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,

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 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.

These unaudited condensed consolidated interim financial statements were presented to the board of directors and approved by them for issue on May 14, 2026.

Basis of preparation

Compliance with IFRS Accounting Standards

The unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026, 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, 2025, 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, 2025, are expected to be filed with the Companies Registration Office by November 26, 2026.

New and amended IFRS standards

There are no new IFRS Accounting standards, amendments to standards or interpretations that are mandatory for the financial year beginning on January 1, 2026,

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. 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 March 31, 2026. As a result, the Group is not exposed to liquidity risk through requests for early

As of March 31, 2026, the Group's cash and cash equivalents amounted to $242.7 million (December 31, 2025: $246.3

million). The Group also held marketable securities of $24.7 million as of March 31, 2026 (December 31, 2025: marketable securities of $34.5 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, 2025.

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, 2026 and 2025, 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:

Includes depreciation expense.

2Included in employee expenses is share-based compensation expense of $0.9 million and $0.7 million for the three months ended March

31, 2026 and 2025, respectively, relating to

employees in the research and development department.

3 Depreciation and other expenses have been reclassified to external research and development expenses

and depreciation has been reclassified to external costs for all periods presented as it provides more relevant information.

4Included in employee

expenses is share-based compensation expense of $0.9 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively, relating to employees in the general and administrative department.

5Includes termination expenses incurred.

Foreign exchange loss

Foreign exchange loss of $2.3 million for the three months ended March 31, 2026 (foreign exchange loss of $0.6

million for the three months ended March 31, 2025), 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, and included

the strengthening of the U.S. dollar in the period.

During the three months ended March 31, 2026, proceeds of $9.9 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, 2026, the Group's marketable securities mature within the next year.

The movement through other comprehensive income, ("OCI"), for the three months ended March 31, 2026, and 2025, 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.

March 31, 2026, there were no material contingencies which required adjustment or disclosure in the unaudited condensed consolidated interim financial statements (2025: 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 initially reserved 1,202,734 ordinary shares for future issuance under the Share Option Plan, which includes ordinary

shares pursuant to share-based equity awards issued to date. As of March 31, 2026, the total number of ordinary shares which may be issued under the Share Option Plan was 3,721,251, and the Company has 935,168 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 been accounted for as equity-settled under IFRS 2. As such, the Company records a charge for the vested portion of award grants and for partially earned but non-vested portion of award grants.

During the three months ended March 31, 2026, the Company granted the option to

purchase 201,950 ordinary shares, which were in line with the general terms of the Share Option Plan. Of the share options granted in

the three months ended March 31, 2026, 52,500 share options were granted which vest 25% on the first anniversary of the date of grant, and thereafter evenly on a monthly basis over the subsequent three years and are subject to a two-year service condition. The contractual

term (expiration) of these share options is eight years from the grant date with an exercise price of the closing market price on the

day prior to the grant. Of the share options granted in the three months ended March 31, 2026, 149,450 share options were granted which vest 25% on the first anniversary of the date of grant, and thereafter evenly on a monthly basis over the subsequent three years. The contractual term (expiration) of these share options is seven years from the grant date with an exercise price of $0.025.

The following table summarizes the share option awards outstanding as of March 31,

(1) The weighted average share price of share options exercised was $15.48.