Company: GHRS
Filing Date: 2025-02-27
Form Type: 20-F
Source: 0001140361-25-006175
Chunk: 79

Company: GH Research PLC
Filing Date: 2025-02-27
Form: 20-F
Item: Item 5
Chunk 79
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 certainty that we will generate sufficient taxable profits to be able to utilize these tax loss carry-forwards in full, we have concluded not to recognize any deferred tax assets at December 31, 2024 or 2023.
 

  Table of Contents
Results of Operations
 
Comparison of the Years Ended December 31, 2024 and 2023
 
The following table summarizes our results of operations for the years ended December 31, 2024 and 2023:
 

                                                      Year Ended December 31,                        
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                               2024                    2023                          Change          
                                   (in USD thousands)                                                
Operating Expenses:                                                                                  
Research and development                (35,016   )              (29,821   )               (5,195   )
General and administrative              (15,296   )              (11,401   )               (3,895   )
Loss from operations                    (50,312   )              (41,222   )               (9,090   )
Net finance income(1)                     9,222                    8,256             966             
Foreign exchange gain/(loss)              2,129                   (2,621   )                4,750    
Loss for the year                       (38,961   )              (35,587   )               (3,374   )
 
(1) Net finance income for the years ended December 31, 2024 and 2023, comprises finance income, finance expense and expected credit losses.
 
Research and Development Expenses
 
The following table summarizes our research and development expenses for the years ended December 31, 2024 and 2023:
 

                                                                    Year Ended December 31,                        
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                                             2024                    2023                          Change          
                                                 (in USD thousands)                                                
External research and development expenses            (27,562   )              (22,777   )               (4,785   )
Employee expenses(1)                                   (7,216   )               (6,771   )                 (445   )
Depreciation                                              (21   )                  (35   )         14              
Other expenses                                           (217   )                 (238   )         21              
Research and development                              (35,016   )              (29,821   )               (5,195   )
 
(1) Includes share-based compensation expense of $0.5 million for the year ended December 31, 2024 and $1.4 million for the year ended December 31