Company: GHRS
Filing Date: 2025-07-29
Form Type: 20-F/A
Source: 0001140361-25-027850
Chunk: 224

Company: GH Research PLC
Filing Date: 2025-07-29
Form: 20-F/A
Chunk 224
---
 22,546 |   |     |      | (87,640 | ) |     |        | 110,186 |   |

Net Cash Flows Used in Operating Activities Net cash flows used in operating activities increased by $8.9 million to $42.3 million for the year ended December 31, 2024, from $33.3 million for the year ended December 31, 2023, primarily due to an increase in loss from operations for the year and movement in working capital. 135 Table of Contents Net Cash Flows From/(Used in) Investing Activities Net cash flows from investing activities for the year ended December 31, 2024, is $65.1 million, a movement of $119.2 million from net cash flows used in investing activities of $54.1 million for the year ended December 31, 2023. Net cash from investing activities during the year ended December 31, 2024, comprised the receipt of proceeds from the sale of financial assets of $27.2 million and the redemption of marketable securities of $38.0 million. Comparison of the Years Ended December 31, 2023 and 2022 For a discussion of our cash flows for the years ended December 31, 2023 and 2022, see the section “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Cash Flows—Comparison of the Years Ended December 31, 2023 and 2022” in our Annual Report on Form 20-F for the year ended December 31, 2023. Funding Requirements We expect our expenses to continue to increase substantially in connection with our ongoing research and development activities, particularly as we advance the technical development work, nonclinical studies and clinical trials of our product candidates and the medical devices required to deliver such product candidates. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to sales, marketing, manufacturing and distribution. Furthermore, we have incurred and expect to continue to incur additional costs associated with operating as a public company. We anticipate that our expenses will increase substantially if and as we:

| • | continue to develop and conduct clinical trials, including in expanded geographies such as the United States, for our GH001 and GH002 product candidates for our initial indications and any additional indications; |

| • | continue both the technical development and expansion of our external manufacturing capabilities for our current product candidates