Company: GHRS
Filing Date: 2025-07-29
Form Type: 20-F/A
Source: 0001140361-25-027850
Chunk: 11

Company: GH Research PLC
Filing Date: 2025-07-29
Form: 20-F/A
Chunk 11
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 accordance with rigorously enforced regulatory requirements or contractual obligations, and our operations could be harmed as a result;                                                               |

| • | We depend heavily on our executive officers, principal consultants and others, and the loss of their services would materially harm our business; |

| • | We previously identified and remediated material weaknesses in our internal control over financial reporting. If we experience additional material weaknesses or otherwise fail to maintain an effective system of internal controls in the 
 future, our ability to accurately or timely report our financial condition or results of operations may be adversely affected; and                                                                                                          |

| • | We believe that we were a passive foreign investment company, or a PFIC, for our 2024 taxable year, and we anticipate that we will likely be a PFIC in 2025 and potentially also in future years, which could subject U.S. investors in our 
 ordinary shares to significant adverse U.S. federal income tax consequences.                                                                                                                                                                |

Risks Related to Our Financial Position and Need for Additional Capital We are a clinical-stage biopharmaceutical company and we have incurred significant losses since our inception. We expect that we will continue to incur significant losses for the foreseeable future. Investment in biopharmaceutical product development is highly speculative because it entails substantial upfront capital expenditures and significant risk that any potential product candidate will fail to demonstrate adequate effect or an acceptable safety profile, gain regulatory approval or become commercially viable. We have no products approved for commercial sale and have not generated any revenue to date, and we will continue to incur significant research and development and other expenses related to our clinical development and ongoing operations. As a result, we are not profitable and have incurred losses in each period since our inception. Since our inception, we have devoted substantially all of our financial resources and efforts to research and development, including nonclinical studies, technical development and our clinical trials. Our financial condition and operating results, including net losses, may fluctuate significantly from quarter to quarter and year to year. Accordingly, you should not rely upon the results of any quarterly or annual periods as indications of future operating performance. Additionally, net losses and negative cash flows have had, and will continue to have, an adverse effect on our shareholders’ equity and working capital. Our net losses were $39.0 million and $35.6 million for the years ended December 31, 2024 and 2023. As of December 31, 2024, we had an accumulated deficit of $106.4 million. We expect to continue to incur significant losses for the