GH Research

GHRS

Biotechnology · Healthcare

Price

$28.33

-0.35 (-1.22%)

Market Cap

$1.94B

Exchange

NASDAQ

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+17.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 52.0M (2021) → 61.0M (2025)

Winston Score History

The full picture

GH Research PLC is a clinical-stage biotech company focused on developing treatments for serious mental health conditions. Its lead drug candidate, mebufotenin (also called GH001), is an inhaled form of 5-MeO-DMT, a psychedelic compound being studied as a therapy for treatment-resistant depression. The company targets patients who have not responded to standard antidepressants, a significant unmet medical need.

GH Research does not yet generate product revenue, which explains its 0% margins. It is funded through investor capital while it runs clinical trials, a typical model for pre-commercial biotech companies. The company is headquartered in Ireland and operates primarily in Europe and the United States. Its competitive position rests on its proprietary inhaled delivery method, which allows for precise dosing and shorter treatment sessions compared to other psychedelic therapies. The key risk is regulatory approval — if the FDA or EMA does not clear mebufotenin, the company has no fallback commercial product.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

-53.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$39M/ year

↑ Rising (+11% vs prior year)

R&D investment increasing — building for the future

Insider Activity

25.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 years

$363M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$363M cash & investments at current burn rate

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

N/A

—

Data not available

Profit after running costs

Operating Margin

N/A

—

Data not available

Return on the money invested

ROCE

-19.9%

Weak — -19.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

N/A

—

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

—

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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