Company: GHRS
Filing Date: 2025-02-27
Form Type: 20-F
Source: 0001140361-25-006175
Chunk: 80

Company: GH Research PLC
Filing Date: 2025-02-27
Form: 20-F
Item: Item 5
Chunk 80
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, 2023.
 
The following table summarizes our research and development expenses for our product candidates for the years ended December 31, 2024 and 2023:
 

                                                                                                                                                         Year Ended December 31,                        
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                                                                                                                                  2024                    2023                          Change          
                                                                                                                                      (in USD thousands)                                                
GH001                                                                                                                                      (24,645   )              (17,602   )               (7,043   )
GH002                                                                                                                                       (1,748   )               (2,413   )         665             
GH003                                                                                                                                          (18   )                 (179   )         161             
Related to multiple product candidates (GH001, GH002 and GH003) and exploratory work for potential future product candidates(1)             (8,605   )               (9,627   )                1,022    
Research and development                                                                                                                   (35,016   )              (29,821   )               (5,195   )
 
(1) Includes expenses that relate to any combination of GH001, GH002 and/or GH003 and exploratory work for potential future candidates.
 

  Table of Contents
Research and development expenses increased by $5.2 million to $35.0 million for the year ended December 31, 2024, from $29.8 million for the year ended December 31, 2023. The increase is primarily due to increased expenses relating to clinical development activities including clinical trial and nonclinical activities. These increases have been partly offset by the recognition of a research and development tax credit and a decrease in technical development expenses. Employee expenses also increased primarily due to the hiring of personnel to support our research and development activities.
 
Research and development expenses for our product candidates will fluctuate from year to year primarily due to the nature and timing associated with the various lifecycle stages of each candidate.
 
Research and development expenses relating to GH001 increased by $7.0 million in the year ended December 31, 2024, primarily due to increased expenses relating to clinical development activities including clinical trial and nonclinical activities. This increase has been partly offset by a decrease in costs related to technical development activities.
 
Research and development expenses relating to GH002 decreased by $0.7 million in the year ended December 31, 2024, primarily due to a decrease in clinical trial expenses. This decrease has been partly offset by an increase in costs related to nonclinical activities and technical development activities.
 
Research and development expenses which relate