Here are 1-3 brief analogies for GH Research (GHRS):

• GH Research is like GW Pharmaceuticals (pioneer of cannabis-based medicines) but developing psychedelic-based therapies for mental health.
• It's like a specialized Eli Lilly (a major pharma company with a strong neuroscience division) but exclusively pioneering psychedelic compounds for severe mental health disorders.
• Imagine an early-stage Gilead Sciences (which revolutionized HIV/AIDS and hepatitis C treatment) but aiming to do the same for mental health using psychedelic medicine.

• GH001: An intravenous 5-MeO-DMT formulation currently in late-stage clinical development for the treatment of Treatment-Resistant Depression (TRD).
• GH002: An inhaled 5-MeO-DMT formulation in earlier clinical development, also being explored for Treatment-Resistant Depression (TRD).
• GH003: An oral 5-MeO-DMT formulation in early-stage development for potential use in other mental health indications.

GH Research (symbol: GHRS) is a clinical-stage biopharmaceutical company focused on developing novel therapies for psychiatric and neurological disorders. As a clinical-stage company, its primary activities are research and development, including conducting clinical trials for its drug candidates.

Currently, GH Research does not have any commercialized products approved for sale on the market. Therefore, it does not have "major customers" in the traditional sense of companies or individuals purchasing its products or services.

Its operations are funded through financing activities, such as equity offerings, rather than through product sales to commercial customers or individuals.

Dr. Velichka Valcheva, Chief Executive Officer

Dr. Velichka Valcheva, also known as Villy, was appointed Chief Executive Officer of GH Research in September 2024, succeeding co-founder Theis Terwey. She previously served as the company's Chief Medical Officer since February 2024 and Vice President, Clinical Research and Medical Affairs since August 2023. With over two decades of experience in the pharmaceutical and biotech sectors, Dr. Valcheva held the position of VP and Head of Medical Affairs International for Albireo from 2020 to 2023, where she played a significant role in securing regulatory approvals and market access for the rare disease medication, Bylvay. Prior to Albireo, she served as Global Senior Medical Director Oncology - Hepatocellular Carcinoma for Ipsen from 2018 to 2020. Dr. Valcheva holds a Dr. Med. from the University of Medicine – Plovdiv, Bulgaria, and a Masters in Pharmaceutical Medicine from Trinity College Dublin, Ireland, where she also lectures.

Julie Ryan, Vice President, Finance

Julie Ryan is the Vice President, Finance at GH Research. She is a qualified chartered accountant with experience from PricewaterhouseCoopers. Ms. Ryan has held several senior finance roles, including Group Reporting Manager at Ardagh Group plc from 2018 to 2020, Commercial Business Partner at Sherry FitzGerald in 2018, and Assistant Manager, Commercial/Finance Business Partnering at ICON plc from 2015 to 2018. Before that, she was a Finance Manager at Brambles Ltd from 2013 to 2015.

Aaron Cameron, Chief Operating Officer

Aaron Cameron serves as the Chief Operating Officer of GH Research. He initially joined the company as Vice President, Technical Development in August 2021, and later became Vice President, Technical Development and Operational Planning in December 2022. Mr. Cameron's prior experience includes senior technical, supply chain, and program management roles at Viatris, where he was Head of Device Program Management from 2020 to 2021, and Iterum Therapeutics, where he held positions such as VP, Supply Chain and Logistics and Director of Drug Product Development and Manufacturing between 2016 and 2021.

Magnus Halle, Managing Director, Ireland & Co-Founder

Magnus Halle is a Co-Founder of GH Research and serves as its Managing Director for Ireland. He was a consultant to the company from its founding in 2018 until 2020. Previously, Mr. Halle worked as an Analyst at NB Capital ApS from 2018 to 2021, and also served as the Money Laundering Reporting Officer for NB Capital ApS starting in 2019. From 2016 to 2018, he was the Personal Assistant to Florian Schönharting at NB Capital ApS. Mr. Halle holds a BSc in economics and business administration from Copenhagen Business School.

The emergence of COMPASS Pathways (CMPS) as a leading competitor developing a psilocybin-based therapy (COMP360) for treatment-resistant depression (TRD). COMPASS is significantly ahead in clinical development, having completed Phase 2b and initiated Phase 3 trials for COMP360. If COMPASS is successful in gaining regulatory approval and commercializing COMP360 earlier than GH Research's GH001, it could establish a strong first-mover advantage, capture significant market share, and set the standard for psychedelic-assisted therapy in TRD, thereby potentially limiting GH Research's market opportunity and ability to penetrate the market later.

1. Regulatory Approval and Commercialization of GH001 in Treatment-Resistant Depression (TRD): GH001, an inhalable mebufotenin product candidate, has demonstrated promising results in its Phase 2b clinical trial for Treatment-Resistant Depression, meeting its primary endpoint with a significant reduction in depression scores and a 73% remission rate at six months. The company is actively engaged with the FDA to resolve a clinical hold on its Investigational New Drug (IND) application, with a full response planned for mid-2025. Successful resolution of the clinical hold and subsequent progression into a global pivotal program, expected to initiate in 2026, would be the most significant driver of future revenue, contingent on eventual regulatory approval and market launch.
2. Expansion of GH001 Indications: Beyond TRD, GH Research is exploring the potential of GH001 in other psychiatric disorders. Positive results have been observed in Phase 2a trials for postpartum depression and bipolar disorder, indicating broader applications for GH001. The successful development and regulatory approval for these additional indications would significantly expand the potential market for GH001, contributing to increased future revenue.
3. Advancement of GH002 and other Pipeline Candidates: GH Research also has GH002, an intravenous mebufotenin HBr product candidate, in its pipeline. A Phase 1 trial for GH002 has been completed with promising results, and the company plans to submit an IND for GH002 in Q4 2025. The progression of GH002 and any other undisclosed pipeline candidates through clinical development and towards regulatory submission represents another potential driver of long-term revenue growth.

Share Issuance

• GH Research completed an underwritten public offering in February 2025, issuing 10,000,000 ordinary shares at $15.00 per share, generating approximately $150 million in gross proceeds.
• The company also granted underwriters a 30-day option to purchase up to an additional 1,500,000 ordinary shares from this offering.
• In February 2025, an offering of 10,000,000 ordinary shares generated approximately $139.8 million in proceeds, intended for research and development, capital expenditures, and general corporate purposes.

Inbound Investments

• On April 12, 2021, GH Research raised a total of $125 million through a Series B funding round.
• Lead investors in this Series B round included RA Capital Management and RTW Investments.

Outbound Investments

• GH Research has not made any investments or acquisitions.

Capital Expenditures

• Proceeds from the February 2025 public offering (approximately $139.8 million to $150 million) are planned for use in capital expenditures, alongside research and development and general corporate purposes.
• The company's existing cash and marketable securities are projected to be sufficient to cover operating expenses and capital expenditure requirements into 2026.
• Capital expenditures are primarily focused on supporting clinical trials, technical development activities, and the development of a proprietary aerosol delivery device for their drug candidates (GH001 and GH002).