
|
)
|
(5,919
|
)
|
||||||
Net cash flows used in investing activities
|
(54,076
|
)
|
(49
|
)
|
(54,027
|
)
|
||||||
Net cash flows used in financing activities
|
(163
|
)
|
—
|
(163
|
)
|
|||||||
Net decrease in cash and cash equivalents
|
(79,490
|
)
|
(19,381
|
)
|
(60,109
|
)
|
• |
the commencement, timing, progress and results of our research and development programs, preclinical studies and clinical trials;
|
• |
the timing, progress and results of developing and conducting clinical trials for our GH001, GH002 and GH003 product candidates and the medical devices required to deliver these product candidates for our initial and any additional
indications;
|
• |
our efforts to expand into other jurisdictions such as the United States and in the European Union;
|
• |
our expectations related to the technical development and expansion of our external manufacturing capabilities for our GH001, GH002 and GH003 product candidates as well as the medical devices required to deliver these product
candidates, such as our proprietary aerosol delivery device for GH001;
|
• |
our reliance on the success of our GH001, GH002 and GH003 product candidates;
|
• |
the timing, scope or likelihood of regulatory filings and approvals by the U.S. Food and Drug Administration, or the FDA, the European Medicines Agency, or the EMA, or other comparable foreign regulatory authorities, for our GH001,
GH002 and GH003 product candidates and our initial and any additional indications;
|
• |
our expectations related to the clinical hold on the study we proposed in our IND for GH001, including our plans and expectations for progressing any nonclinical programs and any other work to lift the clinical hold, the timing
required to lift such clinical hold and for discussions with the FDA and the outcomes and resolution of such discussions;
|
• |
our expectations regarding the size of the eligible patient populations for our GH001, GH002 and GH003 product candidates, if approved for commercial use;
|
• |
our ability to identify third-party clinical trial sites to conduct trials and our ability to identify and train appropriately qualified therapists to administer our investigational therapy;
|
• |
the effect of the COVID-19 pandemic on aspects of our business or operations, including delays in the regulatory approval process, contracting with clinical trial sites and engaging in clinical trials;
|
• |
our ability to implement our business model and our strategic plans for our business and GH001, GH002 and GH003 product candidates;
|
• |
our ability to identify, develop or acquire and obtain approval by the FDA, EMA or other comparable foreign regulatory authorities of medical devices required to deliver our GH001, GH002 and GH003 product candidates, such as our
proprietary aerosol delivery device for GH001;
|
• |
our commercialization and marketing capabilities and strategy;
|
• |
the effects of undesirable clinical trial outcomes and potential adverse public perception regarding the use of mebufotenin (5-MeO-DMT) and psychedelics generally on the regulatory approval process and future development of our
product;
|
• |
the pricing, coverage and reimbursement of our GH001, GH002 and GH003 product candidates, if approved;
|
• |
the scalability and commercial viability of our manufacturing methods and processes;
|
• |
the rate and degree of market acceptance and clinical utility of our GH001, GH002 and GH003 product candidates;
|
• |
our reliance on third-party suppliers for our nonclinical study and clinical trial drug substance and product candidate supplies, as well as key raw materials used in our manufacturing processes;
|
• |
our ability to establish or maintain collaborations or strategic relationships or obtain additional funding;
|
• |
our expectations regarding potential benefits of our GH001, GH002 and GH003 product candidates and our approach generally;
|
• |
our expectations around regulatory development paths and with respect to Controlled Substances Act, or CSA, classification;
|
• |
the scope of protection we and any current or future licensors or collaboration partners are able to establish and maintain for intellectual property rights covering our GH001, GH002 and GH003 product candidates;
|
• |
our ability to operate our business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties;
|
• |
our ability to protect our intellectual property rights, including enforcing and defending intellectual property-related claims;
|
• |
regulatory developments in the United States, under the laws and regulations of the European Union and other jurisdictions;
|
• |
changes in economic, capital market and political conditions, including fluctuations in commodity prices, continuing inflation, interest rates and foreign currency exchange rates, disruptions in global supply chains and labor markets,
volatility and stress within the banking sector and the measures governments and financial services companies have taken in response, and geopolitical risks and global hostilities, including any direct or indirect economic impacts
resulting from Russia’s invasion of Ukraine or the ongoing military conflict between Israel and Hamas and any resulting conflicts in the region;
|
• |
developments and projections relating to our competitors and our industry;
|
• |
our ability to remediate our material weaknesses in our internal control over financial reporting;
|
• |
the amount of time that our existing cash will be sufficient to fund our operations and capital expenditures;
|
• |
our estimates regarding expenses, capital requirements and needs for additional financing;
|
• |
our ability to effectively manage our anticipated growth;
|
• |
our ability to attract and retain qualified employees and key personnel;
|
• |
whether we are classified as a passive foreign investment company for current and future periods;
|
• |
our expectations regarding the time during which we will be an EGC under the JOBS Act and as a foreign private issuer; and
|
• |
the future trading price of the ordinary shares and impact of securities analysts’ reports on these prices.
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
$’000
|
$’000
|
$’000
|
$’000
|
|||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
(7,088
|
)
|
(4,620
|
)
|
(21,570
|
)
|
(13,574
|
)
|
||||||||
General and administration
|
(2,631
|
)
|
(2,006
|
)
|
(8,493
|
)
|
(7,808
|
)
|
||||||||
Loss from operations
|
(9,719
|
)
|
(6,626
|
)
|
(30,063
|
)
|
(21,382
|
)
|
||||||||
Finance income
|
2,438
|
-
|
6,049
|
-
|
||||||||||||
Finance expense
|
(184
|
)
|
-
|
(534
|
)
|
-
|
||||||||||
Movement of expected credit loss
|
(17
|
)
|
-
|
1
|
-
|
|||||||||||
Foreign exchange gain
|
1,833
|
6,185
|
232
|
15,512
|
||||||||||||
Total other income
|
4,070
|
6,185
|
5,748
|
15,512
|
||||||||||||
Loss before tax
|
(5,649
|
)
|
(441
|
)
|
(24,315
|
)
|
(5,870
|
)
|
||||||||
Tax charge/(credit)
|
-
|
-
|
-
|
-
|
||||||||||||
Loss for the period
|
(5,649
|
)
|
(441
|
)
|
(24,315
|
)
|
(5,870
|
)
|
||||||||
Other comprehensive expense
|
||||||||||||||||
Items that may be reclassified to profit or loss
|
||||||||||||||||
Fair value movement on marketable securities
|
(428
|
)
|
-
|
(1,216
|
)
|
-
|
||||||||||
Currency translation adjustment
|
(1,780
|
)
|
(6,464
|
)
|
(161
|
)
|
(15,779
|
)
|
||||||||
Total comprehensive loss for the period
|
(7,857
|
)
|
(6,905
|
)
|
(25,692
|
)
|
(21,649
|
)
|
||||||||
Attributable to owners:
|
||||||||||||||||
Loss for the period
|
(5,649
|
)
|
(441
|
)
|
(24,315
|
)
|
(5,870
|
)
|
||||||||
Total comprehensive loss for the period
|
(7,857
|
)
|
(6,905
|
)
|
(25,692
|
)
|
(21,649
|
)
|
||||||||
Loss per share
|
||||||||||||||||
Basic and diluted loss per share (in USD)
|
(0.11
|
)
|
(0.01
|
)
|
(0.47
|
)
|
(0.11
|
)
|
At September 30,
|
At December 31,
|
|||||||
2023
|
2022
|
|||||||
$’000
|
$’000
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
86,439
|
165,955
|
||||||
Other financial assets
|
55,494
|
-
|
||||||
Marketable securities
|
19,343
|
-
|
||||||
Other current assets
|
2,765
|
2,586
|
||||||
Total current assets
|
164,041
|
168,541
|
||||||
Non-current assets
|
||||||||
Marketable securities
|
67,449
|
85,724
|
||||||
Property, plant, and equipment
|
1,078
|
97
|
||||||
Total non-current assets
|
68,527
|
85,821
|
||||||
Total assets
|
232,568
|
254,362
|
||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Trade payables
|
2,707
|
1,868
|
||||||
Lease liability
|
260
|
-
|
||||||
Other current liabilities
|
3,167
|
2,678
|
||||||
Total current liabilities
|
6,134
|
4,546
|
||||||
Non-current liabilities
|
||||||||
Lease liability
|
661
|
-
|
||||||
Total non-current liabilities
|
661
|
-
|
||||||
Total liabilities
|
6,795
|
4,546
|
||||||
Equity attributable to owners
|
||||||||
Share capital
|
1,301
|
1,301
|
||||||
Additional paid-in capital
|
291,448
|
291,448
|
||||||
Other reserves
|
2,888
|
2,595
|
||||||
Foreign currency translation reserve
|
(13,196
|
)
|
(13,035
|
)
|
||||
Accumulated deficit
|
(56,668
|
)
|
(32,493
|
)
|
||||
Total equity
|
225,773
|
249,816
|
||||||
Total liabilities and equity
|
232,568
|
254,362
|
Document and Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | GH Research PLC |
Entity Central Index Key | 0001855129 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2023 |
Unaudited condensed consolidated interim statement of comprehensive income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Operating expenses | ||||
Research and development | $ (7,088) | $ (4,620) | $ (21,570) | $ (13,574) |
General and administration | (2,631) | (2,006) | (8,493) | (7,808) |
Loss from operations | (9,719) | (6,626) | (30,063) | (21,382) |
Finance income | 2,438 | 0 | 6,049 | 0 |
Finance expense | (184) | 0 | (534) | 0 |
Movement of expected credit loss | (17) | 0 | 1 | 0 |
Foreign exchange gain | 1,833 | 6,185 | 232 | 15,512 |
Total other income | 4,070 | 6,185 | 5,748 | 15,512 |
Loss before tax | (5,649) | (441) | (24,315) | (5,870) |
Tax charge/(credit) | 0 | 0 | 0 | 0 |
Loss for the period | (5,649) | (441) | (24,315) | (5,870) |
Items that may be reclassified to profit or loss | ||||
Fair value movement on marketable securities | (428) | 0 | (1,216) | 0 |
Currency translation adjustment | (1,780) | (6,464) | (161) | (15,779) |
Total comprehensive loss for the period | (7,857) | (6,905) | (25,692) | (21,649) |
Attributable to owners: | ||||
Loss for the period | (5,649) | (441) | (24,315) | (5,870) |
Total comprehensive loss for the period | $ (7,857) | $ (6,905) | $ (25,692) | $ (21,649) |
Loss per share | ||||
Basic loss per share (in dollars per share) | $ (0.11) | $ (0.01) | $ (0.47) | $ (0.11) |
Diluted loss per share (in dollars per share) | $ (0.11) | $ (0.01) | $ (0.47) | $ (0.11) |
Unaudited condensed consolidated interim statement of changes in equity - USD ($) $ in Thousands |
Total |
Share Capital [Member] |
Additional Paid-in Capital [Member] |
Other Reserves [Member] |
Foreign Currency Translation Reserve [Member] |
Accumulated Deficit [Member] |
---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2021 | $ 277,175 | $ 1,301 | $ 291,448 | $ 366 | $ (5,903) | $ (10,037) |
Changes in equity | ||||||
Loss for the period | (5,870) | 0 | 0 | 0 | 0 | (5,870) |
Translation adjustment | (15,779) | 0 | 0 | 0 | (15,779) | 0 |
Total comprehensive loss for the period | (21,649) | 0 | 0 | 0 | (15,779) | (5,870) |
Share-based compensation expense | 1,212 | 0 | 0 | 1,212 | 0 | 0 |
Total transactions with owners | 1,212 | 0 | 0 | 1,212 | 0 | 0 |
Ending balance at Sep. 30, 2022 | 256,738 | 1,301 | 291,448 | 1,578 | (21,682) | (15,907) |
Beginning balance at Dec. 31, 2022 | 249,816 | 1,301 | 291,448 | 2,595 | (13,035) | (32,493) |
Changes in equity | ||||||
Loss for the period | (24,315) | 0 | 0 | 0 | 0 | (24,315) |
Translation adjustment | (161) | |||||
Other comprehensive expense | (1,377) | 0 | 0 | (1,216) | (161) | 0 |
Total comprehensive loss for the period | (25,692) | 0 | 0 | (1,216) | (161) | (24,315) |
Share-based compensation expense | 1,649 | 0 | 0 | 1,649 | 0 | 0 |
Share option exercises | 0 | 0 | 0 | (140) | 0 | 140 |
Total transactions with owners | 1,649 | 0 | 0 | 1,509 | 0 | 140 |
Ending balance at Sep. 30, 2023 | $ 225,773 | $ 1,301 | $ 291,448 | $ 2,888 | $ (13,196) | $ (56,668) |
Corporate information |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Corporate information [Abstract] | |||
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 November 9, 2023.
|
Basis of preparation, significant judgments, and accounting policies |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Basis of preparation, significant judgments, and accounting policies [Abstract] | |||
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 nine months ended September 30, 2023, 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, 2022, which were prepared in accordance with International Financial Reporting Standards (IFRS) as issued 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, 2022, are expected to be filed with the Companies Registration Office by November 26, 2023.
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, 2023, that are relevant
to the Group and that have had any material impact in the interim period. New standards, amendments to standards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant and are not listed here.
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 September 30, 2023. As a result, the Group is not exposed to liquidity risk through requests for early repayment of
loans.
As of September 30, 2023, the Group’s cash and cash equivalents amounted to $86.4 million (December 31, 2022: $166.0 million). The Group also held
marketable securities of $86.8 million and other financial assets of $55.5 million as of September 30, 2023 (December 31, 2022: marketable securities of $85.7
million and other financial assets of $
). The Group’s marketable securities are quoted in active markets and are an additional source
of liquidity.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, 2022.
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 except for the amendments and new accounting
policies set out below.
Other financial assets
Other financial assets represent money market funds with a weighted average maturity of more than 90 days and are carried at fair value through profit or loss as the cash flows from these funds do not represent solely payments of principal and interest.
Leases and right-of-use assets
The Group recognizes a right-of-use (“ROU”) asset and a corresponding lease liability for all arrangements in which it is a lessee, except for leases with a term of 12
months or less (short-term leases) and low-value leases. Under IFRS 16 the Group recognizes a ROU asset and a lease liability at the lease commencement date at the present value of the future lease payments, discounted at the Group’s incremental
borrowing rate. The ROU asset is subsequently depreciated using the straight-line method over the lease term within depreciation expenses and an interest expense on lease liabilities is recognized within finance expense in the Group’s unaudited
condensed consolidated interim income statement. The interest expense is calculated based on the incremental borrowing rate of the Group.
For short-term or low value leases, the Group
recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
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 nine months ended September 30, 2023, and 2022, 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. 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. |
Expenses by nature |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses by nature [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses by nature |
The following table provides the consolidated statement of comprehensive income classification of our expense by nature:
1 Included in employee expenses is share based compensation expense of $0.4
million and $1.0 million for the three and nine months ended September 30, 2023, respectively, relating to employees in our research
and development department (three and nine months ended September 30, 2022, $0.2 million and $0.7 million, respectively).
2 Included in employee expenses is share based compensation expense of $0.2
million and $0.7 million for the three and nine months ended September 30, 2023, respectively, relating to employees in the general and
administrative department (three and nine months ended September 30, 2022, $0.2 million and $0.5 million, respectively).
Foreign exchange gain
Foreign exchange gain of $1.8 million and $0.2 million in the three and nine months ended September 30, 2023 (gain of $6.2 million and $15.5 million in the three and nine months ended September
30, 2022), consist primarily of gains related to the translation of 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, 2022.
At September 30, 2023, 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 nine
months ended September 30, 2023, would have been $7.3 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.
|
Finance income and expense |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Income and Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income and expense |
|
Cash and cash equivalents |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
During the nine months ended September 30, 2023, an investment of $54.0
million was made in a money market fund. This investment has been classified as other financial assets and has a fair value of $55.5
million at September 30, 2023.
|
Marketable securities |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities |
The Group holds government and corporate listed bonds which comprise marketable securities measured at FVOCI. These marketable securities had a fair value of $86.8 million at September 30, 2023 (December 31, 2022: $85.7
million). The impairment loss allowance for expected credit losses at the reporting date was $0.1 million (December 31, 2022: $0.1 million). At September 30, 2023, the maturity of the Group’s marketable securities ranges from four months to four 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 Group is exposed to credit risk on its cash and cash equivalents, other financial assets and marketable securities in the event of default of the counterparties.
The Group’s cash balance is maintained with well established, highly rated financial institutions. The Group’s marketable securities are mainly comprised of investment grade bonds. The Group monitors the credit risk of its investments on a regular
basis.
A reconciliation of the movement through OCI relating to marketable securities for the three and nine months ended September 30, 2023, is as follows:
|
Other current assets |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Other current assets [Abstract] | |||
Other current assets |
Other current assets primarily represent prepayments and VAT receivable.
|
Property, plant and equipment |
9 Months Ended | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment |
Property, plant and equipment increased to $1.1 million
at September 30, 2023, from $0.1 million at December 31, 2022, an increase of $1.0 million. This was due to a lease for office space which the Group entered into during the period. The term of the lease is four years and nine months and annual cashflows associated with it are $0.3
million.
At the lease commencement date, a ROU asset was recognized at the present value of the future lease payments, discounted at the Group's incremental borrowing rate.
|
Trade payables |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Trade payables [Abstract] | |||
Trade payables |
Trade payables primarily represents amounts incurred for the provision of manufacturing, research and consulting services and legal and professional fees, which have
been billed and are outstanding at the end of the period. Trade payables are due to be settled at different times within 12 months.
|
Lease liability |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Lease liability [Abstract] | |||
Lease liability |
At September 30, 2023, the Group’s lease liability amounted to $0.9
million relating to the lease of an office as explained in Note 8, “Property, plant and equipment”.
|
Other current liabilities |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Other current liabilities [Abstract] | |||
Other current liabilities |
Other current liabilities primarily represent accruals for operating expenses and employee tax payable.
|
Contingencies |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Contingencies [Abstract] | |||
Contingencies |
As of September 30, 2023, there were
no material contingencies which required adjustment or disclosure in the unaudited condensed consolidated interim financial statements (2022: none).
|
Share based compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2023, the Company has 466,918 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 and nine months ended September 30, 2023, the Company granted the option to purchase 81,000 and 351,820 ordinary shares, respectively, to employees which were in
line with the general terms of the Share Option Plan. During the three and nine months ended September 30, 2023, 19,000 and 97,499 share options were forfeited.
Of the 351,820 share options granted to employees
during the nine months ended September 30, 2023, 175,000 share options were granted with a contractual term (expiration) of seven years from the grant date with an exercise price of $0.025
per share, with 1,000 of those share options granted in the three months ended September 30, 2023. A further 20,000 share options of those granted during the nine months ended September 30, 2023, vested immediately and had no service condition attached to them.
Aside from the 175,000 share options identified above, all other share options granted to employees during the three and nine month
period ending September 30, 2023, have a contractual term (expiration) of eight years from the grant date with the exercise price at the
closing market price on the day prior to the grant.
During the three and nine months ended September 30, 2023, the Company granted the option to purchase 19,899 ordinary shares to members of the board of directors which vested on the date of grant and are subject to a two year service condition. These share options have a contractual term (expiration) of seven years from the grant date with an exercise price of $0.025 per share. During the three and nine
months ended September 30, 2023, members of the board of directors exercised a total of 7,296 options at an exercise price of $2.05 per option. The shares relating to the exercise of these options were issued in October 2023.
The following table summarizes the share option awards outstanding as of September 30, 2023:
1 93,033 of the awards outstanding as of September 30, 2023, were exercisable.
The weighted average grant date fair value of awards granted during the three and nine months ended September 30, 2023, was $8.63 and $8.18, respectively, 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 and nine months ended September 30, 2023, were determined on the date of the grant using the following
assumptions:
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 September 30, 2023, Other Reserves within equity includes $3.5
million (December 31, 2022: $2.0 million) relating to the Group’s Share Option Plan. The amount of expense for all awards recognized for
services received during the three months ended September 30, 2023 was $0.6 million (three months ended September 30, 2022: $0.4 million) and for the nine months ended September 30, 2023 was $1.6 million (nine months ended September 30, 2022: $1.2 million).
|
Related party disclosures |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Related party disclosures [Abstract] | |||
Related party disclosures |
Other than those transactions reported in Note 13, “Share based compensation”, there have been no other transactions in the three and nine months ended September 30, 2023, with related
parties that had a material effect on the financial position or performance of the Group.
|
Loss per share |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss per share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss per share |
For the three and nine month period ended September 30, 2023 and September 30, 2022, 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.
|
Events after the reporting date |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 | |||
Events after the reporting date [Abstract] | |||
Events after the reporting date |
In August 2023, the
Group submitted an Investigational New Drug Application (“IND”) for GH001 with the U.S. Food and Drug Administration (“FDA”) with the purpose to initiate a Phase 1 healthy volunteer clinical pharmacology trial where GH001 would be administered
using the Group’s own proprietary aerosol delivery device. In September 2023, the IND was placed on clinical hold by the FDA due to “21 CFR 312.42(b)(1)(iv): Insufficient information to assess risks to human subjects”. Post quarter end, the Group
received a formal clinical hold letter from the FDA. Following the receipt of the formal clinical hold letter, the Group is currently assessing future costs associated with the steps to be undertaken to address the matters identified by the FDA to
be in a position to provide the IND response submission and is also assessing the potential broader business impacts.
|
Basis of preparation, significant judgments, and accounting policies (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Basis of preparation, significant judgments, and accounting policies [Abstract] | |
Basis of preparation |
Basis of preparation
Compliance with International Financial Reporting Standards
The unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2023, 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, 2022, which were prepared in accordance with International Financial Reporting Standards (IFRS) as issued 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, 2022, are expected to be filed with the Companies Registration Office by November 26, 2023.
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, 2023, that are relevant
to the Group and that have had any material impact in the interim period. New standards, amendments to standards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant and are not listed here.
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 September 30, 2023. As a result, the Group is not exposed to liquidity risk through requests for early repayment of
loans.
As of September 30, 2023, the Group’s cash and cash equivalents amounted to $86.4 million (December 31, 2022: $166.0 million). The Group also held
marketable securities of $86.8 million and other financial assets of $55.5 million as of September 30, 2023 (December 31, 2022: marketable securities of $85.7
million and other financial assets of $
). The Group’s marketable securities are quoted in active markets and are an additional source
of liquidity.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 |
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, 2022.
|
Other financial assets |
Other financial assets
Other financial assets represent money market funds with a weighted average maturity of more than 90 days and are carried at fair value through profit or loss as the cash flows from these funds do not represent solely payments of principal and interest.
|
Leases and right-of-use assets |
Leases and right-of-use assets
The Group recognizes a right-of-use (“ROU”) asset and a corresponding lease liability for all arrangements in which it is a lessee, except for leases with a term of 12
months or less (short-term leases) and low-value leases. Under IFRS 16 the Group recognizes a ROU asset and a lease liability at the lease commencement date at the present value of the future lease payments, discounted at the Group’s incremental
borrowing rate. The ROU asset is subsequently depreciated using the straight-line method over the lease term within depreciation expenses and an interest expense on lease liabilities is recognized within finance expense in the Group’s unaudited
condensed consolidated interim income statement. The interest expense is calculated based on the incremental borrowing rate of the Group.
For short-term or low value leases, the Group
recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
|
Current and deferred income tax |
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 nine months ended September 30, 2023, and 2022, 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. |
Segment reporting |
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. |
Expenses by nature (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses by nature [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses by Nature |
The following table provides the consolidated statement of comprehensive income classification of our expense by nature:
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Finance income and expense (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Income and Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Income and Expense |
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Cash and cash equivalents (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
|
Marketable securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities Measured at FVOCI |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overall Movement through OCI |
A reconciliation of the movement through OCI relating to marketable securities for the three and nine months ended September 30, 2023, is as follows:
|
Property, plant and equipment (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||
Property, plant and equipment [Abstract] | ||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
Property, plant and equipment increased to $1.1 million
at September 30, 2023, from $0.1 million at December 31, 2022, an increase of $1.0 million. This was due to a lease for office space which the Group entered into during the period. The term of the lease is four years and nine months and annual cashflows associated with it are $0.3
million.
|
Share based compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Plans Outstanding |
The following table summarizes the share option awards outstanding as of September 30, 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average Assumptions |
The fair values of the options granted during the three and nine months ended September 30, 2023, were determined on the date of the grant using the following
assumptions:
|
Loss per share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss per share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Per Share |
|
Basis of preparation, significant judgments, and accounting policies, Going Concern (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Going concern basis [Abstract] | ||||
Bank loans or other debt outstanding | $ 0 | |||
Cash and cash equivalents | 86,439 | $ 165,955 | $ 256,939 | $ 276,776 |
Marketable securities | 86,800 | 85,700 | ||
Other financial assets | $ 55,494 | $ 0 |
Basis of preparation, significant judgments, and accounting policies, Other Financial Assets (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Other financial assets [Abstract] | |
Minimum weighted average maturity period of money market funds | 90 days |
Basis of preparation, significant judgments, and accounting policies, Current and Deferred Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Current and deferred income tax [Abstract] | ||||
Current and deferred income tax charge | $ 0 | $ 0 | $ 0 | $ 0 |
Deferred tax assets | $ 0 | $ 0 |
Basis of preparation, significant judgments, and accounting policies, Segment Reporting (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
Segment
| |
Segment reporting [Abstract] | |
Number of segments | 1 |
Expenses by nature (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Research and development [Abstract] | ||||||||
External research and development expenses | $ 5,207 | $ 3,428 | $ 16,521 | $ 10,429 | ||||
Employee expenses | [1] | 1,812 | 1,064 | 4,857 | 2,887 | |||
Depreciation | 8 | 7 | 28 | 22 | ||||
Other expenses | 61 | 121 | 164 | 236 | ||||
Total research and development expenses | 7,088 | 4,620 | 21,570 | 13,574 | ||||
General and administrative [Abstract] | ||||||||
External costs | 1,725 | 1,464 | 5,834 | 6,145 | ||||
Employee expenses | [2] | 834 | 537 | 2,450 | 1,651 | |||
Depreciation | 72 | 5 | 209 | 12 | ||||
Total general and administrative expenses | 2,631 | 2,006 | 8,493 | 7,808 | ||||
Total operating expenses | 9,719 | 6,626 | 30,063 | 21,382 | ||||
Share-based compensation expense included in employees expenses for employees in research and development department | 400 | 200 | 1,000 | 700 | ||||
Share-based compensation expense included in employees expenses in general and administrative | 200 | 200 | 700 | 500 | ||||
Foreign exchange gain [Abstract] | ||||||||
Foreign exchange gain | $ 1,833 | $ 6,185 | 232 | $ 15,512 | ||||
Loss before tax higher/lower related to translation of cash held | $ 7,300 | |||||||
|
Finance income and expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Finance income [Abstract] | ||||
Finance income on cash | $ 141 | $ 0 | $ 141 | $ 0 |
Gain on cash equivalents and other financial assets at fair value through profit and loss | 1,257 | 0 | 2,811 | 0 |
Interest income under effective interest rate method at fair value through other comprehensive income ("FVOCI") | 1,040 | 0 | 3,097 | 0 |
Finance income | 2,438 | 0 | 6,049 | 0 |
Finance expense [Abstract] | ||||
Finance expenses on investments | (168) | 0 | (484) | 0 |
Finance expense on lease liability | (16) | 0 | (50) | 0 |
Finance expense | $ (184) | $ 0 | $ (534) | $ 0 |
Cash and cash equivalents (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Cash and cash equivalents [Abstract] | ||||
Cash at bank and in hand | $ 49,496 | $ 130,252 | ||
Cash equivalents | 36,943 | 35,703 | ||
Cash and cash equivalents | 86,439 | 165,955 | $ 256,939 | $ 276,776 |
Investment of money market fund | 54,000 | |||
Fair value of other financial assets | $ 55,494 | $ 0 |
Marketable securities, Measured at FVOCI (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Fair value [Abstract] | ||
Impairment loss | $ 100 | $ 100 |
Bottom of Range [Member] | ||
Fair value [Abstract] | ||
Marketable securities at FVOCI maturity period | 4 months | |
Top of Range [Member] | ||
Fair value [Abstract] | ||
Marketable securities at FVOCI maturity period | 4 years | |
FVOCI [Member] | ||
Fair value [Abstract] | ||
Opening balance | $ 85,724 | |
Additions | 0 | |
Accrued interest | 3,097 | |
Interest received | (814) | |
Fair value movement | (1,215) | |
Closing balance | $ 86,792 | $ 85,724 |
Marketable securities, Reconciliation of the movement FVOCI (Details) - FVOCI [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
|
Reconciliation of the movement FVOCI [Abstract] | ||
Opening balance | $ 230 | $ (558) |
Revaluation adjustments | 445 | 1,215 |
Movement of expected credit losses on assets measured at FVOCI | (17) | 1 |
Closing balance | $ 658 | $ 658 |
Property, plant and equipment (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Property, plant and equipment [Abstract] | |
Change in property, plant and equipment | $ 1,000 |
Lease term | 4 years 9 months |
Cash outflow for leases | $ 300 |
Property, plant and equipment, beginning balance | 97 |
Property, plant and equipment, ending balance | 1,078 |
Right of Use Asset [Member] | Office [Member] | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment, beginning balance | 0 |
Additions | 1,179 |
Depreciation expense | (185) |
Translation adjustment | (27) |
Property, plant and equipment, ending balance | $ 967 |
Lease liability (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Lease liability [Abstract] | |
Lease liability for office space | $ 0.9 |
Share based compensation, Fair Values of the Options Granted (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
yr
$ / shares
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
yr
$ / shares
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Weighted average assumptions [Abstract] | |||||
Share price (in dollars per share) | $ / shares | $ 10.84 | $ 9.53 | |||
Award life (weighted average) | yr | 5.7 | 5.6 | |||
Expected dividends | 0.00% | 0.00% | |||
Other reserves within equity on consolidated statement | $ | $ 2,888 | $ 2,888 | $ 2,595 | ||
Expense for awards recognized | $ | $ 600 | $ 400 | $ 1,649 | $ 1,212 | |
Employees [Member] | |||||
Weighted average assumptions [Abstract] | |||||
Strike price (in dollars per share) | $ / shares | $ 10.97 | $ 5.32 | |||
Non-executive directors [Member] | |||||
Weighted average assumptions [Abstract] | |||||
Strike price (in dollars per share) | $ / shares | $ 0.025 | $ 0.025 | |||
Share Option Plan [member] | |||||
Weighted average assumptions [Abstract] | |||||
Other reserves within equity on consolidated statement | $ | $ 3,500 | $ 3,500 | $ 2,000 | ||
Bottom of Range [Member] | |||||
Weighted average assumptions [Abstract] | |||||
Expected volatility | 83.00% | 83.00% | |||
Risk-free interest rate | 4.11% | 3.50% | |||
Top of Range [Member] | |||||
Weighted average assumptions [Abstract] | |||||
Expected volatility | 87.00% | 88.00% | |||
Risk-free interest rate | 4.62% | 4.62% |
Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Loss per share [Abstract] | ||||
Loss attributable to shareholders | $ (5,649) | $ (441) | $ (24,315) | $ (5,870) |
Weighted average number of shares in issue (in shares) | 52,020,849 | 52,020,849 | 52,020,849 | 52,020,849 |
Basic earnings /(loss) per share (in dollars per share) | $ (0.11) | $ (0.01) | $ (0.47) | $ (0.11) |
Diluted earnings/(loss) per share (in dollars per share) | $ (0.11) | $ (0.01) | $ (0.47) | $ (0.11) |
1 Year GH Research Chart |
1 Month GH Research Chart |
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