GH Research (GHRS) financial statements
Net income was -$48M.
Free cash flow was -$44M.
The diluted share count rose 118% over the period (dilution).
Income statement
Fiscal years, from GH Research's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Research and development | $296,000 | $338,000 | $9M | $20M | $30M | $35M | $39M |
| Selling, general and admin | $14,000 | $108,000 | $7M | $10M | $11M | $15M | $22M |
| Operating income | -$310,000 | -$446,000 | -$15M | -$31M | -$41M | -$50M | -$61M |
| Interest expense | $0 | $0 | $9,000 | $0 | $63,000 | $717,000 | $463,000 |
| Pre-tax income | -$310,000 | -$446,000 | -$9M | -$22M | -$36M | -$39M | -$48M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$310,000 | -$446,000 | -$9M | -$22M | -$36M | -$39M | -$48M |
| EPS (diluted) | -$0.01 | -$0.02 | -$0.21 | -$0.43 | -$0.68 | -$0.75 | -$0.79 |
| Diluted shares | 28M | 28M | 44M | 52M | 52M | 52M | 61M |
Balance sheet
Fiscal years, from GH Research's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $498,000 | $6M | $277M | $166M | $78M | $101M | $246M |
| Total current assets | — | $6M | $280M | $169M | $164M | $154M | $286M |
| Property, plant and equipment | — | $0 | $82,000 | $97,000 | $1M | $748,000 | $620,000 |
| Total assets | — | $6M | $280M | $254M | $226M | $188M | $288M |
| Total current liabilities | — | $246,000 | $3M | $5M | $7M | $9M | $8M |
| Total liabilities | — | $246,000 | $3M | $5M | $7M | $9M | $9M |
| Shareholders' equity | $400,000 | $6M | $277M | $250M | $219M | $179M | $280M |
| Net debt | -$498,000 | -$6M | -$277M | -$166M | -$78M | -$101M | -$246M |
Cash flow
Fiscal years, from GH Research's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$289,000 | -$330,000 | -$15M | -$26M | -$33M | -$42M | -$44M |
| Capital spending | $0 | $0 | $104,000 | $67,000 | $100,000 | $49,000 | $121,000 |
| Free cash flow | -$289,000 | -$330,000 | -$15M | -$26M | -$33M | -$42M | -$44M |
| Stock-based compensation | $0 | $0 | $366,000 | $2M | $2M | $1M | $9M |
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How much free cash flow does GH Research generate?
-$44M in fiscal 2025 (operating cash flow minus capital spending).
From GH Research's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.