GH Research $(GHRS)$ reported a FY 2025 net loss of USD 48.3 million, or USD 0.79 per share. Research and development expenses were USD 38.8 million in FY 2025 (+10.9%), while general and administrative expenses rose to USD 22.0 million (+43.8%). Cash, cash equivalents and marketable securities totaled USD 280.7 million as of Dec. 31, 2025. On the business side, GH Research said it completed its Phase 2b trial of GH001 in treatment-resistant depression and presented the full dataset at the 2025 ASCP and ECNP congresses. The trial met its primary endpoint with a placebo-adjusted MADRS reduction of 15.5 points at Day 8 (p<0.0001); in the double-blind portion, 57.5% of patients on GH001 achieved remission at Day 8 versus no patients on placebo. The company also said GH001 was cleared by the FDA for U.S. clinical investigation, enabling U.S. subject enrollment, and it is seeking FDA alignment on a global Phase 3 pivotal program targeted to start in 2026.

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