Company: GHRS
Filing Date: 2025-02-27
Form Type: 20-F
Source: 0001140361-25-006175
Chunk: 78

Company: GH Research PLC
Filing Date: 2025-02-27
Form: 20-F
Item: Item 5
Chunk 78
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, or if there are any delays in establishing appropriate manufacturing arrangements for our product candidates or for the medical devices required to deliver our product candidates, or if there are any delays in completing our clinical trials or the development of any of our product candidates or of the medical devices required to deliver our product candidates.
 

  Table of Contents
Our research and development expenses may vary substantially from period to period based on the timing of our research and development activities, including due to timing of initiation of clinical trials and enrollment of patients in clinical trials. Research and development expenses are expected to increase as we advance the clinical development of our inhalable mebufotenin product candidate GH001, and further advance the research and development of our intravenous mebufotenin product candidate GH002 and any future product candidates. The successful development of our product candidates is highly uncertain.
General and Administrative Expenses
 
General and administrative expenses consist primarily of:
 

•   professional fees, including consulting, accounting, legal, tax and audit services;
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•   personnel expenses, including salaries and related expenses; and
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•   other expenses, including expenses for rent and maintenance of facilities, insurance and other operating costs.
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We anticipate that our general and administrative expenses will continue to increase in the future as we further increase our headcount to support the expected growth in our research and development activities and the potential commercialization of our product candidates. In addition, we have incurred and expect to continue to incur increased expenses associated with being a public company, including increased costs of accounting, audit, legal, regulatory and tax-related services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance costs, investor and public relations costs and costs associated with other administrative and professional services.
 
Net Finance Income
 
Net finance income consists of:
 

•   interest income on cash and cash equivalents, other financial assets and marketable securities;
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•   interest expense;
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•   the net gain or loss on cash equivalents classified at fair value through profit and loss, or FVTPL; and
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•   expected credit losses relating to investments in marketable securities.
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Foreign Exchange Gain/Loss
 
Foreign exchange gains/losses consist of foreign exchange impacts arising from foreign currency transactions.
 
Taxation
 
We are subject to corporate taxation in Ireland. Due to the nature of our business, we have generated losses since inception and have therefore not paid Irish corporation tax.
 
Unused tax losses can be carried forward indefinitely against future trading income. As there is no