Unaudited condensed consolidated interim statement of comprehensive income Three months ended June 30, Six months ended

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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 August 23, 2023.

Basis of preparation

Compliance with International Financial Reporting Standards

The unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2023 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, 2022 which were prepared in accordance with International Financial Reporting Standards (IFRS) as issued 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, 2022, are expected to be filed with the Companies Registration Office by November 26, 2023.

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, 2023, that are relevant

to the Group and that have had any material impact in the interim period. New standards, amendments to standards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant and are not listed here.

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 June 30, 2023. As a result, the Group is not exposed to liquidity risk through requests for early

As of June 30, 2023, the Group's cash and cash equivalents amounted to $96.9

million (December 31, 2022: $166.0 million). The Group also held marketable securities of $86.5 million and other financial assets of $54.7 million as of

June 30, 2023, (December 31, 2022: marketable securities of $85.7 million and other financial assets of $nil). The Group's marketable securities 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, 2022.

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 except for the amendments and new accounting

policies set out below.

Other financial assets

Other financial assets represent money market funds with a weighted average maturity of more than 90 days and are carried at fair value through profit or loss as the cash flows from these funds do not represent solely payments of principal and interest.

Leases and right-of-use assets

The Group recognizes a right-of-use ("ROU") asset and a corresponding lease liability for all arrangements in which it is a lessee, except for leases with a term of

12 months or less (short-term leases) and low-value leases. Under IFRS 16 the Group recognizes a ROU asset and a lease liability at the lease commencement date at the present value of the future lease payments, discounted at the Group's

incremental borrowing rate. The ROU asset is subsequently depreciated using the straight-line method over the lease term within depreciation expenses and an interest expense on lease liabilities is recognized within finance expense in the Group's

unaudited condensed consolidated interim income statement. The interest expense is calculated based on the incremental borrowing rate of the Group.

For short-term or low value leases, the Group

recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

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 six months ended June 30, 2023 and 2022, 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.

Loss and earnings per share

Basic loss and earnings per share is calculated by dividing the net loss or profit attributable to shareholders by the weighted average number of shares in issue

during the period. Diluted earnings per share is calculated using the treasury method which adjusts for the potential dilutive effect of other share options if such share options were exercised and are not anti-dilutive.

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 $0.6 million for the three and six months ended June 30, 2023, respectively, relating to employees in the research and development department (three and

six months ended June 30, 2022, $0.3 million and $0.4 million, respectively).

2 Included in employee expenses is share based compensation expense of $0.2 million and $0.4 million for the three and six months ended June 30, 2023, respectively, relating to employees in the general and administrative department (three

and six months ended June 30, 2022, $0.2 million and $0.4 million, respectively).

Foreign exchange gain

Foreign exchange gain of $36 thousand for the three

months ended June 30, 2023 (3 months ended June 30, 2022, gain of $7.1 million), and foreign exchange loss of $1.6 million for the six months ended June 30, 2023 (6 months ended June 30, 2022, gain of $9.3 million) consists primarily of gains and 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, 2022.

At June 30, 2023, 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 six months

ended June 30, 2023, would have been $8.1 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.

During the six months ended June 30, 2023, an investment of $54.0

million was made in a money market fund. This investment was classified as other financial assets.

The Group holds government and corporate listed bonds which comprise marketable securities measured at FVOCI. These marketable securities had a fair value of $86.5 million at June 30, 2023, (December 31, 2022: $85.7

million). The impairment loss allowance for expected credit losses at the reporting date was $0.1 million (December 31, 2022: $0.1 million). At June 30, 2023, the maturity of the Group's marketable securities ranges from seven months to four 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 Group is exposed to credit risk on its cash and cash equivalents, other financial assets and marketable securities in the event of default of the counterparties.

The Group's cash balance is maintained with well established, highly rated financial institutions. The Group's marketable securities are mainly comprised of investment grade bonds. The Group monitors the credit risk of its investments on a

A reconciliation of the movement through OCI relating to marketable securities for the three and six months ended June 30, 2023, is as follows:

Other current assets primarily represent prepayments, VAT receivable and research and development tax credit receivable.

Property, plant and equipment increased to $1.2

million at June 30, 2023, from $0.1 million at December 31, 2022, an increase of $1.1 million. This was due to a lease for office space which the Group entered into during the period. The term of the lease is four years and nine months and annual cashflows associated with it are $0.3

At the lease commencement date, a ROU asset was recognized at the present value of the future lease payments, discounted at the Group's incremental borrowing rate.

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

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