Ireland-based psychedelic pharmaceutical company GH Research reported a net loss per share of USD 0.432 per share for FY2022, missing analysts’ estimates by 54.3%. The company’s net losses for FY2022 significantly increased by 145% YoY to USD 22.5 million.  

The company has not started generating revenue yet. The increase in net loss can be attributed to the increase in operating expenses, which increased  102% YoY to USD 30.5 million. The increase was primarily due to an increase in R&D expenses (up by 139% YoY) as a result of increased clinical trial activity and technical development, along with higher employee expenses. General and administrative expenses also increased by 53.8% YoY to USD 10.1 million due to higher insurance and professional costs.   

Cash and cash equivalents for 2022 were USD 251.7 million compared to USD 276.8 million in 2021. The firm believes that this is sufficient to fund capital expenditures and operating expenses until 2026. 

In terms of operational updates, these are the following developments: 1) the company has started a Phase IIb clinical trial for GH001-TRD-201 to evaluate the effectiveness of its inhalable mebufotenin product, GH001, for treatment-resistant depression (TRD); 2) the company initiated a clinical pharmacology of its GH002 drug candidate in January 2023 (this is a randomized, double-blind, placebo-controlled study that aims to determine the appropriate dosage of the drug, and is expected to conclude by Q4 2023); and 3) the company has expanded its patent portfolio by adding 11 patent families related to the therapeutic use of mebufotenin for treating different disorders covering different aspects of mebufotenin, including administration through inhalation, buccal, sublingual, intravenous, or intramuscular, among others.