GH RESEARCH PLC Unaudited condensed consolidated interim statement of comprehensive income Three Months Ended

Unaudited condensed consolidated interim statement of comprehensive income

Unaudited condensed consolidated interim statement of financial position

Unaudited condensed consolidated interim statement of changes in equity

Unaudited condensed consolidated interim statement of cash flows

GH Research PLC (the "Company") was incorporated on March 29, 2021. The registered office of the Company is located at Joshua Dawson House, Dawson Street, Dublin 2,

The Company and its subsidiary, GH Research Ireland Limited, (together the "Group" or "GH Research") are a clinical-stage biopharmaceutical company dedicated to

transforming the treatment of psychiatric and neurological disorders. Its initial focus is on developing the novel and proprietary mebufotenin (5-methoxy-N,N-dimethyltryptamine, or 5-MeO-DMT) therapies for the treatment of patients with Treatment

Resistant Depression, or TRD. Its portfolio currently includes GH001, a proprietary inhalable mebufotenin product candidate, GH002, a proprietary intravenous mebufotenin product candidate, and GH003, a proprietary intranasal mebufotenin product

These unaudited condensed consolidated interim financial statements were presented to the board of directors and approved by them for issue on May 3, 2024.

Basis of preparation

Compliance with International Financial Reporting Standards

The unaudited condensed consolidated interim financial statements for the three months ended March 31, 2024 have been prepared in accordance with IAS 34 "Interim

Financial Reporting". The unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements

for the year ended December 31, 2023, which were prepared in accordance with IFRS Accounting Standards as adopted by the International Accounting Standards Board ("IASB"). These unaudited condensed consolidated interim financial statements are

presented in U.S. dollar ("USD" or "$"), which is the Company's functional currency and the Group's presentation currency.

The financial information presented in this interim report does not represent full statutory accounts as defined by the Companies Act 2014. The statutory accounts of

GH Research PLC for the year ended December 31, 2023, are expected to be filed with the Companies Registration Office by November 26, 2024.

New and amended IFRS standards

There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2024 that are relevant to

the Group and that have had any material impact in the interim period. The

review of the impact of new standards on the Group's financial statements, including the recently issued IFRS 18 "Presentation and Disclosure in Financial Statements", which is not yet effective and which has not been early adopted by the Group

is ongoing. There are no other amendments to standards and

interpretations that are not yet effective which have been deemed relevant to the Group.

GH Research is a clinical-stage biopharmaceutical company developing innovative therapeutics. The Group is exposed to all risks inherent in establishing and developing

its business, including the substantial uncertainty that current projects will succeed. Research and development expenses have been incurred from the start of the Group's activities, generating negative cash flows from operating activities since

Since its incorporation, the Group has funded its growth through capital increases. The Group has no bank loans or other debt outstanding, except lease liabilities, as of March 31, 2024. As a result, the Group is not exposed to liquidity risk through requests for early

As of March 31, 2024, the Group's cash and cash equivalents amounted to $77.5

million (December 31, 2023: $78.4 million). The Group also held marketable securities of $85.2 million and other financial assets of $51.3 million as of

March 31, 2024 (December 31, 2023: marketable securities of $88.7 million and other financial assets of $55.6 million). The marketable securities held by the Group are quoted in active markets and are an additional source of liquidity.

The board of directors believes that the Group has sufficient financial resources available to cover its planned cash outflows for at least the next twelve months from

the date of issuance of these unaudited condensed consolidated interim financial statements. The Group, therefore, continues to adopt the going concern basis in preparing its unaudited condensed consolidated interim financial statements.

Use of estimates and judgments

The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the

application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these unaudited condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting

policies and the key sources of estimation uncertainty are consistent with those that applied in the preparation of the consolidated financial statements for the year ended December 31, 2023.

The accounting policies, presentation and methods of computation followed in the unaudited condensed consolidated interim financial statements are consistent with

those applied in the Group's most recent annual financial statements and have been applied consistently to all periods presented in the unaudited condensed consolidated interim financial statements.

Current and deferred income tax

The interim income tax expense is calculated based on the Company's estimate of the weighted average effective annual income tax rate expected for the full year. The

current and deferred income tax charge was $nil for the three months ended March 31, 2024 and 2023, which is in line with the

Company's estimate for the full year. No deferred tax assets have been recognized as there is no certainty that sufficient taxable

profits will be generated within the required timeframe to be able to utilize these tax loss carry-forwards in full.

Research and development tax credits

As explained in the Group's consolidated financial statements for the year ended December 31, 2023, an amount of $1.3 million had remained unrecognized with respect to research and development tax credit claims for the year ended December 31, 2022 and 2021. In the period to March 31,

2024, an amount of $0.8 million has been received by the Group which has been recognized as a deduction from research and development

expenses under the Group's relevant accounting policy. At March 31, 2024, a balance of $0.5 million remains unrecognized as it has been

concluded that reasonable assurance has not been achieved. Judgment was applied in this determination.

Management considers the Group to have only a single

segment: Research and Development ("R&D"). This is consistent with the way that information is reported internally within the Group for the purpose of allocating resources and assessing performance.

The following table provides the consolidated statement of comprehensive income classification of our expense by nature:

1Included in employee expenses is share based compensation expense of $0.2

million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively, relating to employees in the research and

development department.

2 Included in employee expenses is share based compensation expense of $0.1

million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively, relating to employees in the general and

administrative department.

Foreign exchange gain/loss

Foreign exchange gain of $1.3 million for the three

months ended March 31, 2024 (foreign exchange loss of $1.6 million for the three months ended March 31, 2023) consists primarily of

gains (2023: losses) related to the translation of the U.S. dollar cash and other financial assets balance into euro in the accounts of the Company's subsidiary, GH Research Ireland Limited, whose functional currency is euro as explained in the

Group's consolidated financial statements for the year ended December 31, 2023.

At March 31, 2024, if the U.S. dollar had weakened/strengthened by 10% against the euro with all other variables held constant, the loss before tax for the three

months ended March 31, 2024, would have been $5.6 million higher/lower, mainly related to the translation of cash and other financial

assets held in U.S. dollar in the Company's subsidiary, GH Research Ireland Limited. This would be offset by an equivalent amount within Other Comprehensive Income.

During the three months ended March 31, 2024, proceeds of $5.0 million were received from the sale of a

portion of other financial assets and proceeds of $3.8

million were received from the redemption of marketable securities.

The Group holds government and corporate listed bonds which comprise marketable securities measured at FVOCI. These marketable securities had a fair value of $85.2 million at March 31, 2024 (December 31, 2023: $88.7

million). During the period to March 31, 2024, a number of marketable securities were redeemed. This resulted in proceeds of $3.8

million in the period. The impairment loss allowance for expected credit losses at the reporting date was $0.1 million (December 31,

2023: $0.1 million). At March 31, 2024, the maturity of the Group's marketable securities ranges from one month to three years. This

maturity has been reflected in the allocation of current and non-current assets in the unaudited condensed consolidated interim statement of financial position.

The movement through OCI for the three months ended March 31, 2024, and March 31, 2023, is shown in the table below:

Other current assets primarily represent prepayments.

Trade payables primarily represents amounts incurred for the provision of manufacturing, research and consulting services and legal and professional fees, which are

outstanding at the end of the period. Trade payables are due to be settled at different times within 12 months.

Other current liabilities primarily represent accruals for operating expenses and employee tax payable and are expected to be settled within one year.

As of March 31, 2024, there were no

material contingencies which required adjustment or disclosure in the unaudited condensed consolidated interim financial statements (2023: none).

In June 2021, the Company adopted a share option plan referred to herein as the Share Option Plan under which grants of options are made to eligible participants. The

Company had reserved 1,202,734 ordinary shares for future issuance under the Share Option Plan, which include ordinary shares pursuant

to share-based equity awards issued to date. As of March 31, 2024, the Company has 368,741 ordinary shares available for the future

issuance of share-based equity awards.

Under the Share Option Plan, the options may be settled only in ordinary shares of the Company. Therefore, the grants of share options under the Share Option Plan have