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GH Research

GHRS Lead: Phase 2 8 Biotech Distilled articles ↓ 21 filings & releases ↓ Cash $246M (Dec 31, 2025) ↓ 8 verdicts ↓
NeurologyWomen's Health Small Molecule

Market cap $1.28B 68.6M shares (vendor count, Nov 7, 2026) × $18.61 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-15

Catalyst timeline

1 trackedQuarter catalyst calendar →
  1. GH001 Ph3 startlate 2026GH001 Ph3 start, late 2026, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Capital (as filed)

Cash
$246M cash and cash equivalents · Dec 31, 2025 (20-F)
Operating cash flow
−$10.9M annual ÷ 4, year to Dec 31, 2025 (20-F)
As stated in coverage
$363M cash per the update of Aug 6, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (8)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (8 calls)

Every verdict Biotech Distilled has published on GH Research, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-17 Buy core GH Research (GHRS): Scientific Deep Dive for GH001 Asymmetric risk/reward with downside protected by massive cash pile and upside driven by one of the only scalable psychedelic assets in a potentially multi-billion dollar market, following FDA hold lift.
  2. 2026-03-07 Hold UPDATE: GH Research (GHRS) - Q4/FY25 Update Core thesis intact with fortress balance sheet, but elevated execution risk from ongoing Phase 1 PK bridging study for new inhaler warrants patience before adding more capital.
  3. 2026-03-28 Buy core UPDATE: GH Research (GHRS) - Peer-Reviewed Receipts: GH001 Defies the STAR*D Paradigm JAMA Psychiatry publication validates Phase 2b efficacy as scientific canon, and severity-independent efficacy data upgrades scientific conviction to very high, making this the right de-risking event before Phase 3.
  4. 2026-04-27 Hold UPDATE: GH Research (GHRS) - The White House Tailwind and a 54% Rip Thesis intact and strengthened by EO tailwind, but a 54% non-data rip elevates valuation risk; disciplined holders should trim 15-25% while keeping core exposure to Phase 3 catalyst.
  5. 2026-04-29 Hold UPDATE: GH Research (GHRS) - The Fortress Just Got Bigger (And They Used the Rip to Build It) Clean $117.5M raise led by existing anchor Lynx1 at tight discount reinforces fortress balance sheet and provides 4-year runway; thesis compounding but position management unchanged from April 26.
  6. 2026-05-15 Hold UPDATE: GH Research (GHRS) - The Bridging Gate Just Cleared (And a $200M ATM Joins the Party) The binding bridging-study execution risk cleared with HV-106 enrollment complete and Phase 3 doses selected, but new $200M ATM adds dilution overhang warranting patience for fresh entries.
  7. 2026-06-04 Buy core UPDATE: GH Research (GHRS) - The PPD Receipts Land (and They're Loud) PPD Phase 2a peer-reviewed publication with 100% remission and breastfeeding-compatible PK validates pipeline franchise narrative and removes the key clinical objection to GH001 in nursing mothers.
  8. 2026-08-07 Buy core UPDATE: GH Research (GHRS) - The Factory Passed Inspection FDA written confirmation that CMC and device plans appear Phase 3 ready, combined with new US patent to 2043 and EPO opposition survived, retires the key execution and IP risks; only pivotal protocol alignment and the Phase 3 trial itself remain.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (21)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 14, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

9 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)