GH Research PLC (GHRS) Income Statement
GHRS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGHRS revenue and net income
GHRS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GHRS quarterly EPS vs estimates
GH Research beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.27).
GHRS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $335,000 | $315,000 | $315,000 | $47,000 | $19,000 | — | — |
| Gross profit | −$335,000 | −$315,000 | −$315,000 | −$47,000 | −$19,000 | — | — |
| Research & development | $38.7M | $35.0M | $29.8M | $20.5M | $8.6M | $338,000 | $296,000 |
| Sales, general & admin | $21.7M | $15.0M | $11.2M | $10.1M | $6.5M | $108,000 | $14,000 |
| Total operating expenses | $60.3M | $50.3M | $41.2M | $30.6M | $15.1M | $446,000 | $310,000 |
| Operating income | −$60.7M | −$50.3M | −$41.2M | −$30.6M | −$15.1M | −$446,000 | −$310,000 |
| Interest income | $5.1M | $6.3M | $9.0M | $858,000 | $0 | — | — |
| Interest expense | $462,999 | $717,000 | $723,000 | $8.1M | $9,000 | $0 | $0 |
| Income before taxes | −$48.3M | −$39.0M | −$35.6M | −$22.5M | −$9.2M | −$446,000 | −$310,000 |
| Income taxes | — | — | −$1 | −$15.3M | $9,000 | −$205,297 | −$310 |
| Net income | −$48.3M | −$39.0M | −$35.6M | −$22.5M | −$9.2M | −$446,000 | −$310,000 |
| EBITDA | −$47.5M | −$38.6M | −$35.2M | −$22.4M | −$9.2M | −$445,000 | −$310,000 |
| EPS (diluted) | −$0.79 | −$0.75 | −$0.68 | −$0.43 | −$0.19 | −$0.02 | $0.00 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $80,000 | $0 | $0 |
| Cost of revenue | — | $90,999 | $87,999 | $89,000 | $82,000 | $76,000 | $78,000 | $79,000 | $78,000 | $80,000 | $78,000 | $80,000 |
| Gross profit | — | −$90,999 | −$87,999 | −$89,000 | −$82,000 | −$76,000 | −$78,000 | −$79,000 | −$78,000 | $0 | −$78,000 | −$80,000 |
| Research & development | $12.4M | $12.4M | $11.4M | $10.6M | $9.0M | $7.9M | $8.2M | $8.4M | $9.8M | $8.7M | $8.3M | $7.1M |
| Sales, general & admin | $7.1M | $6.4M | $5.3M | $5.9M | $5.7M | $4.8M | $4.7M | $4.2M | $3.4M | $2.8M | $2.9M | $2.6M |
| Total operating expenses | $19.5M | $18.7M | $16.6M | $16.4M | $14.7M | $12.7M | $12.9M | $12.6M | $13.2M | $11.5M | $11.2M | $9.7M |
| Operating income | −$19.5M | −$18.7M | −$16.7M | −$16.5M | −$14.7M | −$12.7M | −$12.9M | −$12.6M | −$13.2M | −$11.5M | −$11.2M | −$9.7M |
| Interest income | $1.0M | $666,000 | $812,000 | $1.0M | $1.3M | $2.0M | $1.8M | $1.4M | $1.5M | $2.7M | $2.9M | $1.0M |
| Interest expense | $6,000 | $83,999 | $89,999 | $21,000 | $174,000 | $178,000 | $179,000 | $181,000 | $178,000 | $179,000 | $189,000 | $184,000 |
| Income before taxes | −$15.1M | −$19.0M | −$14.1M | −$14.0M | −$9.3M | −$10.8M | −$8.8M | −$12.1M | −$10.4M | −$7.7M | −$11.3M | −$5.6M |
| Income taxes | — | — | — | — | — | — | — | — | −$1 | −$1 | $2.8M | $16,000 |
| Net income | −$15.1M | −$19.0M | −$14.1M | −$14.0M | −$9.3M | −$10.8M | −$8.8M | −$12.1M | −$10.4M | −$7.7M | −$11.3M | −$5.6M |
| EBITDA | −$15.0M | −$18.8M | −$16.6M | −$13.9M | −$9.2M | −$10.7M | −$8.7M | −$12.0M | −$10.3M | −$7.6M | −$11.2M | −$5.6M |
| EPS (diluted) | −$0.23 | −$0.31 | −$0.22 | −$0.23 | −$0.15 | −$0.19 | −$0.17 | −$0.23 | −$0.20 | −$0.15 | −$0.21 | −$0.11 |
| Gross margin | — | — | — | — | — | — | — | — | — | 0.0% | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | −14,410.0% | — | — |
| Net margin | — | — | — | — | — | — | — | — | — | −9,582.5% | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GHRS's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GHRS financial results
GH Research reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $48.3 million. Diluted earnings per share came to −$0.79.
See the GHRS stock overview for the latest quote and news, or the GHRS chart for price history and technical indicators.
GHRS income statement FAQ
Does GH Research have revenue?
GH Research reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is GH Research profitable?
No. GH Research reported a net loss of $48.3 million in fiscal 2025.
How much does GH Research spend on research and development?
GH Research spent $38.7 million on research and development in fiscal 2025.
What are GH Research's earnings per share?
GH Research earned $-0.79 per diluted share in fiscal 2025, compared with $-0.75 a year earlier.
When will GH Research report its next earnings?
GH Research is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does GH Research's fiscal year end?
GH Research's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.