Business
GH Research Reports Third Quarter 2022 Financial Results and Provides Business Updates
DUBLIN, Ireland, Nov. 10, 2022 (GLOBE NEWSWIRE) -- GH Research PLC (Nasdaq: GHRS), a clinical-stage biopharmaceutical company dedicated to transforming the
About this update from Gh Research Plc
[{"type":"text","content":"DUBLIN, Ireland, Nov. 10, 2022 (GLOBE NEWSWIRE) -- GH Research PLC (Nasdaq: GHRS), a clinical-stage biopharmaceutical company dedicated to transforming the treatment of psychiatric and neurological disorders, today reported financial results for the third quarter ended September 30, 2022 and gave updates on its business. Third Quarter 2022 Financial Highlights Cash position Cash was $256.9 million as of September 30, 2022, compared to $276.8 million as of December 31, 2021. We believe that our existing cash will be sufficient for us to fund our operating expenses and capital expenditure requirements into 2025. Research and development expenses R&D expenses were $4.6 million for the quarter ended September 30, 2022, compared to $2.6 million for the same quarter in 2021. The increase was primarily due to increased activities relating to our technical development and increases in employee expenses to support these activities. General and administrative expenses G&A expenses were $2.0 million for the quarter ended September 30, 2022, compared to $2.1 million for the same quarter in 2021. The decrease was primarily due to a decrease in insurance costs which has been partially offset by an increase in professional costs and employee expenses. Net profit/loss Net loss was $0.4 million, or $0.008 loss per share, for the quarter ended September 30, 2022, compared to a net loss of $1.8 million, or $0.035 loss per share, for the same quarter in 2021. The decrease was due to the foreign exchange gain in the quarter. Business Updates GH001 for the treatment of TRD GH001 is our proprietary inhalable 5-methoxy-N,N-dimethyltryptamine (5-MeO-DMT) product candidate. We have recently submitted clinical trial applications in several European countries for a multi-center, randomized, controlled Phase 2b trial of GH001 in treatment-resistant depression (TRD) (GH001-TRD-201). Pending regulatory approval, we expect to initiate this trial in the first quarter of 2023. We expect to recruit approximately 80 patients for this trial. The primary objective will be to determine the efficacy of a single-day individualized dosing regimen (IDR) of GH001 compared with placebo in improving depressive symptoms as assessed by the mean change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS) at the end of the 7-day double-blind phase. The double-blin...