GH RESEARCH PLC Unaudited condensed consolidated interim statement of comprehensive loss Three months ended

Unaudited condensed consolidated interim statement of comprehensive loss

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 is a clinical-stage biopharmaceutical company dedicated to transforming the lives of patients by developing a practice-changing treatment

in depression. Its initial focus is on developing the novel and proprietary mebufotenin therapies for the treatment of patients with Treatment Resistant Depression, or TRD. Its portfolio currently includes GH001, a proprietary inhalable

mebufotenin product candidate and GH002, a proprietary intravenous mebufotenin product candidate.

On February 6, 2025, the Company completed a public offering on the Nasdaq Global Market ("Nasdaq") in which it issued and sold an aggregate of 10,000,000 ordinary shares at $15.00 per share. The estimated net proceeds

of the offering were $139.8 million, after deducting underwriting discounts and estimated directly attributable transaction costs of

These unaudited condensed consolidated interim financial statements were presented to the board of directors and approved by them for issue on May 8, 2025.

Basis of preparation

Compliance with International Financial Reporting Standards

The unaudited condensed consolidated interim financial statements for the three months

ended March 31, 2025, 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, 2024, 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, 2024, are expected to be filed with the Companies Registration Office by November 26th, 2025.

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, 2025, 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 which are not yet effective and which have not been early adopted by the Group is ongoing. This includes IFRS 18 "Presentation and Disclosure in Financial Statements". IFRS 18 will replace IAS 1 "Presentation of financial statements", introducing new

requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in

the financial statements, its impact on presentation and disclosure is expected to be extensive. Management is currently assessing the detailed implications of applying the new standard on the Group's financial statements.

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, 2025. As a result, the Group is not exposed to liquidity risk through requests for early

As of March 31, 2025, the Group's cash and cash equivalents amounted to $245.0

million (December 31, 2024: $100.8 million). The Group also held marketable securities of $57.8 million and other financial assets of $12.6 million as of

March 31, 2025, (December 31, 2024: marketable securities of $62.4 million and other financial assets of $19.4 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 as follows:

compensation expense

In preparing the share based-compensation expense in prior periods, the expected volatility assumption was based on selected volatility

determined by median values observed among other comparable public companies.

In preparing the share-based compensation expense for these unaudited condensed consolidated interim financial statements, the Group has

used a blended rate taking into account its own historical volatility alongside other comparable public companies. This change has been made due to the historical share price information now available for the Group. Judgment has been applied, for

all periods presented, in the selection of comparable public companies and of the relevant period of observation used to determine the values.

Research and development tax credits

For the three months ended March 31, 2025, $1.2

million relating to research and development tax credits has been recognized (March 31, 2024, $0.8 million). Included in this amount

is an estimate of the claim for the year ended December 31, 2024, and for the three months ended March 31, 2025.

A portion of the research and development tax credit claimed remains unrecognized at March 31, 2025, as management has assessed that some

uncertainty remains and therefore, reasonable assurance has not been achieved. Reasonable assurance is achieved using internal experience, judgment and assistance from our professional advisors. If the portion of the research and development

tax credit which remains unrecognized at March 31, 2025, increased or decreased by 5%, this would not have a material impact on the

financial statements.

Aside from those highlighted above, 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, 2024.

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, 2025 and 2024, 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.

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 loss classification of our expense by nature:

1Included in employee expenses is share based compensation

expense of $0.7 million and $0.2

million for the three months ended March 31, 2025 and 2024, respectively, relating to employees in the research and development department.

2Included in employee expenses is share based compensation expense of $0.9 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively, relating to employees in the general and administrative department.

Foreign exchange loss/gain

Foreign exchange loss of $0.6 million for the three months ended March 31, 2025 (foreign exchange gain of $1.3 million for the three months ended March 31, 2024) consists primarily of losses (2024: gains) 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, 2024.

At March 31, 2025, 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, 2025, would have been $1.3

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

During the three months ended March 31, 2025, proceeds of $7.0 million were received from the sale of

other financial assets which were used to fund the operating activities of the Group, and proceeds of $5.2 million were received from the redemption of marketable securities, which includes accrued interest. On redemption of the marketable

securities, the funds are invested in cash equivalents.

At March 31, 2025, the Group's marketable securities mature at varying dates within the next three years.

The movement through OCI for the three months ended March 31, 2025, and March 31, 2024, is shown in the table below:

Other current assets primarily represent prepayments and research

and development tax credit receivable.

Other non-current assets represent research and development tax credit receivable.

Trade payables primarily represents amounts incurred for the provision of manufacturing, research and consulting services 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.

On February 6, 2025, GH Research PLC completed a public offering on the Nasdaq in which it issued and sold an aggregate of 10,000,000 ordinary shares at $15.00 per share. The estimated