Three months ended
March 31,
| |||||||||||
2023
|
2022
| ||||||||||
Note
|
$'000
|
$'000
| |||||||||
Operating expenses
| |||||||||||
Research and development
|
3
|
(7,306
|
)
|
(4,714
|
)
| ||||||
General and administration
|
3
|
(3,113
|
)
|
(3,292
|
)
| ||||||
Loss from operations
|
(10,419
|
)
|
(8,006
|
)
| |||||||
Finance income
|
4
|
1,489
|
-
| ||||||||
Finance expense
|
4
|
(171
|
)
|
-
| |||||||
Expected credit loss
|
(199
|
)
|
-
| ||||||||
Foreign exchange (loss)/gain
|
(1,637
|
)
|
2,243
| ||||||||
Total other (expense)/income
|
(518
|
)
|
2,243
| ||||||||
Loss before tax
|
(10,937
|
)
|
(5,763
|
)
| |||||||
Tax charge/(credit)
|
-
|
-
| |||||||||
Loss for the period
|
(10,937
|
)
|
(5,763
|
)
| |||||||
Other comprehensive income/(expense)
| |||||||||||
Items that may be reclassified to profit or loss
| |||||||||||
Fair value movement on marketable securities
|
724
|
-
| |||||||||
Currency translation adjustment
|
1,676
|
(2,261
|
)
| ||||||||
Total comprehensive loss for the period
|
(8,537
|
)
|
(8,024
|
)
| |||||||
Attributable to owners:
| |||||||||||
Loss for the period
|
(10,937
|
)
|
(5,763
|
)
| |||||||
Comprehensive loss for the period
|
(8,537
|
)
|
(8,024
|
)
| |||||||
Loss per share
| |||||||||||
Basic and diluted loss per share (in USD)
|
15
|
(0.210
|
)
|
(0.111
|
)
|
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
|
1
|
GH RESEARCH PLC
|
At March 31,
|
At December 31,
| |||||||||||
2023
|
2022
| |||||||||||
Note
|
$'000
|
$'000
| ||||||||||
ASSETS
| ||||||||||||
Current assets
| ||||||||||||
Cash and cash equivalents
|
5
|
105,082
|
165,955
| |||||||||
Other financial assets
|
5
|
54,057
|
-
| |||||||||
Marketable securities
|
6
|
3,682
|
-
| |||||||||
Other current assets
|
7
|
1,896
|
2,586
| |||||||||
Total current assets
|
164,717
|
168,541
| ||||||||||
Non-current assets
| ||||||||||||
Marketable securities
|
6
|
83,321
|
85,724
| |||||||||
Property, plant and equipment
|
8
|
1,221
|
97
| |||||||||
Total non-current assets
|
84,542
|
85,821
| ||||||||||
Total assets
|
249,259
|
254,362
| ||||||||||
LIABILITIES AND EQUITY
| ||||||||||||
Current liabilities
| ||||||||||||
Trade payables
|
9
|
2,928
|
1,868
| |||||||||
Lease liability
|
10
|
334
|
-
| |||||||||
Other current liabilities
|
11
|
3,376
|
2,678
| |||||||||
Total current liabilities
|
6,638
|
4,546
| ||||||||||
Non-current liabilities
| ||||||||||||
Lease liability
|
10
|
791
|
-
| |||||||||
Total non-current liabilities
|
791
|
-
| ||||||||||
Total liabilities
|
7,429
|
4,546
| ||||||||||
Equity attributable to owners
| ||||||||||||
Share capital
|
1,301
|
1,301
| ||||||||||
Additional paid-in capital
|
291,448
|
291,448
| ||||||||||
Other reserves
|
3,870
|
2,595
| ||||||||||
Foreign currency translation reserve
|
(11,359
|
)
|
(13,035
|
)
| ||||||||
Accumulated deficit
|
(43,430
|
)
|
(32,493
|
)
| ||||||||
Total equity
|
241,830
|
249,816
| ||||||||||
Total liabilities and equity
|
249,259
|
254,362
|
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
|
2
|
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
|
1,301
|
291,448
|
366
|
(5,903
|
)
|
(10,037
|
)
|
277,175
| ||||||||||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
(5,763
|
)
|
(5,763
|
)
| ||||||||||||||||
Translation adjustment
|
-
|
-
|
-
|
(2,261
|
)
|
-
|
(2,261
|
)
| ||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
-
|
(2,261
|
)
|
(5,763
|
)
|
(8,024
|
)
| |||||||||||||||
Share-based compensation expense
|
-
|
-
|
327
|
-
|
-
|
327
| ||||||||||||||||||
Total transactions with owners
|
-
|
-
|
327
|
-
|
-
|
327
| ||||||||||||||||||
At March 31, 2022
|
1,301
|
291,448
|
693
|
(8,164
|
)
|
(15,800
|
)
|
269,478
| ||||||||||||||||
At January 1, 2023
|
1,301
|
291,448
|
2,595
|
(13,035
|
)
|
(32,493
|
)
|
249,816
| ||||||||||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
(10,937
|
)
|
(10,937
|
)
| ||||||||||||||||
Other comprehensive income
|
-
|
-
|
724
|
1,676
|
-
|
2,400
| ||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
724
|
1,676
|
(10,937
|
)
|
(8,537
|
)
| ||||||||||||||||
Share-based compensation expense
|
-
|
-
|
551
|
-
|
-
|
551
| ||||||||||||||||||
Total transactions with owners
|
-
|
-
|
551
|
-
|
-
|
551
| ||||||||||||||||||
At March 31, 2023
|
1,301
|
291,448
|
3,870
|
(11,359
|
)
|
(43,430
|
)
|
241,830
|
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
|
3
|
GH RESEARCH PLC
|
Three months ended
March 31,
| ||||||||
2023
|
2022
| |||||||
$'000
|
$'000
| |||||||
Cash flows from operating activities
| ||||||||
Loss for the period
|
(10,937
|
)
|
(5,763
|
)
| ||||
Depreciation
|
77
|
11
| ||||||
Share-based compensation expense
|
551
|
327
| ||||||
Finance income
|
(1,489
|
)
|
-
| |||||
Finance expense
|
171
|
-
| ||||||
Expected credit loss
|
199
|
-
| ||||||
Foreign exchange loss/(gain)
|
1,637
|
(2,243
|
)
| |||||
Movement in working capital
|
2,473
|
1,667
| ||||||
Cash flows used in operating activities
|
(7,318
|
)
|
(6,001
|
)
| ||||
Finance expense paid
|
(246
|
)
|
-
| |||||
Finance income received
|
679
|
-
| ||||||
Net cash used in operating activities
|
(6,885
|
)
|
(6,001
|
)
| ||||
Cash flows used in investing activities
| ||||||||
Purchase of other financial assets
|
(54,000
|
)
|
-
| |||||
Purchase of property, plant and equipment
|
(22
|
)
|
(10
|
)
| ||||
Cash flows used in investing activities
|
(54,022
|
)
|
(10
|
)
| ||||
Cash flows used in financing activities
| ||||||||
Payment of lease liability
|
(70
|
)
|
-
| |||||
Net decrease in cash
|
(60,977
|
)
|
(6,011
|
)
| ||||
Cash at the beginning of the period
|
165,955
|
276,776
| ||||||
Impact of foreign exchange on cash
|
104
|
(15
|
)
| |||||
Cash at the end of the period
|
105,082
|
270,750
|
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
|
4
|
GH RESEARCH PLC
|
1. |
Corporate information
|
2. |
Basis of preparation, significant judgments, and accounting policies
|
GH RESEARCH PLC
|
GH RESEARCH PLC
|
3. |
Expenses by nature
|
Three months ended
March 31,
| ||||||||
2023
|
2022
| |||||||
$'000
|
$'000
| |||||||
External research and development expenses
|
5,825
|
3,883
| ||||||
Employee expenses1 |
1,419
|
798
| ||||||
Depreciation
|
10
|
8
| ||||||
Other expenses
|
52
|
25
| ||||||
Total research and development expenses
|
7,306
|
4,714
| ||||||
External costs
|
2,270
|
2,749
| ||||||
Employee expenses2 |
776
|
540
| ||||||
Depreciation
|
67
|
3
| ||||||
Total general and administrative expenses
|
3,113
|
3,292
| ||||||
Total operating expenses
|
10,419
|
8,006
|
GH RESEARCH PLC
|
4. |
Finance income and expense
|
Three months ended
March 31,
| ||||||||
2023
|
2022
| |||||||
$'000
|
$'000
| |||||||
Finance income | ||||||||
Gain on cash equivalents and other financial assets at fair value through profit and loss
|
465
|
-
| ||||||
Interest income under effective interest rate method at fair value through other comprehensive income ("FVOCI")
|
1,024
|
-
| ||||||
Finance income
|
1,489
|
-
| ||||||
Finance expense | ||||||||
Finance expense on investments
|
(153
|
)
|
-
| |||||
Finance expense on lease liability
|
(18
|
)
|
-
| |||||
Finance expense
|
(171
|
)
|
-
|
5. |
Cash and cash equivalents
|
March 31,
2023
|
December 31,
2022
| |||||||
$'000
|
$'000
| |||||||
Cash at bank and in hand
|
69,002
|
130,252
| ||||||
Cash equivalents
|
36,080
|
35,703
| ||||||
105,082
|
165,955
|
6. |
Marketable securities
|
Marketable
securities
| ||||
$'000
| ||||
Fair value
| ||||
At January 1, 2023
|
85,724
| |||
Additions
|
-
| |||
Accrued interest
|
1,024
| |||
Interest received
|
(270
|
)
| ||
Fair value gain
|
525
| |||
At March 31, 2023
|
87,003
|
GH RESEARCH PLC
|
7. |
Other current assets
|
8. |
Property, plant and equipment
|
Right of Use
Asset - Office
| ||||
$'000
| ||||
At January 1, 2023
|
-
| |||
Additions
|
1,179
| |||
Depreciation expense
|
(62
|
)
| ||
At March 31, 2023
|
1,117
|
9. |
Trade payables
|
10. |
Lease liability
|
11. |
Other current liabilities
|
12. |
Contingencies
|
GH RESEARCH PLC
|
13. |
Share based compensation
|
Average exercise
price per share
in
USD
|
Number of
awards
|
Weighted
average
remaining
life
in years
| ||||||||||
At December 31, 2022
|
15.32
|
461,596
|
7.14
| |||||||||
Granted
|
9.66
|
22,320
|
7.86
| |||||||||
At March 31, 2023
|
15.06
|
483,916
|
6.94
|
Three months ended
March 31, 2023
|
Three months ended
March 31, 2022
| |||||||
Share price, in USD
|
8.77-10.40
|
15.71-18.32
| ||||||
Strike price, in USD (weighted average)
|
9.66
|
20.26
| ||||||
Expected volatility
|
87%
|
89% - 90%
| ||||||
Award life (weighted average)
|
6
|
6
| ||||||
Expected dividends
|
-
|
-
| ||||||
Risk-free interest rate
|
3.63%-4.22%
|
1.74% - 1.87%
|
GH RESEARCH PLC
|
14. |
Related party disclosures
|
15. |
Loss per share
|
Three months ended
March 31,
| ||||||||
2023
|
2022
| |||||||
Loss attributable to shareholders (in $'000)
|
(10,937
|
)
|
(5,763
|
)
| ||||
Weighted average number of shares in issue
|
52,020,849
|
52,020,849
| ||||||
Basic and diluted loss per share (in USD)
|
(0.210
|
)
|
(0.111
|
)
|
16. |
Events after the reporting date
|
Attachments
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Disclaimer
GH Research plc published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 11:53:05 UTC.