GH Research PLC
GHRSHealthcare|Biotechnology|Ireland
$26.67
-0.74 (-2.72%)
Tangible Book
$4.24
Earnings Power
$4.29
Financials
Financial Snapshot
Market Cap
$1.83B
Enterprise Value
$266.9M
Revenue (TTM)
$0.00
Net Income (TTM)
$-56.4M
Cash & Equivalents
—
Net Cash/Share
$4.12
Free Cash Flow (TTM)
$-45.8M
Operating CF (TTM)
$-45.6M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$11.4M
Monthly Burn
$3.8M
Est. Runway
—
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $498.0K | $5.9M | $276.8M | $166.0M | $161.6M | $149.3M | $280.7M | $267.3M | |
| Operating Cash Flow | $-289.0K | $-330.0K | $-15.3M | $-26.2M | $-33.3M | $-42.3M | $-43.6M | $-45.6M | |
| Free Cash Flow | $-289.0K | $-351.0K | $-15.4M | $-26.3M | $-33.4M | $-42.3M | $-43.7M | $-45.8M | |
| Capital Expenditure | $0.00 | $-21.0K | $-104.0K | $-67.0K | $-100.0K | $-49.0K | $-121.0K | $-180.0K | |
| Financing Cash Flow | $797.0K | $5.5M | $286.4M | $0.00 | $-204.0K | $-304.0K | $139.7M | $-1.2M |
R&D Spending
R&D (TTM)
$43.3M
R&D Intensity
—
R&D Growth YoY
+11.7%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $296.0K | $338.0K | $8.6M | $20.5M | $29.8M | $35.0M | $38.8M | $43.3M | |
| R&D % of Revenue | — | — | — | — | — | — | — | — | |
| SG&A | $14.0K | $108.0K | $6.5M | $10.1M | $11.1M | $15.0M | $21.7M | $23.2M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $296.0K | $338.0K | $8.6M | $20.5M | $29.8M | $35.0M | $38.8M | $43.3M | |
| SG&A | $14.0K | $108.0K | $6.5M | $10.1M | $11.1M | $15.0M | $21.7M | $23.2M | |
| Operating Income | $-310.0K | $-446.0K | $-15.1M | $-30.7M | $-41.2M | $-50.2M | $-60.7M | $-66.7M | |
| Interest Expense | $0.00 | $0.00 | $-9.0K | $-123.0K | $-63.0K | $-48.0K | $-35.0K | $-31.0K | |
| Pretax Income | $-310.0K | $-446.0K | $-9.2M | $-22.5M | $-35.6M | $-39.0M | $-48.3M | $-56.4M | |
| Net Income | $-310.0K | $-446.0K | $-9.2M | $-22.5M | $-35.6M | $-39.0M | $-48.3M | $-56.4M | |
| EPS (Diluted) | -0.01 | -0.01 | -0.21 | -0.43 | -0.68 | -0.75 | -0.79 | -0.92 | |
| EBITDA | $-310.0K | $-446.0K | $-9.2M | $-22.4M | $-35.2M | $-38.6M | $-47.9M | $-56.0M | |
| Shares Out. (M) | 28.00 | 30.37 | 43.68 | 52.02 | 52.02 | 52.03 | 61.04 | 62.03 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $498.0K | $5.9M | $276.8M | $166.0M | $78.4M | $100.8M | $246.3M | $242.7M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $83.1M | $48.5M | $34.5M | $24.7M | |
| Total Current Assets | $504.0K | $5.9M | $279.8M | $168.5M | $164.1M | $154.2M | $286.0M | $272.2M | |
| Total Assets | $504.0K | $5.9M | $279.9M | $254.4M | $226.3M | $188.3M | $288.2M | $275.3M | |
| Total Current Liabilities | $104.0K | $246.0K | $2.7M | $4.5M | $6.7M | $9.0M | $8.4M | $11.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $104.0K | $246.0K | $2.7M | $4.5M | $7.3M | $9.3M | $8.5M | $11.9M | |
| Stockholders' Equity | $400.0K | $5.7M | $277.2M | $249.8M | $219.0M | $179.0M | $279.7M | $263.4M | |
| Retained Earnings | $-389.0K | $-835.0K | $-10.0M | $-32.5M | $-67.9M | $-106.4M | $-154.4M | $-173.2M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-289.0K | $-330.0K | $-15.3M | $-26.2M | $-33.3M | $-42.3M | $-43.6M | $-45.6M | |
| Capital Expenditure | $0.00 | $-21.0K | $-104.0K | $-67.0K | $-100.0K | $-49.0K | $-121.0K | $-180.0K | |
| Free Cash Flow | $-289.0K | $-351.0K | $-15.4M | $-26.3M | $-33.4M | $-42.3M | $-43.7M | $-45.8M | |
| Investing Cash Flow | $0.00 | $0.00 | $-104.0K | $-84.7M | $-54.1M | $65.1M | $46.2M | $43.0M | |
| Financing Cash Flow | $797.0K | $5.5M | $286.4M | $0.00 | $-204.0K | $-304.0K | $139.7M | $-1.2M | |
| Issuance of Stock | $797.0K | $5.5M | $309.2M | $0.00 | $15.0K | $0.00 | $150.0M | $72.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-219.0K | $-304.0K | $-197.0K | $-267.0K | |
| Stock Based Comp. | $0.00 | $0.00 | $366.0K | $1.7M | $2.3M | $1.2M | $8.5M | $8.7M | |
| Net Change in Cash | $498.0K | $5.4M | $270.9M | $-110.8M | $-87.5M | $22.4M | $145.5M | $-2.3M |
Dilution Tracker
Shares outstanding grew 42.0% over 5 years — significant dilution
Shares Outstanding
62M
5-Year Share Growth
+42.0%
Stock Issuance (TTM)
$72.0K
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 28.00 | 30.37 | 43.68 | 52.02 | 52.02 | 52.03 | 61.04 | 62.03 | |
| YoY Change % | — | 8.5% | 43.8% | 19.1% | 0.0% | 0.0% | 17.3% | 1.6% | |
| Stock Issuance | $797.0K | $5.5M | $309.2M | $0.00 | $15.0K | $0.00 | $150.0M | $72.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $366.0K | $1.7M | $2.3M | $1.2M | $8.5M | $8.7M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | -77.5% | -14.7% | -6.5% | -8.5% | -15.2% | -19.6% | -21.0% | -19.5% | |
| ROA % | -61.5% | -13.9% | -6.4% | -8.4% | -14.8% | -18.8% | -20.3% | -18.8% | |
| R&D / Revenue | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B6.28
Historical— / — / 6.28
Industry Med.2.93
EV/EBITDA-27.89
Historical-27.89 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$4.24
Net Current Assets
$4.200
Net-Net Working Capital
$4.12
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 4.38 | 2.02 | 1.38 | 2.03 | 2.82 | 6.28 | |
| EV/EBITDA | 0.00 | 0.00 | -102.12 | -15.16 | -4.01 | -5.58 | -10.60 | -27.89 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $0.00M | $0.92M |
| Net Income | $-91.77M | $-138.41M | $-170.61M |
| EPS | -1.40 | -2.00 | -2.25 |
| Book Value per Share | 4.85 | 4.66 | 5.45 |
| Operating Cash Flow per Share | -0.88 | -1.52 | -1.30 |
| Operating CF | $-54.59M | $-94.29M | $-80.64M |