Company: GHRS
Filing Date: 2025-07-29
Form Type: 20-F/A
Source: 0001140361-25-027850
Chunk: 271

Company: GH Research PLC
Filing Date: 2025-07-29
Form: 20-F/A
Chunk 271
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 that the Group reports a taxable profit in the future. In preparing these financial statements, the Group has assessed that the likelihood of a taxable profit is currently not sufficiently certain for these potential benefits to be recognized as a deferred tax asset. This assessment is based on the status of the research into the Group’s principal investigational product and the significant challenges that remain before operating profits can be assured (refer to note 7, “Deferred income taxes”). Research and development tax credits As a Group, we carry out extensive research and development activities and have assessed whether those activities qualify for a credit under the Irish research and development tax legislation. Qualifying expenditures largely comprise employment costs for research staff for which an estimate of time spent directly or indirectly supporting the pursuit of research and development activities is made, consumables and outsourced contract research organization costs. Judgment is made by management in determining the expenditure which is considered qualifying. Based on that analysis, claims for research and development tax credits have been filed by the Group for the year ended December 31, 2023, 2022 and 2021. A claim for research and development tax credits for the year ended December 31, 2024, has not yet been submitted.During the year ended December 31, 2024, $ 2.6million relating to the research and development tax credit has been recognized (2023: $ 0.1million). Included in this amount is an estimate relating to a component of the claim for the year ended December 31, 2024. The remaining components of this claim have not been recognized at December 31, 2024, as reasonable assurance has not been achieved at this time. A portion of the research and development tax credit claimed remains unrecognized at December 31, 2024, as management has assessed that some uncertainty remains and therefore, reasonable assurance has not been achieved. Reasonable assurance is achieved using internal experience, judgment and assistance from our professional advisors. If the portion of the research and development tax credit which remains unrecognized at December 31, 2024, increased or decreased by 5%, this would not have a material impact on the financial statements. Material accounting policies Consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiary, GH Research Ireland Limited. Subsidiaries are all entities over which the Company has control. Control is achieved when the Company has power over an entity, is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect returns through its power