Dublin-based clinical-stage biopharmaceutical firm GH Research PLC (Nasdaq: GHRS) released its second quarter financial results ending June 30, alongside a series of business updates as it continues to trial its trippy toad drug.
The company reported a cash position of $238.1 million, down from $251.7 million at the end of 2022. Despite the decline, GH Research said it expects these funds to sustain operating and capital expenses into 2026.
R&D expenses for the quarter reached $7.2 million, marking a rise from the $4.2 million in the second quarter of 2022. The surge is primarily linked to rising technical development and clinical trials. Meanwhile, G&A expenses edged up to $2.7 million from $2.5 million a year earlier.
The quarter ended with a net loss of $7.7 million, in stark contrast to the net profit of $300,000 in the second quarter of 2022, largely due to a one-time foreign exchange gain last year.
GH Research’s GH001, an inhalable mebufotenin product, is currently under a Phase 2b trial for treatment-resistant depression in Europe. The company anticipates initiating a Phase 1 trial for GH001 in the U.S. in the fourth quarter of 2023. Trials for its use in postpartum depression are set to end this year, but a study on bipolar II disorder is now predicted to conclude in early 2024.
Mebufotenin is a potent psychedelic that can be found in certain plant species and from the glands of a Colorado River toad. Former heavyweight boxing champion Mike Tyson famously uses the drug, the DMT analog of the tryptamine class, to help treat his PTSD and anxiety-depression.
GH002, another product, is undergoing a trial in healthy volunteers, expected to wrap up in the fourth quarter of 2023.
Additionally, GH Research announced an expansion of its executive team, with the appointment of Velichka (Villy) Valcheva as vice president of clinical research and medical affairs.
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