GH RESEARCH PLC Unaudited condensed consolidated interim statement of comprehensive loss Three months ended September 30, Nine 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,

Ireland. The Company and its subsidiary, GH Research Ireland Limited, form the GH Research Group (the "Group" or "GH Research").

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 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 net proceeds of the offering were $139.8 million, after deducting underwriting discounts and directly attributable transaction costs of $10.2 million.

These unaudited condensed consolidated interim financial statements were presented to the board of directors and approved by them for issue on November 6, 2025.

Basis of preparation

Compliance with International Financial Reporting Standards

The unaudited condensed consolidated interim financial statements for the three and nine

months ended September 30, 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

the Company for the year ended December 31, 2024, have been filed with the Companies Registration Office.

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 formation.

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 September 30, 2025. As a result, the Group is not exposed to liquidity risk through requests for early repayment of

As of September 30, 2025, the Group's cash

and cash equivalents amounted to $249.7 million (December 31, 2024: $100.8 million). The Group also held marketable securities of $44.2 million

and other financial assets of $nil as of September 30, 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

In the three and nine months ended September 30, 2025, an amount of $0.9 million and $2.5 million, respectively, have been

recognized relating to research and development tax credits (three and nine months ended September 30, 2024, $1.2 million and $2.0 million, respectively). Included in this amount is an estimate of the claim for the year ended December 31, 2024, and for the nine months

ended September 30, 2025.

A portion of the research and development tax credit claimed remains unrecognized at September 30, 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 September 30, 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 and nine months ended September 30, 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 a share-based compensation

expense of $1.1 million and $2.7 million for

the three and nine months ended September 30, 2025, respectively, relating to employees in the research and development department (three and nine months ended September 30, 2024, $0.1 million and

$0.2 million, respectively).

2Included in employee

expenses is share-based compensation expense of $1.2 million and $3.2 million for the three and nine months ended September 30, 2025, respectively, relating to employees in the general and administrative department (three and nine months

ended September 30, 2024, $0.1 million and $0.2 million, respectively).

3Includes termination expenses incurred in the period.

Foreign exchange loss/gain

Foreign exchange loss of $0.2 million for the three months ended September 30, 2025 (foreign exchange loss of $1.8 million for the three months ended September 30, 2024), and foreign exchange gain of $1.6 million

for the nine months ended September 30, 2025 (foreign exchange loss of $0.1 million for the nine months ended September 30, 2024)

consists primarily of gains and losses related to the translation of the Group's assets and liabilities from their denominated currencies into the functional currency of each entity.

During the nine months ended September 30, 2025, proceeds of $19.6 million were received from

the sale of other financial assets which were used to fund the operating activities of the Group, and proceeds of $19.7 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 September 30, 2025, the Group's marketable securities mature at varying dates within the next two years.

The movement through other comprehensive income, ("OCI"), for the three and nine months ended September 30, 2025, and September 30, 2024, is shown in the table

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